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View Poll Results: Are you into Bitcoins
Yes! I'm a strong supporter! 1 4.55%
Not yet but seriously considering going into it. 3 13.64%
Used to but have got rid of it. 2 9.09%
No! It's another ponzi! 11 50.00%
Neutral. I don't know what it's all about. 5 22.73%
Voters: 22. You may not vote on this poll

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  #1  
Old 27-02-2014, 05:59 PM
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anlok anlok is offline
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Recently, there's so much hype about these virtual money & I realize there are some people who are very much into them, both in this forum & outside.

Just out of curiosity, doing a survey to see what's the percentage of people who are on either side of the fence

Ps : No offence to those who have vested interest in them.
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Last edited by anlok; 27-02-2014 at 06:05 PM.
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  #2  
Old 27-02-2014, 07:31 PM
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daniel.yrh daniel.yrh is offline
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You ask this question in a precious metal forum, I'm very sure we know what's the outcome...
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  #3  
Old 27-02-2014, 08:12 PM
moyyewhon moyyewhon is offline
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i'm still a pm investor...

as a matter of fact, im going to buy summore during the international coinfair

i dun have to give up investing in pms just to jump into btc.

I also just managed to get my hands on some tesla and microsoft cfds via etoro.

diversification is key.

today one of my work superior/engineer called me up and ask me how much he should invest in btc, he is a newbie investor (and got interested after hearing about the first btc atm opening in sg today)
I just told him "100 bucks" and i also told him "make sure u got some gold for your wife before taking the plunge, at least u have something to fall back to"
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bitcoins are disruptive in nature, but banks are going to use it. So, my prediction is, the next industry to be UBER'ed will be gold...
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  #4  
Old 27-02-2014, 08:31 PM
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Quote:
Originally Posted by daniel.yrh View Post
You ask this question in a precious metal forum, I'm very sure we know what's the outcome...
Not necessary. I'm sure most of the people here are quite diversified. Besides PM, they are also into stocks, Reits, bonds, etc. Maybe to some of them, Bitcoin is just another area to invest in. Even the 100% gold stacker like me, just diversified into 99% property.
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Old 28-02-2014, 12:02 AM
Roborovskii Roborovskii is offline
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Was dabbling in it a few years back but cashed out later. No regrets. The main goal was just to find out more about the mechanisms and to experiment with it. I found that the time spent picking bottoms and tops was too time consuming and not worth the energy.

Yes you could have definitely made a lot, but that comes with risk and luck, similar to various other types of high risk trades (or gambling). Most price movements are driven by speculation and newcomer influx. It was interesting and fun, but not something you would put your savings into and have a good nights sleep. With global economics and politics going downhill (not to mention weather systems), this was not something worth putting my time and labour into.

You can view an old thread here about bitcoin. This was even before moyyewhon was registered.

Bitcoin may be a 'next-gen financial innovation' but the current environment is not conducive for its development and growth. Perhaps in a coming era when humanity is at another start of a stable growth cycle. The current turning is coming to a close and we're one foot into crisis. I don't see how bitcoin can flourish well at the present point in time.

If you're putting in just a little bit to play and educate yourself, yes go ahead. Count any losses as "school fees" and be prepared to accept a total loss if the exchange you are trading on bails out. Your main portfolio should still be in tangibles.
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Old 28-02-2014, 10:21 AM
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Quote:
Originally Posted by Roborovskii View Post
Was dabbling in it a few years back but cashed out later. No regrets. The main goal was just to find out more about the mechanisms and to experiment with it. I found that the time spent picking bottoms and tops was too time consuming and not worth the energy.

Yes you could have definitely made a lot, but that comes with risk and luck, similar to various other types of high risk trades (or gambling). Most price movements are driven by speculation and newcomer influx. It was interesting and fun, but not something you would put your savings into and have a good nights sleep. With global economics and politics going downhill (not to mention weather systems), this was not something worth putting my time and labour into.

You can view an old thread here about bitcoin. This was even before moyyewhon was registered.

Bitcoin may be a 'next-gen financial innovation' but the current environment is not conducive for its development and growth. Perhaps in a coming era when humanity is at another start of a stable growth cycle. The current turning is coming to a close and we're one foot into crisis. I don't see how bitcoin can flourish well at the present point in time.

