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Silver and Gold
12-18-2017, 06:07 PM
Was at my local pizza shop today and asked the owner if I could pay for my meal with a bitcoin. He had no idea what I was talking about. I explained to him that one online coin is worth $18,000 + he laughed and a said cash or credit please.

The meal was only $50 with the tip so he missed out on a hefty profit.


Just goes to show its only worth what someone is willing to pay for it or value it at. To him it had no Value.


PS: I even showed him the coinbase site with the current value.

maxwellsilverhammer
12-18-2017, 06:47 PM
Was at my local pizza shop today and asked the owner if I could pay for my meal with a bitcoin. He had no idea what I was talking about. I explained to him that one online coin is worth $18,000 + he laughed and a said cash or credit please.

The meal was only $50 with the tip so he missed out on a hefty profit.


Just goes to show its only worth what someone is willing to pay for it or value it at. To him it had no Value.


PS: I even showed him the coinbase site with the current value.

well S and G, that doesn't surprise me at all, and after all, what did you really expect? i would imagine that less than 1 % of 1 % have any idea about bitcoin much less the true current value of gold or the other p m's. maybe in a couple years local retailers may accept crypto's

t00nces2
12-18-2017, 07:08 PM
Was at my local pizza shop today and asked the owner if I could pay for my meal with a bitcoin. He had no idea what I was talking about. I explained to him that one online coin is worth $18,000 + he laughed and a said cash or credit please.

The meal was only $50 with the tip so he missed out on a hefty profit.


Just goes to show its only worth what someone is willing to pay for it or value it at. To him it had no Value.


PS: I even showed him the coinbase site with the current value.

I've seen the same thing done with a candybar and a gold eagle.

Chump Change
12-18-2017, 07:59 PM
Was at my local pizza shop today and asked the owner if I could pay for my meal with a bitcoin. He had no idea what I was talking about. I explained to him that one online coin is worth $18,000 + he laughed and a said cash or credit please.

The meal was only $50 with the tip so he missed out on a hefty profit.


Just goes to show its only worth what someone is willing to pay for it or value it at. To him it had no Value.


PS: I even showed him the coinbase site with the current value.

Did you tell him it comes with a chain attached?
LOL
Ball's optional

:p

oak333
12-18-2017, 08:26 PM
Was at my local pizza shop today and asked the owner if I could pay for my meal with a bitcoin. He had no idea what I was talking about. I explained to him that one online coin is worth $18,000 + he laughed and a said cash or credit please.

The meal was only $50 with the tip so he missed out on a hefty profit.


Just goes to show its only worth what someone is willing to pay for it or value it at. To him it had no Value.


PS: I even showed him the coinbase site with the current value.

Air Miles is more entrenched. Still, you have difficulties in paying with
Air Miles, although eg travel agencies say you can use Air Miles for
payment. When it comes to real payment, they do make life hard
for you.

yellowsnow
12-18-2017, 09:00 PM
Was at my local pizza shop today and asked the owner if I could pay for my meal with a bitcoin. He had no idea what I was talking about. I explained to him that one online coin is worth $18,000 + he laughed and a said cash or credit please.

The meal was only $50 with the tip so he missed out on a hefty profit.


Just goes to show its only worth what someone is willing to pay for it or value it at. To him it had no Value.


PS: I even showed him the coinbase site with the current value.

yes, very funny because I usually sell things to the highest bidder.
Someone don't know or low ball price doesn't make it's the market price

sasksilver
12-18-2017, 09:00 PM
I've seen the same thing done with a candybar and a gold eagle.

Yup, it's been done over and over again

AnotherDave
12-18-2017, 09:35 PM
Happened to me using a gold Eagle. It was just security for a small bill I was going to come back next day and pay.

"No way in Hell was he going to melt down that coin to get the gold out"!

insidedealer
12-18-2017, 10:56 PM
Was at my local pizza shop today and asked the owner if I could pay for my meal with a bitcoin. He had no idea what I was talking about. I explained to him that one online coin is worth $18,000 + he laughed and a said cash or credit please.

The meal was only $50 with the tip so he missed out on a hefty profit.


Just goes to show its only worth what someone is willing to pay for it or value it at. To him it had no Value.


PS: I even showed him the coinbase site with the current value.

