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spankie
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 Posted: Thu, 5th Dec 2013 15:05 Post subject: |
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Invasor
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| Posted: Thu, 5th Dec 2013 16:23 Post subject: |
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| spankie wrote: | I don't expect people to pay for cancer research. It's just insane that people are wasting money on mining that thing.
I bet 90% of the people mining have running costs>the value of the bitcoins. This even assumes that the rig is free and the material could not be put to better use.
As always, the guys selling the supplies are the real winners in a scam. They always win, the miners need to use it to get their money back (if they are lucky). Being paid upfront, always the winner... |
The same goes for stocks, 90% of the people lose money or make pennies. The directors of investment banks are always winning though...
And I don't see a big technical difference between bitcoin and most currencies in the world, it only has value because people believe in it.
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DXWarlock
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| Posted: Thu, 5th Dec 2013 16:42 Post subject: |
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Not much difference I agree. My only peeve with it is how people keep harping its the new future universal currency. Talking about how smart they are for getting in on the ground floor of some world revolutionary changes in the future of how we do money. Seems a BIT premature to claim that don't you think?
Its only soaring in price because of the 'tulip mania' of it. its the beanie babies of the internet. its not even illegal to steal millions in bitcoins yet. Its like stealing an entire guilds vault of items in an MMO. I mean if I had a way to steal every bitcoin generated sure id have a LOT of people pissed at me, but I could stop a cop and tell him I did, and he couldn't care less.Authorities have no care over it. I mean the first step in even claiming its a legal tender I would think is the fact that stealing it from someone is an illegal act.
Im not denying people have made lots of 'theoretical cash' off of it. But its like having a stock portfolio full of stocks tied up in investments you cant fully cash out. Sure you might be worth "a few million' on paper. But unless you can sell all your stock, your really worth very little in liquid stocks and just have an impressive amount of intangible cash worth.
I cant see it being any type of actual commonly accepted form of cash until it has a simpler way to exchange it. Or accept it, or validate the amount sent. Until joe average can use it in day to day life without having to know anything about it (be that good or bad) it wont catch on.
Or that it has a physical item to use. Just like debit/credit cards..sure they are well used and digital. But they also work to get physical cash with to use for the vast list of things you cant do with a phone/card.
How do you buy a hotdog at a stand with bitcoins that only takes phsyical money? How you tip a stripper with bitcoins? How you loan a buddy on the jobsite $5 in bitcoins for lunch?
Sure there is the ATM machines, but who really wants to install 2 types of ATMs for 2 types of currency. Then you got to worry about the rate of the bitcoin..Do you take it out now as cash from the ATM, or wait an hour and see if its worth $20 more? then have to hassle with accepting 2 types. Sure some shop owners will, but they are rare and few between.
So thats my fuss over it. Jump in and make all the cash you want/can. I salute you for turning a profit off its boom. But quit acting like in 5 years it will be a version of the EURO, but of the world 
-We don't control what happens to us in life, but we control how we respond to what happens in life.
-Hard times create strong men, strong men create good times, good times create weak men, and weak men create hard times. -G. Michael Hopf
Disclaimer: Post made by me are of my own creation. A delusional mind relayed in text form.
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Invasor
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DXWarlock
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| Posted: Thu, 5th Dec 2013 17:11 Post subject: |
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But that's what I'm saying, when average everyday man cant understand it, know how to get it, where it comes from, how to use it. It will stay regulated to the geeks/nerds that understand how to use a digital wallet on a drive with a crypto key, that believe in it.
Give 99% of my family the run down on how to use a bitcoin wallet, how to store it, where to store it safely, and how to access it. Then how to exchange it for accepted currency via a 3rd party vendor that buys the coins using your wallets key...and the will go "wha? start over? ok..so there is a thing called bitcoin, after that you lost me".
As it stands now its not a currency that's more convenient than the ones we have now. Its exponentially harder actually to use. And unless it can be as easy, or easier. Average person has no reason to switch. explain all you want its not centralized, and cannot be tied to any single bank..and they wont care. At the end of the day people want whats easiest to use to buy stuff without thinking.
Only use it has as its stands is a widget to gain profit from in the form of currency we already use anyway.
I'm not downplaying the amount of money people have made with it. Im thinking more along the lines of "of all the people I know, how many could understand using it, and would be willing to switch from what we have now to it, for no reason other than to say they did"
-We don't control what happens to us in life, but we control how we respond to what happens in life.
-Hard times create strong men, strong men create good times, good times create weak men, and weak men create hard times. -G. Michael Hopf
Disclaimer: Post made by me are of my own creation. A delusional mind relayed in text form.
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DXWarlock
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| Posted: Thu, 5th Dec 2013 17:21 Post subject: |
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Plus I dont see how it solves any problems our current money has to make it more appealing. IF it becomes popular, people start needing a place to safely store it.
So they put it in a bank as people do, business will store thier profits in a bank, and payroll in a bank..some place thats got better security than them to safely hold it.. that bank will loan out coin for interest to other people that need coins. Thus causing banks to be in majority holding of all the coins in the end, as people want a well trusted place to store it.
So they are all going to be mostly in the hands of the banks storing them in a saving/checking/debit/corporate account for people in the end. Loaning out your coins to others to make more off those people.
We are back where we are now. Banks charging interest on money they loaned they dont have, because its not backed by anything tangible, which causes debt on money that isn't even generated yet.
Where is the plus side to bitcoins vs the flawed system we have now?
Also:
Sure no one person is 'making new coins' but let it get popular enough, and corporations will have VASTLY more wealth to put into server coin generation than us..so again corporations are generating the money more than us. I'm betting Goldman Sachs can pump enough money into server farms to generate them more coins than all of us combined here 100x over.
Thats going to be its downfall I think, When it comes down to "all it takes to make bitcoins is money to spend on the hardware" and bitcoins are accepted as standard..whos going to be generating the most coins? the people with the most money to spend on it..the ones that have all the money now
it cant be a 'money of the people' when what it takes to generate new ones of it, is what the rich can afford 1000x more of than us to make them. Your giving the big names with money, literally a free money printing machine, that they can out print us vastly with by at least 1000 to 1.
Dont get me wrong, Im not trying to have a pushing hand in its failure. Either way is fine with me. I just see too many hurdles, as it stands, to be so optimistic about it. Things may change and obstacles knocked down one by one. But as it is now, its fumbling along on the backs of nothing more than dreams and wishes of the backers not wanting it to fail for their investment put into it (or wanting to flip it for profit in the form of the money they are wanting it to replace ironically).
-We don't control what happens to us in life, but we control how we respond to what happens in life.
-Hard times create strong men, strong men create good times, good times create weak men, and weak men create hard times. -G. Michael Hopf
Disclaimer: Post made by me are of my own creation. A delusional mind relayed in text form.
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spankie
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