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Raptor Witness

Why Bitcoin is Terrifying to the Bankers

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I started using bitcoins about a year ago, as a tool to allow for much easier transfer of money to and from businesses overseas, and while I found the volatility an issue, I still continued using it, because I was intrigued by the anonymity and power it gave me. The transactions were often too slow to be useful for immediate purchases, so I would inevitably start using my regular credit cards again, to buy items I wanted immediately, while still allowing for payments to me, in bitcoins.  In the process of using both credit cards and bitcoins, I learned something huge.

What many bankers and investors are saying negatively now about the value of bitcoins as a tool or an asset, are simply untrue.  It is useful, and it does have great value if you learn how to use it, and have an open mind about the concept. When I first started using Bitcoin, I admit I was intimidated, but as I learned more I lost some of my fear and I became much more comfortable with it, still viewing it as a tool, more than an investment.

Having seen it's power first hand, I know first hand why the bankers must be terrified. For the first time in modern history, humans have the ability to do business with one another without any help from bankers and I'm loving it.  I love hearing Chase' Jamie Diamond and Warren Buffet scream that it's a scam, because I know that they're lying, and I know why, because I've used it myself to buy and sell.

The biggest thing I've learned that has convinced me bitcoins are valuable beyond their speculative nature, is their anonymity.  I don't have to worry about someone stealing my credit card numbers or information, and I don't have to worry about someone stealing my social security number, because who I am isn't involved in the transaction. I couldn't tell you how many times, when buying and selling on overseas web sites, I have had my credit card numbers stolen. What a huge hassle that is.  Not with bitcoins, and I can safely secure them on a local device. 

So to the naysayers, I say, try it before you say it's not valuable, or at least stop lying to the public about the truth of its utility. I'm happy now, to wait for my overseas purchase to be confirmed. At least I don't have to call up the credit card company and have them send me another crazy piece of plastic.

Screw the banks, they're a horrible place to do business with, anyway. All that brick and mortar is a waste of my valuable time and money. Soon, I won't need you anymore, and I'm loving it.

 

Edited by Raptor Witness
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I've got a feeling it's time to buy some bitcoin. It's becoming clearer that it will replace a lot of things. You can't stop evolution.

It's funny, how the crooks will be held at bay, while the hard working pull away.

Thanks for this thread. I can't wait to hear what others have to say.

 

 

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How do you know bitcoin wasn't invented by financial institutions? you don't know who invented it, does anyone? food for thought, if bitcoin wasn't invented by some global financial institutions wouldn't governments simply shut it down? Someone somewhere is making money. 

where and how do you buy bitcoins officially? also if you have a problem is their customer support or administrator you can contact? If the building where the servers are housed lose power or suffer catastrophic event what happens? in the event of a world war all the underwater sea internet cables will be severed or even natural disasters i.e underwater earthquake what do you do then?

at £11,500 it seems like it was a great investment for someone throwing a few quid back in the day, but the ship has sailed for many.

 

 

 

Edited by stevewinn
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Hassles making overseas transactions?   Ive used paypal for years....as its linked to my ebay account....Ive bought stuff from overseas that way....Ive sent money to a sister in the states too....who receives it almost instantly, so I dont see where the issue is. Never had my accounts hacked either

Bit coins may be fine.....but not in a power cut....or when you cant get online

The OP thread seems like an advert for Bitcoin if you ask me

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at least with Banks this cant happen
 

Quote

 

I could have gone around the world or bought a yacht': How throwing out one computer part cost an Australian tech expert $4.8 MILLION

    A man who spent $25 on internet currency says he missed out on $4.8 million
    Campbell Simpson threw out hardware with now extremely valuable Bitcoin
    The tech writer had 1400 Bitcoins which are now worth over $3000 each
    He says he missed out on incredible wealth because he unknowingly threw it out


Read more: http://www.dailymail.co.uk/news/article-4543488/Man-throws-Bitcoin-hard-drive-worth-4-8billion.html#ixzz50hNupblY


 

 

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lastly....when I fill my car with petrol, I pay with cash or card.... when I want a takeaway dinner.... I pay with cash or card.... when I do my food shopping....I pay with cash or card...

for day to day tranasactions as above.... Bit coin doesnt even come into it

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Cons: There is a limited number of BitCoins sure, but there is an unlimited number of cryptocurrencies so can create them every day like fiat money. We have a thousand cryptos now. I got some Litecoin and it's supposedly a slightly better/tweaked version of BitCoin.