I'm not exactly rocked with shock that Vinnie hasn't yet heard about bitcoin. Anthony would have taken your bitcoin. Sal would have known exactly what the current market valuation of bitcoin was.This whole story tells me nothing except if you're spending $50/day for your lunch in a pizza place we won't be reading your inane bitcoin threads much longer. Try to eat in moderation.

GoldFoilHat
12-19-2017, 08:16 AM
That is a funny story. Almost as funny as the last story, "Even the Pizza Guy and the Pool Boy Know About Bitcoin. It's a Bubble".

Silver and Gold
12-19-2017, 09:09 AM
I'm not exactly rocked with shock that Vinnie hasn't yet heard about bitcoin. Anthony would have taken your bitcoin. Sal would have known exactly what the current market valuation of bitcoin was.This whole story tells me nothing except if you're spending $50/day for your lunch in a pizza place we won't be reading your inane bitcoin threads much longer. Try to eat in moderation.


You seem to have learning disabilities.


1st. What the story does teach us is bitcoin it is basically worth what another person is willing to pay for it or value it at.

2nd. I needed an electronic device to show him what its so called value was and he still had no interest in it.( Had no faith in it)

3rd. Guys that are 6.3" and weigh 280 lbs eat big lunches. LMAO

4th. Vinnie most likely would have taken gold in a heart beat as payment based on the big gold chain around his neck and gold ring on his pinky. LMAO

5th. Anthony and Sal are the idiots we thought they were because their wealth is based on bitcoin, $6.00 power cord ( NO power no money) and will never be bosses only street level guys. They may even get whacked if the authorities get a hold of their computer or cell phones with all the records of payoffs on it. LMAO

sasksilver
12-19-2017, 11:00 AM
That is a funny story. Almost as funny as the last story, "Even the Pizza Guy and the Pool Boy Know About Bitcoin. It's a Bubble".

A guy who works as a labourer at a potash mine asked me about it the other day....lots of buzz and news on it.

GoldFoilHat
12-19-2017, 01:08 PM
You seem to have learning disabilities.


1st. What the story does teach us is bitcoin it is basically worth what another person is willing to pay for it or value it at.

2nd. I needed an electronic device to show him what its so called value was and he still had no interest in it.( Had no faith in it)

3rd. Guys that are 6.3" and weigh 280 lbs eat big lunches. LMAO

4th. Vinnie most likely would have taken gold in a heart beat as payment based on the big gold chain around his neck and gold ring on his pinky. LMAO

5th. Anthony and Sal are the idiots we thought they were because their wealth is based on bitcoin, $6.00 power cord ( NO power no money) and will never be bosses only street level guys. They may even get whacked if the authorities get a hold of their computer or cell phones with all the records of payoffs on it. LMAOWhile we're lol ing....
Bitcoin 2117% year
Ether 10865 % year
Litecoin 9696 % year

Now that is some serious ROFLMAO!

Silver and Gold
12-19-2017, 01:25 PM
While we're lol ing....
Bitcoin 2117% year
Ether 10865 % year
Litecoin 9696 % year

Now that is some serious ROFLMAO!




Yes, For the ones that took profits and ran....I want to see how many are going to escape with the so called millions they are making when everyone runs for the exits. Many are always the bag holder.

Greed is a killer

GoldFoilHat
12-19-2017, 03:20 PM
Yes, For the ones that took profits and ran....I want to see how many are going to escape with the so called millions they are making when everyone runs for the exits. Many are always the bag holder.

Greed is a killer

Some people like to see fail I guess, especially when they missed out. Maybe mixing it up and diversifying is not for everyone. I wish you luck with your laser beam focus on gold and silver, I have that too.

AnotherDave
12-19-2017, 03:44 PM
Yes, For the ones that took profits and ran....I want to see how many are going to escape with the so called millions they are making when everyone runs for the exits. Many are always the bag holder.

Greed is a killer

Ya got any advice for those of us trying to get OUT of the Fed's crappy fiat, or do you just want to keep us in?

