Interesting new money

[been]

It's not supposed to be an "investment".

It's designed to be a currency that can't be inflated, confiscated, taxed, or tracked.

If that subtle difference eludes you then by all means, avoid it as long as you can.

Sorry if I annoyed you in any way. Im kinda in the same spot as uncle money bags. I dont know too much about it and cant hold it in my hand. It seems like something the feds would be looking closely at though, since it cant be taxed or tracked.

EDIT: Just updated the page and saw the above post. So the feds wont mess with it........yet

 

[Hobbes]

I hear you, and I was just funnin you. I saw that vid earlier today.

Look, Im intrigued, but have a hard time trusting something I cant hold in my hand. Im willing to bet a lot of people feel this way but wont say it because they would have to admit they just dont understand it. well, I dont understand it. Not well enough to trust it anyway.

Oh you can buy the physical bitcoin too if you're inclined.

https://www.casascius.com/

It's really just a precious metal that can be exchanged for digital coins.

 

[Hobbes]

Sorry if I annoyed you in any way. Im kinda in the same spot as uncle money bags. I dont know too much about it and cant hold it in my hand. It seems like something the feds would be looking closely at though, since it cant be taxed or tracked.

EDIT: Just updated the page and saw the above post. So the feds wont mess with it........yet

No problem.

Being skeptical is good and it's not the same thing as being cynical.

 

[Hobbes]

Let's compare 2 scenarios:

1. Currently, I have direct deposit to my checking account and from that I pay bills online electronically and I also transfer some of that money to another institution to invest in
my IRA.

Is there anywhere in that sequence of transactions that anything happens that is not just moving numbers around in a computer?
Does anything physical happen anywhere in that chain of events?
NO
It's only when I withdraw paper money at the ATM that any physical money enters the picture and I use very little paper money.
I use credit cards and then pay the CC off every month online.

Very nearly ALL of my currency transactions are nothing more than numbers moving around from one computer ledger account to another.

If I'm lucky enough to ever draw SS the .gov will electronically transfer money, that they transferred from somewhere else, to my same electronic checking account.
For the rest of my life money will for the most part be computer transactions.

2. Using bitcoin I would receive the direct depost( it really is direct deposit now ) directly from one bitcoin account into my own.
I would send bitcoin payments directly to other merchants without going through the bank.
It's still just numbers moving from one computer ledger account to another.


Here are the key differences:

In the first scenario, the banks holds the ledger that tracks the flow of money from one account to another.
In the second scenario, the ledger is distributed among every bitcoin holder on the planet instead of a central clearinghouse bank.

In the first scenario, the dollars deposited into my 3rd party bank account are at the whim of the federal reserve and they can create as much as they want as they don't really print much money anymore. They create a computer debit to the account of one of the major banks to create more money.
In the second scenario, the amount of currency is mathematically limited by an algorithm that makes it impossible to create more than a finite number of bitcoins.


No matter what, my finances will be mostly numbers moving around in computers, bitcoin or no.
The only real question is....
A 3 party transaction or a 2 party transaction?
A fiat currency that has no limit or a digital currency that is bound by the laws of mathematics?

 

[OKC03Cobra]

Schadenfreude.

Bitcoin Is Crashing

http://www.businessinsider.com/bitcoin-plunges-2013-4

 

[Hobbes]

Schadenfreude.

Bitcoin Is Crashing

http://www.businessinsider.com/bitcoin-plunges-2013-4

Here's your perfect chance to buy some bitcoin at only twice the price that it was in February.

HA HA

 

[Hobbes]

Besides, you're missing the point.

It's a currency, not an investment.
Currencies fluctuate periodically like investments do but that doesn't make it an investment vehicle.

You need to stick to a currency backed by Uncle Ben.

 

[LightningCrash]

It seems OKC03Cobra is not even reading the thread any more.

 

[Hobbes]

It seems OKC03Cobra is not even reading the thread any more.

He reads his own posts but no one elses.

 

[turkeyrun]

LOL, that's a 2 day chart that shows 1 bitcoin costs about $160 (even after the crash).
A couple of weeks ago a bitcoin cost only about $90 USD.

Can't be inflated???????????? confiscated???????????? no value, no paper trail, cyber threat / loss very real tracked ??????????? can't track it, how you ever going to know what you had or prove what you lost. taxed?????????? maybe not today, but they will find a way.

looks like a scam to me ...... and yes, our money is pretty much a scam also with gubbiment and who knows how others freely printing money. It has been reported there are money FAKE $100 in circulation than REAL ones. Probably not that bad, but hear about fakes showing up around Lawton on a very regular basis.

I think I will stay away from teh bitcoin scam, for now anyway. Take what money I have and purchase brass, lead, food, seeds, anything of value that can be traded.