If you're putting in just a little bit to play and educate yourself, yes go ahead. Count any losses as "school fees" and be prepared to accept a total loss if the exchange you are trading on bails out. Your main portfolio should still be in tangibles.
Interesting read from the old thread.
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  #7  
Old 01-03-2014, 12:06 AM
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So far only 10 members expressed their views through voting.
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Old 01-03-2014, 12:53 AM
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No right choice for me to select leh. No, I'm not into it - not because I think it is a ponzi scheme, but because I don't see it as money or able to solve the problems of the current fiat system. As mentioned before, while each cryptocurrency can be limited in quantity, the quantity of cryptocurrencies is not limited. So how to back fiat currencies up with cryptocurrencies?

If want to speculate, I think something real is still better... penny stocks, properties, commodities, currencies, etc. Enough real stuff to choose from already.
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Old 01-03-2014, 08:31 AM
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There is no real limit, we can start to accept 0.0000000000000000000001 bitcoin, which is $1,000,000,000,000,000,000,000,000,000.00. But the wrong foot started as early adaptor become super rich, how will the fiat rich feel about it?
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  #10  
Old 01-03-2014, 10:23 AM
moyyewhon moyyewhon is offline
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Bitcoin 101 - Why Bitcoin is Not a Ponzi Scheme - Debunking Bitcoin myth



Is Bitcoin a Ponzi scheme?

In a Ponzi Scheme, the founders persuade investors that they’ll profit. Bitcoin does not make such a guarantee. There is no central entity, just individuals building an economy.

A ponzi scheme is a zero sum game. Early adopters can only profit at the expense of late adopters. Bitcoin has possible win-win outcomes. Early adopters profit from the rise in value. Late adopters, and indeed, society as a whole, benefit from the usefulness of a stable, fast, inexpensive, and widely accepted p2p currency.

The fact that early adopters benefit more doesn't alone make anything a Ponzi scheme. All good investments in successful companies have this quality.
https://en.bitcoin.it/wiki/FAQ#Is_Bi...onzi_scheme.3F

A Ponzi scheme is a fraudulent investment operation that pays returns to its investors from existing capital or new capital paid by new investors, rather than from profit earned by the individual or organization running the operation. Operators of Ponzi schemes usually entice new investors by offering higher returns than other investments, in the form of short-term returns that are either abnormally high or unusually consistent. The perpetuation of the high returns requires an ever-increasing flow of money from new investors to sustain the scheme.[1]

Typically, extraordinary returns are promised on the original investment[5] and vague verbal constructions such as "hedge futures trading", "high-yield investment programs", or "offshore investment" might be used. The promoter sells shares to investors by taking advantage of a lack of investor knowledge or competence, or using claims of a proprietary investment strategy which must be kept secret to ensure a competitive edge.

Ponzi schemes sometimes commence operations as legitimate investment vehicles, such as hedge funds. For example, a hedge fund can degenerate into a Ponzi scheme if it unexpectedly loses money (or simply fails to legitimately earn the returns promised and/or thought to be expected) and the promoters, instead of admitting their failure to meet expectations, fabricate false returns and, if necessary, produce fraudulent audit reports.

A wide variety of investment vehicles or strategies, typically legitimate, have become the basis of Ponzi schemes. For instance, Allen Stanford used bank certificates of deposit to defraud tens of thousands of people. Certificates of deposit are usually low-risk and insured instruments, but the Stanford CDs were fraudulent.[6]

Initially the promoter will pay out high returns to attract more investors, and to lure current investors into putting in additional money. Other investors begin to participate, leading to a cascade effect. The "return" to the initial investors is paid out of the investments of new entrants, and not out of profits.

Often the high returns encourage investors to leave their money in the scheme, with the result that the promoter does not have to pay out very much to investors; he simply has to send them statements showing how much they have earned. This maintains the deception that the scheme is a fund with high returns.

Promoters also try to minimize withdrawals by offering new plans to investors, often where money is frozen for a longer period of time, in exchange for higher returns. The promoter sees new cash flows as investors are told they cannot transfer money from the first plan to the second. If a few investors do wish to withdraw their money in accordance with the terms allowed, their requests are usually promptly processed, which gives the illusion to all other investors that the fund is solvent.
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bitcoins are disruptive in nature, but banks are going to use it. So, my prediction is, the next industry to be UBER'ed will be gold...

Last edited by moyyewhon; 01-03-2014 at 10:37 AM.
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