Bitcoin currency of the future?

Discussion in 'Mayberry Lounge' started by CauseImbetta, Jan 1, 2016.

  1. CauseImbetta

    CauseImbetta BJJ master

    Joined:
    Nov 27, 2008
    Messages:
    5,301
    Likes Received:
    2,676
    I think bitcoin is taking off (virtual currency) worth over $400 and serves as a hedge against inflation and fiat currency. I got some for $100 and made a lot. The USA now recognizes it as a valid commodity. I can buy a coffee at a store with my bitcoin.

    What do you think? Here look at the myths of Bitcoin, I don't trust currency that can be artificially printed:

    https://en.bitcoin.it/wiki/Myths
     
    ctrlaltdelete and no fat chicks like this.
  2. SuperiorHands

    SuperiorHands Purple Belt

    Joined:
    May 30, 2013
    Messages:
    2,103
    Likes Received:
    1,825
    Bitcoin is for betas that don't make real money. And I don't give a fuck about whatever nerd built some computer to mine the shit, so spare me the anecdotes.
     
    SpiderCrawl and VitorReem like this.
  3. HARRISON_3

    HARRISON_3 Silver Belt

    Joined:
    Jul 12, 2007
    Messages:
    14,771
    Likes Received:
    10,943
    Location:
    Within Cells Interlinked
    Wampum is the currency of the future, IMO.
     
    Last edited: Jan 1, 2016
  4. My name is

    My name is Black Belt

    Joined:
    Aug 19, 2014
    Messages:
    6,290
    Likes Received:
    5,208
    Location:
    the 572nd best place on earth
    Sounds familiar
     
  5. Execute

    Execute Gold Belt Platinum Member

    Joined:
    Nov 28, 2006
    Messages:
    20,292
    Likes Received:
    6,772
    Location:
    Danger Zone
    Unless people got in on it very early, the ROI on this shit is so bad. A lot of bros that became libertarians and thought this would somehow hurt the banks.

    Oh, and people who do illegal shit on the internet.
     
  6. michal001

    michal001 Brown Belt

    Joined:
    Apr 15, 2010
    Messages:
    3,215
    Likes Received:
    1,725
    Location:
    In an Egg McMuffin
    Come, let us laugh together. Ahahahahaha!

    I recommend that you sell all of your possessions, cash out all of your investments/accounts, and invest bit coins at the ground level.
     
    TankvsNelmark likes this.
  7. AGGAMEMNON66

    AGGAMEMNON66 -----------Villain-----------

    Joined:
    Jan 8, 2010
    Messages:
    33,707
    Likes Received:
    15,711
    Location:
    as distant as the horizon
    The currency of 2013
     
    SpiderCrawl and Cajun like this.
  8. AGGAMEMNON66

    AGGAMEMNON66 -----------Villain-----------

    Joined:
    Jan 8, 2010
    Messages:
    33,707
    Likes Received:
    15,711
    Location:
    as distant as the horizon
    vCash, currency of the future
     
  9. CauseImbetta

    CauseImbetta BJJ master

    Joined:
    Nov 27, 2008
    Messages:
    5,301
    Likes Received:
    2,676
    Someone didn't read the bitcoin myths link I added in the original post.
     
  10. CauseImbetta

    CauseImbetta BJJ master

    Joined:
    Nov 27, 2008
    Messages:
    5,301
    Likes Received:
    2,676
  11. Madmick

    Madmick The Real Hexakaideca Cherokee Staff Member Senior Moderator

    Joined:
    Jun 13, 2005
    Messages:
    36,345
    Likes Received:
    23,937
    Location:
    NorCal
    If I believed that, then I would probably be one of those guys who takes the weekend to go to those retreats in the mountains where people pat each other on the back for their expression of freedom by buying pancakes with real gold or silver, and managing all additional trade through barter.

    So....no.
     
  12. no fat chicks

    no fat chicks Worlds greatest poster

    Joined:
    Oct 14, 2009
    Messages:
    6,366
    Likes Received:
    3,270
    Location:
    TBC
    I think it's only a matter of time before we get Bitcoin or some other crypto currency overtaking the current system
     
    CauseImbetta likes this.
  13. CauseImbetta

    CauseImbetta BJJ master

    Joined:
    Nov 27, 2008
    Messages:
    5,301
    Likes Received:
    2,676
    Bingo.

