Join Early Retirement Today
Reply
 
Thread Tools Display Modes
Have you bought anything using Bitcoin?
Old 10-23-2017, 10:57 AM   #1
Thinks s/he gets paid by the post
GravitySucks's Avatar
 
Join Date: Feb 2014
Location: Syracuse
Posts: 3,501
Have you bought anything using Bitcoin?

So Bitcoin hit $6,000 this week. It's billed as a crypto currency, but has anyone here ever purchased anything using Bitcoin? Or is it simply a speculative investment?
__________________
“No, not rich. I am a poor man with money, which is not the same thing"
GravitySucks is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 10-23-2017, 11:38 AM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Teacher Terry's Avatar
 
Join Date: Jun 2014
Posts: 6,985
WE don't buy things with it but every time it hits a new high we usually cash out a few to secure our profit.
Teacher Terry is offline   Reply With Quote
Old 10-24-2017, 07:26 AM   #3
Thinks s/he gets paid by the post
 
Join Date: Jul 2013
Posts: 1,871
Haven't purchased anything with it. As of today, the fees make it useless for anything other than large purchases.

It might be a viable currency someday, but for the time being I consider it a speculative holding.
mrfeh is offline   Reply With Quote
Old 10-24-2017, 09:03 AM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Sep 2012
Location: Seattle
Posts: 5,991
Bitcoin is not meant for buying stuff but rather a way to launder and transfer large sums of money discretely.
Fermion is offline   Reply With Quote
Old 10-24-2017, 10:05 AM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Teacher Terry's Avatar
 
Join Date: Jun 2014
Posts: 6,985
My son got us into mining 4 years ago when it was profitable and we have made quite a bit of $.
Teacher Terry is offline   Reply With Quote
Old 10-24-2017, 10:09 AM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Lsbcal's Avatar
 
Join Date: May 2006
Location: west coast, hi there!
Posts: 8,797
Greater fool theory rides again.
Lsbcal is offline   Reply With Quote
Old 10-24-2017, 02:24 PM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
easysurfer's Avatar
 
Join Date: Jun 2008
Posts: 13,127
Haven't had the need to pay any ransomware with bitcoin nor have I a need to buy anything untraceable. So, the answer is "no" .
__________________
Have you ever seen a headstone with these words
"If only I had spent more time at work" ... from "Busy Man" sung by Billy Ray Cyrus
easysurfer is offline   Reply With Quote
Old 10-24-2017, 02:37 PM   #8
Thinks s/he gets paid by the post
 
Join Date: Jul 2009
Posts: 1,604
I re-read the wiki post on bitcoin ... sounds silly and scary.

It does not sound like a form of currency.

https://en.wikipedia.org/wiki/Bitcoin
stephenson is offline   Reply With Quote
Old 10-24-2017, 04:08 PM   #9
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Posts: 17,194
Quote:
Originally Posted by Lsbcal View Post
Greater fool theory rides again.

+1


At least when the tulip craze was going on you actually owned a tulip!!!
Texas Proud is offline   Reply With Quote
Old 10-24-2017, 04:13 PM   #10
gone traveling
 
Join Date: Apr 2011
Posts: 3,375
No.
gerntz is offline   Reply With Quote
Old 10-24-2017, 04:23 PM   #11
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Lsbcal's Avatar
 
Join Date: May 2006
Location: west coast, hi there!
Posts: 8,797
Quote:
Originally Posted by Texas Proud View Post
+1


At least when the tulip craze was going on you actually owned a tulip!!!
I was just talking a few days ago to DW and comparing this to the tulip craze in Holland. We will know when it gets really crazy when people are swaping their homes for bitcoins as I understand some did in the bygone tulip era.
Lsbcal is offline   Reply With Quote
Old 10-24-2017, 04:34 PM   #12
Thinks s/he gets paid by the post
gauss's Avatar
 
Join Date: Aug 2011
Posts: 3,587
Locally Deli around here accepts it for payment. The local Bitcoin community has their meetings there. I think they also have a Bitcoin ATM in the entrance.

I suspect, but do not know for a fact, that the Deli would use a service to immediately convert the payment into USD. Prices are posted in USD not Bitcoin on the menu.

Also heard that the popularity of Bitcoin may be partially driven by its desirability by Chinese citizens.

