Business tip only for my HA friends - buY bitcoins

[smalltownguy]

"BITcoin scam"

What scam?

All this bitcoin is a big scam, you support the network with hardware, time and electricity to process the transactions but eventually you give way more than you get! The only people who benefit from this currency are the initiators and the people causing the inflation, its a smart scam, a digital one.

[GroobySteven]

Bitcoin may not be illegal, but it is used for illegal transactions, and is thus morally a scam. It is debatable as to how much Bitcoin is used in genuine transactions and how much is used to speculate, or to launder money, or to pay for illegal goods. Either way its days are numbered.

'Morally a scam' ?

Christ - you're the most miserable, sad sack I think we've ever had on this forum.

While BTC may have been sued in illegal transactions, so have Krugerrands, cash, and diamonds. That doesn't make it a scam - and that's not why it was created. I've done $10,000's in genuine transactions on BTC, and we were one of the first companies to take BTC on our websites, and it's been hugely successful for us.

Get back on your high horse.

[GroobySteven]

All this bitcoin is a big scam, you support the network with hardware, time and electricity to process the transactions but eventually you give way more than you get! The only people who benefit from this currency are the initiators and the people causing the inflation, its a smart scam, a digital one.

You're an idiot - but it didn't take this one thread to come to this conclusion.

It may bottom out, it may fail, it may be a bad investment.
It's not a scam.

[Stavros]

'Morally a scam' ?

Christ - you're the most miserable, sad sack I think we've ever had on this forum.
While BTC may have been sued in illegal transactions, so have Krugerrands, cash, and diamonds. That doesn't make it a scam - and that's not why it was created. I've done $10,000's in genuine transactions on BTC, and we were one of the first companies to take BTC on our websites, and it's been hugely successful for us.
Get back on your high horse.

Fair enough, you have been able to use Bitcoins in your business and I am chastised for the implication they are mostly used in dodgy dealings. I just don't see their use growing, and we will have to agree to disagree on that.

But I do have a sense of humour; not everything I post is grim news; I did initiate the Bad Sex Awards thread which I hope raised a laugh or two even if it didn't raise much else.

[GroobySteven]

Fair enough, you have been able to use Bitcoins in your business and I am chastised for the implication they are mostly used in dodgy dealings. I just don't see their use growing, and we will have to agree to disagree on that.

But I do have a sense of humour; not everything I post is grim news; I did initiate the Bad Sex Awards thread which I hope raised a laugh or two even if it didn't raise much else.

I must have missed that one - but I will look.

My point is, it's not a 'scam'. Personally, I'm wary of whether it will go the distance as it is now and think it is a trend right now which is making it falsely high, but there will be cryptocurrency in our near future that we will be using. The blockchain is already helping security on other areas. I've managed to increase our income across the sites, and been lucky enough to see some raises in it (cashed out 1 at $6500 and another at $11,000) which is an average of an 800% increase, and sit on the others 'just in case'.

In Japan you can already pay your bills and do ATM transactions in BTC. There are systems getting put in place right now that will let us trade on financials, buy from almost any retail and use it like any currency.

[Ts RedVeX]

It will only be a bad investment if you do not withdraw from it in time. - Just like anything else.

[filghy2]

For all the hype, there's still less than 100 companies worldwide that accept bitcoin payments. https://99bitcoins.com/who-accepts-b...take-bitcoins/

Here's an amazing fact - bitcoin mining uses more electricity than Ireland and a host of other countries. https://www.businessinsider.com.au/b...7-11?r=UK&IR=T

So bitcoin uses lots of resources, but what exactly is the real benefit? The chance to profit from speculation is not a net benefit, as it's just a zero-sum game. This really reminds me of the high-tech bubble of the late 1990s, when internet companies were being massively valued even though they made no profits and had no real prospect of making any, as it turned out.

[CaptainPlanet]

Fair enough, you have been able to use Bitcoins in your business and I am chastised for the implication they are mostly used in dodgy dealings. I just don't see their use growing, and we will have to agree to disagree on that.

But I do have a sense of humour; not everything I post is grim news; I did initiate the Bad Sex Awards thread which I hope raised a laugh or two even if it didn't raise much else.

Steven beat me to it,
Cash has been used more for illegal transactions/dealing then Bitcoin ever will. Your just uneducated in what Bitcoin is, there is plenty of sources on the internet besides porn you should check em out.

[CaptainPlanet]

For all the hype, there's still less than 100 companies worldwide that accept bitcoin payments. https://99bitcoins.com/who-accepts-b...take-bitcoins/

Here's an amazing fact - bitcoin mining uses more electricity than Ireland and a host of other countries. https://www.businessinsider.com.au/b...7-11?r=UK&IR=T

So bitcoin uses lots of resources, but what exactly is the real benefit? The chance to profit from speculation is not a net benefit, as it's just a zero-sum game. This really reminds me of the high-tech bubble of the late 1990s, when internet companies were being massively valued even though they made no profits and had no real prospect of making any, as it turned out.

Most bitcoin users know mining bitcoin at this point is pretty dumb unless your running a factory in china, but there are numerous other crypto currencies that are mineable and profitable.

[filghy2]

Most bitcoin users know mining bitcoin at this point is pretty dumb unless your running a factory in china, but there are numerous other crypto currencies that are mineable and profitable.

Okay, but they are only profitable because people are willing to pay for something that has no intrinsic value. What underpins that demand other than use of these currencies for illegal activity or speculation and a degree of faddishness? For instance, 97% of bitcoin transactions last year were from China and appear to be related to evading currency controls, which the Chinese government has since cracked down on.
https://www.moneyandbanking.com/comm...d-fundamentals

At the end of the day, the value of any currency derives solely from the fact that others accept it as a medium of exchange for things we want. For central bank money, this is underpinned by legal tender laws. What advantage do crypto-currencies offer for legitimate transactions?