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

Bitcoin Opinion

  • Total Scam

    Votes: 3 42.9%
  • Investment Grade Opportunity

    Votes: 1 14.3%
  • I'll go with lottery tickets or casinos

    Votes: 1 14.3%
  • I don't gamble at all

    Votes: 2 28.6%

  • Total voters
    7
  • Poll closed .

Marc

Retired Old Goat
Staff member
Administrator
#1
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:
"Traders on a $1 billion cryptocurrency exchange say they can't withdraw money and are left in the dark about why"
"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
 

Sidney Vianna

Post Responsibly
Staff member
Super Moderator
#2
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.
 

Marc

Retired Old Goat
Staff member
Administrator
#3
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.
 

hogheavenfarm

Quite Involved in Discussions
#4
"...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
 

Pancho

wikineer
Super Moderator
#5
Seems I’ll 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 Antonopolous’s vídeos on bitcoin.
 

Ronen E

Just a person
Super Moderator
#6
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.
 
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Pancho

wikineer
Super Moderator
#7
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.
 

Sidney Vianna

Post Responsibly
Staff member
Super Moderator
#8
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.
 

Pancho

wikineer
Super Moderator
#10
"When you start thinking you can create something all of nothing it's very difficult to resist."
It appears to be created out of nothing. Its price is in a bubble. Criminals use it. Reminds me of that nasty den of porn and scams of the early 90s, what was that? Oh, yeah, the www.

Algorithms are funny. They are just a set of instructions. Metadata. But they certainly aren’t nothing. They have value. And yes, they are difficult to resist because of that.

Bitcoin is the first implementation of a clever algorithm. This algorithm runs on the full internet. The algorithm solves the “double spend” problem allowing nodes on the network to store and transfer value. Being first, and because of strong network effects, bitcoin has built a large lead over alternate algorithms or implementations.

Bitcoin will likely crash a few more times in its run to general adoption. It may be replaced by improved implementations of the algorithm. But the algorithm itself is very valuable and will transform the financial order beyond recognition.

Besides my earlier recommendations, check out Bitcoin: What is it? (video) | Bitcoin |
Khan Academy
 
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