gregpj Posted November 25, 2013 Share Posted November 25, 2013 They did release the source code so they are now open source. And they are being very open about their goal of making money...which is why they pay employees partially in ripples and have such top-level investors. We have a problem with that on this site? Think of it as a Western Union of digital currency with its own currency to boot. As far as going bankrupt, I'm not advocating plowing your net worth into this. The difference to me is that I have purchased something tangible. Lego may be profiting from it but they gave me a physical object at an agreed upon price. Of course the similarity is also that in paying that price, I have agreed they can make whatever % of profits they want. But they did have to physically produce something. The problem I have with Ripple (vs BitCoin) is that the system is fixed to generate endless money for their investors. The investors appear to be big banks (remember they are the greedy bastards that largely caused the recent economic turmoil). They are passing themselves off as a new digital currency that benefits everyone when the ripple effect is that eventually all that virtual currency will "ripple" down to them by charging a transaction fee. To avoid this system from collapsing, they'll have to sell (or in their words, trade) their XRP for real money and there-in lies my problem with it. Who benefits? Sure a few people who speculate and work hard to earn the "free XRP dollars" will probably make a little money but the real winners are the "investors" who sit back and sell a fictional currency for real currency. BitCoin never favoured a single group of investors. It favoured anyone who might be willing to take a risk and invest. And without "fees" attached to a typical BitCoin, all money in the system stays in the system. Even PayPal and my local bank offer me some services for the outrageous fees. ** Disclaimer: If you do make money off it or think you can, by all means, give it a shot. It is your money after all! I will continue to put my money into Lego and traditional investments. ** Quote Link to comment Share on other sites More sharing options...
asharerin Posted November 26, 2013 Share Posted November 26, 2013 Maybe you should read about bitcoin and then realize it isn't necessarily a gamble at all. The smart ones are converting bitcoins to USD as soon as they receive them. The losers are converting their hard earned USD to bitcoin. Come back in a year and tell me how your "investment" works out. This scenario has been played out many times throughout human history and we all know the ending (except for the starry eyed gamblers who insist this time is different). Quote Link to comment Share on other sites More sharing options...
Alcarin Posted November 26, 2013 Share Posted November 26, 2013 The smart ones are converting bitcoins to USD as soon as they receive them. The losers are converting their hard earned USD to bitcoin. Come back in a year and tell me how your "investment" works out. This scenario has been played out many times throughout human history and we all know the ending (except for the starry eyed gamblers who insist this time is different). This..... unless peopel invested in BitCoin at the start.... it is now useless.... I had the option to buy alot 3 years ago for ''cheap'' USD, but i passed, while now I am pretty unhappy I know the end is coming so its no point buying them at all. Quote Link to comment Share on other sites More sharing options...
glucapg Posted November 26, 2013 Share Posted November 26, 2013 Using bitcoin to buy rare lego sets in the dark internet :-) Quote Link to comment Share on other sites More sharing options...
Sauromosis Posted November 26, 2013 Share Posted November 26, 2013 Using bitcoin to buy rare lego sets in the dark internet :-) Sounds good...lately, one BTC is around the same price as a used Taj Mahal! (p.s. Ripple now up to 32 per dollar) Quote Link to comment Share on other sites More sharing options...
glucapg Posted November 26, 2013 Share Posted November 26, 2013 We're going to share a jail :-( Quote Link to comment Share on other sites More sharing options...
hxckid88 Posted December 17, 2013 Share Posted December 17, 2013 China banned bitcoin today. Its never been so cheap to go in. Has dropped about 400 bucks today. don't sleep. Quote Link to comment Share on other sites More sharing options...
hxckid88 Posted January 24, 2014 Share Posted January 24, 2014 For those into bitcoin and following it.. Tiger direct. Com has now alowed the use. Big deal. I'm sure most here are familiar with tiger direct. Time to start paying attention. Quote Link to comment Share on other sites More sharing options...
p8nt4lyfe Posted June 27, 2014 Share Posted June 27, 2014 Bitcoin is supposedly about to enter another significant price increase...Canada just make it legal tender...the US is auctioning a bunch of it off TODAY (Friday 6/27)...it's about to be traded on the NASDAQ...and more retailers continue to accept it. At its current price of $570 most would argue that it's "Cheap" and a lot of analysts are expecting a price around 3-5k by the end of this year and some are calling for a 800-900 price by the end of July (That's only one month!). There hasn't been a better time to get into Bitcoin and if you're interested in diversifying your portfolios you can start at Bitcoin.com Happy Investing! Quote Link to comment Share on other sites More sharing options...
Guest TabbyBoy Posted June 27, 2014 Share Posted June 27, 2014 $586.50 now so, I'll watch it over the next few days. EDIT... just gone up another Quote Link to comment Share on other sites More sharing options...
Sauromosis Posted June 27, 2014 Share Posted June 27, 2014 Thanks for the update. When the price doesn't move much I take my eye off the ball. I used to own a lot of them but now just .75 bitcoin. 1 Quote Link to comment Share on other sites More sharing options...
