Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
True, I just want a way to buy it and know my investment or my risk capital is protected. If I buy one bitcoin for $650 and it goes to $5000, I want to know I can cash out and sell.
I'm not confident in coinbase right now, as I can not see who is running it. I see thousands of account holders and bloggers but that does not mean my capital is secure from coinbase closing down when bitcoin is worth 5000% more than it is today.
you need to do a lot more research before you get into bitcoin. you shoudln't be using ocinbase for holding your btc, you should be using an offline paper wallet. coinbase could go away, it could get hacked, your paper wallet is safe as long as you keep several backups of your keys. as far as turning them into dollars you can always sell them to people for cash locally on craigslist or localbitcoin though sites like coinbase are the quickest and easiest ways to turn them into cash.
buy them using coinbase, then transfer to a paper wallet and leave them there until you want to turn them back into cash at which point you transfer back to coinbase and sell
Its a complete unbacked currency. I would take the full faith and credit of the USA and the dollar over this stuff.
your dollars are backed by nothing as well, the gold standard has been gone for a long time and everday the us gets deeper in debt and prints more money your dollars have less buying power. id ont have too much confidence in the us, did you see how they handled obama care and everythign else they do?
bitcoin has a finite amount of how many can exist you cant keep printing them out of thin air.
you stash your dollars ill hold my bitcoins and in 5 years we'll see whos' better off
It's this invisible wallet. Thousands or millions of people could buy one bitcoin on coinbase for say $750. A year later it's worth $5,000. You go to your coinbase account and poof it is gone like what happened to Intrade. They did eventually pay everyone their money.
It seems like coinbase does not need any employees, and their partners are not well known at all.
I offered to buy a bitcoin for someone in my coinbase account and they offered $750 with the price at $749.00. I was taking all the "visible" risks and asked for a 10% fee. They walked. They wanted to buy a $750 bitcoin for $750 but use my account.
Yes, I need to look into this more and understand this wallet.
My funds at my broker are 100% insured. Not a piece of paper or a wallet made of paper.
Coinbase funds appear to be an online account that could shutdown any time.
At most I desire 1 bitcoin but when it is worth a few thousand I want to know it is there to be sold.
If it ends up worthless then who cares. It's only $750 or whatever the current price is.
It's this invisible wallet. Thousands or millions of people could buy one bitcoin on coinbase for say $750. A year later it's worth $5,000. You go to your coinbase account and poof it is gone like what happened to Intrade. They did eventually pay everyone their money.
It seems like coinbase does not need any employees, and their partners are not well known at all.
I offered to buy a bitcoin for someone in my coinbase account and they offered $750 with the price at $749.00. I was taking all the "visible" risks and asked for a 10% fee. They walked. They wanted to buy a $750 bitcoin for $750 but use my account.
Yes, I need to look into this more and understand this wallet.
My funds at my broker are 100% insured. Not a piece of paper or a wallet made of paper.
Coinbase funds appear to be an online account that could shutdown any time.
At most I desire 1 bitcoin but when it is worth a few thousand I want to know it is there to be sold.
If it ends up worthless then who cares. It's only $750 or whatever the current price is.
You maybe shouldn't be using Bitcoin. Many of the things myself and others view as positives about Bitcoini you are considering negatives and risks.
You state they are not backed. The beauty of Bitcoin to me is that there is no central authority. I control my Bitcoins and the security of them with no intervention from banks and governments. You seem to view this as a negative.
Honestly you control the security of your Bitcoins. I told you in a previous post. You shoudln't be keeping large amounts of coins on coinbase, you should keep them in a offline paper wallet. You control the security if you lose your bitcoins or they are stolen you are the one to blame and nobody else. This is a feature I like, I control my money and control what happens to it.
Again, you shouldn't use coinbase to sell either. It's like an ebay for btc. You can sell on ebay and pay 13% in fees or you can sell on your own on craigslist and keep all the money. Same with coinbase, you could sell your coins yourself on craigslist for probably $100 more than official rate, however if you go to coinbase they are gonna take a chunk and you have to sell at their stated prices.
