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  •  Why yes. Yes you would. (0+ / 0-)
    If you knew that the value (e.g. dollar value) of a bitcoin would triple in a year, you'd plow your life savings into buying the things; in fact, if you knew there would be even a 10% increase in value you'd plow your life savings into it, hell, you'd convert your home equity to cash, rent, and convert that to bitcoins.

    http://falkvinge.net/...

    You know of him?

    It ain't called paranoia - when they're really out to get you. 6 points.

    by Jaime Frontero on Thu Jun 09, 2011 at 10:09:29 PM PDT

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    •  Yeah (0+ / 0-)

      That one guy has done it. Have you? And like I said, if everyone did it, it would just deflate the market quickly, and not in a nice predictable way like some bitcoin advocates say.

      The only way that schemes like that can work is if the bitcoin market isn't completely liquid. While I don't think it is, I think it's liquid enough that free lunches are hard to come by.

      I mean oil is running out: wouldn't that be a good can't-lose investment too? That's what everyone who bought at $147 in 2008 thought too before they took a wicked, wicked haircut on their oil positions.

      I'm just saying that it's bedrock economic principle here that no market is consistently predictable. The guy you link may be horribly wrong. Or he might be a millionaire. We'll have to see.

      (-5.50,-6.67): Left Libertarian
      Leadership doesn't mean taking a straw poll and then just throwing up your hands. -Jyrinx

      by Sparhawk on Thu Jun 09, 2011 at 10:17:38 PM PDT

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      •  Well, founding the Swedish Pirate Party... (0+ / 0-)

        ...kinda lends a bit of cred.

        But me?  No - I've approached it from a different direction.  I'm a geek of long standing.  And I mine for Bitcoin.  I made an initial (and considerable) hardware investment in March, which was paid for in a bit over a week.  Since then, my only cost is electricity - a month's worth of which is paid for in two days of mining.

        I wasn't one of the earliest adopters, but I was early enough.

        If it crashes it crashes.  It won't hurt me.

        It ain't called paranoia - when they're really out to get you. 6 points.

        by Jaime Frontero on Thu Jun 09, 2011 at 10:24:19 PM PDT

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    •  this all seems to attempt to circumvent any (0+ / 0-)

      concern of legality, as if it's ok because you can, currently, do this.

      It seems curiosity has killed the cat that had my tongue.

      by Murphoney on Thu Jun 09, 2011 at 10:19:53 PM PDT

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      •  If you save cash in a mattress... (0+ / 0-)

        ...and never use a credit or debit card, is that an attempt to circumvent the law?

        Money is neutral.

        What one does with it is not.

        It ain't called paranoia - when they're really out to get you. 6 points.

        by Jaime Frontero on Thu Jun 09, 2011 at 10:27:34 PM PDT

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        •  speaking of conspicuous circumvention... eom (0+ / 0-)

          It seems curiosity has killed the cat that had my tongue.

          by Murphoney on Thu Jun 09, 2011 at 10:54:48 PM PDT

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          •  I don't understand. (1+ / 0-)
            Recommended by:
            nymosyn

            You appear quite antipathetic toward the idea of this currency.  Why?

            What is it you find to be unethical or immoral about it?

            It ain't called paranoia - when they're really out to get you. 6 points.

            by Jaime Frontero on Thu Jun 09, 2011 at 11:30:15 PM PDT

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