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| | |-+  Does Bitcoin have any logical legal use?
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Question: Does Bitcoin have any logical legal use?
Yes   -8 (25%)
No   -24 (75%)
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Total Voters: 32

Author Topic: Does Bitcoin have any logical legal use?  (Read 827 times)
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BRTD
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« on: March 01, 2014, 11:00:28 pm »
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Right now it's fundamental usage is for illegal transactions for obvious reasons (kind of a throwback to Flooz if anyone remembers that, which ended up primarily being a money laundering tool for organized crime.) The only other reason I can possibly see someone getting into it is to cash in on the bubble and make a profit.

Now why anyone would prefer using it or setting up a system to accept transactions in it for legal purposes is beyond me since the only reason I can think of is "OMG MONEY NOT CONTROLLED BY THE EVIL GUBMINT!11!! END THE FED!!!11!!!" Which actually is basically the reason it exists.

So basically it has no purpose but for illegal transactions, to assauge libertarian paranoia, and so that others can make a profit off the idiots in the former group.
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« Reply #1 on: March 01, 2014, 11:07:20 pm »
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No
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« Reply #2 on: March 01, 2014, 11:11:27 pm »
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Bitcoin will never gain mainstream acceptance because it is an inherently risky "currency" to hold. Not only does its value widely fluctuate, but it's at significant risk to theft at all times. Far higher than regular currency. At least when your credit card gets stolen, you're not responsible for the charges made in someone else's name. Bitcoin is just ...



Bitcoin is literally a pyramid scheme.
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« Reply #3 on: March 01, 2014, 11:25:55 pm »
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I'm inclined to agree that Bitcoin is a pyramid scheme. I just wish I had bought a few when they were 10$ (I almost did). It's probably too late now to profit off the bubble.
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« Reply #4 on: March 01, 2014, 11:31:28 pm »
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If course it has a legitimate purpose. It's a medium for storing value, and its more liquid than other investments. Unlike government-backed currency, Bitcoin purchasers know the exact supply of Bitcoin on any given day. While Bitcoin is not backed by the good faith credit of an entire nation, Bitcoin is not artificially propped up by foreign exchange reserve hijinx, either.

Some have said that strict supply controls will lead to perpetual deflation, thus, the currency will never actually be used for anything other than speculative hoarding. The Austrian school has given ample evidence that free spending can also result from deflationary cycles, due to basic human psychology.
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« Reply #5 on: March 02, 2014, 01:52:00 pm »
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I'm inclined to agree that Bitcoin is a pyramid scheme. I just wish I had bought a few when they were 10$ (I almost did). It's probably too late now to profit off the bubble.

I'm sure once it crashes there will be enough morons to drive up another bubble again, so there'll be another opportunity.
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« Reply #6 on: March 02, 2014, 02:30:31 pm »
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« Reply #7 on: March 03, 2014, 01:02:06 am »
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I sometimes transfer money between my American and Australian bank accounts using Forex, which of course means paying a service charge.  Would I be able to get a better exchange rate if I, say, transferred Australian $ to bitcoins to American $?  I haven't bothered to look into it, but I guess it's possible that that would be cheaper.  Wouldn't have to pay any $ to Forex, but I'm assuming that bitcoin has its own user fees?
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« Reply #8 on: March 03, 2014, 01:13:33 am »
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Only libertarians and criminals are interested in Bit Coins. Legitimate businesses are scared off by the lack of regulation.
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« Reply #9 on: March 03, 2014, 09:18:58 pm »
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Right now it's fundamental usage is for illegal transactions for obvious reasons (kind of a throwback to Flooz if anyone remembers that, which ended up primarily being a money laundering tool for organized crime.) The only other reason I can possibly see someone getting into it is to cash in on the bubble and make a profit.

Now why anyone would prefer using it or setting up a system to accept transactions in it for legal purposes is beyond me since the only reason I can think of is "OMG MONEY NOT CONTROLLED BY THE EVIL GUBMINT!11!! END THE FED!!!11!!!" Which actually is basically the reason it exists.

So basically it has no purpose but for illegal transactions, to assauge libertarian paranoia, and so that others can make a profit off the idiots in the former group.