    • No Third-Party Seizure
    Since there are multiple redundant copies of the transactions database, no one can seize bitcoins. The most someone can do is force the user, by other means, to send the bitcoins to someone else. This means that governments can’t freeze someone’s wealth, and thus users of Bitcoins will have complete freedom to do anything they want with their money.

    • No Taxes
    There is no way for a third party to intercept transactions of Bitcoins, and therefore there is no viable way to implement a Bitcoin taxation system. The only way to pay a tax would be, if someone voluntarily sends a percentage of the amount being sent as tax.

    • No Tracking
    Unless users publicize their wallet addresses publicly, no one can trace transactions back to them. No one, other than the wallet owners, will know how many Bitcoins they have. Even if the wallet address was publicized, a new wallet address can be easily generated. This greatly increases privacy when compared to traditional currency systems, where third parties potentially have access to personal financial data.

    • No Transaction Costs
    Sending and receiving Bitcoins requires users to keep the Bitcoin client running and connected to other nodes. Essentially, by using bitcoins users will be contributing to the network, and thus sharing the burden of authorizing transactions. Sharing this work greatly reduces transaction costs, and thus makes transaction costs negligible.

    • No Risk of “Charge-backs”
    Once Bitcoins are sent, the transaction cannot be reversed. Since the ownership address of Bitcoins will be changed to the new owner, once it is changed, it is impossible to revert. Since only the new owner has the associated private key, only he/she can change ownership of the coins. This ensures that there is no risk involved when receiving Bitcoins.

    • Bitcoins Cannot be Stolen
    Bitcoins’ ownership address can only be changed by the owner. No one can steal Bitcoins unless they have physical access to a user’s computer, and they send the bitcoins to their account. Unlike conventional currency systems, where only a few authentication details are required to gain access to finances, this system requires physical access, which makes it much harder to steal.

    Most importantly no artificial devaluation because of overprinting.

     
  14. Phelly2

    Phelly2 Purple Belt

    Joined:
    Jul 15, 2010
    Messages:
    2,261
    Likes Received:
    703
    It has the *potential* to be a mainstream currency. It has all the right stuff. (durability, portability, divisibility, uniformity, limited supply) The only thing it's missing is acceptability.

    It would certainly be better than the currency system of essentially unlimited supply.

    But as of right now, all it is is a risky investment. I made good money on the initial bitcoin craze (when it went from $100 to $1000 in like a couple of weeks) but haven't touched it since.
     
  15. antithetic

    antithetic Brown Belt

    Joined:
    Oct 27, 2007
    Messages:
    3,872
    Likes Received:
    944
    Location:
    shaolin slums
    I've been buying bitgold.
     
  16. EmpireShallFall

    EmpireShallFall Double Yellow Card Double Yellow Card Yellow Card Banned

    Joined:
    Feb 10, 2015
    Messages:
    4,181
    Likes Received:
    3,033
    Location:
    Bay Area
    How do I use it to buy shit on the deep?
     
    Last edited: Jan 1, 2016
  17. CauseImbetta

    CauseImbetta BJJ master

    Joined:
    Nov 27, 2008
    Messages:
    5,301
    Likes Received:
    2,676
    That is very cool. I own gold so I will look into that. Can you buy stuff with it?

    Its good to diversify!
     
  18. VulcanNervPinch

    VulcanNervPinch Silver Belt

    Joined:
    Sep 7, 2009
    Messages:
    13,455
    Likes Received:
    5,140
    Sounds great.

    Whatever's left over after I buy my South Dakota bomb shelter, truck full of guns, and gold coins will go straight into bitcoin!
     
    Sano likes this.
  19. SuperiorHands

    SuperiorHands Purple Belt

    Joined:
    May 30, 2013
    Messages:
    2,103
    Likes Received:
    1,825
    Get a job bro...
     
    kushn4pushin likes this.
  20. antithetic

    antithetic Brown Belt

    Joined:
    Oct 27, 2007
    Messages:
    3,872
    Likes Received:
    944
    Location:
    shaolin slums
    You can transfer funds from you stored-vaulted gold into a pre-paid mastercard in like 5 minutes. You can also redeem what you purchased in 10 gram gold cubes which is pretty damn cool!

    I've used the card and got 2 cubes so far. Seems legit.
     

Share This Page