Mytal
12-19-2017, 06:40 PM
$10 K a day withdraw is subject

How do you ever "cash" out
Some say this is going to parabolic , how will you cash out at once

yellowsnow
12-19-2017, 07:25 PM
A guy who works as a labourer at a potash mine asked me about it the other day....lots of buzz and news on it.
but the joe blow haven't yet got money in the crypto market yet, therefore, no bubble.
Talking about it doesn't make it a bubble.

cryptos market cap is now 0.612 Trillion$, will reach 1T by Jan 31, 2018 is my guess.
It was only 0.06T March 2017. My 2nd guess is 2T by 2018 year end.
Then we can discuss about the bubble by then ;)

AnotherDave
12-19-2017, 07:39 PM
$10 K a day withdraw is subject

How do you ever "cash" out
Some say this is going to parabolic , how will you cash out at once

WHY would you want to? If you had "cashed out" of BTC, in to FRN you would have lost by some 18 to 1 over this year. That's 1800 FRNs for every 100 FRNS for NOT using FRNS! You could have offered ten Bitcoins for every one in "FRN value" when trading for stuff, and still made an eight to one profit!

If that isn't an incentive to use Bitcoin as a currency, then hey, I would love to take the other side of your trades!

Mytal
12-19-2017, 08:22 PM
WHY would you want to? If you had "cashed out" of BTC, in to FRN you would have lost by some 18 to 1 over this year. That's 1800 FRNs for every 100 FRNS for NOT using FRNS! You could have offered ten Bitcoins for every one in "FRN value" when trading for stuff, and still made an eight to one profit!

If that isn't an incentive to use Bitcoin as a currency, then hey, I would love to take the other side of your trades!

Why is there a limit to a withdrawal? For something so out there.
that is the question I ponder.
When the chart says get out, how long would it take someone to cash out?
I understand the subjective value this holds yet if this does not stabilize SOON IT WILL NOT become a vessel of commerce

everything1
12-19-2017, 08:24 PM
At this very moment all coins are in a selloff, many even over the last 24 hours, coinbase is locked up tight you cannot sell, but I bet they'll let you buy. All I can do is watch my coin values drop fairly quickly, powerless to sell as their are likely no buyers for them at the moment.

Mytal
12-19-2017, 08:37 PM
At this very moment all coins are in a selloff, many even over the last 24 hours, coinbase is locked up tight you cannot sell, but I bet they'll let you buy. All I can do is watch my coin values drop fairly quickly, powerless to sell as their are likely no buyers for them at the moment.

Are you serious? This is what I had just implyied a post ago.
You are trapped by the rules made, and now by cannot sell?
This sort of temporary freeze , happpened a time or two.

Anyone watching GDAX? interesting, Look at that volume of trading

AnotherDave
12-19-2017, 09:15 PM
Are you serious? This is what I had just implyied a post ago.
You are trapped by the rules made, and now by cannot sell?
This sort of temporary freeze , happpened a time or two.

Anyone watching GDAX? interesting, Look at that volume of trading

Mytal! Again, who is doing the trapping? Who is doing the freezing? Why are you doing business with them? Do you think they're going to get any nicer as more and more of the public begins using the Bitcoin currency?

Why do you even bother to convert? Use BTC for what it was designed to do and buy stuff! Sell stuff! I mean it's your choice, and you can "value" things and currencies any way you want. Well, maybe until the Fed issues more restrictive, expensive "guidelines". Just don't pretend that Bitcoin is affected in the least.

Bitcoin doesn't have silly, self-serving, revenue-generating "guidelines". That's one reason people like it!

Mytal
12-19-2017, 09:30 PM
Mytal! Again, who is doing the trapping? Who is doing the freezing? Why are you doing business with them? Do you think they're going to get any nicer as more and more of the public begins using the Bitcoin currency?

Why do you even bother to convert? Use BTC for what it was designed to do and buy stuff! Sell stuff! I mean it's your choice, and you can "value" things and currencies any way you want. Well, maybe until the Fed issues more restrictive, expensive "guidelines". Just don't pretend that Bitcoin is affected in the least.

Bitcoin doesn't have silly, self-serving, revenue-generating "guidelines". That's one reason people like it!

So again , why is something soo transparent, yet - can limit your withdrawal.........
and not be manipulized......Waiting

Mytal
12-19-2017, 10:02 PM
Actually this isn't even a funny story no more, yet a sad one

Silver and Gold
12-19-2017, 10:28 PM
So again , why is something soo transparent, yet - can limit your withdrawal.........
and not be manipulized......Waiting

Limited withdrawal to prevent a waterfall from happening. As I posted on another thread my friends son and nephew are trying to unload 300K of bitcoin they made from a $1100 investment. They filled out the paper work and are now limited to unloading 15K a day if they can get the transaction to go through. System slow due to the volume of transactions taking place :rolleyes:


What a joke.

