I purchased my first bitcoins today

[fanglekai]

Gold and silver is different. They'll always go up in value but we can't say the same for something like bit coins which is not so popular and truthfully might never.

Nigga what?

Why would anyone buy in when you lose $50 dollars in value? That's like you paying me $100 bucks and I give you $50 bucks. The main reason why I think this will never make it as big because its a hassle to get bit coins, lots of scammers just to get bit coins, and a lot of big bit coin banks got hacked and everyone lost their bit coin unlike a bank those people get it back but with bit coin you lose them forever with nothing to back it up.

I agree it is annoying, but that is something you have to factor into the cost of the transaction. It doesn't easily go from cash to crypto and so the services that do provide that charge a premium, again factor that in, all things being equal you could potentially sell it for what you paid and you'd only lose the moneypak fee. That $50 that I gave you is a token with the value $50 associated with it, but you can sell it for $100. On localbitcoins everyone more or less has the same prices, nobody is scamming you it is the cost of business.

As far as coins being stolen. It's no different than someone robbing a bank, a common occurrence. The people who had coins stolen from online services chose to store their money in a bank that is not subject to the same government oversight and regulations. Frankly it's what they asked for and its what they got. The thing about bitcoin is that it demands more personal accountability from the individual. It's foolish to hold more than your willing to lose in an online storage account, even more foolish to leave them in an exchange. Leave them in an offline and encrypted wallet for safe keeping.

You are right that it is a problem that will prevent many from adopting it and the volatility will keep people from using it too. It is mostly just novelty with a ton of speculators. And like everything else involving money, TONS and TONS of sleazy shit is going down.

That's why you only store money in banks with FDIC coverage. Also most people mistakenly think that banks are full of money. They aren't. There are security companies like Brinks that actually store money. The banks "own" the money but it's all stored in facilities that security companies own. Banks will "order" money from the security company that holds their money, and a guard will deliver it. People's money isn't actually stored on site at banks. The vaults get replenished as needed so they never hold millions of dollars like some people imagine. As long as you have your money in an insured account type you're safe.

Well that's just my point. Some random online exchange is the exact opposite of using a regular bank - and it was never meant to be the same. I was going to bring up FDIC, but I wasn't sure if that the analogy fit because it insures each person to $100,000. That's not a lot of money, some people probably ended up with alot more than that after the bitcoin boom. More so banks are just held to a higher standard of accountability - you're not going to wake up and hear that all the money from bank of america got stolen and that they've shutdown and that there won't even be a bank run because everything is already gone. If people thought there money was safe on gox, silkroad or even coinbase or anywhere else it was a delusion.

These people bitching about gox 'stealing' thousands of dollars from them learned a costly lesson about the thing that makes crypto unique. They should have bought into ripple coin or some other consumerist bullshit.

FDIC is $250,000 per person per account type per bank.
https://www.fdic.gov/deposit/deposits/

If you need more than $250k in insurance you open up accounts at other FDIC banks.

[aldra]

this thread is a classic example of why you need to do your research before you buy into cryptocurrencies... or anything you intend to trade, really.

[ngalo1983]

this thread is a classic example of why you need to do your research before you buy into cryptocurrencies... or anything you intend to trade, really.

The prices are practically the same on all websites. Some are a little cheaper but they don't have a trust worthy history so most people, like myself will go with the seller with a lot of good history to prevent from getting scammed. I just bought the bitcoins to see what the hype is about I'm not trying to mine or anything. Just wanted to see I guess now I'll sell it & get the fuck away from bit coins lol

[Σ]

Even if it isnt mainstream it can still be lucrative or useful. Imagine if you made a large sum of money through less than legal means. Sometimes it would be better to have a secret stash of bitcoins on an encrypted offline wallet rather than cash sitting in the bank you cant explain to the irs/gubment or at your house where it could possibly be stolen? Im not saying everyone should go bitcoin for everything forever. But there is a niche market for the service as it provides a way to store funds away from prying eyes.

Also you are an idiot for not doing your research. And by not doing your research you have proven yourself to be an ignorant nigger so you deserve being in the hole $58

[aldra]

yeah, not so much that as you can calculate the exchange rate and costs before going into it. usually, if you intend on 'investing' as opposed to just buying stuff with BTC you're best off buying in volume, as you'll generally be able to get better rates that way. you could potentially mine btc, but it's really not viable for small-time miners anymore... you might have more luck mining another popular cryptocurrency and exchanging it for BTC.

[ngalo1983]

Also you are an idiot for not doing your research. And by not doing your research you have proven yourself to be an ignorant nigger so you deserve being in the hole $58

Are you stupid? Can you read? The rate is almost the same on every site. Youll find cheaper sellers but they don't have a good or long enough history so the normal thing to do is choose another seller so you don't get scammed. If you choose that option then you'll basically get the same amount as me. Nothing hard to figure out Einstein lol

[stdio.h]

Holy fuck you are stupid, kill yourself.

[ngalo1983]

Holy fuck you are stupid, kill yourself.

Trolling....

[stdio.h]

Holy fuck you are stupid, kill yourself.

Trolling....

No, not at all. You are too stupid to function.

[bling bling]

i say u shuld invest in pnd

I TOLD U ALL ABOUT IT WHEN IT WAS LIEK 30 LITEOSHI LMAO U R ALL NOOBS FOR NOT LISTENING TO BLING IT IS NOW OVER 1K LITEOSHI

HAHAHA

I AM RICH

[bling bling]

Holy fuck you are stupid, kill yourself.

this

[Σ]

Also you are an idiot for not doing your research. And by not doing your research you have proven yourself to be an ignorant nigger so you deserve being in the hole $58

Are you stupid? Can you read? The rate is almost the same on every site. Youll find cheaper sellers but they don't have a good or long enough history so the normal thing to do is choose another seller so you don't get scammed. If you choose that option then you'll basically get the same amount as me. Nothing hard to figure out Einstein lol

Yes I can read. I can also do calculations which obviously you cant because if you did the calculations before hand you would have realized you will lose money in this investment. Ergo ignorant nigger.

[bling bling]

ye

[ngalo1983]

Holy fuck you are stupid, kill yourself.

Trolling....

No, not at all. You are too stupid to function.

Your replies are one sentence long with nothing useful about bitcoins. You just say nigger and stupid then disappear. That's trolling at its finest. You probably don't even know what bit coins is lol

[bling bling]

crypto stakcs so high i build a castle and a ciggie