Page 4 of 8 FirstFirst 12345678 LastLast
Results 46 to 60 of 107

Thread: Bitcoin?

  1. #46
    Quote Originally Posted by Pat Barry View Post
    Thanks Edwin. I appreciate the off handed dismissal of my posting. It's funny, to me anyway, that you really didn't say anything other than to paint me as ignorant. If anything, this thread points out we are all apparently ignorant about this subject.
    Pat,
    Apparently I need to sincerely apologize. In fact I found no fault with your post at all and I thought I was vindicating it in my own metaphorical way. I'm really sorry about that. I thought your reasoning was absolutely sound, especially distinguishing between Bitcoin as a form of currency for exchange of goods and services, and Bitcoin as a speculative investment. This is why I said I don't think you need more research.

    There are other comments through the thread that I think are completely ignorant of basic economic theory and fiat currency, but your recent post was not one of them, and my opinions are only my own which more often I should probably keep to myself.
    Sorry, Edwin

  2. #47
    Join Date
    Sep 2007
    Location
    Upstate NY
    Posts
    3,789
    Quote Originally Posted by Pat Barry View Post
    Are you sure about this Wade? It seems strange that this would be true. It seems this would make them 'play money' and I don't think that is the case at all. I need to do more research.
    The whole point of it is that it is totally anonymous. When you pay a ransom in bitcoins, you have no idea who is getting the payoff; it is totally untraceable. If you don't know who you paid, you obviously can't prove you paid them.
    I suppose it is not that different than paying in cash, but who would do a significant transaction in cash with someone they don't trust?

    I am so sad Edwin considers me ignorant of economics.

  3. #48
    Join Date
    Aug 2010
    Location
    USA
    Posts
    5,582
    Quote Originally Posted by Edwin Santos View Post
    Pat,
    Apparently I need to sincerely apologize. In fact I found no fault with your post at all and I thought I was vindicating it in my own metaphorical way. I'm really sorry about that. I thought your reasoning was absolutely sound, especially distinguishing between Bitcoin as a form of currency for exchange of goods and services, and Bitcoin as a speculative investment. This is why I said I don't think you need more research.

    There are other comments through the thread that I think are completely ignorant of basic economic theory and fiat currency, but your recent post was not one of them, and my opinions are only my own which more often I should probably keep to myself.
    Sorry, Edwin
    Edwin, I too am sorry to have misinterpreted your posting. I should have attempted to clarify the situation. I'm sure that had it been a simple conversation the misunderstanding would have been immediately apparent and corrected. Such is the problem with conversations of this nature. Please accept my apology.

  4. #49
    Join Date
    Aug 2010
    Location
    USA
    Posts
    5,582
    Quote Originally Posted by Wade Lippman View Post
    The whole point of it is that it is totally anonymous. When you pay a ransom in bitcoins, you have no idea who is getting the payoff; it is totally untraceable. If you don't know who you paid, you obviously can't prove you paid them.
    I suppose it is not that different than paying in cash, but who would do a significant transaction in cash with someone they don't trust?
    Yes, I think it is exactly like cash. All the transactions are tracked and recorded. The peer to peer transaction is processed and verified by the system. I still see no reason for me to use Bitcoin however as long as the dollar still works.

  5. #50
    Quote Originally Posted by Simon MacGowen View Post
    Tell your son knowing when to leave the hot kitchen is the key to keeping his wealth. My brother-in-law has had many "boom and bust" real stories he had witnessed in his circle to share.
    Yup. My Dad always says "Bears make money. Bulls make money. Pigs go broke."

    I don't mind if folks invest in bitcoin or in pork bellies or in beanie babies - as long as if/when the bottom drops out, they don't ask the rest of us taxpayers to bail them out in some way or another. (I believe very strongly in the idea that "If I gamble and win, I get to keep it. If I gamble and lose, I've got to 'man up' and get a second job." )

    Edit: When I got hit with the Cryptolocker virus a couple years ago, they wanted payment in bitcoin. Was the first I'd heard of it myself.
    Last edited by Frederick Skelly; 12-21-2017 at 10:12 AM.
    "All that is necessary for the triumph of evil is that good men do nothing."

    “If you want to know what a man's like, take a good look at how he treats his inferiors, not his equals.”

  6. #51
    Join Date
    Oct 2007
    Location
    Falls Church, VA
    Posts
    2,336
    Blog Entries
    1
    One of Warren Buffet's cardinal rules is that he never invests in a business he can't understand. I would bet that the Oracle of Omaha owns no Bitcoin.

