Bitcoin, will it ever be a legitimate currency?

saturnz said:
you are talking as if you are an expert, you are clearly not
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I'm not an expert but I have used bitcoins, I've bought and sold bitcoins and purchased goods using bitcoins and guess what? No banks involved at any step of the way. Heck, I met a guy in the US at a coffee shop and he gave me $100 cash and I transferred bitcoins to him based on a mutually agreed upon exchange rate. I contacted him through localbitcoins.com. I don't even have a bank account in the US but I was still able to exchange my bitcoins for cash, no fees, no international payment fees, no bank fees and a good exchange rate as the value of bitcoin had increased since I bought them in SA so it was a win win.
 
Pitbull said:
I'm not part of your discussion with C4Cat right?

I'm talking from an alternative to banking institutions which seems to be a growing trend and more and more financially sound and informed individuals doing other things with their savings instead of letting it sit in a bank already as it is.
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im on board any alternative that sticks it to the man,

anything that kills the system like BTC is great with me,
investing in a company that while its a fledgling now, is a brilliant way to make money,

I mean nobody ever heard of google when it first started, but look at it today,

BTC is the currency of the future, especially for "nations" that might need lots of donations ect like asgardia.

yes its not much to see right now, but with a legit currency behind it like BTC, it could be the spark that sets off a real nation,

and not to mention it but BTC is an excellent way to stick it to the "MAN" especially in a country like SA where our local currency is being hammered to death...
 
Pitbull said:
I gave you a perfect example of what the alternatives are to normal banking. This investment company does not just cater for blacklisted clientele. That's beside the point though, if there is a market that help both buyer and seller and everyone is happy why would I complain?
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That's not a new alternative... It's exactly what banks were doing in the 90's and early 2000's and its also what caused the sub-prime crisis (look up CDOs and RMBSs). So as much as you seem to hate bankers, you are happy to do exactly what they were doing that caused the crisis because its making you money now...

Hypocrite
 
Jehosefat said:
That's not a new alternative... It's exactly what banks were doing in the 90's and early 2000's and its also what caused the sub-prime crisis (look up CDOs and RMBSs). So as much as you seem to hate bankers, you are happy to do exactly what they were doing that caused the crisis because its making you money now...

Hypocrite
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I never claimed to hate banks. I have banks doing very good things for me. I'm not the one claiming their obsolete here? You guys are with your wild theories. I'm saying that if there are no banks, people will survive through private financiers. Not saying they are mutually exclusive in any way or form... you guy are...
 
eg2505 said:
im on board any alternative that sticks it to the man,

anything that kills the system like BTC is great with me,
investing in a company that while its a fledgling now, is a brilliant way to make money,

I mean nobody ever heard of google when it first started, but look at it today,

BTC is the currency of the future, especially for "nations" that might need lots of donations ect like asgardia.

yes its not much to see right now, but with a legit currency behind it like BTC, it could be the spark that sets off a real nation,

and not to mention it but BTC is an excellent way to stick it to the "MAN" especially in a country like SA where our local currency is being hammered to death...
Click to expand...

I have said this before in this thread. Currently it's pretty much a gamble. But people are making good money with BTC. So it's not a bad investment if you know the risks involved and not put all your savings in BTC. But I like BTC and alternative means to normal banking. That is where the money is. Do you think banks like making you money and not keeping some for themselves? Why do you think the banking institutions are as big as they are? :D

I fully support an alternative to normal banking. I will however not exclude banks just yet, they have their purpose.
 
C4Cat said:
I'm not an expert but I have used bitcoins, I've bought and sold bitcoins and purchased goods using bitcoins and guess what? No banks involved at any step of the way. Heck, I met a guy in the US at a coffee shop and he gave me $100 cash and I transferred bitcoins to him based on a mutually agreed upon exchange rate. I contacted him through localbitcoins.com. I don't even have a bank account in the US but I was still able to exchange my bitcoins for cash, no fees, no international payment fees, no bank fees and a good exchange rate as the value of bitcoin had increased since I bought them in SA so it was a win win.
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okay so you don't understand the difference between micro economics and macro economics then

moving on...
 
envo said:
I'd rather have a 100% guarantee of transactions with 0 fraud happening on a banking level, than I would trust my money in a bank's hands. Some of their dealings are quite borderline criminal. That is why in 2009 that industry was hit so ****ing hard. Keep that in mind.
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This is not true for Bitcoin. It has been stolen/hacked before.
 
Pitbull said:
I never claimed to hate banks. I have banks doing very good things for me. I'm not the one claiming their obsolete here? You guys are with your wild theories. I'm saying that if there are no banks, people will survive through private financiers. Not saying they are mutually exclusive in any way or form... you guy are...
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In that case I take back my "Hypocrite" comment. Sorry.

My point is that banks can only lend out money to people because they have money from other people on deposit. If you completely remove all savings and/or transactional accounts from banks then they will have no money on deposit to lend out. And I agree with you that private financiers can pick up some of the demand for loans however the problem is that that involves money being tied up for long periods of time which most people are not happy doing with all their money because they need to use at least some of it. So private financiers will not be able to take over all of the demand for loans which will result in more loan sharks and/or higher borrowing costs for everyone (well at least the few people who are able to actually get loans). And I will happily concede that credit is probably far too easily available however, good forms of credit (home loans, working capital facilities for companies, loans to companies to invest in additional capacity etc.) are vitally necessary for the economy to grow.
 
Pitbull said:
I never claimed to hate banks. I have banks doing very good things for me. I'm not the one claiming their obsolete here? You guys are with your wild theories. I'm saying that if there are no banks, people will survive through private financiers. Not saying they are mutually exclusive in any way or form... you guy are...
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Not sure why my comments are being taken so seriously and make some people angry when I was just speculating on a hypothetical future in which crypto-currencies are the norm. Like it or not, it would be a blow to banks - crypto currencies are what's known as a disruptive technology because they creates a new market and value network which eventually disrupts the existing market and value network, displacing established market leading firms, products and alliances, eg. banks.
 
Pitbull said:
I have said this before in this thread. Currently it's pretty much a gamble. But people are making good money with BTC. So it's not a bad investment if you know the risks involved and not put all your savings in BTC. But I like BTC and alternative means to normal banking. That is where the money is. Do you think banks like making you money and not keeping some for themselves? Why do you think the banking institutions are as big as they are? :D

I fully support an alternative to normal banking. I will however not exclude banks just yet, they have their purpose.
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no I agree with you , nice alternative to Banks and their power they wield, we need more of this, much more...
but part of me thinks that when BTC becomes bigger and more mainstream, is when "the man" will crack down on it,
(unsuccessfully it turns out, like bittorrent impossible to kill BTC)

as it eats into their monopoly, and allows anybody, to act as a bank,
and the man and governments don't like the fact that the man in the street has the potential to become as powerful as them,
especially in places like africa where there are so many without a bank account, but a cellphone and internet on a phone.

I fully support any initiatives that allow average people to do things that a few years back were not possible,

this is the reason Satoshi Nakamoto is anonymous as the "man" will find him and charge him for starting an "illegal" currency.
 
C4Cat said:
Not sure why my comments are being taken so seriously and make some people angry when I was just speculating on a hypothetical future in which crypto-currencies are the norm. Like it or not, it would be a blow to banks - crypto currencies are what's known as a disruptive technology because they creates a new market and value network which eventually disrupts the existing market and value network, displacing established market leading firms, products and alliances, eg. banks.
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And this is exactly how I saw your posts. These wild theories are a bit of a *WTF* but hey, BTC seems to be SERIOUS business by the going of this thread :D
 
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