Author “What the hell is a bitcoin?”  (Read 16330 times)

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Re: “What the hell is a bitcoin?”
« Reply #30 on: February 03, 2014, 07:28:27 PM »
A few weeks ago, a caller asked Jorchy this question. His response was as you would expect, on par with the comprehension level of the average 8th grader. Of course, he thought Bitcoins were a worthwhile investment.  It actually made me feel kinda bad for him  :-[

Re: “What the hell is a bitcoin?”
« Reply #31 on: February 10, 2014, 08:19:22 PM »
A few weeks ago, a caller asked Jorchy this question. His response was as you would expect, on par with the comprehension level of the average 8th grader. Of course, he thought Bitcoins were a worthwhile investment.  It actually made me feel kinda bad for him  :-[

I don'y know who this Jorchy is but Bitcoin is a good investment if you have the money to burn. Now if you are a school teacher and you wanted to carry over your retirement funds then it is not a good idea.

When I review this thread I have to laugh at the majority of negative comments. They are very short sighted and lack imagination, (except for the POGS which provoked a laugh).

Comments like, "Is this the year cryptocuttencies jump the shark?" show just how out of touch some people are. On the few forums I am a member on, I have a cryptocurrency thread and I have been having fun over the last few years conversing with older people who just don't get it.

At one time in the 90's oil was selling for less than 20 dollars a barrel. Every single economic think tank was predicting 100 dollars a barrel by the turn of the millennium, yet most people laughed at that. Even if they were sent the standard and poor's own documentation the general public could not conceive oil that expensive.

As I am writing this the American federal and state governments are going through the motions of creating regulations for a type of cryptocurrency  (and all indications are pointing towards bitcoin because of the world wide corporate and public acceptance, and it's own governance) yet still, I can post a link to documentation proving the facts, there will still always be those financial experts that would rather invest in hoola hoops.

The very funny thing about that onan is... your fifty years too late. And your are already late on this as well because of your mindset. I haven't been a member here long but I have already picked up on the truth that people here are mostly negative poos. Everything sucks and it is all shit.

What?.. Is this shit?
What is?.. This shit?
What is this?.. Shit?
WHAT IS THIS SHIT?!?

So here's some of what the US federal and state regulators are doing about cryptocurrencies. The following guidance is FinCEN's opinion on how the federal Bank Secrecy Act applies to three categories;
ecurrencies and "e-precious metals,"
centralized virtual currencies,
and decentralized virtual currencies.
The last category is aimed at bitcoin, which does not have a central regulating authority, unlike other popular virtual currencies such as the Linden Dollar.

Read it if you dare to widen your perception of what may become in the near approaching future.

http://www.fincen.gov/statutes_regs/guidance/pdf/FIN-2013-G001.pdf


and if you still don't believe then check out this little story; http://niran.org/bitcoin-fiction/the-airdrop.html
Jump the shark HA!

Re: “What the hell is a bitcoin?”
« Reply #32 on: February 17, 2014, 10:35:30 PM »
Great article in the NY times about bitcoin. http://dealbook.nytimes.com/2014/02/17/regulators-and-hackers-put-bitcoin-to-the-test/?_php=true&_type=blogs&_r=0 For those of you who can't read it, I will summarize the main points;

~Benjamin Lawsky, New York’s financial services superintendent, is leading efforts to write regulations for virtual currencies.

~ Overstock.com, one of the largest companies to accept Bitcoin as payment, said it was nearing $1 million in purchases made with the currency.

~  the price of Bitcoin swinging between a high of about $700 last Monday and a low of $530 on Friday, with some expecting even bigger declines. The current prices are down from highs of about $1,200 in December.

~Bitcoin has already survived several bouts of volatility that were even wilder than the one last week. But during those crises, nearly everyone involved was a speculator and the currency was much further from real-world success. Now that Silicon Valley and Wall Street have begun to buy in, and everyday uses for Bitcoin are becoming more common, the stakes are much higher.

~Canada’s finance minister, Jim Flaherty, announced his plan to create national rules for what has been a largely lawless space.

