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  1. #1

    Bitcoin

    I am. It's great for money transfers and laundering. Keep the f u c k ing government away from your money

  2. #2
    No. I'm deeply suspicious of what is behind the currency.





    Way too similar for my liking. All you Bitcoin investors are going to wake up one morning and discover you are part owners of a cyber café at the back of a petrol station just off Suk Soi 4.

  3. #3
    Quote Originally Posted by Thormaturge View Post
    No. I'm deeply suspicious of what is behind the currency.





    Way too similar for my liking. All you Bitcoin investors are going to wake up one morning and discover you are part owners of a cyber café at the back of a petrol station just off Suk Soi 4.
    I'm not investing in it. I use it to transfer funds . Why pay to use western union or bull s h I t like that when you can use btc for free ?

    You can transfer the funds right bak into whatever you want after the transfer. So you but $100 worth of btc. You send it where ever and then sell them back for whatever currency you want.

  4. #4
    ^
    So long as the transfer is instantaneous and you therefore don't lose out due to a fluctuation in value of Bitcoin. Otherwise it becomes a bit of a gamble.


    If Bitcoin had some asset behind it whereby you knew there was a quid pro quo with something tangible then I might be interested. Vis one Bitcoin equals five donkeys. The original "quid" was of course a "Quid pro quo" for a set amount of gold (hence "quid"). How many buffalo is a Bitcoin worth at present? I bet the bargirls all know....

  5. #5
    Quote Originally Posted by Thormaturge View Post
    ^
    So long as the transfer is instantaneous and you therefore don't lose out due to a fluctuation in value of Bitcoin. Otherwise it becomes a bit of a gamble.


    If Bitcoin had some asset behind it whereby you knew there was a quid pro quo with something tangible then I might be interested. Vis one Bitcoin equals five donkeys. The original "quid" was of course a "Quid pro quo" for a set amount of gold (hence "quid"). How many buffalo is a Bitcoin worth at present? I bet the bargirls all know....
    There is nothing behind government currencies either but you probably not only use the money, you probably own bonds denominated in the currency which carries long term currency risk

  6. #6
    Quote Originally Posted by socal View Post
    There is nothing behind government currencies either but you probably not only use the money, you probably own bonds denominated in the currency which carries long term currency risk
    What is behind National currencies is the ability of governments to collect taxes and sell assets in order to meet the liability denominated on the currency notes and coins.

    It strikes me that, without any institution guaranteeing the value, Bitcoins are worthless in themselves. I've still got a collection of Shell "Man in flight" coins if you're interested.


  7. #7
    Thailand Lifer Texpat's Avatar
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    Quote Originally Posted by Thormaturge View Post
    The original "quid" was of course a "Quid pro quo" for a set amount of gold (hence "quid").
    Good stuff Thormaturge. I often wondered about that term.

    Fiat currencies are representative of value, not value in themselves. As you have said, what does bitcoin offer as collateral?

    I collected coins (gold and silver) for several years. I sold the lot to a collector in the US for about $7,000 before moving to Thailand. There's no way I was shipping that over with my furniture and polo racquets and roller skates. It was easy to be rid of it.
    Last edited by Texpat; 08-26-2014 at 03:06 PM.

  8. #8
    exiled serrollt's Avatar
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    Hmmm... the prospect of avoiding bank charges appeals.

    How would I change virtual bitcoins into cash Baht in Thailand?

  9. #9
    Quote Originally Posted by Texpat View Post
    Good stuff Thormaturge. I often wondered about that term.

    Fiat currencies are representative of value, not value in themselves. As you have said, what does bitcoin offer as collateral?

    I collected coins (gold and silver) for several years. I sold the lot to a collector in the US for about $7,000 before moving to Thailand. There's no way I was shipping that over with my furniture and polo racquets and roller skates. It was easy to be rid of it.
    ...and what kind of value and worth is representative of currency?

  10. #10
    Quote Originally Posted by Texpat View Post
    Good stuff Thormaturge. I often wondered about that term.

    Fiat currencies are representative of value, not value in themselves. As you have said, what does bitcoin offer as collateral?

    I collected coins (gold and silver) for several years. I sold the lot to a collector in the US for about $7,000 before moving to Thailand. There's no way I was shipping that over with my furniture and polo racquets and roller skates. It was easy to be rid of it.
    Debt is not a good means to back a currency. People will find this out the hard way in the years to come. As western nanny states have indebted themselves so bad that they have resorted to dilution of the money supply to pay it back. Which leads to devaluation.

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