I purchased my first bitcoins today

[ngalo1983]

I spent $190.00 bucks on a green dot money pak to buy bit coins today but I don't think it was worth it. I spent $190 but the money pak cost $5 bucks so I spent $195 but only got back 0.38 bit coins which I looked at what its worth and its says its worth $135.37. That means I'm in the hole of $59.63 that's crazy. Bit coins is over hyped. I won't be doing this anymore.

[K]

You should have bought via LocalBitcoins; zero commission and exchange fees. Or just PM'd me and I would have sold you had an admin vouch for you.

[ngalo1983]

You should have bought via LocalBitcoins; zero commission and exchange fees. Or just PM'd me and I would have sold you had an admin vouch for you.

I did buy it from localbitcoins from the seller "Coinseller" he had over 100 positive feedbacks with no negative so I did the deal but I don't think I will deal with him anymore. What a rip-off.

[helladamnleet]

Holy fuck, it's dropped 50% since the last time I looked at it. Looks like Bitcoin is failing pretty hard.

[K]

We aren't actually dropping; We're just in a readjusting period where weak hands leave and stronger hands take over at a discounted rate. Right now is the perfect time for late adopters to buy in. I recommended that one of my friends should remortgage their property and diversify themselves into Bitcoins, at least 50% minimum, since it's such a great deal at the moment. We will hit the ATH of 1,250 and hopefully stabilize at $4,000 by 2017.

[ngalo1983]

So is that what you do K? You buy bit coins and hold on to it hoping the prices go up? I gave it a thought but Idk.

[K]

I am an early adopter (non-Day Trader). I haven't bought Bitcoin in 2+ years; I mostly mined before then. Now I just encourage people to buy/invest into Bitcoin for the long term.

[RustyShackleford]

Everything I saw on local bitcoins is expensive, I don't know if I would say over priced. The bottom line is what you'll pay and what you'll get out. If you used coinbase it would probably have cost the same or more. If you are unhappy you can only blame yourself for not researching the costs of the transaction. If you bought physical gold the same thing would've happened. Don't call it overhyped just because you have buyers remorse it is a legitimate thing (note I didn't say investment). If anything it is underhyped at the moment, not too long ago it was $1000 and rising. Also why didn't you just deposit directly to a seller's bank account.

Also big money can be made in smaller crypto currencies, you might consider putting some of your coin into one of those. Though don't blame me when it loses all its value and your out. Shit happens. You can win some and lose some, there are no guarantees.

[ngalo1983]

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. 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.

[RustyShackleford]

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.

[Tokolosh]

That $59.63 was the combination costs of seller labour and general novelty

del wid it

[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.

[RustyShackleford]

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.

[ngalo1983]

You mentioned Ripple Coin....I have no idea what that is and so is the average person...Bit coins would be more popular if I could buy a bit coin card from 7-eleven or Walmart and can load the money on the card which means if I put $20 bucks on the card they could charge a $5 dollar transaction like they do with green dot card then I'll instantly have $20 dollar worth of bit coin on my card. If it was done like that I'm pretty sure bit coins would see a boom but oh no...I got to go on localbitcoins to buy $100 worth of bit coin from a seller who will give me only half of that amount and that's only if he decides to give it to me. He can keep my bit coin and scam me by saying he sent it.

[fanglekai]

You mentioned Ripple Coin....I have no idea what that is and so is the average person...Bit coins would be more popular if I could buy a bit coin card from 7-eleven or Walmart and can load the money on the card which means if I put $20 bucks on the card they could charge a $5 dollar transaction like they do with green dot card then I'll instantly have $20 dollar worth of bit coin on my card. If it was done like that I'm pretty sure bit coins would see a boom but oh no...I got to go on localbitcoins to buy $100 worth of bit coin from a seller who will give me only half of that amount and that's only if he decides to give it to me. He can keep my bit coin and scam me by saying he sent it.

The reason it won't ever catch on is because most people are too stupid to do anything more than browse facebook or youtube. Most people would not be able to figure out how to use bitcoins even if they tried. Additionally for most people there's no reason to use bitcoins. Add the lack of security for buying bitcoins and we see why it'll never be mainstream.