For Sale: 29,656.51306529 Bitcoins

Post by JohnTHaller » Thu, Jun 12, 2014, 11:01 PM UTC

jnbiche wrote: post #104

Ologn wrote: post #97

Earlier quoted context omitted.

Bitcoins are absolutely worthless. If there is any sign of a tech bubble, it is these worthless hashes that people pay hundreds of dollars for. One of the genius aspects of the Bitcoin scam is the limited output and increasing difficulty as it goes on. This keeps the scam going longer. If it were like tulip bulbs, or subprime real estate, or pets.com type stocks, the bubble would eventually burst. With the types of b…

I didn't downvote, but I have to wonder what you're threshhold for not being a scam is? What companies will have to accept it, and how long will it have to be around? I'm pretty amazed that people still think it's a scam when huge companies with massive legal departments are accepting it. That's some pretty extreme skepticism. BTW, there are plenty of easy, legitimate ways to short Bitcoin, but given your extraordina…

Post by josu » Thu, Jun 12, 2014, 11:02 PM UTC

bcsmith wrote: post #82

ars wrote: post #63

Earlier quoted context omitted.

That counts as supply. Silver in the earth also exists prior to sale, but it only counts when you actually sell it.

By this logic, withdrawing money from the ATM increases money supply... Also, the expected amount of silver in the ground is factored into the current price of silver. It's really only when new deposits are discovered that there is an impact to the price. Actually pulling known silver deposits out of the ground has a negligible effect on the price.

Post by phusion » Thu, Jun 12, 2014, 11:02 PM UTC

jnbiche wrote: post #104

Ologn wrote: post #97

Earlier quoted context omitted.

Bitcoins are absolutely worthless. If there is any sign of a tech bubble, it is these worthless hashes that people pay hundreds of dollars for. One of the genius aspects of the Bitcoin scam is the limited output and increasing difficulty as it goes on. This keeps the scam going longer. If it were like tulip bulbs, or subprime real estate, or pets.com type stocks, the bubble would eventually burst. With the types of b…

I didn't downvote, but I have to wonder what you're threshhold for not being a scam is? What companies will have to accept it, and how long will it have to be around? I'm pretty amazed that people still think it's a scam when huge companies with massive legal departments are accepting it. That's some pretty extreme skepticism. BTW, there are plenty of easy, legitimate ways to short Bitcoin, but given your extraordina…

Post by aidenn0 » Thu, Jun 12, 2014, 11:02 PM UTC

swalkergibson wrote: post #93

danielsju6 wrote: post #72

Earlier quoted context omitted.

Actually forfeiture sucks hard, even if you are found not-guilty you don't really have a chance in hell of recovering assets seized during a drug bust—like your car for instance. You can try to prove your innocence but it doesn't really work in practice.

While there are certainly wanton abuses of civil forfeiture statutes, linked to even in this comment thread, applying them here is a no-brainer. Silk Road was very clearly a marketplace for illegal drugs, and the brokerage fee that DPR collected (whoever he or she is) is clearly illegal. Again, there are obviously situations where civil forfeiture is improperly utilized. This is not one of them, in my opinion.

Post by fleitz » Thu, Jun 12, 2014, 11:04 PM UTC

marincounty wrote: post #105

egwor wrote: post #42

Earlier quoted context omitted.

but it does show that bitcoins are NOT considered the same thing as cash. You would not see the case where JPY or GBP or EUR would be sold off at this level of discount...

Where can I walk in with 29,0000 bitcoin x market value and walk out with suitcases full of $100 bills? I wonder if there is any legal implications of the federal government selling Bitcoin. I always felt the majority of bitcoins were mined illegially(on company, and university mainframes--without consent). I'm surprised they are asking for a deposit in cash?