~Susan Athey, a professor of economics at Stanford Business School, pointed to several potential outcomes. It is possible, she said, that banks will simply adopt some of the best elements of the Bitcoin program that allow money to be transferred almost instantaneously. Other alternative virtual currencies could also rise up without Bitcoin’s perceived flaws, like the limit on the number of Bitcoins that can ever be created.

Professor Athey is assuming that “some of each of these things happen,” she said.

“Once you look at it,” she added, “you say, ‘How is it we are still using these archaic financial rails?’ ”

~ Mr. Garzik expressed his confidence in Bitcoin’s ability to survive attacks because of the collaborative nature of the programmers working on it. At the same time, he said that he was drawn to Bitcoin not because he thought it would take over the world but because it was a “fascinating experiment at several levels.”

The last year, he said, was a year of “increasing visibility.” The next year, he said “will be the year of action.”


Re: “What the hell is a bitcoin?”
« Reply #33 on: February 22, 2014, 04:50:11 PM »
I was interested to learn you can actually "mine" for bitcoins:
https://en.bitcoin.it/wiki/Mining

This is not true any more so please don't get scammed by buying equipment. It is so expensive to mine for it now that only companies backed by investment funds can afford it today. Sorry but you missed the boat on that by about 5 years.

Bitcoin May Be the Global Economy's Last Safe Haven
http://www.businessweek.com/articles/2013-03-28/bitcoin-may-be-the-global-economys-last-safe-haven

If you are unsure about bitcoin, then this is a fun read. This businessweek article really nails it!

Best quote ~"Maybe Bitcoin’s devotees are right, and it’s the currency of the future. Or perhaps it’s a ridiculous joke—a speculative, hilarious enterprise taken to its most insane conclusion. Given that the founder is nowhere to be found, it feels like a hoax, a parody of the global economy. That the technology used to implement it has, so far, shown itself to be impeccable and completely functional, and that it’s actually being exchanged, just makes it a better joke. The truth is, it doesn’t much matter if it’s a joke or not. It works... Bitcoin isn’t tied to any commodity—besides trust. As a statement on the global economy, Bitcoin is hilarious. As a currency for the disenfranchised and distrustful, it’s as serious as can be. "

Btw I thought for kicks I'd try and buy like a hundred bucks worth (around a tenth of) a bitcoin.  I tried 3 different sites and, even though I'm fairly tech-savvy, it seemed way too complicated and clunky.  Also was turned off with various fees tacked on (one site had 3 different fees from 3 different middle-men).  I thought one of the big ideas with it was low-cost / seamless transactions.

You need to be VERY VERY careful when buying bitcoins on the web by yourself. Here is the safest and most reputable company in the world if you want to buy them. https://www.mtgox.com/


Re: “What the hell is a bitcoin?”
« Reply #34 on: February 22, 2014, 05:54:59 PM »
May I lay my bitcoin down to sleep?
I pray my soul will keep.
If hell shows itself by morning,
most likely it means I need a dump or pee.

Re: “What the hell is a bitcoin?”
« Reply #35 on: February 22, 2014, 06:22:59 PM »
You can still apparently get into the newer currencies like dogecoin, but still, to make $5 a month you have to bust your ass at it. It's kinda the domain of college students getting extra beer money.

Re: “What the hell is a bitcoin?”
« Reply #36 on: February 22, 2014, 08:56:02 PM »
Here is the safest and most reputable company in the world if you want to buy them. https://www.mtgox.com/

Didn't they freeze bitcoin transactions indefinitely last week? Mt Gox that is.

Re: “What the hell is a bitcoin?”
« Reply #37 on: February 23, 2014, 12:16:32 AM »
Yes. In one of my latest posts I linked an article discussing that but if you want another link explaining about what is happening then here; http://siliconangle.com/blog/2014/02/19/bitcoin-weekly-2014-february-19-mtgox-continues-to-blame-bitcoin-bitpay-releases-bitcore-btc-atms-arrive-in-the-us/ It is called growing pains and I believe that all is better now.

Re: “What the hell is a bitcoin?”
« Reply #38 on: February 25, 2014, 09:36:54 AM »
Didn't they freeze bitcoin transactions indefinitely last week? Mt Gox that is.

