Bitcoin
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I just setup a wallet and converted a little money to bitcoin just to try it out, and see what all of the fuss is about. Has anyone else tested the waters? What did you think?
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It's a pain in the arse to use.
I really want it to work.
It has all the drawbacks of cash (if you loose the wallet it's gone) with nearly none of the conveniences, requires the other side to have a wallet and some type of computer device (phone, PC, tablet, etc). And worse, it can be stolen from your electronic sources if you get hacked. At least with cash, they have to assault you personally, in person (assuming your cash is in your wallet in your pocket).
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Nope, never tried it. It is certainly an interesting idea but not likely something that I could see myself using. It's "just another currency" and one that is volatile and difficult to use and appears to carry a bit of risk that I would rather avoid until I have seen it play out for a while.
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I have a friend who is a early adopter and suggested I use Coinbase. It has some transaction fee's but it basically makes using bitcoin as easy Paypal. So far where I am there isn't anywhere to use it locally, but I may buy a few things online, or see if my balance will grow if the market spikes again.
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All that said - I love it because of the anonymity of it. The ability to carry HUGE amounts on something like a flash drive. Frankly I'm tired of the government considering you guilty of something just because you transferred more than $10,000 in a single transaction, and I'm guessing that number is probably lower by now.
You can't put tracking die or record serial numbers to watch how it moves around - sure I understand why the government wants those things... to help them bring down crime, but still.
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@scottalanmiller said:
... and one that is volatile and difficult to use and appears to carry a bit of risk that I would rather avoid until I have seen it play out for a while.
Exactly - the fact that dozens of new crypto currencies have crept up in the last few years makes me wonder if crypto currency can ever get a foothold? Probably not, at least not unless a government decides to stand behind it... and who really wants to do that when they can't control it? Devalue it, etc.
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@Dashrender said:
All that said - I love it because of the anonymity of it. The ability to carry HUGE amounts on something like a flash drive. Frankly I'm tired of the government considering you guilty of something just because you transferred more than $10,000 in a single transaction, and I'm guessing that number is probably lower by now.
That suspicion applies to all transactions and is not linked to Bit Coin.
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@Dashrender said:
@scottalanmiller said:
... and one that is volatile and difficult to use and appears to carry a bit of risk that I would rather avoid until I have seen it play out for a while.
Exactly - the fact that dozens of new crypto currencies have crept up in the last few years makes me wonder if crypto currency can ever get a foothold? Probably not, at least not unless a government decides to stand behind it... and who really wants to do that when they can't control it? Devalue it, etc.
Currencies always struggle unless you have a huge banking system standing behind it, normally a national one. The US used to have local currencies everywhere and they didn't work at all.
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@scottalanmiller said:
@Dashrender said:
All that said - I love it because of the anonymity of it. The ability to carry HUGE amounts on something like a flash drive. Frankly I'm tired of the government considering you guilty of something just because you transferred more than $10,000 in a single transaction, and I'm guessing that number is probably lower by now.
That suspicion applies to all transactions and is not linked to Bit Coin.
Right, that's why I'm saying I love Bitcoin, because unless you publish your BC id, you can remain pretty anonymous.
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@scottalanmiller said:
@Dashrender said:
@scottalanmiller said:
... and one that is volatile and difficult to use and appears to carry a bit of risk that I would rather avoid until I have seen it play out for a while.
Exactly - the fact that dozens of new crypto currencies have crept up in the last few years makes me wonder if crypto currency can ever get a foothold? Probably not, at least not unless a government decides to stand behind it... and who really wants to do that when they can't control it? Devalue it, etc.
Currencies always struggle unless you have a huge banking system standing behind it, normally a national one. The US used to have local currencies everywhere and they didn't work at all.
It makes you wonder if an area could exist under a real gold standard? I know we used to... I still don't understand why it was better to get off that and allow the creation of fiat currency?
Other than to allow the government to steal our wealth by printing and distributing worthless greenbacks. -
@Dashrender said:
Other than to allow the government to steal our wealth by printing and distributing worthless greenbacks.
It's not exactly stealing our wealth. If you back with gold your value goes up and down like wild too. Much moreso than with our currency now. Gold backed currency has advantages but big caveats too. It's not a panacea. There is a reason why no one does it. With gold backing you have all kinds of limits that the world does not want to day - like the permanent removal of wealth from a nation or region.
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I am a notorious early adopter. I will take the hits and try stuff out just to see how it works, and see if I like it. It is fun to imagine what if Bitcoin really works in the long haul. Paying for a service, and no higher body other than me and the person I am paying are involved, simply under the mutual understanding and trust in something is kind of a cool feeling. I am not dumping my savings in by any means, but participating in something, however small the likely hood, that could completely change our global understanding of money is fun in a pioneering sort of way. It is also way cheeper than a one way ticket to colonize Mars.
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Early adapter? Bitcoin has been around at least 5 years if not more like 8. I setup a bitcoin mining machine back in year one and did buy a single bit coin and sense lost it (lost it 6+ years ago). If I could find it buried on the drive where ever it might be, that would be huge today.
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@Dashrender said:
Early adapter? Bitcoin has been around at least 5 years if not more like 8. I setup a bitcoin mining machine back in year one and did buy a single bit coin and sense lost it (lost it 6+ years ago). If I could find it buried on the drive where ever it might be, that would be huge today.
Ok, not early in the sense of Bitcoin, but I only know 4 other people in my circle of friends who have setup a wallet and tried to use it.
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I think of myself as an "early dissenter" in this case. I looked at it years ago and said "meh".
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@scottalanmiller said:
I think of myself as an "early dissenter" in this case. I looked at it years ago and said "meh".
What is your take on PP?
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@Dashrender said:
What is your take on PP?
I have lots of friends in the PP. Happy that they just won the Spanish elections.
I'm guessing that isn't the PP that you mean?
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@Dashrender said:
You can't put tracking die or record serial numbers to watch how it moves around - sure I understand why the government wants those things... to help them bring down crime, but still.
Bitcoin is 100% fully traceable from the moment it was mined. Not to a person, but then neither are the serial numbers or dye on cash.
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Good point, the BC itself can be traced.
