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Old 12-17-2018, 02:56 PM
 
Location: Manchester NH
7,341 posts, read 1,985,918 times
Reputation: 2214

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Quote:
Originally Posted by SWFL_Native View Post
Any accepted currency will have to require centralized regulation for wide acceptance to happen. This was doomed from the start; although in theory the idea is idealistic.
It shows the free market canít be the creator of both goods and currency.
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Old 12-17-2018, 03:11 PM
 
Location: OC, CA
9,931 posts, read 13,384,385 times
Reputation: 8807
All hyper bubbles have to crash go back to the Tulip mania and read up on it, very similar.

Remember housing prices before the wipe out last time?

The "real" market works off of the greater fool theory and bitcoin ran out of idiots to buy.

I remember my friend in BC Canada seeing all these Crazy Rich Asian Idiots buying them from an ATM with ridiculous fees and charges added on. That was about 4 months before the crash. We were having a good laugh on that one. He made money selling power/processing for bitcoin but bought his coins shortly after they came out so he isn't out much.
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Old 12-17-2018, 05:39 PM
 
7,456 posts, read 8,304,999 times
Reputation: 5548
Quote:
Originally Posted by Teckeeee View Post
All hyper bubbles have to crash go back to the Tulip mania and read up on it, very similar.

Remember housing prices before the wipe out last time?

The "real" market works off of the greater fool theory and bitcoin ran out of idiots to buy.

I remember my friend in BC Canada seeing all these Crazy Rich Asian Idiots buying them from an ATM with ridiculous fees and charges added on. That was about 4 months before the crash. We were having a good laugh on that one. He made money selling power/processing for bitcoin but bought his coins shortly after they came out so he isn't out much.
Economically illiterate comment. The "Tulip Bubble/Bust" occurred nearly 400 years ago in an era of very low information, cold weather and on another continent.

Thanks for playing.
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Old 12-17-2018, 06:11 PM
 
Location: Riding a rock floating through space
862 posts, read 226,030 times
Reputation: 2209
Bitcoin isn't going anywhere, and like the last couple pumps the next one will leave all you nonbelievers on the sidelines scratching your balls wondering why you didn't at least buy one when it was cheap.
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Old 12-17-2018, 06:38 PM
 
Location: Manchester NH
7,341 posts, read 1,985,918 times
Reputation: 2214
Quote:
Originally Posted by duke944 View Post
Bitcoin isn't going anywhere, and like the last couple pumps the next one will leave all you nonbelievers on the sidelines scratching your balls wondering why you didn't at least buy one when it was cheap.
Why?

Why do you think an artificial currency with no state backing that fluctuates based off of usage is a viable currency that venders would use in mass?
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Old 12-17-2018, 07:57 PM
 
Location: Riding a rock floating through space
862 posts, read 226,030 times
Reputation: 2209
Quote:
Originally Posted by winterfall8324 View Post
why?

Why do you think an artificial currency with no state backing that fluctuates based off of usage is a viable currency that venders would use in mass?
dyor.
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Old 12-17-2018, 08:27 PM
 
Location: Manchester NH
7,341 posts, read 1,985,918 times
Reputation: 2214
Quote:
Originally Posted by duke944 View Post
dyor.
I did, and that is what my own research lead to.

And you?
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Old 12-17-2018, 08:31 PM
 
Location: Riding a rock floating through space
862 posts, read 226,030 times
Reputation: 2209
Quote:
Originally Posted by Winterfall8324 View Post
I did, and that is what my own research lead to.

And you?
I just told you what my research leads to. Let's see who's right in a few years.
The only thing I'll say is that it is definately not a scam, because it works. Anyone comparing it to monopoly money or the Zimbabwe dollar is a real moron.
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Old 12-17-2018, 09:57 PM
 
Location: Manchester NH
7,341 posts, read 1,985,918 times
Reputation: 2214
Quote:
Originally Posted by duke944 View Post
I just told you what my research leads to. Let's see who's right in a few years.
The only thing I'll say is that it is definately not a scam, because it works. Anyone comparing it to monopoly money or the Zimbabwe dollar is a real moron.
It's not a monopoly money, and that is why it won't work.

Currency can no operate via the free markets being as the free markets were a state invention.
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Old Yesterday, 08:55 AM
 
Location: Proxima Centauri
3,951 posts, read 1,671,793 times
Reputation: 4378
Bitcoin, another scam by some smart guy to take real dollars away from someone not so smart, sort of like being salaried.
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