Hope you didn`t exchange there. This whole bitcoin thing is going to come tumbling down.

http://www.nbcnews.com/tech/security/website-bitcoin-exchange-mt-gox-offline-amid-theft-reports-n37896

Re: “What the hell is a bitcoin?”
« Reply #39 on: February 25, 2014, 02:00:28 PM »
Hope you didn`t exchange there. This whole bitcoin thing is going to come tumbling down.

http://www.nbcnews.com/tech/security/website-bitcoin-exchange-mt-gox-offline-amid-theft-reports-n37896

Maybe before you open that daft mouth of yours you could actually read what is on this thread. This is not the politics room where you can act like an moron. If people want to believe the silliness/bullshit that you post over there then go crazy. It shouldn't be too much of a stretch for somebody like you. All you have proven here is your ability to be manipulated by the media and your inability to use any critical thinking skills. I would ask that you keep your ignorance and inappropriate attention seeking behaviour in the politics room. All you have proven here is that you are incapable of using that main organ of yours and not the one between your legs (although the thought of you reproducing only makes me worry about their future.) No I am refering to your BRAIN. Other members should keep this in mind when reading any of your other posts. Now shoo!

@the rest of the adults who want to intelligently discuss this very interesting topic;
 
Anyone who has read the articles linked in this thread would have already known about the problems over at Mt Gox. The true story is not known yet. They definitely had some in house security issues, however the sky is not falling like some people pukes would have you believe.

I won't be surprised is law enforcement gets involved at some point. Certainly it is an exciting story to watch!
http://www.theverge.com/2014/2/25/5444866/mt-gox-goes-offline
Best quote from the article; ~"As with any new industry, there are certain bad actors that need to be weeded out."

Here, this is my new fave website all about Bitcoin and other cryptocurrencies. It has a nice, "How can I buy Bitcoins" section.
http://www.coindesk.com/information/how-can-i-buy-bitcoins/

Here is a current list of NASDAQ listed companies that accept Bitcoin; http://www.nasdaq.com/article/what-companies-accept-bitcoin-cm323438 and this is just the list of companies traded on nasdaq.
The following is a list of online and real world businesses that currently accept Bitcoin; https://en.bitcoin.it/wiki/TradeHA! The choice of services is endless and it grows everyday.


Re: “What the hell is a bitcoin?”
« Reply #40 on: February 25, 2014, 02:27:25 PM »
Maybe before you open that daft mouth of yours you could actually read what is on this thread. This is not the politics room where you can act like an moron. If people want to believe the silliness/bullshit that you post over there then go crazy. It shouldn't be too much of a stretch for somebody like you. All you have proven here is your ability to be manipulated by the media and your inability to use any critical thinking skills. I would ask that you keep your ignorance and inappropriate attention seeking behaviour in the politics room. All you have proven here is that you are incapable of using that main organ of yours and not the one between your legs (although the thought of you reproducing only makes me worry about their future.) No I am refering to your BRAIN. Other members should keep this in mind when reading any of your other posts. Now shoo!

@the rest of the adults who want to intelligently discuss this very interesting topic;
 
Anyone who has read the articles linked in this thread would have already known about the problems over at Mt Gox. The true story is not known yet. They definitely had some in house security issues, however the sky is not falling like some people pukes would have you believe.

I won't be surprised is law enforcement gets involved at some point. Certainly it is an exciting story to watch!
http://www.theverge.com/2014/2/25/5444866/mt-gox-goes-offline
Best quote from the article; ~"As with any new industry, there are certain bad actors that need to be weeded out."

Here, this is my new fave website all about Bitcoin and other cryptocurrencies. It has a nice, "How can I buy Bitcoins" section.
http://www.coindesk.com/information/how-can-i-buy-bitcoins/

Here is a current list of NASDAQ listed companies that accept Bitcoin; http://www.nasdaq.com/article/what-companies-accept-bitcoin-cm323438 and this is just the list of companies traded on nasdaq.
The following is a list of online and real world businesses that currently accept Bitcoin; https://en.bitcoin.it/wiki/TradeHA! The choice of services is endless and it grows everyday.