I think many holders are waiting to see if the tax plan goes through then you will see even more selling. Good luck getting out.

Mytal
12-19-2017, 10:33 PM
Limited withdrawal to prevent a waterfall from happening. As I posted on another thread my friends son and nephew are trying to unload 300K of bitcoin they made from a $1100 investment. They filled out the paper work and are now limited to unloading 15K a day if they can get the transaction to go through. System slow due to the volume of transactions taking place :rolleyes:


What a joke.

I think many holders are waiting to see if the tax plan goes through then you will see even more selling. Good luck getting out.

And this is the protocall of the future . Just like when banks (atms) limit your daily withdrawal....Good Gosh

Let's make this the "not so" funny storry

Silver and Gold
12-19-2017, 10:45 PM
Limited withdrawal to prevent a waterfall from happening. As I posted on another thread my friends son and nephew are trying to unload 300K of bitcoin they made from a $1100 investment. They filled out the paper work and are now limited to unloading 15K a day if they can get the transaction to go through. System slow due to the volume of transactions taking place :rolleyes:


What a joke.

I think many holders are waiting to see if the tax plan goes through then you will see even more selling. Good luck getting out.



Down $2000+ a coin already and it will take them 20 days to unload 300K at $15K limit per day......Could you imagine having millions tied up in this garbage.





yikes... At 15K day limit.



Hedge Fund Pro Miller Is '50 Percent' Invested in Bitcoin

https://www.coindesk.com/hedge-fund-pro-bill-miller-just-about-50-percent-invested-in-bitcoin/

insidedealer
12-20-2017, 12:01 AM
Down $2000+ a coin already and it will take them 20 days to unload 300K at $15K limit per day......Could you imagine having millions tied up in this garbage.





yikes... At 15K day limit.



Hedge Fund Pro Miller Is '50 Percent' Invested in Bitcoin

https://www.coindesk.com/hedge-fund-pro-bill-miller-just-about-50-percent-invested-in-bitcoin/
You'll never know what it feels like to have millions in bitcoins at this point in bitcoins 8 year history. Maybe, you'll know in a few years if you make millions and get paid in bitcoins.
.
In the meantime, can you imagine if you had millions tied up in FRN. Talk about yikes!! What would happen if you decided to get out. You'd get 10-20k in cash, and they'd tell you to come back tomorrow for more, or give them some days to order more paper. Or, they'd give you a paper check convertible through digital world into FRN in another bank. The only way quickly out of the FRN loop is to buy something big.
.
If I did have millions in bitcoins I'd have it spread amongst several wallets, mainly one's off-line, and then I'd have the freedom to go anywhere and still have it available to buy anything, or convert to something. Blockchain has an exit door and they had it from day 1, much less the 8 years we have as history. FRN has no immediate exit, and they've had the fiat franchise for at least half a century now.
Next.

AnotherDave
12-20-2017, 02:09 AM
So again , why is something soo transparent, yet - can limit your withdrawal.........
and not be manipulized......Waiting

Mytal, you won't answer the guiding questions. I can't help you.

Everybody, yes we will have a crash at some point. The Fed doesn't want your Bitcoin. It has its own racket to run. They're not going to give you "your money". Right now, they're being nice and gracing you with a 10k limit. They actually want you to lose ALL "your dollars" because that allows them to invent more FRN for themselves to spend.

The exchanges implement currency trades. When too many "Bitcoin millionaires" decide to cash in "their money" at the same time, the exchanges will only offer what the market is "buying it" at. Minus a commission.

That will be the exact level the "crash" will assume, and there will be much moaning and groaning and gnashing of teeth about how unfair this all is. Any questions?

Silver and Gold
12-20-2017, 09:32 AM
You'll never know what it feels like to have millions in bitcoins at this point in bitcoins 8 year history. Maybe, you'll know in a few years if you make millions and get paid in bitcoins.
.
In the meantime, can you imagine if you had millions tied up in FRN. Talk about yikes!! What would happen if you decided to get out. You'd get 10-20k in cash, and they'd tell you to come back tomorrow for more, or give them some days to order more paper. Or, they'd give you a paper check convertible through digital world into FRN in another bank. The only way quickly out of the FRN loop is to buy something big.
.
If I did have millions in bitcoins I'd have it spread amongst several wallets, mainly one's off-line, and then I'd have the freedom to go anywhere and still have it available to buy anything, or convert to something. Blockchain has an exit door and they had it from day 1, much less the 8 years we have as history. FRN has no immediate exit, and they've had the fiat franchise for at least half a century now.
Next.