I've also lost some in a transaction recently. 

Wednesday hackers stole some 500 bitcoins/ 70 million.

Pros: middle finger to the banks, good if you have nothing to begin with and got in early.

Read one guy who got in early, selling to buy real estate rentals and gold/silver. Smart

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I'd like to add a word of warning because there will be people who might be down on their luck and have little money and think bitcoin ect..is the anwser a great way to make them money "get rich quick". - when anything seems to good to be true it generally is. - remember your money is hard earned, don't be easily parted with it and always be suspicious .

like i said before at £11,000 to £1.00 British pound the ship as sailed. but that's how these systems work or get off the ground the first few hundred or hundred thousand jump on board and these people make money (these are the ones we hear about but when millions of people get involved its generally these who lose money.

at an exchange rate of £11,000 to £1. how many people will jump on that only to lose money? the exchange rate fell by 20% in one day. imagine investing on that day! i'd hate to be the fool now whose 20% worse off, sitting and waiting for it to go back up.

 

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18 minutes ago, seeder said:

at least with Banks this cant happen
 

 

Since that article was written in May his 1400 bitcoins would now come to $22.4 million.

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All I would advise is that people play around with them a little bit and then see what they think. At the very least you can use them to donate to some of your favorite charities, or give them as holiday gifts to help educate people, which is something that I plan to do

These people who are selling everything they have to buy bitcoins, are obviously making a mistake.

As far as where we are, with respect to bitcoins being an investment, I will say that after talking with a few of my relatives last night, I realized that this is still very early. I am the only one in my entire family who has owned any, much less used them for anything.  That tells me a lot right there.

Hearing some of the skeptical comments here, tells me even more. But what tells me the most, are the bankers screaming bloody murder.

 

 

 

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2 hours ago, stevewinn said:

How do you know bitcoin wasn't invented by financial institutions?

Because Blockchain doesn't take a cut. And there is no way for them to properly monetise it or control the expansion of it.

2 hours ago, stevewinn said:

d for thought, if bitcoin wasn't invented by some global financial institutions wouldn't governments simply shut it down?

Would they not have to find a valid legal reason for doing so?

2 hours ago, stevewinn said:

where and how do you buy bitcoins officially? also if you have a problem is their customer support or administrator you can contact? If the building where the servers are housed lose power or suffer catastrophic event what happens? in the event of a world war all the underwater sea internet cables will be severed or even natural disasters i.e underwater earthquake what do you do then?

I get mine from https://bitbargain.co.uk

They do have decent customer support.

You never keep your bitcoins with one of those places. You move them to your wallet which is stored on your computer. If you leave the money there, they take a small percentage of it, periodically. They make all this clear so it's not like they just steal your money.

They can be hacked or suffer damage to their servers which is why you should always transfer the coins to your wallet as soon as you receive them.

2 hours ago, stevewinn said:

at £11,500 it seems like it was a great investment for someone throwing a few quid back in the day, but the ship has sailed for many.

 

You can buy tiny fractions of a bitcoin, so you don't need to buy a whole £11k coin. If I buy 100 quids worth, I'd get less coin than I would have 5 years ago, but essentially the value is the same and it will increase by the same percentage as if I buy a full coin.

Edited by ExpandMyMind
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2 hours ago, seeder said:

Hassles making overseas transactions?   Ive used paypal for years....as its linked to my ebay account....Ive bought stuff from overseas that way....Ive sent money to a sister in the states too....who receives it almost instantly, so I dont see where the issue is. Never had my accounts hacked either

But Paypal takes a 3% cut or something like that, which adds up quickly if you're transferring high volumes. When I used BitBargain they took a fraction of a percentage (not sure how much it is now though).

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25 minutes ago, ExpandMyMind said:

But Paypal takes a 3% cut or something like that, which adds up quickly if you're transferring high volumes. When I used BitBargain they took a fraction of a percentage (not sure how much it is now though).

Isn’t that the same reason it takes three days or more for banks to process transfers? So the money can sit in their account and generate interest for them?

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40 minutes ago, Sir Wearer of Hats said:

Isn’t that the same reason it takes three days or more for banks to process transfers? So the money can sit in their account and generate interest for them?

Very likely, yes.

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Quote


The Government Is Coming For Your Bitcoin
So the IRS went for its pound of flesh.