That`s right, sweetheart, you just keep investing your weekly allowance in bitcoins lol. I`ll continue to invest in grown-up equities. ;)

Re: “What the hell is a bitcoin?”
« Reply #41 on: February 25, 2014, 02:57:45 PM »

That`s right, sweetheart, you just keep investing your weekly allowance in bitcoins lol. I`ll continue to invest in grown-up equities. ;)

Ha, I am just quoting this to provide proof to any current and future members that you are mentally challenged.

Anyone who would receive an allowance of one Bitcoin every week (roughly $ 578.41 in Canadian Dollars) would be very, very happy. *rolling eyes*... "sigh"

I never received an allowance. My parents gave my four siblings and I a credit card and taught us at an early age how to use it properly. That way we learned how to avoid credit card debt and the importance of paying our bills.

Good luck with those corporate stocks which are most likely bundled together in some mutual fund sham. I hope that works out well for you *giggle*

Re: “What the hell is a bitcoin?”
« Reply #42 on: February 25, 2014, 03:06:58 PM »
Ha, I am just quoting this to provide proof to any current and future members that you are mentally challenged.

Anyone who would receive an allowance of one Bitcoin every week (roughly $ 578.41 in Canadian Dollars) would be very, very happy. *rolling eyes*... "sigh"

I never received an allowance. My parents gave my four siblings and I a credit card and taught us at an early age how to use it properly. That way we learned how to avoid credit card debt and the importance of paying our bills.

Good luck with those corporate stocks. I hope that works out well for you *giggle*



Yeah, well, you`re just a tad off there, hon.

https://www.tradingview.com/chart/BTCUSD/



Oh, and those grown-up equities have worked out very well for me over the last 30 years *giggle*

Re: “What the hell is a bitcoin?”
« Reply #43 on: February 25, 2014, 03:35:19 PM »
Hahaha... Once again thank you for proving your own ignorance. You make this too fuckin easy. LMAO@U

Last Tuesday, the price of a bitcoin on Bitstamp was $640. On Gox? $250. What you are reading there is the price on Mt. Gox today. It makes sense that they are selling so cheap since the company may or may not go bankrupt.

Do you see what I mean people?.. And to think he gives political advice too...



And I am not your hon or sweatheart. "hon" *sticking finger down my throat* Stop trying to belittle me as a woman you filthy pig. All it does is reveal your own masculine insecurity issues. Just another example of your deficient personality. 

Re: “What the hell is a bitcoin?”
« Reply #44 on: February 25, 2014, 04:16:34 PM »


Sorry, I couldn't help myself, that image made me laugh pretty hard when I was searching for a "bitch alert" warning label.  Anyhoo... gone, what, one day?  Look how the roles have reversed.

I'll take my asshole sticker now onan.

Re: “What the hell is a bitcoin?”
« Reply #45 on: February 25, 2014, 04:27:33 PM »
I guess its easy when you are ignorant about something to just knock it. Nothing wrong with Bitcoin, its a step in the right direction.

Re: “What the hell is a bitcoin?”
« Reply #46 on: February 25, 2014, 04:31:53 PM »
Bitcoin is a step in the right direction, but it will end.  It's a fad and it's not real.  Governments with armies are the only thing that can control fake money.   If you want something real, buy gold or something else tangible.   Like dolls or pinball machines.

Re: “What the hell is a bitcoin?”
« Reply #47 on: February 25, 2014, 04:39:24 PM »
I guess I just don't understand why it has to be black or white. I agree with area51drone and what has been said earlier in the thread, cryptocurrencies are here to stay and likely we are looking at the next step in the evolution of monetary systems into the digital realm. But that doesn't mean bitcoin is the be-all-end-all of these types of systems. To me at least it sure does look like the bitcoin infrastructure is failing, but who knows. It will be interesting to see what if anything winds up happening.

No need for such vitriol.

Re: “What the hell is a bitcoin?”
« Reply #48 on: February 25, 2014, 05:08:42 PM »

I'll take my asshole sticker now onan.

There is a difference here. If you can't see it, I doubt my explanation will have any effect.