I would never have my wealth tied up in something that needs a $6-$7 power cord in good working order or I am basically broke.... LMAO


Great place to have some of your wealth stored.





Bitcoin Exchange Youbit to Declare Bankruptcy After Hack


A South Korean bitcoin exchange is moving to declare bankruptcy following what it said was a debilitating hack and theft.

A message on Youbit's official website posted today states that, at around 4:34 a.m. local time, an external hack resulted in the loss of "about 17 percent of total assets."


https://www.coindesk.com/south-korean-bitcoin-exchange-declare-bankruptcy-hack/

AnotherDave
12-20-2017, 10:19 AM
I would never have my wealth tied up in something that needs a $6-$7 power cord in good working order or I am basically broke.... LMAO


Great place to have some of your wealth stored.





Bitcoin Exchange Youbit to Declare Bankruptcy After Hack


A South Korean bitcoin exchange is moving to declare bankruptcy following what it said was a debilitating hack and theft.

A message on Youbit's official website posted today states that, at around 4:34 a.m. local time, an external hack resulted in the loss of "about 17 percent of total assets."


https://www.coindesk.com/south-korean-bitcoin-exchange-declare-bankruptcy-hack/

East Toledo 7/11 robbed twice in same night!
http://www.wtol.com/story/36795070/east-toledo-711-robbed-twice-in-same-night

The entire Federal Reserve is in peril. Bankers are jumping out of windows like it's 1929.

We are doomed!

shades
12-20-2017, 11:00 AM
East Toledo 7/11 robbed twice in same night!
http://www.wtol.com/story/36795070/east-toledo-711-robbed-twice-in-same-night

The entire Federal Reserve is in peril. Bankers are jumping out of windows like it's 1929.

We are doomed!



Reuters: "Government declares all bitcoin transactions trackable! Disallows capital loss."

More stink surrounding the currently starting to burst bubble........ And now everyone is noticing they can't cash out, more than a dribble...... looks like everybody who held going up, will also hold the bag going down, as the exchanges do not have enough ready cash to pay out cashouts, as the large increase in value was not based on cash flowing in in any appreciable percentage of the 90% of bitcoins that have not sold since they were pennies on the dollar valued several years ago....


Artificial froth value... "POP! Goes the Weasel, err, bitcoin" Kinda like the "value" of Franklin Mint crap.... You think you are rich...... until you try to sell it/cash out, and see that all those declaring its value are the ones who already made money by selling the same crap to you first....... Because there is no intrinsic value to gold plated brass commemorative "legends of Jazz" coins.

ynot2k
12-20-2017, 11:17 AM
Shades - do you have a link to the Reuters article? Nothing came up with search.

Silver and Gold
12-20-2017, 11:22 AM
Reuters: "Government declares all bitcoin transactions trackable! Disallows capital loss."

More stink surrounding the currently starting to burst bubble........ And now everyone is noticing they can't cash out, more than a dribble...... looks like everybody who held going up, will also hold the bag going down, as the exchanges do not have enough ready cash to pay out cashouts, as the large increase in value was not based on cash flowing in in any appreciable percentage of the 90% of bitcoins that have not sold since they were pennies on the dollar valued several years ago....


Artificial froth value... "POP! Goes the Weasel, err, bitcoin" Kinda like the "value" of Franklin Mint crap.... You think you are rich...... until you try to sell it/cash out, and see that all those declaring its value are the ones who already made money by selling the same crap to you first....... Because there is no intrinsic value to gold plated brass commemorative "legends of Jazz" coins.






I warned many on another thread about cashing out as my friends son and nephew were getting the run around trying to cash out their 300K

Many laughed at the warning.


It has ponzi written all over it........JMHO





If you can get out $16,200 will get you 1,000 oz's of silver in hand or 12.80 oz's of gold in hand. No power cord needed and is hack proof. They basically have to kill you to take it.

shades
12-20-2017, 11:57 AM
Shades - do you have a link to the Reuters article? Nothing came up with search.