-gauss
gauss is online now   Reply With Quote
Old 10-25-2017, 09:20 AM   #13
Thinks s/he gets paid by the post
GravitySucks's Avatar
 
Join Date: Feb 2014
Location: Syracuse
Posts: 3,501
Thanks all.
Reaffirms my idea that it's valuable because it's rare, though close to useless. At least tulip bulbs end up pretty.
Glad to hear some made some scratch out of it though.
__________________
“No, not rich. I am a poor man with money, which is not the same thing"
GravitySucks is offline   Reply With Quote
Old 10-25-2017, 10:40 AM   #14
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Teacher Terry's Avatar
 
Join Date: Jun 2014
Posts: 6,985
This thread reminds me of what happens every time someone on Mr. MM asks about Bitcoin. The thread turns into bashing and making fun of the people that did. I have quit responding to those threads but I thought it was because the majority of posters are younger. Oops wrong assumption.
Teacher Terry is offline   Reply With Quote
Old 10-25-2017, 11:31 AM   #15
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,204
Nope. Zero interest in bitcoin.... but BIL seemed to have some interest in it but nothing that I would touch.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.

Retired Jan 2012 at age 56
pb4uski is offline   Reply With Quote
Old 10-25-2017, 11:46 AM   #16
Thinks s/he gets paid by the post
gauss's Avatar
 
Join Date: Aug 2011
Posts: 3,587
Quote:
Originally Posted by GravitySucks View Post
Thanks all.
Reaffirms my idea that it's valuable because it's rare, though close to useless. At least tulip bulbs end up pretty.
Glad to hear some made some scratch out of it though.
It could become more popular as Visa/Mcard pull away from more and more "high-risk" industries and transactions that are clearly unlawful.

I wonder how Internet gambling is funded these days.
gauss is online now   Reply With Quote
Old 10-25-2017, 12:05 PM   #17
Thinks s/he gets paid by the post
GravitySucks's Avatar
 
Join Date: Feb 2014
Location: Syracuse
Posts: 3,501
Quote:
Originally Posted by Teacher Terry View Post
This thread reminds me of what happens every time someone on Mr. MM asks about Bitcoin. The thread turns into bashing and making fun of the people that did. I have quit responding to those threads but I thought it was because the majority of posters are younger. Oops wrong assumption.


Hope you don't feel singled out here.
Nothing wrong with speculating, and the mining makes it even more interesting. Not bashing.
Just wondering if it ever gets used for currency. If not, what drives the price up?
__________________
“No, not rich. I am a poor man with money, which is not the same thing"
GravitySucks is offline   Reply With Quote
Old 10-25-2017, 12:55 PM   #18
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Teacher Terry's Avatar
 
Join Date: Jun 2014
Posts: 6,985
I will have to ask my son what drives it up. He has done so much research and understands this much better then I.
Teacher Terry is offline   Reply With Quote
Old 10-25-2017, 01:40 PM   #19
Thinks s/he gets paid by the post
GalaxyBoy's Avatar
 
Join Date: Jul 2009
Location: The Beautiful Blue Ridge Mountains
Posts: 2,778
I complimented my local homebrew shop recently on their taking Apple Pay, which is still rare here in the boonies (I usually get a blank stare when I try to pay with my phone). He told me he takes everything, even BitCoin. I should have asked if anyone's ever tried to actually pay for <$100 using BC.
GalaxyBoy is offline   Reply With Quote
Old 10-25-2017, 08:08 PM   #20
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Lsbcal's Avatar
 
Join Date: May 2006
Location: west coast, hi there!
Posts: 8,797
Quote:
Originally Posted by Teacher Terry View Post
This thread reminds me of what happens every time someone on Mr. MM asks about Bitcoin. The thread turns into bashing and making fun of the people that did. I have quit responding to those threads but I thought it was because the majority of posters are younger. Oops wrong assumption.
What are most of us missing about bitcoin? Insights?
Lsbcal is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
bitcoin: fact or fiction frank Other topics 8 12-21-2013 12:50 PM
Bitcoin going up gcgang Other topics 16 12-19-2013 09:08 AM
Aug 17 Bitcoin = $108.25 imoldernu FIRE and Money 10 11-02-2013 10:17 AM
What's the first album you ever bought (not bought for you)? Midpack Other topics 53 10-09-2013 02:37 PM
Anything, ANYTHING Cheap Out There? Craig FIRE and Money 15 01-06-2006 06:28 PM

» Quick Links

 
All times are GMT -6. The time now is 04:29 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.