Re: “What the hell is a bitcoin?”
« Reply #49 on: March 03, 2014, 06:12:36 PM »
I guess I just don't understand why it has to be black or white. I agree with area51drone and what has been said earlier in the thread, cryptocurrencies are here to stay and likely we are looking at the next step in the evolution of monetary systems into the digital realm. But that doesn't mean bitcoin is the be-all-end-all of these types of systems. To me at least it sure does look like the bitcoin infrastructure is failing, but who knows. It will be interesting to see what if anything winds up happening.

No need for such vitriol.

You have misunderstood this thread and my bet is that you have not bothered to read all the articles that have been linked. No biggie, let me catch you up here.

It is not black or white, it is a shade of grey that will become a colour. What colour exactly has not been chosen... yet. Don't think of this as a Bitcoin thead. It is a cryptocurrency thread. The name Bitcoin is like saying Kleenex instead of tissue.

The infrastructure of Bitcoin is far from failing. It is not even close. This also tells people that you have not been reading what has been linked and that you have a very limited narrow understanding of cryptocurrencies in general. There is nothing wrong with that of course but the purpose of this thread is to educate people. I like to believe that people are interested in what is the coming storm and the future norm. I urge you to take the time and get involved.

Why? Because imagine if we went back in time to 1992 and I was trying to explain what the world wide web is and what it can possibly be to you before the internet boom. You see AO, by the time the BOOM happened it was already too late for 98% of the population to make any real money off of it. They basically missed the beginning of the wave and had to struggle to catch up to it.

Now imagine if you met someone like me, someone who who has a wide perspective and knows that the wave is coming and wants to strategically position you so that you may be able to ride the wave from the beginning. What would that advice be worth to you today?

It is happening now. This is the next big thing. You are already behind the eight ball. The wave has already started and people are already surfing on it. That is what I am trying to get you to see because dude, it is right in front of your eyes.

6 Totally False Myths About Bitcoin Everyone Thinks Are True
http://www.businessinsider.com/bitcoin-myths-2014-2

What is truly interesting is that at the bottom of the article is a link to this -> PAUL KRUGMAN: Bitcoin's Value Is Driven By The Fact That It Sounds Impressive which only proves that you are not alone AO and in good company with other people who just haven't got it yet :)

Side note; the vitriol. Hey, I'm no pushover. In my professional life I have to deal with male chauvinism every day. The best way to deal with it is to use my brain with a little added tabasco sauce and shame them in front of their peers with a quick and snappy answer. It is 2014 people. If you don't like it when I de-masculine you in front of your friends, peers and strangers then don't de-feminise me in front of my friends, peers and strangers.

When men (that are not friends and are in fact strangers) call me pet names like, hon, sweetheart, babe... and also insulting me by saying I rely on a financial allowance, that is unacceptable to me. People will not insult me like that and if the do then I will bite back. If their head is so far up their ass that they have gone back in time and have woken up in the 1890's then I guess I understand. Otherwise I don't; as in I don't like it, I don't find it cute and I don't think it is appropriate.

It is one thing to argue in the POLITICS room and it is another thing to transfer that persona to other rooms and threads. If you can't control your need to insult people and make fun of people so that you feel better about your own pathetic life then I suggest you keep away from me. If you want a pet then I suggest you buy a dog.

Besides that... I am really a fun person to be around XDD

EDIT; Please don't take anything personally AO, I wasn't referring to you at all.

Re: “What the hell is a bitcoin?”
« Reply #50 on: March 03, 2014, 08:06:42 PM »
I think you believe in this investment vehicle but I approach all investments with extreme skepticism.
I've heard of an awful lot of investments that could never fail-turnkey houses in Detroit, penny stocks, junk bond funds, etc.
I have read your links.

Re: “What the hell is a bitcoin?”
« Reply #51 on: March 06, 2014, 12:03:32 AM »
I think you believe in this investment vehicle but I approach all investments with extreme skepticism.
I've heard of an awful lot of investments that could never fail-turnkey houses in Detroit, penny stocks, junk bond funds, etc.
I have read your links.

Seriously? What are you even talking about here? Where have I advised anyone to consider Bitcoin a never fail investment vehicle? WTF?!?

You are comparing Bitcoin to penny stocks and junk bonds and toxic real estate deals? Dude have you been drinking?

Obviously you have not understood what I have been posting and linking because nowhere has anyone written that Bitcoin was a safe investment. In fact, I have personally written on multiple posts the exact OPPOSITE! 