Saw it yesterday on my phones news feed scrollbar. Thought it was Reuters, will try to find link

shades
12-20-2017, 12:08 PM
I warned many on another thread about cashing out as my friends son and nephew were getting the run around trying to cash out their 300K

Many laughed at the warning.


It has ponzi written all over it........JMHO





If you can get out $16,200 will get you 1,000 oz's of silver in hand or 12.80 oz's of gold in hand. No power cord needed and is hack proof. They basically have to kill you to take it.

It is really a simple reason the exchanges HAVE TO do the limited cashout. The price runup is predicated on such a small percentage of the actual bitcoins selling for higher costs, while the majority of bitcoins in existence are being held by those who paid into the exchanges when bitcoin cost so little. The exchanges can ONLY stay in business if there is a continual inflow of money that is bigger than the cashouts. (think about it, those exchanges make money on each transaction, but only enough to keep themselves paid and solvent, plus a certain profit amount) If a cashout by even a single customer who paid them, say $10,000 a year ago happens, where is the exchange going to get a million dollars that they don't have? They have to wait for new money to come in with that amount. If the price starts to go flat, the exchange goes insolvent...... thus the limiting of withdrawals to $15k, or similar.

It is now into colossal ponzi territory. Wouldnt touch it with a 10 foot pole. Those that DO own, I would recommend buying as much as possible from Ampex(with as quick of expedited delivery option possible), as well as cashing out your wallets. My feeling is that Ampex is playing a very dangerous game, and would not be surprised to see them implode as they cannot cover their gold costs with declining ability for them to cashout their bitcoins. Get ready to all of a sudden see a new note on their website, apologizing for a new policy of delayed physical delivery due to "technical issues"...... soon followed by BK (If they continue to accept bitcoin at current trade values)

AnotherDave
12-20-2017, 12:55 PM
Oh, the perils of "investing" without learning the basics!

Maybe we should steal from the public that has too much already, and give it to the people who really should have more. Can't hurt during re-elections!

Silver and Gold
12-20-2017, 04:32 PM
I wonder how hard bitcoin would be falling right now if there wasn't withdrawal limits or transaction unsuccessful due to heavy volume notices ?????


I am thinking waterfall

Mytal
12-20-2017, 05:48 PM
Mytal, you won't answer the guiding questions. I can't help you.

Everybody, yes we will have a crash at some point. The Fed doesn't want your Bitcoin. It has its own racket to run. They're not going to give you "your money". Right now, they're being nice and gracing you with a 10k limit. They actually want you to lose ALL "your dollars" because that allows them to invent more FRN for themselves to spend.

The exchanges implement currency trades. When too many "Bitcoin millionaires" decide to cash in "their money" at the same time, the exchanges will only offer what the market is "buying it" at. Minus a commission.

That will be the exact level the "crash" will assume, and there will be much moaning and groaning and gnashing of teeth about how unfair this all is. Any questions?

Is this in reference to post #23 ? . Sorry I have not respoded sooner, yet had "life stuff" to deal with today.. But I am back if needed :) Sauce on the stove cooking away , so you have a while to respond......Just keep in mind I do not stay up till 2:00am just for chatter. 5:45am comes everyday no matter what else is going on.

AnotherDave
12-20-2017, 07:18 PM
Yes, the first line was for you. You asked about something but didn't respond to my message, then asked something else. I forget now.

The rest is for everybody. I wouldn't say it's profound, but it is how things will go down.

Mytal
12-20-2017, 07:31 PM
Yes, the first line was for you. You asked about something but didn't respond to my message, then asked something else. I forget now.

The rest is for everybody. I wouldn't say it's profound, but it is how things will go down.

Pasta sauce makes everything better. It is almost there,,,,, waiting.

Silver and Gold
12-22-2017, 09:39 AM
Was at my local pizza shop today and asked the owner if I could pay for my meal with a bitcoin. He had no idea what I was talking about. I explained to him that one online coin is worth $18,000 + he laughed and a said cash or credit please.

The meal was only $50 with the tip so he missed out on a hefty profit.


Just goes to show its only worth what someone is willing to pay for it or value it at. To him it had no Value.


PS: I even showed him the coinbase site with the current value.




I guess it only has a value $11,500 to some now. Can you imagine the businesses that were taking it as payment a week ago at $18K-$19K. What a beating.

