Gyroscopic Investing

Marlb10 wrote:So how do you get this bitcoin?

I mean what is the state of transaction?

Jack Jones wrote:

Marlb10 wrote:So how do you get this bitcoin?

I mean what is the state of transaction?

You can link up your bank and/or credit cards at coinbase.com and then trade your dollars for bitcoins that way. Alternatively, you can meet up with a real live person (or deposit cash in someone else's bank account) to trade cash for bitcoins via https://localbitcoins.com/.

whatchamacallit wrote:Bitcoin is at $1525 right now. I wish I could have doubled my money or more over the last year but I still don't understand it as an investment.


Golden Rule #9: Don't ever do anything you don't understand.

Tortoise wrote:At a party this past weekend, someone was telling me I could get rich by investing in various cryptocurrencies while they're still dirt cheap.

That may be true, but the conversation had a very shoeshiner-giving-stock-tips kind of feel to it. Made me wonder if we're near the peak of some kind of bubble in cryptocurrency prices.

Xan wrote:http://www.gotfuturama.com/Multimedia/E ... V06/05.mp3

thisisallen wrote:Q: can you buy gold with Bitcoin?

whatchamacallit wrote:$2800 today
It seems like it doubled in less than a month.

bitcoininthevp wrote:I am happy to answer any specific questions that anyone has about bitcoin. In this thread or PM if youd like.

A common misconception that I see in this thread is an overemphasis on "bitcoin isnt 'accepted' many places".

Bitcoin is definitely a payment network, dont get me wrong. But bitcoin is more digital gold than Visa. If that makes sense.

It is digital gold because there is a limited, known supply of bitcoin. It has value because people give it value. Its subjective value. (like all things of value I would add)

If you are really wanting to press the payment side of things there is purse.io where you can get your amazon wishlist items purchased on your behalf and you pay bitcoin and get % discount. I routinely get 20%+ off on my orders. Including new appliances recently.

But again, the payment... the "using it to pay" is not the main value proposition of bitcoin. You buy it and use it to store value. You can send it to people overseas. It can be used to circumvent government controls (yes, that could be drugs. but it could also be donating to wikileaks)

Yes, its volatile while it is very young still. Yes, it could go to zero.

Hope this ramble brought some clarity. Lets keep the discussion going.

- why can it comes to ZERO?

- Advantages of internet coin?

- Disadvantages ?

dualstow wrote:Would it be fair to add this disadvantage? :

- Seller does not deliver goods upon payment. No recourse, at least not like there is with credit cards.

dualstow wrote:Interesting about the arbiter, thank you!

1-of-2: Husband and wife petty cash account — the signature of either spouse is sufficient to spend the funds.

2-of-2: Husband and wife savings account — both signatures are required to spend the funds, preventing one spouse from spending the money without the approval of the other

2-of-2: One wallet is on your primary computer, the other on your smartphone — the funds cannot be spent without a signature from both devices. Thus, an attacker must gain access to both devices in order to steal your funds (much more difficult than one device)

2-of-3: Parents’ savings account for child — the kid can spend the money with the approval of either parent, and money cannot be taken away from the child unless both parents agree

2-of-3: A board of three directors maintaining funds for their organization — those funds cannot be spent unless any two of those directors agrees. Bigger multi-signature transactions are possible for bigger organizations, such as 3-of-5, 5-of-9, etc.

2-of-3: Buyer-seller escrow: buyer commits money into a 2-of-3 transaction with the seller and a third-party arbitrator. If transaction goes smoothly, then both buyer and seller sign the transaction to forward the money to the seller. If something goes wrong, they can sign a transaction to refund the buyer. If they cannot agree, they both appeal to the third-party who will arbitrate and provide a second signature to the party that it deems deserves it.