I do not own much paper at all , some stocks & bonds, about everything else in some sort of physical assets ,land, copper , silver etc.FRN's are backed by nothing .
Bitcoin trading halted until 10 PM Eastern tonight
- Thread starter Gaddafi Duck
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I do not own much paper at all , some stocks & bonds, about everything else in some sort of physical assets ,land, copper , silver etc.FRN's are backed by nothing .
I have lost money on about anything you could think of and made money on about the same, always a little nicer when the gains outnumber the losses
Sigh...so tired of people throwing around the word fiat...
But anyway, nobody is telling anyone not to diversify. Instead of crawling into a hole I would rather fight the elite at their own game with something that can't be inflated to infinity while also being able to send instantly to anyone you want at any time.
Do people even understand how important digital is to a world economy?
Good luck sending your metals to someone else not near you without paying a lot for shipping, insurance & time. When the real digital debt notes collapse, people will need something else...
BTC isn't competing with metals. It will help you attain metals easier without some government nosing up your business.
People need to think of BTC as more of a payment processor that answers to no government.
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They are not backed by a commodity, but they are backed by the US military. So to say FRN's are not backed by anything is not really true.
Yeah technically they are backed by oil via the military. Petrodollar.
Unsustainable cycle. It's like an infinite turd coming out of the ass that comes up to the mouth to self-nourish the body...
jclay2
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Bitcoin needs to find a way to back itself with something like gold/silver/$'s/oil. Really anything. Maybe we could issue an etf and the shares that would utilize crypto currency technology?
It already has value. The value of secretly sending instantly without someone else stopping you.
The more people think about BTC like a payment processor instead of just a currency, the more it will make sense. The open-source software has value to what the user wants to do with it. BTC doubles as two different things.
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Crystallas
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Backed by coercion and force? Awesome, where do I sign up. /statism
ChristianAnarchist
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Just woke up and found my trade did not execute even though the price went below my asking price of 69!! What's with that? I put in my trade for $69 at MtGox at 22:00 on 04-11, but when it went to a low of $65 at 02:00 on 04-12, nothing happened. I'm so getting out of MtGox when I get my coins...
Crystallas
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Well, it's an exchange. I don't like Gox. But I think it's important to know what happened here so you don't get burned under the same impression later.
You made an order for a trade. This means that someone has to sell x amount at the set price, for you to buy. Whether your buying bitcoins or usd. If other people were ahead of you, and placed a buy order at that price too, the order gets executed in queue(well, maybe not, Gox has been a little shady with this at times by giving verified users a bump). Let's just say that you were late in the queue to stay on topic. You made an order for 1 BTC(or the other way around, but I'm going to say BTC, just to keep this simple for me), there were 80 BTCs being sold at $69. The first 4 people snatched them all up. Then your order gets skipped until someone is selling the number to match your request, and you are in front of the line. Now, you say the price went to 65 and you were skipped? Thats because those orders were also ahead of you in the queue. That is one issue with the Gox lag that has occurred and it is complete bullshit. That is NOT how an exchange is supposed to operate. The highest bids are supposed to get the priority.
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