IT all comes back to greed( It blinds many) some people never learn....

ynot2k
12-22-2017, 09:48 AM
Most businesses that sell for BTC use a BitPay like payment processor where the BTC payment is immediately converted to FRN or whatever the currency is for their location.

Silver and Gold
12-22-2017, 09:54 AM
Most businesses that sell for BTC use a BitPay like payment processor where the BTC payment is immediately converted to FRN or whatever the currency is for their location.



So has does it free the holders from the governments, TPTB and bankers if you have to convert it back to fiat......LMAO

AS I said Beanie baby, cabbage patch of today..

ynot2k
12-22-2017, 10:09 AM
That is their business model - to buy and sell goods essentially in FRN. They incorporated accepting BTC as part of their strategy to attract buyers. They are not holders.

As far as "holders" go, they don't have to convert it back to FRN. And it is probably impossible to know how many "holders" are attempting to free themselves from governments, TBTB, and bankers. For some the landscape of a trustless blockchain offers transactions methods that do not rely on regulators, bankers, government etc to - for a fee or tax - watch over the two parties.

I wonder if you have been only watching the 'price' of some of the well known coins and have not actually looked into the technology that is being built and used. And btw the "LMAOs" do not enhance your online character. Your view may prove correct and your warnings may prove to be prescient but making fun of others for following their views is probably beneath who you really are.

AnotherDave
12-22-2017, 10:58 AM
That is their business model - to buy and sell goods essentially in FRN. They incorporated accepting BTC as part of their strategy to attract buyers. They are not holders.

As far as "holders" go, they don't have to convert it back to FRN. And it is probably impossible to know how many "holders" are attempting to free themselves from governments, TBTB, and bankers. For some the landscape of a trustless blockchain offers transactions methods that do not rely on regulators, bankers, government etc to - for a fee or tax - watch over the two parties.

I wonder if you have been only watching the 'price' of some of the well known coins and have not actually looked into the technology that is being built and used. And btw the "LMAOs" do not enhance your online character. Your view may prove correct and your warnings may prove to be prescient but making fun of others for following their views is probably beneath who you really are.

Exactly!

(Plus, a little paddin to make this legal.)

shades
12-22-2017, 11:39 AM
Most businesses that sell for BTC use a BitPay like payment processor where the BTC payment is immediately converted to FRN or whatever the currency is for their location.

Do you know what the conversion throttling quotient is? Last week, if they received bitcoin, and immediately sold within a few minutes (actual cashout wire into their bank account) they were fine.

If they tried that today, they would be chasing a falling knife, and from all the scuttlebutt I have been reading, good luck with your sell order even being processed at all!

Fools...... Sold gold to a smart one on the forum here, now lucky if the company can refill even half gold with remaining btc value..... bK here we come!

ynot2k
12-22-2017, 11:58 AM
shades - I can't speak to what payment process goldmoney uses, which is the company one member recently purchased metal from using BTC. The companies that use a service such as BitPay don't even see the BTC. They accept the payment in BTC through the payment processor BitPay and BitPay converts it instantly into FRN and places that in the merchants account. I tracked the cost of a 10oz Kook starting in May when it cost .083xxx BTC down to the recent bitcoin high it cost .018xxx and what I observed was the BTC "price" being used for the sale was consistently several hundred, to about $550 at one point, below what GDAX was trading at - meaning they were buffering, in their favor, what they were accepting. The "instant" conversion was for the merchant. I don't know what BitPay does - for all we know they are bankrupt if they gave out loads of FRN to merchants in transactions during the high and held the BTC.

shades
12-22-2017, 01:18 PM
shades - I can't speak to what payment process goldmoney uses, which is the company one member recently purchased metal from using BTC. The companies that use a service such as BitPay don't even see the BTC. They accept the payment in BTC through the payment processor BitPay and BitPay converts it instantly into FRN and places that in the merchants account. I tracked the cost of a 10oz Kook starting in May when it cost .083xxx BTC down to the recent bitcoin high it cost .018xxx and what I observed was the BTC "price" being used for the sale was consistently several hundred, to about $550 at one point, below what GDAX was trading at - meaning they were buffering, in their favor, what they were accepting. The "instant" conversion was for the merchant. I don't know what BitPay does - for all we know they are bankrupt if they gave out loads of FRN to merchants in transactions during the high and held the BTC.