What I did say is that if people were to purchase some bitcoins that it should be considered venture capital.Venture Capital investments are not your traditional investment vehicles. Venture capital investments are for actual "Investment Funds" to invest in or very RICH and WEALTHY people called Venture Capitalists. That's not you buddy.

Venture capital is financial capital provided to; early-stage, high-potential, high risk, growth startup companies. The venture capital fund earns money by owning equity in the companies it invests in, which usually have a novel technology or business model in high technology industries, such as biotechnology, IT and software.  You following me here smarty pants.

What you have done is what everybody seems to do here with every subject and thread; that is take an open ended subject and polarize it into, "SUCKS" and "DOESN'T SUCK". WTG *applause*

BORING

What you have accomplished here is that you drained what little enthusiasm I had left in this thread-in this place and you have shown me that you are unable to take an intangible idea and make it tangible.

"You just don't get it."


I don't care if you think it sucks. No one cares. What people do care about is possibilities. Use your imagination a little bit. Try and see the bigger picture. Look for the colours, shapes and sizes.

America was built on imagination. It is and has always been the building blocks of American capitalism. Everything you take for granted in one way or another was created through venture capital and the people who provided it; ie. the telegraph, electricity, railway system, cell phones... etc.

I am disappointed that I have been unable to use this thread appropriately; that is to discuss the pros and cons of cryptocurrencies, different philosophies of capitalism and open to some intelligent debate.

Wrong forum I guess. Maybe I'll just keep my posts to "this sucks" from now on... LoL

http://bigthink.com/econ201/bitcoins-big-problem


Re: “What the hell is a bitcoin?”
« Reply #52 on: March 06, 2014, 12:18:32 AM »
You are comparing Bitcoin to penny stocks and junk bonds and toxic real estate deals? Dude have you been drinking?


I don't appreciate your insult.

Re: “What the hell is a bitcoin?”
« Reply #53 on: March 06, 2014, 12:30:47 AM »
I don't appreciate your insult.

and I obviously didn't appreciate yours...
...I've heard of an awful lot of investments that could never fail-turnkey houses in Detroit, penny stocks, junk bond funds, etc.

Edit; What is good for the goose is good for the gander. If your going to put words in my mouth and provide back handed type compliments then this is what you can expect. Why would you expect anything else from your post?

Re: “What the hell is a bitcoin?”
« Reply #54 on: March 06, 2014, 12:36:49 AM »
and I obviously didn't appreciate yours...
Edit; What is good for the goose is good for the gander. If your going to put words in my mouth and provide back handed type compliments then this is what you can expect. Why would you expect anything else from your post?

"turnkey houses in Detroit, penny stocks, junk bond funds, etc. "

People make money from those investments.

Bitcoin is not like venture capital. Venture capital has a way to get some of your money back (remedy at law)  if things go awry. With VC you can take the assets that you have built up with your investment.  Part of why people use VC is the VC knows how to take ideas and make them into assets.

Also, I have never insulted you or complimented you. I have only commented on the ideas you post.

Re: “What the hell is a bitcoin?”
« Reply #55 on: March 06, 2014, 01:04:36 AM »
"turnkey houses in Detroit, penny stocks, junk bond funds, etc. "
People make money from those investments.

Come on, who are you trying to fool here. That wasn't the point you were trying to make.

Bitcoin is not like venture capital. Venture capital has a way to get some of your money back (remedy at law)  if things go awry. With VC you can take the assets that you have built up with your investment.  Part of why people use VC is the VC knows how to take ideas and make them into assets.

I have NEVER said that Bitcoin is like VC. What i did say is that if you were to buy some then you should think ofit like VC. 6/7 vc investments do not give birth to any positive returns. If you can't afford to lose the money then you shouldn't be investing in VC. And the same train of thought should be used if anyone should purchase a few bitcoins.

Any ways, I am not here promoting the purchasing of bitcoins.  Obviously, otherwise I would not be posting the risky nature of cryptocurrencies in general. I will reiterate that I have even posted that people should not do it unless they don't care about the money and want to take chance.

http://www.bbc.com/news/technology-25360849#sa-ns_mchannel=rss&ns_source=PublicRSS20-sa

Re: “What the hell is a bitcoin?”
« Reply #56 on: March 06, 2014, 06:55:54 AM »
What I did say is that if people were to purchase some bitcoins that it should be considered venture capital.