Initially, the government wanted complete data on every Coinbase user that transacted between 2013 and 2015. The exchange’s website says it has 13 million users (more than the number of Schwab brokerage accounts).

But Coinbase pushed back… and the government agreed to only take limited data (including name, date of birth, address, tax ID number, transaction statements and account logs) for accounts that have bought, sold, sent or received at least $20,000 worth of Bitcoin in a given year.

Don’t say I didn’t warn you about Coinbase. I told Sovereign Man: Confidential readers last month:

    If you’re tempted to purchase Bitcoin from the popular Coinbase exchange, don’t bother.

    They’ve sold out to regulators.

The IRS is calling this a “partial win.”

But you can be sure, there will be a public beheading. This is something governments almost always do.

They’ll find a prominent Bitcoin person, someone that’s polarizing to the public – like “pharma bro” Martin Shkreli.
http://www.zerohedge.com/news/2017-12-02/government-coming-your-bitcoin


 

 

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I'd be more worried about the euro than bitcoins.

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19 hours ago, ExpandMyMind said:

But Paypal takes a 3% cut or something like that, which adds up quickly if you're transferring high volumes. When I used BitBargain they took a fraction of a percentage (not sure how much it is now though).

Paypal doesn't take money for purchases, just transfers of funds from person to person.  The 3% can be circumvented if you use the "gift" option, but if you are purchasing something, you lose buyer protection by doing so.

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12 minutes ago, Agent0range said:

Paypal doesn't take money for purchases, just transfers of funds from person to person.  The 3% can be circumvented if you use the "gift" option, but if you are purchasing something, you lose buyer protection by doing so.

I was referring to this because these are the type of transactions I use it for:

Quote

There is a fee to send money as a personal payment, to people resident outside of the UK, where the payment is funded in full or in part using a debit card or credit card. The fee is 3.4% plus 20p of the amount you send. For example, if you send £100.00 GBP funded by debit or credit card, the fee would be £3.60 GBP (£3.40 GBP + 20p).

There’s no fee to use PayPal to purchase goods or services. However, if you receive money for goods or services (such as from selling an item on eBay), the fee for each transaction is 3.4% plus 20p of the amount you receive.

https://www.paypal.com/uk/selfhelp/article/what-are-the-fees-to-use-paypal-faq690

But I did think that it extended to all transactions. I stand corrected.

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23 hours ago, stevewinn said:

How do you know bitcoin wasn't invented by financial institutions? you don't know who invented it, does anyone? food for thought, if bitcoin wasn't invented by some global financial institutions wouldn't governments simply shut it down? Someone somewhere is making money. 

where and how do you buy bitcoins officially? also if you have a problem is their customer support or administrator you can contact? If the building where the servers are housed lose power or suffer catastrophic event what happens? in the event of a world war all the underwater sea internet cables will be severed or even natural disasters i.e underwater earthquake what do you do then?

at £11,500 it seems like it was a great investment for someone throwing a few quid back in the day, but the ship has sailed for many.

 

 

 

Exactly. I think they are gonna let it take over the as the world reserve. This way they get their one world cashless society, and can pretend they had nothing to do with it. 

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2 hours ago, preacherman76 said:

Exactly. I think they are gonna let it take over the as the world reserve. This way they get their one world cashless society, and can pretend they had nothing to do with it. 

Not possible, as there are a finite number of bitcoins.  

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If NSA, CIA and whatever they are called for whom James bond works for MI5? decide to pool their hardware and mine the bitcoin they would easily control majority of the markets 

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51 minutes ago, kartikg said:

If NSA, CIA and whatever they are called for whom James bond works for MI5? decide to pool their hardware and mine the bitcoin they would easily control majority of the markets 

Over 2/3 of bitcoins have already been mined.  There are only 21 million bitcoins total...ever.  

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56 minutes ago, Agent0range said:

Over 2/3 of bitcoins have already been mined.  There are only 21 million bitcoins total...ever.  

oh! 

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1 hour ago, Agent0range said:

Over 2/3 of bitcoins have already been mined.  There are only 21 million bitcoins total...ever.  

Does this make the currency immune to inflation?

2 hours ago, kartikg said:

If NSA, CIA and whatever they are called for whom James bond works for MI5? decide to pool their hardware and mine the bitcoin they would easily control majority of the markets 

MI5 is domestic (FBI), MI6 is worldwide (CIA) and GCHQ is Information and Technology (NSA).

Edited by ExpandMyMind
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