Bitcoin

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09 Jan 2014 04:00 #132516 by steamboat28
Replied by steamboat28 on topic Bitcoin

Wescli Wardest wrote: I am not a financial advisor nor should anything I say be taken as financial advice. All finances should be talked over with a professional financial planner.


Pffft. disclaimers. *handwave*
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09 Jan 2014 14:12 #132559 by ren
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bitcoin works just like any fiat money. The only difference is bitcoin isn't established by a government... As such not only will bitcoin not declare war on orther countries in order to maintain its exchange rates, it has no interest in exchange rates. It would need a central bank and significant assets though to be able to protect itself from speculators and such.

Convictions are more dangerous foes of truth than lies.
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09 Jan 2014 15:38 #132564 by
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How would you convert it into dollars so you can cash in and leave the game?

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09 Jan 2014 15:40 #132565 by steamboat28
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In much the same way that you would exchange currency when your visit to a foreign country is over; you sell it back to people willing to trade it for the currency you'd rather have, I think.

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09 Jan 2014 15:42 - 09 Jan 2014 15:43 #132566 by
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steamboat28 wrote: In much the same way that you would exchange currency when your visit to a foreign country is over; you sell it back to people willing to trade it for the currency you'd rather have, I think.


Yup.

The same website you buy it from has people selling it too ;) (that's how you buy it :P )
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09 Jan 2014 16:26 - 09 Jan 2014 16:27 #132573 by
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Only one place to buy and sell it and what if no one wants to buy it?
Last edit: 09 Jan 2014 16:27 by .

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09 Jan 2014 17:18 #132577 by ren
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value goes down. Just like any other fiat money. Also you can buy/sell from anyone anywhere.

Convictions are more dangerous foes of truth than lies.

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