I have NEVER said that Bitcoin is like VC.

Uh...

Re: “What the hell is a bitcoin?”
« Reply #57 on: March 06, 2014, 04:14:41 PM »
Uh...

err... ya... um, that... hehehe, now how did that get there ;)

I really was referring to the mindset of the person buying Bitcoin. I have re-read every post in this entire thread and my message has been very consistent since my first post;  "Bitcoin is risky and so what". (Still that POG post makes me laugh so hard. Ahh... POGS. My first love<333)

Some Venture Capital  investments do have mechanism built in to get your money out but the real people who are Venture Capitalists invest in ideas so early that they do lose their money if the project doesn't come to fruition. I don't really feel the need to explain this any further but you are smart enough to come to your own realization in that somebody has to lose the money. That is why they make the big returns on investment. You see, individual successful Venture Capitalists have strategies to lessen their the risk. For example, if they invest 50k in a pizza shop, they most likely have other similar restaurant investments. That way they spread their risk over many business opportunities. They don't necessarily need all the restaurants to be successful; they just need one. These guys very likely need the tax benefits any ways so the losses are a good thing for them from a tax perspective.

Has anyone here ever invested in ENERGY? Specifically on shore natural gas drilling/fracking aka hydraulic fracturing? People invest in this more often than not just for the TAX BENEFITS associated with it. Actually producing any natural gas is almost considered gravy. For those people who can afford such investments, the tax benefits are so attractive and enticing.

Do you people know that YAHOO was started as a Venture Capital investment. It was a group of separate LLC partnerships that slowly merged together and at some point the smaller LLCs were bought out and in the end formed the original YAHOO. At the same time there were hundreds of other LLC partnerships that were trying to do the same thing. Where are they now? Gone, as in they didn't succeed and the partners LOST their money.

That is the point I have been trying to get across is that anyone who invests in Bitcoin should realize that it could end up being worthless and you should not buy any if you can't afford the loss. The investment should not affect your lively hood if it doesn't pan out. That also happens to be the rule of thumb in Venture Capital investing. 

Whoa... geewiz you guys are tough  <(o_-)> *wink*

I am going to let this thread simmer and see what happens here. I feel as if I have been forced into defending cryptocurrencies instead of participating in the discussion; and I don't like that feeling since it was not my intention. I have made an appointment to check it in 12 months from now. I am hoping that other people keep it going and post interesting stuff.

So I leave you with this post from a more successful cryptocurrency thread I have been participating in;

1) this MIT article is from a year ago yet it is still relevant; http://www.technologyreview.com/news/513661/bitcoin-isnt-the-only-cryptocurrency-in-town/

2)First Bitcoin ATMs coming to the US this month http://www.theverge.com/2014/2/18/5421708/robocoin-bitcoin-atm-seattle-austin-launch

3) *** THIS IS A MUST READ*** for anyone that is seriously interested in the subject. If this guy

Editor’s note: Marc Andreessen’s venture capital firm, Andreessen Horowitz, has invested just under $50 million in Bitcoin-related start-ups. The firm is actively searching for more Bitcoin-based investment opportunities. He does not personally own more than a de minimis amount of Bitcoin.

If Bitcoin doesn't work out then this guy loses hid 50 million. He is a real Venture Capitalist.

http://dealbook.nytimes.com/2014/01/21/why-bitcoin-matters/?_php=true&_type=blogs&_php=true&_type=blogs&_r=1

And just to put it out there, there is already a group of investors forming a partnership to create a method to retrieve the millions of Bitcoins that were stolen from MT Gox; http://www.ibtimes.co.uk/bitcoin-backers-propose-goxcoin-recover-assets-lost-mt-gox-1439065



Re: Bitcoin Shitstorm
« Reply #59 on: March 06, 2014, 10:06:06 PM »
Shocking.  You mean there's turmoil with the official currency of drug smugglers, cartels, thieves and other nefarious entities? Who could ever see that coming??