Sauromosis Posted June 27, 2014 Share Posted June 27, 2014 By the way, I have some 100-120 MSRP sealed Lego sets I would sell for Bitcoin at MSRP + 10 dollars shipping if anyone's interested. (I think this is allowed since one of the two items is Lego). I can provide a list. Quote Link to comment Share on other sites More sharing options...
thirsty Posted June 27, 2014 Share Posted June 27, 2014 In other news, I reserved a bunch of domains representing 'brickcoin', probably about a year ago. I had/have some really good ideas for this but just lack the time and the programmer knowledge to get the idea off the ground. If anybody might be interested, get in touch. Quote Link to comment Share on other sites More sharing options...
p8nt4lyfe Posted June 28, 2014 Share Posted June 28, 2014 Hanging right on the cusp of $600... Brickcoin seems like fun, I played with colored coins (a side chain of the bitcoin block chain) and made Legocoin to play with. I thought it was fun. I wish we could use some tipping software on here to send people Bitcoin tips for good advice/posts...Emazers would be swimming in bits! Quote Link to comment Share on other sites More sharing options...
TheOrcKing Posted June 28, 2014 Share Posted June 28, 2014 Everyone knows of the Mythbusters. Well here on their YouTube channel, Tested, a couple of the guys tried buying a single Bitcoin from one of the only Bitcoin ATMs in existence. A rather amusing romp on how from the time they tried 'purchasing' one, to trying to find a place open that actually accepts it as currency, to the end of the day where they tried getting physical cash back, all the while the value of the Bitcoin kept dropping the entire time. They did make a couple of mistakes around the end which was rectified here in this article on their website. Still, talk about a clusterfluff. Quote Link to comment Share on other sites More sharing options...
Guest TabbyBoy Posted June 28, 2014 Share Posted June 28, 2014 I've been looking deeply into Bitcoin over the last couple of days and it is very tempting. I love the idea of a universal payment system with minimal fees and no bank or corrupt government to poke their noses in. Canada making it legal tender and rumours of Amazon accepting it are making it tempting. Especially with only 21,000,000 max will ever be minted (mined). Once I've topped up my ISA next month, any excess GBP is becoming XBC. It can't be worse than CITY or CHIMA, surely. What would make you feel worse, losing $600 from one Bitcoin in two years or missing out on a $60,000 windfall if you didn't have the balls to take a risk? We're taking risks right now, aren't we? Quote Link to comment Share on other sites More sharing options...
Ed Mack Posted June 28, 2014 Share Posted June 28, 2014 I've been looking deeply into Bitcoin over the last couple of days and it is very tempting. I love the idea of a universal payment system with minimal fees and no bank or corrupt government to poke their noses in. Canada making it legal tender and rumours of Amazon accepting it are making it tempting. Especially with only 21,000,000 max will ever be minted (mined). Once I've topped up my ISA next month, any excess GBP is becoming XBC. It can't be worse than CITY or CHIMA, surely. What would make you feel worse, losing $600 from one Bitcoin in two years or missing out on a $60,000 windfall if you didn't have the balls to take a risk? We're taking risks right now, aren't we? Hate to break it to you, if the Bitcoin flops...you can't build it. LOL 1 Quote Link to comment Share on other sites More sharing options...
Guest TabbyBoy Posted June 28, 2014 Share Posted June 28, 2014 Too late, I've just spent Quote Link to comment Share on other sites More sharing options...
Ed Mack Posted June 28, 2014 Share Posted June 28, 2014 Too late, I've just spent 1 Quote Link to comment Share on other sites More sharing options...
Guest TabbyBoy Posted June 28, 2014 Share Posted June 28, 2014 I'm not smart enough to figure out Bitcoins as an investment. I'll stick with investing in Acrylonitrile butadiene styrene (ABS) (chemical formula (C8****8)x Quote Link to comment Share on other sites More sharing options...
Ed Mack Posted June 28, 2014 Share Posted June 28, 2014 At least you're getting your Carbohydrates! Lego just doesn't smell the same since the old cellulose acetate days, does it? Speaking of LEGO smell...it does have a distinct one if kept in bulk. As for cellulose acetate, I am actually quite familiar. My father used to work for Dupont and the Celanese corporation. I grew up around chemicals.... Quote Link to comment Share on other sites More sharing options...
boliramirez Posted June 29, 2014 Share Posted June 29, 2014 The smell of ABS..... that is the thing I most remember when I worked for Mattel......the whole facility smelled like that....... Quote Link to comment Share on other sites More sharing options...
Quacs Posted June 29, 2014 Share Posted June 29, 2014 Speaking of LEGO smell...it does have a distinct one if kept in bulk. As for cellulose acetate, I am actually quite familiar. My father used to work for Dupont and the Celanese corporation. I grew up around chemicals.... Did that give you your reddish hue, or is it something more sinister... 1 Quote Link to comment Share on other sites More sharing options...
legodelorean Posted June 29, 2014 Share Posted June 29, 2014 I don't get the virtual currency idea. I'm not techy, so I don't really understand it or get it. I like cold hard cash and precious metals. Virtual currency doesn't seem real and tangible....like it's just made up out of air and it seems super unstable. Quote Link to comment Share on other sites More sharing options...
TheOrcKing Posted June 29, 2014 Share Posted June 29, 2014 I don't get the virtual currency idea. I'm not techy, so I don't really understand it or get it. I like cold hard cash and precious metals. Virtual currency doesn't seem real and tangible....like it's just made up out of air and it seems super unstable.I'm a bit of a 'techy' and I think the Bitcoin is BS far as a form of currency goes. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.