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  1. #21
    Novus Ordo Seclorum Jumpy's Avatar
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    Apparently you can now buy cars with Bitcoins, at least at one Lamborghini dealer in California.

  2. #22
    Supporting Member paulxu's Avatar
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    ...he went up late, and I was already up there.

  3. #23
    All-Conference Kahns Krazy's Avatar
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    Quote Originally Posted by Jumpy View Post
    For a lot of people, that is the enticement.

    The odds are against Bitcoin becoming the cog that drives the revolutionary wheel towards a unified, widely-accepted digital currency. It is an important step in the process, however. It is getting regular people like you and me talking about the concept. I tend to agree that the idea is still too new and foreign to create substantive change in the currency markets, but it is doing a service in breaking the ice.

    If and when Bitcoin fails, another digital currency will undoubtedly be created later down the road. Perhaps even by a source that is less opaque and mysterious than Satoshi Nakamoto; a guy that most likely doesn't even exist. When this digital currency 2.0 is born, the mainstream population will be more receptive because they've had time to mull the idea and are more accepting of it. Really, Bitcoin is just a social experiment that is pushing us to where we need to be. Physical, paper-based currency is an old and outdated system that cannot survive forever. Bitcoin is simply helping prepare the general population for its demise.
    Interesting idea. I'm skeptical of a society getting away from government backed currencies, but I also never would have believed that anyone would pay for a digital bathroom wall to write 140 characters on ($24B market cap), so what do I know?
    "Give a toast to my brother, hug your family, and do everything possible to live the life you dream of. God Bless."
    -Matt McCormick

  4. #24
    Sophomore Caf's Avatar
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    I'm unearthing this thread because I have a bitcoin/finance/economics question. Plus it seems like it's all the rage to give your hot take on bitcoin.

    My question is: Can a deflationary currency work? If a currency increases in value relative to the prices of goods, won't that discourage trade and undermine the very purpose of a currency?

    I've seen that bitcoin discussions are as divisive as politics nowadays, so I'll acknowledge that it has obviously been a great way for some people to make money. I'm really just curious about what the end game here is.

  5. #25
    Supporting Member waggy's Avatar
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    Quote Originally Posted by Caf View Post
    I'm really just curious about what the end game here is.
    Child please. The end game is to take your real money and give you bit coins in return.

  6. #26
    All-Conference Snipe's Avatar
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    I have read some stuff saying that block-chain is the future of all transactions.

    I guess Block-chain is at the heart of Bit Coin and you can trace every transaction bit by bit back to the source? Or not?

    I have no idea. But that block chain stuff is supposed to be heavy metal.

    I wish I would have bought lots of bit coins when they were cheap, and I don't know why people that have made millions aren't selling them off now.

    Maybe they don't want to pay taxes.

    I like Bitcoin because I like something other than the fiat currency of government.

    I think the mining for bitcoin stuff seems odd, and that it is capped at 21 million bitcoins. I read an article that bitcoin mining using more electricity than over 100 nations.

    I don't get it. But apparently to the true believers, the Block-Chain is going to be transformative and a big deal. But you really can't get a blowjob in Rio with Bitcoin, so it has nothing to do with my retirement plan.
    RIP Brian Dargin McCormick

  7. #27
    Sophomore Caf's Avatar
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    It's gone completely vertical this morning. Up 12% on the day.

  8. #28
    Sophomore Lamont Sanford's Avatar
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    Quote Originally Posted by Caf View Post
    It's gone completely vertical this morning. Up 12% on the day.
    Are you referring to Snipe's BJ with Bitcoin in Rio?!?!?
    "Xavier born and Xavier bred, and when I am gone I will be Xavier Dead!"
    NJ!NP! 8/30/12

  9. #29
    Quote Originally Posted by GoMuskies View Post
    I wonder if my online sportsbook would take bitcoin.
    It’s the best way to cash out online winnings.

    As for Bitcoin, people are buying it just to sell it at a higher price, not to use it. This is the most textbook definition of a bubble imo. I think we see the price crash in the not too far future.

  10. #30
    Senior Moderator American X's Avatar
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    Quote Originally Posted by MuskieXU View Post
    As for Bitcoin, people are buying it just to sell it at a higher price, not to use it. This is the most textbook definition of a bubble imo. I think we see the price crash in the not too far future.
    Balderdash. Use your Bitcoin earnings to buy tulip bulbs.
    "We sleep safe in our beds because rough men stand ready in the night to visit violence on those who would do us harm."

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