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Does Your Financial Future Reside in Bitcoin(s)? Or are Lottery Tickets better?

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View Poll Results: Bitcoin Opinion
Total Scam 3 42.86%
Investment Grade Opportunity 1 14.29%
I'll go with lottery tickets or casinos 1 14.29%
I don't gamble at all 2 28.57%
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  Post Number #1  
Old 6th December 2017, 10:58 AM
Marc's Avatar
Marc

 
 
Total Posts: 26,665
Question Does Your Financial Future Reside in Bitcoin(s)? Or are Lottery Tickets better?

Think about it... Bittrex customers complain of withdrawal problems - Business Insider - You can buy bitcoins (or one of the many other crypto-currencies) but... Can (or how easily) can you get money out?

From the article:
Quote:
"Traders on a $1 billion cryptocurrency exchange say they can't withdraw money and are left in the dark about why"
Quote:
"This is a big deal because when you sign up with Bittrex, they allow you to deposit funds into your wallet and even allow you to trade without Verification," Andrew said. "But then you cannot withdraw your funds. Even worse, no response from anyone. Bittrex is in the top 3 largest crypto exchanges and this is unacceptable."
Another interesting article: Can Bitcoin defy logic and go to Infinity and Beyond? — RT Op-Edge

And, the energy it uses... Bitcoin’s insane energy consumption, explained | Ars Technica

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  Post Number #2  
Old 6th December 2017, 12:38 PM
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Sidney Vianna

 
 
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Re: Does Your Financial Future Reside in Bitcoin(s)? Or are Lottery Tickets better?

Greed is a powerful force.

Isn't it pretty obvious that crypto-currencies exist to fulfill shady deals, such as untraceable ransom payments and money laundering?

The demand for bitcoins seems to follow the explosive growth of ransomware around the world. Connect the dots...from a risk based thinking perspective, having a bitcoin account probably makes you even more vulnerable to a cyber attack, I guess.
  Post Number #3  
Old 6th December 2017, 02:39 PM
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Marc

 
 
Total Posts: 26,665
Re: Does Your Financial Future Reside in Bitcoin(s)? Or are Lottery Tickets better?

Hard to say, Sidney. I do remember a couple of years ago reading an article by a couple who traveled around the world paying for everything with bitcoins. Recently I have read a number of articles and the thing I see cropping up a lot is the "how do you get your money out?" questions.

It is a quite popular discussion topic which is why I figured I'd see if anyone here has gotten involved.

I do not understand blockchains and their attraction.
  Post Number #4  
Old 6th December 2017, 03:26 PM
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Total Posts: 590
Re: Does Your Financial Future Reside in Bitcoin(s)? Or are Lottery Tickets better?

"...Isn't it pretty obvious that crypto-currencies exist to fulfill shady deals, such as untraceable ransom payments and money laundering?..."

You mean like cash?

Anyway, Wikipedia reference-linkTulip_mania
  Post Number #5  
Old 7th December 2017, 09:29 AM
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Re: Does Your Financial Future Reside in Bitcoin(s)? Or are Lottery Tickets better?

Seems Iíll be the contrarian here.

Bitcoin is not a scam. It is a very smart way of storing value in a distributed network. It is only an investment now because of transcient effects. It is risky, yes, but it will prevail. Eventually it, or something similar, will also be a preferred medium of exchange, likely replacing government issued currency like websites displaced newspapers.

For a quick intro See Andreas Antonopolousís vŪdeos on bitcoin.
Thanks to Pancho for your informative Post and/or Attachment!
  Post Number #6  
Old 7th December 2017, 05:49 PM
Ronen E

 
 
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Re: Does Your Financial Future Reside in Bitcoin(s)? Or are Lottery Tickets better?

I generally agree that Bitcoin is not in itself a scam, however that doesn’t mean a host of scammers aren’t out there and making good use of the current hype.

I also agree with Pancho that what we see right now is no different from any other speculative investment - it’s high risk and potentially high gain (for some).

I generally agree that speculative investment is not much different from gambling.

Last edited by Ronen E; 7th December 2017 at 07:57 PM.
  Post Number #7  
Old 7th December 2017, 07:40 PM
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Total Posts: 835
Re: Does Your Financial Future Reside in Bitcoin(s)? Or are Lottery Tickets better?

Here is the link to Mr. Antonopoulos Bitcoin for Beginners series of videos.

I'm not affiliated with this gentleman at all, but I think he's right: bitcoin is the "internet of money". Y'all will be in it (or something similar) soon.
  Post Number #8  
Old 7th December 2017, 08:11 PM
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Sidney Vianna

 
 
Total Posts: 9,318
Re: Does Your Financial Future Reside in Bitcoin(s)? Or are Lottery Tickets better?

In the great documentary "Inside Job" which dissects incredibly well the reasons behind the 2008 financial meltdown, there is a scene where the Singaporean Prime Minister says:

"When you start thinking you can create something all of nothing it's very difficult to resist."

I think it is very fitting to crypto currencies.
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