Bit coin

[Cyberman]

Sorry, you need a bit of coin to buy bit coin.
I don't trust all that modern stuff.
I prefer to trade as I always have with bushels of hay and cows... Very safe! As the cows fattens, so does my profit.

FORD PREFECT:
”Fiscal Policy”?!

GOLGAFRINCHAN MANAGEMENT CONSULTANT:
Yes.

FORD:
How can you have money if none of you actually produce anything? It doesn’t grow on trees you know!

MANAGEMENT CONSULTANT:
You know If you would allow me to continue!

CAPTAIN:
Yes let him to continue.

MANAGEMENT CONSULTANT:
Since we decided a few weeks ago to adopt leaves as legal tender, we have, of course all become immensely rich.

FORD:
No really? Really?

CROWD MEMBERS:
Yes, very good move…

MANAGEMENT CONSULTANT:
But, we have also run into a small inflation problem on account of the high level of leaf availability. Which means that I gather the current going rate has something like three major deciduous forests buying one ship’s peanut. So, um, in order to obviate this problem and effectively revalue the leaf, we are about to embark on an extensive defoliation campaign, and um, burn down all the forests. I think that’s a sensible move don’t you?

MARKETING GIRL:
That makes economic sense.

[Tiberius]

Sounds a bit like the Blue Monday crash of 2009.

Cheers for that, I'll give it a go.

Anyone got any money I can use?

I bought my first bitcoin on https://localbitcoins.com/

[paulpablo]

I feel the need to bring this thread back from the dead, did anyone make cash off crypto or bitcoin then?

I didn't, I wish I had bought some bitcoin obviously.

I made £600 just recently trading crypto but I don't think I'm brave enough to just hodl loads of money in there.

---

I have half a bitcoin. I used to have a whole one but I sold some and then used the rest to buy a load of furniture from overstock.com.

Did you keep the half? If you still have it you're doing good.

[Brian37]

Oh hell no.

I don't even like debit cards.

Visa, cash or check is how I pay for things.

I love debit cards. It isn't bitcoin or even close. It represtents the literal money you have in your bank account, hardly virtual. I love debit cards because if you run out of money you cant spend it. I hate credit cards because it is basically a loan, and if you don't pay it off on time you get hit with revolving debt that accumulates interest. At least with debit cards you get cut off, without the interest. 

But I don't understand how Bitcoin works. If it isn't representing real paper/coin money how the fuck does it work?

[BrianSoddingBoru4]

Oh hell no.

I don't even like debit cards.

Visa, cash or check is how I pay for things.

I love debit cards. It isn't bitcoin or even close. It represtents the literal money you have in your bank account, hardly virtual. I love debit cards because if you run out of money you cant spend it. I hate credit cards because it is basically a loan, and if you don't pay it off on time you get hit with revolving debt that accumulates interest. At least with debit cards you get cut off, without the interest. 

But I don't understand how Bitcoin works. If it isn't representing real paper/coin money how the fuck does it work?

People who think debit cards aren’t virtual money don’t understand how debit transactions work.

Boru

[Angrboda]

I feel the need to bring this thread back from the dead, did anyone make cash off crypto or bitcoin then?

A friend of mine recently lost $3,000 speculating on DogeCoin. The price was falling, so he tried to sell, but his sell order didn't register in a timely fashion due to Robinhood's servers being slow that day. Later he tried to buy it while it was low, and the same thing happened causing him to buy it at a price considerably higher.

[Brian37]

I love debit cards. It isn't bitcoin or even close. It represtents the literal money you have in your bank account, hardly virtual. I love debit cards because if you run out of money you cant spend it. I hate credit cards because it is basically a loan, and if you don't pay it off on time you get hit with revolving debt that accumulates interest. At least with debit cards you get cut off, without the interest. 

But I don't understand how Bitcoin works. If it isn't representing real paper/coin money how the fuck does it work?

People who think debit cards aren’t virtual money don’t understand how debit transactions work.

Boru

I am 54 years old. I know damned well how debit cards work. You run out of money in your account, they cut you off. 

The issue isn't debit, the issue is the money the bank earns off of your deposits in interest and fees for withdraw.

[arewethereyet]

Of course a debit card is virtual money.

If you aren't handing someone bills and coins but are completing a financial transaction electronically, it's virtual.

[BrianSoddingBoru4]

People who think debit cards aren’t virtual money don’t understand how debit transactions work.

Boru

I am 54 years old. I know damned well how debit cards work. You run out of money in your account, they cut you off. 

The issue isn't debit, the issue is the money the bank earns off of your deposits in interest and fees for withdraw.

Let’s suppose for a moment you got over your childish, unreasoning fear of online purchases. You order the album, ‘ABBA: A Tribute To K-Pop’ from Amazon. When you pay by debit card, Amazon’s computers check with your bank’s computers to make sure you have sufficient funds. If you do, your account is debited, their’s is credited, and the transaction is approved. This happens in the course of a few seconds - you’ve made your purchase without any actual cash changing hands.

This is the very definition of ‘virtual money’. It happens billions of times a day.

Boru

[Brian37]

Of course a debit card is virtual money.

If you aren't handing someone bills and coins but are completing a financial transaction electronically, it's virtual.

No, it is a physical/paper/computer representation of money you have deposited. 

Debit cards don't work like credit cards. You can't overdraw. It isn't a loan either. If you don't have funds in the account, you cant withdraw money. 

Credit cards are a loan. If you don't pay on time you get hit with fees and interest.