I mightily suspect that there is a huge built in delay of actually processing bitcoin transactions due to unavoidable limited processing capability of the exchanges during panic selloff volumes.

Sure, the merchant exchange immediately credits the first few lucky account holder transactions, the lucky few have cash on hand, as per their contract rules with the merchant. But the exchange still has to go out and sell that coin in a panic selloff, to provide liquidity to the next merchant transaction that cashes out.

how many of these transactions happen before the exchange runs out of their bank account funds they wire transfer to the merchants, and the merchants start to see messages saying "Sorry, we cannot process your wire right now, we will advise you when transaction is completed and funds are in your bank"

Enough of these and the exchanges start issuing IOU's, redeemable at some unspecified time in the future. (or, like what ALREADY HAPENED, limit your daily cashout to a low, almost meaningless amount).

Meanwhile, panicked owners of these exchanges cash out their own, and their closest associates accounts for cash, then declare bk, and you guaranteed will never get any of that now worthless IOU.

I strongly predict you will hear many stories like this in the upcoming days/weeks.

ynot2k
12-22-2017, 01:41 PM
Yes the payment processors may go, or be, bankrupt. The merchants with funds awaiting to arrive would have to stand in line with other creditors I guess. I suspect the PM dealers utilizing the merchant services have thought it through and put on some type of protection.. 3rd party insurance or something. If not then they likely make other business mistakes that will take them out at some point in some other manner.

AnotherDave
12-22-2017, 01:41 PM
I mightily suspect that there is a huge built in delay of actually processing bitcoin transactions due to unavoidable limited processing capability of the exchanges during panic selloff volumes.

Sure, the merchant exchange immediately credits the first few lucky account holder transactions, the lucky few have cash on hand, as per their contract rules with the merchant. But the exchange still has to go out and sell that coin in a panic selloff, to provide liquidity to the next merchant transaction that cashes out.

how many of these transactions happen before the exchange runs out of their bank account funds they wire transfer to the merchants, and the merchants start to see messages saying "Sorry, we cannot process your wire right now, we will advise you when transaction is completed and funds are in your bank"

Enough of these and the exchanges start issuing IOU's, redeemable at some unspecified time in the future. (or, like what ALREADY HAPENED, limit your daily cashout to a low, almost meaningless amount).

Meanwhile, panicked owners of these exchanges cash out their own, and their closest associates accounts for cash, then declare bk, and you guaranteed will never get any of that now worthless IOU.

I strongly predict you will hear many stories like this in the upcoming days/weeks.

Maybe we need somebody really smart and popular to regulate the exchanges, and make sure that everything is fair.

I can't think of a better way to put them out of business.

ynot2k
12-22-2017, 01:59 PM
I could try getting Jamie on the phone

shades
12-22-2017, 02:20 PM
Maybe we need somebody really smart and popular to regulate the exchanges, and make sure that everything is fair.

I can't think of a better way to put them out of business.

you hit on a really salient point, without even realizing it.

people were spewing the selling point of "unregulatable currency " as the main awesome point of bitcoin. problem is, just like i posted over and over all this year, once price hits high enough to attract attention of criminal minds, it is wild west time with daily stage holdups.

The only way to make it safe and stable enough to attract legitimate business would be to regulate it, which kills its whole premise as something financially desirable to you in the first place.

And now that it is being found out that NK is benefiting hugely from it, there is no way in hell that tptb will ever leave it unrestricted again, as just like I predicted, once the terrorost users become too big of a player in it, it will be declared a tool of terrorism and rogue nations. Just wait the coming avalanche of scrutiny and restriction on it.

It is all but finished. hope all who had some best of luck in cashing out as fast as possible

ynot2k
12-22-2017, 02:31 PM
The dealer I mentioned above in post #49 is still accepting BTC. And what they show as the BitPay quote for BTC is, at time of order a couple minutes ago, at $13,163.87 while GDAX was $13,35x.x Surprisingly small difference for such a volatile few days.

I was surprised the kook could still be had for only .016604 BTC. I had expected it to be a larger number of BTC required.

AnotherDave
12-22-2017, 03:38 PM
you hit on a really salient point, without even realizing it. . .



Shades, how many times have I slapped you for telling me what I'm thinking?

If you actually knew, you'd stop really quick.