You seem to want the ease of coinbase and dont wanna do any work yourself but you dont wanna pay for the fees.
Also, selling btc from paper wallet to paperwallet face to face there is no risk to you. Coinbase is a little added risk as your not in control of the situation but they are doing everything for you and your geting a 10% cut seems pretty fair to me.
In your most recent post you didnt seem to read my last 2 or 3 posts to you.
It's this invisible wallet. Thousands or millions of people could buy one bitcoin on coinbase for say $750. A year later it's worth $5,000. You go to your coinbase account and poof it is gone like what happened to Intrade. They did eventually pay everyone their money.
It seems like coinbase does not need any employees, and their partners are not well known at all.
I offered to buy a bitcoin for someone in my coinbase account and they offered $750 with the price at $749.00. I was taking all the "visible" risks and asked for a 10% fee. They walked. They wanted to buy a $750 bitcoin for $750 but use my account.
Yes, I need to look into this more and understand this wallet.
My funds at my broker are 100% insured. Not a piece of paper or a wallet made of paper.
Coinbase funds appear to be an online account that could shutdown any time.
At most I desire 1 bitcoin but when it is worth a few thousand I want to know it is there to be sold.
If it ends up worthless then who cares. It's only $750 or whatever the current price is.
im sorry i dont mean to offend you but i just want to point out how much you have to learn. you talk about risks but you clearly dont understand bitcoins or how they work.
you mention in this post physical coins. there are no physical coins. there's no such thing as a physical bitcoin. sure if you do a google image search you'll see them but those are nothing more than icons or logos so to speak.
the link you posted was actually for a bitcoin mining machine which is basically a computer with a million graphics cards in it which processes really fast. they figure out forumlas and are credited with coins for doing so.
watch a youtube vid called the truth about bitcoins it gives a pretty good overview of bitcoins and what htey are in an easy to understand fashion
Bitcoin is a bit tricky. Bitcoin has deflationary pressures assuming they don't become worthless with a stroke of a pen due to regulation. 3,600 bitcoins are mined every day, and as their popularity goes up so will their value which will produce a scenario where people see an investment potential instead of its transactional value. This will create a situation where they are more likely to be held instead of actually used which will erode the underlying purpose and value of bitcoin. The volatility of bitcoin also erodes its transactional value. Bitcoin's success might be it's own undoing.
I believe regulations will catch to up it eventually, as governments are known to prefer to have a monopoly on economic transactions with their own currencies. The Banking lobby might also be gunning to put an end to it. Nevertheless, it's going to be a dead currency eventually( decades down the line) as the last bitcoins are mined and people no longer have an incentive to mine(which is also required to process bitcoin transactions); but you never know, bitcoin could out last the Dollar, Euro, and Yen as it's completely virtual and doesn't rely on a government.
im sorry i dont mean to offend you but i just want to point out how much you have to learn. you talk about risks but you clearly dont understand bitcoins or how they work.
the link you posted was actually for a bitcoin mining machine which is basically a computer with a million graphics cards in it which processes really fast. they figure out forumlas and are credited with coins for doing so.
Yes, you are correct thanks.
Quote:
Originally Posted by TylerJAX
3,600 bitcoins are mined every day, and as their popularity goes up so will their value which will produce a scenario where people see an investment potential instead of its transactional value. This will create a situation where they are more likely to be held instead of actually used which will erode the underlying purpose and value of bitcoin.
I believe regulations will catch to up it eventually. Nevertheless, it's going to be a dead currency eventually(decades down the line) as the last bitcoins are mined and people no longer have an incentive to mine(which is also required to process bitcoin transactions)
This bitcoin mining is an interesting term. Can you explain how mining is related to processing bitcoin transactions. One website sounded like it was nothing but a way for persons to earn bitcoins by doing things that are not related to bitcoins at all. Wasn't there a date in time when there were no bitcoins and a date in time when there was the first one and how did it come into existence. And now there are X number of them to be bought and sold.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
