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Have you bought anything using Bitcoin?
10-23-2017, 10:57 AM
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#1
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Thinks s/he gets paid by the post
Join Date: Feb 2014
Location: Syracuse
Posts: 3,501
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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"
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10-23-2017, 11:38 AM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2014
Posts: 6,985
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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.
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10-24-2017, 07:26 AM
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#3
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Thinks s/he gets paid by the post
Join Date: Jul 2013
Posts: 1,871
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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.
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10-24-2017, 09:03 AM
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#4
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2012
Location: Seattle
Posts: 5,991
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Bitcoin is not meant for buying stuff but rather a way to launder and transfer large sums of money discretely.
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10-24-2017, 10:05 AM
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#5
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2014
Posts: 6,985
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My son got us into mining 4 years ago when it was profitable and we have made quite a bit of $.
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10-24-2017, 10:09 AM
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#6
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2006
Location: west coast, hi there!
Posts: 8,797
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Greater fool theory rides again.
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10-24-2017, 02:24 PM
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#7
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2008
Posts: 13,127
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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
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10-24-2017, 02:37 PM
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#8
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Thinks s/he gets paid by the post
Join Date: Jul 2009
Posts: 1,604
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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
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10-24-2017, 04:08 PM
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#9
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2005
Posts: 17,194
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Quote:
Originally Posted by Lsbcal
Greater fool theory rides again.
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+1
At least when the tulip craze was going on you actually owned a tulip!!!
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10-24-2017, 04:13 PM
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#10
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gone traveling
Join Date: Apr 2011
Posts: 3,375
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No.
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10-24-2017, 04:23 PM
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#11
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2006
Location: west coast, hi there!
Posts: 8,797
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Quote:
Originally Posted by Texas Proud
+1
At least when the tulip craze was going on you actually owned a tulip!!!
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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.
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10-24-2017, 04:34 PM
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#12
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Thinks s/he gets paid by the post
Join Date: Aug 2011
Posts: 3,587
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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
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10-25-2017, 09:20 AM
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#13
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Thinks s/he gets paid by the post
Join Date: Feb 2014
Location: Syracuse
Posts: 3,501
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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"
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10-25-2017, 10:40 AM
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#14
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2014
Posts: 6,985
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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.
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10-25-2017, 11:31 AM
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#15
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,204
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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
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10-25-2017, 11:46 AM
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#16
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Thinks s/he gets paid by the post
Join Date: Aug 2011
Posts: 3,587
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Quote:
Originally Posted by GravitySucks
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.
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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.
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10-25-2017, 12:05 PM
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#17
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Thinks s/he gets paid by the post
Join Date: Feb 2014
Location: Syracuse
Posts: 3,501
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Quote:
Originally Posted by Teacher Terry
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.
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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"
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10-25-2017, 12:55 PM
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#18
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2014
Posts: 6,985
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I will have to ask my son what drives it up. He has done so much research and understands this much better then I.
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10-25-2017, 01:40 PM
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#19
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Thinks s/he gets paid by the post
Join Date: Jul 2009
Location: The Beautiful Blue Ridge Mountains
Posts: 2,778
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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.
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10-25-2017, 08:08 PM
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#20
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2006
Location: west coast, hi there!
Posts: 8,797
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Quote:
Originally Posted by Teacher Terry
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.
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What are most of us missing about bitcoin? Insights?
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