Youtube Film: Smart Tourists Selling Bitcoins In Argentina

[el_expatriado]

So you are using it like a ponzi to snare idiotic argentinos desperate to hold onto their savings. Shame on you

Please stop trolling in my thread. Argentines are desperate to buy BTC. I don't have to convince them. They are adults and they know what they are getting into. There is nothing ponzi about bitcoin.

 

[scotttswan]

Please stop trolling in my thread. Argentines are desperate to buy BTC. I don't have to convince them. They are adults and they know what they are getting into. There is nothing ponzi about bitcoin.

They are desperate people who will be left with Dunning-Krugerands. I wonder what they'll do then when their buttcoins they bought in at over u$s 100 are worthless, will they go back round to your flat where you did the exchange, report you to the authorities?

The value of bitcoins is completely speculative and will crash eventually because you can't buy anything with them (apart from illegal drugs and child porn apparently).

It is a Ponzi where more speculators coming in increase the price allowing the initial bitcoiners the chance to cash out.

So much so the largest bitcoin forum (bitcointalk) actively harass companies to accept their internet fun bucks.

The largest bitcoin exchange is a former children's card game exchange website. It has been hacked numerous times like most of the other "bitcoin" banks and exchanges. I wouldn't want my personal banking details being held with any of these dodgy companies.

When the price of bitcoin can fluctuate so much (high: 141.90 low: 104.00 in the last 24 hours) you do not want to be left holding any of them when they eventually crash back down to nothing.

 

[scotttswan]

They are also a huge waste of natural resources. So much electricity is wasted on these stupid coins.

http://www.bbc.co.uk/news/technology-22153687

Tracking website Blockchain logged 982 megawatt hours of electricity consumption over a 24-hour period by Bitcoin miners around the world.
According to Bloomberg, that is enough to power 31,000 homes in the US. Watchdog Ofgem claims the average UK household uses 3.3MwH per year.

A complete waste.

 

[Sleuth]

I'm on the fence with Bitcoin. I think there are some positives, but as ejcot mentions, the price volatility is too crazy at this point for it to be anything more that speculative. Still, I signed up for Coinbase today and bought some... Well within what I'm willing to lose.

Still, here's a few more positives on Bitcoin that I have come across in the last day or so:

• Former Facebook exec discusses Bitcoin at TechCrunch Disrupt.
• And, you can pay your bar tab in NYC with Bitcoin now.

 

[French jurist]

They are also a huge waste of natural resources. So much electricity is wasted on these stupid coins.

http://www.bbc.co.uk...nology-22153687

Tracking website Blockchain logged 982 megawatt hours of electricity consumption over a 24-hour period by Bitcoin miners around the world.
According to Bloomberg, that is enough to power 31,000 homes in the US. Watchdog Ofgem claims the average UK household uses 3.3MwH per year.

Paper bills also consume energy:
- Energy to make them
- Energy to transport them (ahhh, and those Prosegur armoured trucks leaving a black smoke behind)
- etc.

Anyway OP was not if bitcoins are green.

While I'm instinctively suspicious with bitcoins, not because of a Ponzi thing or whatever, but because it's also being used mainly for transactions that would not be allowed otherwise (if the US or the EU prohibit them, you'll have to "bear" with them quite quickly, lol), I think that El Expatriado post is useful. Do an intraday transaction and you're safe.

Speculating on them is a different thing, but I'd be bullish right now, for a few months to come (being adopted right now by many more different industries, including the trading sites and such. New development for the past 3 months that will produce effects). But don't try to speculate on them -if you know when to enter, do you know when to exit?- (see the old Gold threads on this forum, at least a few of them, he he).

 

[scotttswan]

I think that El Expatriado post is useful. Do an intraday transaction and you're safe.

high: 141.90 low: 104.00 in the last 24 hours they're not even good for that.

You would be better finding someone with an account abroad and doing bank transfers. They are an unnecessary step involving badly programmed websites with your identity (that have previously been hacked) and VERY dodgy people.

 

[trennod]

high: 141.90 low: 104.00 in the last 24 hours they're not even good for that.

You would be better finding someone with an account abroad and doing bank transfers. They are an unnecessary step involving badly programmed websites with your identity (that have previously been hacked) and VERY dodgy people.

I dunno Ejcot, Diego and the other bloke on the video didnt look that dodgy

I think el_expatriado has opened a good thread here, this forum spends so much time (and rightly so) discussing options for buying, selling dollars and foreign currency, how to get what rate etc and he has provided another option.

I understand the point about it is volatile etc and that perhaps it wouldnt be a good investment for an Argentine, but Argentines are resourceful and when it comes to money they are generally very careful. I think if you were to enter in to such a transaction with a local (ie you buy pesos, and sell your bit coins) its fair game.