So No One is Going to Talk About BitCoin Folding huh?

[Politico]

No you can't. All you do is delay the inevitable.

 

[Freewill]

Don't know much about bitcoins but I did read this article the other day.

Almost Half a Billion of Bitcoins Vanishes - WSJ.com

Acting alone and in groups, the people stepped up their efforts after Mt. Gox filed for bankruptcy protection in Japan and confirmed rumors it had lost almost 750,000 of its customers' bitcoins, as well as roughly 100,000 of its own.

 

[TakeAStepBack]

You didn't make out as good as the person that sold made up currency (bitcoins) for real money. Wish I'd have thought of it.

How do you know TakeAStepBack didn't since sell some of those coins he bought at $50/apiece FOR real USD, lol?

The current bitcoin value is around $500 right now, and there are many, many people willing to pay those prices (as I've seen on ebay). If he bought ten at $50 and sold them back at $500 he would have made a $4,500 profit.

Uhmm, maybe because bitcoins were invented out of thin air and sold for commonly used and traded currency. The person that invented the nebulous bitcoins sold something that initially had no intrinsic value, so he/she made a much better profit than TakeAStepBack. It's a brilliant concept.

The dollar was created out of thin air too. In this instance, one doesn't have to sell their bitcoins for currency. They may trade them with other individuals, or use them at merchants that accept them as payment.

 

[TakeAStepBack]

The good thing about bitcoins: They're untraceable.

The bad thing about bitcoins: They're untraceable.

That is, if you get ripped off or hacked, you're completely SOL.

And I appreciate when people use the word "statist". It's a huge time saver, in the way it instantly lets everyone know not to take them seriously.

Coming from a a Statist, I think that's wonderful.

 

[Jarlaxle]

I don't own any bitcoin, however I think it's a neat idea. It's a currency just like our dollar that people (seem) to give some value, so if individuals want to trade it what's the problem exactly? Why knock it? That's all currency is - a store of value. There's absolutely nothing backing the dollar anymore except a government that has about $17 trillion of debt sitting on its shoulder.

Also, consider this - Bitcoin can be transferred user to user instantly w/no third party, whereas you must use an institution like Chase bank to transfer a dollar to your family in India - for example. The going rate is about 30% to transfer money internationally, so imagine the difference of someone being able to send that full $10,000 vs the shaved $7,000.

Again, it's kinda cool; why knock it?

Paypal is 3rd party, but I can send money to family via Paypal for no cost to either me or them.

...until they clean out your accounts.

 

[Jarlaxle]

You can't protect stupid.

Oh you can to a point, but it's a lot of work. The question is would be would we better off if we didn't? If you took your hairdryer into the tub and instead of tripping the circuit it tripped you, does that mean we'd have a few less stupid children in the world? Something to ponder.

Why don;'t you try it and get back to us, hey!