  7. #52
    Join Date
    Sep 2007
    Location
    Upstate NY
    Posts
    3,789
    Quote Originally Posted by Roger Feeley View Post
    One of Warren Buffet's cardinal rules is that he never invests in a business he can't understand. I would bet that the Oracle of Omaha owns no Bitcoin.
    https://www.forbes.com/sites/johnwas.../#2ba2c44662a8

    Apparently his understanding of economics is as poor as mine!

  8. #53
    Join Date
    Feb 2003
    Location
    Doylestown, PA
    Posts
    7,551
    Quote Originally Posted by Pat Barry View Post
    Yes, I think it is exactly like cash. All the transactions are tracked and recorded. The peer to peer transaction is processed and verified by the system. I still see no reason for me to use Bitcoin however as long as the dollar still works.
    You might if you didn't want "the powers that be" to be able to reconstruct your actions and associations through access to your financial records. Remember that "the powers that be" also get to decide who are criminals and who are good citizens.

  9. #54
    Join Date
    Sep 2007
    Location
    Upstate NY
    Posts
    3,789
    Quote Originally Posted by Curt Harms View Post
    You might if you didn't want "the powers that be" to be able to reconstruct your actions and associations through access to your financial records. Remember that "the powers that be" also get to decide who are criminals and who are good citizens.
    And something that serves no purpose except to conceal criminal activity is good because it facilitates crime. Extraordinary.

  10. #55
    Quote Originally Posted by Edwin Santos View Post
    Pat, I'm not sure you need any more research.

    Here's what comes to my mind - Let's say there was a Macroeconomics discussion forum frequented by economists and financial professionals. And let's say that forum had an Off Topic sub-forum where some of their users started up a thread on woodworking. I would bet the Sawmill Creek members would find parts of their woodworking thread as comical as the economists might find parts of this one.
    Edwin
    Pat I do understand your economics cross reference concerning Bit Coin and you are correct. My son has been involved in Bit Coin and Alternative coins shortly after it became a "geeks thing". He is 35 and the biggest issue he finds is peoples misunderstanding or ignorance of the concept or even why it was started. I have watched it's growth and with my son's insight helping me understand it. May I suggest everyone take time and research the history and "understand it". I am not for or against it but the concept is very interesting and as a 69 year old I had to want to be open minded to even accept the content. As my Mother always said. "ignorance is bliss". Just my opinion as I see our financial institutes failing us and becoming very rich off us just using our own make believe cash system.

    Something to remember our world continuously evolves, we older or not informed have a harder time catching up.

    Have a great day and better tomorrow.
    John
    Last edited by John Llewellyn; 12-25-2017 at 9:48 AM. Reason: spelling

  11. #56
    Quote Originally Posted by Wade Lippman View Post
    And something that serves no purpose except to conceal criminal activity is good because it facilitates crime. Extraordinary.
    So does "cash", do you think criminals use a bank account for an illegal transaction.

  12. #57
    Join Date
    Sep 2007
    Location
    Upstate NY
    Posts
    3,789
    Quote Originally Posted by John Llewellyn View Post
    So does "cash", do you think criminals use a bank account for an illegal transaction.
    Well, it is pointless to argue with that!

  13. #58
    Join Date
    Feb 2003
    Location
    Doylestown, PA
    Posts
    7,551
    Quote Originally Posted by Wade Lippman View Post
    And something that serves no purpose except to conceal criminal activity is good because it facilitates crime. Extraordinary.
    It depends on how you define criminality. Remember that George Washington, Thomas Jefferson, Benjamin Franklin et. al. were considered criminals by the government in place at the time. The same is likely true in places like Russia or Mainland China today.

  14. #59
    Join Date
    Sep 2006
    Location
    Deep South
    Posts
    3,970
    Bitcoin is already used as a medium of exchange, without any of it being converted to dollars. It works just like money for some groups and individuals. There is nothing to prevent it from becoming more popular as a medium of exchange, not just a bogus investment. It would behave just like dollar bills except a computer keeps up with how much you own. That is what Dan may have been trying to get Wade to understand.

    As it is now, we are rapidly becoming a cashless society. That is to say you can't buy or sell anything without the government being able to know all about both sides of the transaction. That bothers me as much as the government keeping records of my phone calls. I could see that Bitcoin could be used to circumvent this potentially serious violation of privacy.

  15. #60
    Join Date
    Oct 2006
    Location
    New Jersey
    Posts
    1,295
    Still a ponzi scheme in my eyes. Continue on though.
    John T.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •