Bitcoins - why is it some people recognise an MLM/Pyramid/Ponzi scam, and others dont. Frank.

[NewNick]

Just askin.....

[- Jesus Christ -]

[mineistaken]

Some of them want to bring price up by advocating "long term"

[NewNick]

Originally Posted by - Jesus Christ -

My hovercraft is full of eels.

[MikeRoth]

People have been advocating long term positions even when the price crashed from $20/coin to less than a $1/coin

[AndrewX]

People are greedy, it's in our nature, sounds like easy money, is interesting and usually well promoted.

[pornmasta]

rule: when my grand mother want to buy some, it's a bubble...

[_Richard_]

Originally Posted by - Jesus Christ -

[Vapid - BANNED FOR LIFE]

Originally Posted by pornmasta

rule: when my grand mother want to buy some, it's a bubble...

Please learn about REAL economics and stop preaching the bylaws of toilet paper ville.

[Vapid - BANNED FOR LIFE]

Bitcoins are going to be worth a million dollars each.

[seeandsee]

my view on it:

[ajrocks]

since there is nothing actually backing the bitcoin it is not capable of lasting. It will run its course kind of like the US dollar is since coming off the gold standard. You can make money now but at some point lots of people are going to get holding, well nothing.

[Webmaster Advertising]

Buy into it, double your $$$ sell 1/2 of what you have.

Nothing lost, we've already done it 3 times in the last 2 months.

We're riding on 'free' money right now, every time it doubles we sell 1/2 and ride the remaining half, nothing to lose and we're up about $6k right now total

Same thing as the stock market, you don't hold onto all of your stock picks forever, you let them double, sell half, then ride the free stocks while you diversify your portfolio.

[dyna mo]

i've researched this angle on btc extensively, as best as i can come up with, it does not have the characteristics of a mlm, pyramid, or ponzi.

it does have the look of a very risky cutting edge technology investment. very.

very high risk, very high reward.

and this isn't the bubble either, imo.
the bubble comes when wall street jumps in.

when they do, and they will soon, investors will want to be on this side of that.

[Vapid - BANNED FOR LIFE]

Originally Posted by dyna mo

i've researched this angle on btc extensively, as best as i can come up with, it does not have the characteristics of a mlm, pyramid, or ponzi.

it does have the look of a very risky cutting edge technology investment. very.

very high risk, very high reward.

and this isn't the bubble either, imo.
the bubble comes when wall street jumps in.

when they do, and they will soon, investors will want to be on this side of that.

I have all my money in it. The sickness of fiat banks is contagious.

[Webmaster Advertising]

Originally Posted by dyna mo

and this isn't the bubble either, imo.
the bubble comes when wall street jumps in.

The bubble will burst in about 6-9 months when media coverage of BitCoin has moved onto something else and everyone forgets about the daily barrage of news articles telling them how wonderful BitCoins are.

Without buyers, they have absolutely ZERO value...

Right now all the new folks buying are driving the prices up, once everyone has spent all their spare cash and start holding onto them long-term, their value will start to free-fall like crazy.

Simple economics.

[dyna mo]

Originally Posted by Webmaster Advertising

The bubble will burst in about 6-9 months when media coverage of BitCoin has moved onto something else and everyone forgets about the daily barrage of news articles telling them how wonderful BitCoins are.

Without buyers, they have absolutely ZERO value...

Right now all the new folks buying are driving the prices up, once everyone has spent all their spare cash and start holding onto them long-term, their value will start to free-fall like crazy.

Simple economics.

if you're thinking btc will climb to $1000 in 9 months, you are not alone.


but i don't even think that describes the potential growth

this is the sort of bubble i am thinking of.

[Vapid - BANNED FOR LIFE]

Bitcoins are finite. Once the 21 million is reached, they will ONLY rise in value. Pure economics. The only volatility they will experience is while they are being mined. The mathematics do not support the existence of bitcoin bubbles. Stop applying funny money principles to it for it doesn't compute. Bitcoins are in short supply and high demand. The only risk to bitcoins economically is a lack of demand and a limited supply of exchangers.

[dyna mo]

Originally Posted by Monotony

Bitcoins are finite. Once the 21 million is reached, they will ONLY rise in value. Pure economics. The only volatility they will experience is while they are being mined. The mathematics do not support the existence of bitcoin bubbles. Stop applying funny money principles to it for it doesn't compute. Bitcoins are in short supply and high demand. The only risk to bitcoins economically is a lack of demand and a limited supply of exchangers.

well, gold is a precious metal so is it out of the question to glean some comparisons? perhaps.

a lot of people think gold can't crash, but it does and crashed big once along with tiny crashes.


but maybe you are talking about economic bubbles/financial crisis?



either way, you bring up the most important fact- btc is finite, and 90% will be mined within the nex 3.5 years, all of this will be sorted out within that time frame.

[pornmasta]

Originally Posted by Monotony

Bitcoins are finite. Once the 21 million is reached, they will ONLY rise in value.

The same amount of money for more goods means that the prices of the goods will decrease.
http://en.wikipedia.org/wiki/Deflation

"don't spend your money, keep it, it will increase in value"
--> it would kill an economy based on economic growth
http://en.wikipedia.org/wiki/Deflati...side_deflation

A money like that is not made to be used, it is made to be kept and you don't use a money that needs to be kept.
Problem: does the bitcoins have an intrinsic value (like drug, tabacco, alcohol or the metal of your coins ?) No...
So what's the value of a money that you don't use ? not much.

Well yes, you could buy some bitcoins after the next crash, for $5 each and wait until there is fools again...
Also more people are mining and less people will win... so it's even not the good moment to start mining....

[Vapid - BANNED FOR LIFE]

Originally Posted by dyna mo

well, gold is a precious metal so is it out of the question to glean some comparisons? perhaps.

a lot of people think gold can't crash, but it does and crashed big once along with tiny crashes.


but maybe you are talking about economic bubbles/financial crisis?



either way, you bring up the most important fact- btc is finite, and 90% will be mined within the nex 3.5 years, all of this will be sorted out within that time frame.

Gold as with bitcoins will crash for reasons that are unlikely to be related to a change in direct confidence. That's the key shared advantage. Massive faith. Mtgox crashed bitcoin while Japan crashed the yen. It's grounded nature is value into itself. It's respect really.

Bitcoins though will also cause people to question why they are using highly inflated money. It might occur to some that bitcoins are just showing the opinion of the true value of the fiat money by way of the people and not market makers. The value is getting a voice. That's the fear factor.

It's unquestionably a developing but profound reality.

[Vapid - BANNED FOR LIFE]

Originally Posted by pornmasta

The same amount of money for more goods means that the prices of the goods will decrease.
http://en.wikipedia.org/wiki/Deflation

"don't spend your money, keep it, it will increase in value"
--> it would kill an economy based on economic growth
http://en.wikipedia.org/wiki/Deflati...side_deflation

A money like that is not made to be used, it is made to be kept and you don't use a money that needs to be kept.
Problem: does the bitcoins have an intrinsic value (like drug, tabacco, alcohol or the metal of your coins ?) No...
Well yes, you could buy some bitcoins after the next crash, for $5 each and wait until there is fools again...
Also more people are mining and less people will win... so it's even not the good moment to start mining....

8 decimal points man. Time machine shit.

[pornmasta]

Originally Posted by Monotony

8 decimal points man. Time machine shit.

http://en.wikipedia.org/wiki/Jakobso...ns_of_language

[dyna mo]

Originally Posted by pornmasta

The same amount of money for more goods means that the prices of the goods will decrease.
http://en.wikipedia.org/wiki/Deflation

"don't spend your money, keep it, it will increase in value"
--> it would kill an economy based on economic growth
http://en.wikipedia.org/wiki/Deflati...side_deflation

A money like that is not made to be used, it is made to be kept and you don't use a money that needs to be kept.
Problem: does the bitcoins have an intrinsic value (like drug, tabacco, alcohol or the metal of your coins ?) No...
So what's the value of a money that you don't use ? not much.

Well yes, you could buy some bitcoins after the next crash, for $5 each and wait until there is fools again...
Also more people are mining and less people will win... so it's even not the good moment to start mining....

this is where i don't think it's accurate, or maybe fair is the better word, to describe btc in terms of deflation. there is no accounting attached to it, no price of goods or services is tied directly to it, even at silkroad, things are in dollars with the btc equivalent next to that.

i agree too, now is not a good time to start mining.

[Vapid - BANNED FOR LIFE]

We're not verbally communicating but thanks for the link pornmasta

[dyna mo]

i think this is where someone makes a vague reference to hitler.

[Vapid - BANNED FOR LIFE]

That's just it, scripted thinking and exploding heads. Heil Hitler. Not so subtle.

[dyna mo]

[HerPimp]

No way to do chargebacks on bitcoin transactions, adult sites are slacking on not adding this option to pay.

[2012]

[Dirty F]

I noticed the same thing over and over again when the bitcoin haters are talking. They have no clue what it is and how it works.
I'm willing to bet 10 coins that most of them didn't spent a minute reading about it.
They are just upset they're missing out. That's all.

[Vapid - BANNED FOR LIFE]

A single coin is already well beyond their reach

[CAHEK]

Originally Posted by Monotony

Bitcoins are going to be worth a million dollars each.

Yes we will all be billionaires and living in mom's basement

[Vapid - BANNED FOR LIFE]

Originally Posted by CAHEK

Yes we will all be billionaires and living in mom's basement

A million dollars each.