BRTD,

Pardon my ignorance but what was Floorz?
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« Reply #10 on: March 04, 2014, 01:30:05 am »
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To pump money out of the basements of American nerds and put it in the hands of people who will use it better.
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« Reply #11 on: March 04, 2014, 07:00:50 am »
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Bitcoin is backed by the full faith and credit of the Internet's hopes and dreams. So is Dogecoin.

At least Dogecoin is fun and, as an incredibly low valued Reddit tip currency, useful.



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« Reply #12 on: March 04, 2014, 10:37:37 am »
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I only first heard of this about a year ago.  I'd read it in print and thought it was named after some french guy.  In my head I pronounced it "Bitcoin" (as in bee-kwan).  Later I heard of it on a public radio story about Silk Road and began to understand the term's etymology.  Then I felt stupid.

Once I understood it I thought it seemed legit, but now with the meltdown and no real legal recourse for the investors I think it seems like bad money.  Maybe once they get the software thoroughly beta-tested, it'll be smooth.  Right now it's like the Chevy Volt, or the common-core standards for public school curricula.  Reasonably good idea; bad implementation.  Apparently volatility is an issue as well, and will continue to be even if the vanishing acts stop.

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« Reply #13 on: March 06, 2014, 12:43:06 pm »
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To pump money out of the basements of American nerds and put it in the hands of people who will use it better.

The Invisible Hand in action.
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« Reply #14 on: March 07, 2014, 03:42:41 pm »
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Bitcoin got some positive press on public radio this morning.  Well, at least non-negative.  Some venture capitalists were being interviewed and I overheard one saying that maybe it's time for bitcoin to "shed its wild and crazy libertarian past and accept regulation."  Or something like that.  Another one was talking about what a sound investment it is going to prove to be.

They also disclosed the name of the bitcoin founder, who I'd never heard of before.  His name is Nakamoto, a name which sort of makes me laugh, and sort of reminds me of the special fold that all really good paper airplanes have.  Anyway, Nakamoto is denying the claim.  I suppose that he also denies drinking PBR and wearing a fedora purchased at the Salvation Army Store.  

« Last Edit: March 07, 2014, 07:03:03 pm by angus »Logged
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« Reply #15 on: March 07, 2014, 06:57:06 pm »
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New York magazine has a great piece on titled The Doomsday Cult of Bitcoin that shows ... well, I guess the title sort of says it all, huh?

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Bitcoin, at the moment, is in a slump, with a community that has become its own parody The Bitcoin masses, judging by their behavior on forums, have no actual interest in science, technology or even objective reality when it interferes with their market position. They believe that holding a Bitcoin somehow makes them an active participant in a bold new future, even as they passively get fleeced in the bolder current present.

http://nymag.com/daily/intelligencer/2014/03/doomsday-cult-of-bitcoin.html
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« Reply #16 on: March 10, 2014, 06:51:50 pm »
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I sometimes transfer money between my American and Australian bank accounts using Forex, which of course means paying a service charge.  Would I be able to get a better exchange rate if I, say, transferred Australian $ to bitcoins to American $?  I haven't bothered to look into it, but I guess it's possible that that would be cheaper.  Wouldn't have to pay any $ to Forex, but I'm assuming that bitcoin has its own user fees?


Given the volatility and potential for theft you are exposing yourself to by using bitcoin I don't know what the savings really are.  FX fees and spreads can be brutal.  This business of credit cards in the US now charging fees on top of spreads for foreign transactions even when the transactions are dollar denominated is absurd.  I was hopeful a different system would come into being but given what happened at Mt. Gox I am justifiably concerned.
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« Reply #17 on: March 10, 2014, 08:02:49 pm »
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Hackers claim they have evidence that the owners of Mt. Gox are the ones who actually stole the $500M+.
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« Reply #18 on: March 11, 2014, 11:32:07 am »
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Not surprising. Another problem with it, this can easily happen and if invested there's basically nothing you can do. You're basically buying something of dubious value by giving actual money to shady characters and then trusting others with dubious value you've purchased that if they decide to take off with, you are a completely screwed.
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