Bitcoin . . . A Cruisers' Currency ?

[David_Old_Jersey]

Tears before bedtime......

.......not because of the concept (much the same as other currencies - a medium of exchange based on numbers not based on the real world but plucked out of thin air (I simplify ) or even the people behind it (I would not buy a s/h boat off them - but that the same as for many others )........but because other currencies dont want a rival.........and the folks behind those other currencies have guns and the ability to write the laws to use them to kybosh a rival.

Having said that, am sure plenty will get rich between now and then - the trick will be holding that wealth in assets or another currency when (not if) the music stops.

[PirateBooty]

Originally Posted by Therapy

WE???????????

Yes. We. As in the Human Race.

It looks like I was attacked some more while I was asleep. Good morning.

Someone asked why I don't just buy a boat now: I have a job and commitments. I believe bitcoin will go up over time and continue to be a better store of value than gold. I hold gold too. So I'm not going to cash out until right when I need it to get maximum value. If bitcoin goes to 0 then I haven't lost anything since my investment was small and I've already paid it back.

Like I said pages back, I am not here to pump bitcoin. But if you're going to say things that are just plain wrong, I will take the time to correct you.

Take Valhalla360 for instance. They said: The biggest threat with bitcoin is it is primarily used for illegal activities.

Care to prove your statement Valhalla360? Or are you just spouting what you heard on MSM like the other half the people in this thread? Those questions were rhetorical and I already know the answer. Nobody can quantify what bitcoin is being spent on. As best I can tell and it's a guess because nobody can tell for sure, bitcoin is primarily used for gambling. Some of the most used addresses that we can correlate to an entity are for gambling sites. But even this is flawed since it's a measure of frequency not unique addresses making transactions and even with that data, you still can't correlate it to people. People can have and use as many addresses as they want.


There's more but I need my morning coffee. Happy Thursday, everyone.

[captain58sailin]

Like any other currency, it will only be worth what we all agree that it is worth. If you want to trade digital, there is the FOREX market that never stops. PirateBooty, if you believe you are under attack, then you shouldn't sleep; ever. Everything I have read here is pretty mild comparatively, don't mention guns, anchors, or multihulls. I believe that bittcoin or something like it will be the currency of the future, probably they'll go to a "credit" designation. Until that time there will be fits and starts, and as long as you are on the profitable side of the equation, you will be a cheerleader for the acceptance. Like all other currencies; those that have, the world is great, those that don't, not so much. "Life is like a **** sandwich, the more bread you have the less **** you will eat." Down in the trenches barter will still be the coin of the realm. It has been my contention that "they" are working towards a homogenization of the masses, so that a cup of tea costs the same in OZ as it does in AK, and the wages will reflect the same, the run off will be gathered in by the bean counters and nothing of substance will have changed.

[Flem.S.Coyle]

Originally Posted by Dsanduril

That's where you have to be careful what you say either way. As evidenced by their trading volume the people of China have not rejected Bitcoin. As evidenced by their actions and public statements, the government of China has.

I haven't read the whole thread, because I have a project to get out, but the above statement is spot on. Which is why I am also interested, and have been for some time. From my perspective, I'd much rather do business with the billions of Chinese citizens, than its (will soon be obsolete) government. Even if I never do any business with them, I'll more readily embrace the mechanism(s) for facilitating transactions with the masses as opposed to their would-be masters.

PBooty, good for you for "necro-ing" (I learned a new term today) this thread. I am not among the ones who subscribe to the notion that you have a hidden agenda. Welcome aboard, sir.

I have a business that I can run with my laptop computer, anywhere in the world, providing there's internet access such that I can receive .pdf and/or CAD files. In the near future, I hope to start accepting Bitcoins and Litecoins for my service (maybe even Galtcoins?).

And yes, I would consider selling my boat for Bitcoins if/when I decide to sell her.

[valhalla360]

Originally Posted by PirateBooty

Yes. We. As in the Human Race.

It looks like I was attacked some more while I was asleep. Good morning.

Someone asked why I don't just buy a boat now: I have a job and commitments. I believe bitcoin will go up over time and continue to be a better store of value than gold. I hold gold too. So I'm not going to cash out until right when I need it to get maximum value. If bitcoin goes to 0 then I haven't lost anything since my investment was small and I've already paid it back.

Like I said pages back, I am not here to pump bitcoin. But if you're going to say things that are just plain wrong, I will take the time to correct you.

Take Valhalla360 for instance. They said: The biggest threat with bitcoin is it is primarily used for illegal activities.

Care to prove your statement Valhalla360? Or are you just spouting what you heard on MSM like the other half the people in this thread? Those questions were rhetorical and I already know the answer. Nobody can quantify what bitcoin is being spent on. As best I can tell and it's a guess because nobody can tell for sure, bitcoin is primarily used for gambling. Some of the most used addresses that we can correlate to an entity are for gambling sites. But even this is flawed since it's a measure of frequency not unique addresses making transactions and even with that data, you still can't correlate it to people. People can have and use as many addresses as they want.


There's more but I need my morning coffee. Happy Thursday, everyone.

It's simple process of exclusion supported by story after story about illegal wild west martkets (I don't watch MSM).
- If you are worried about inflation, gold is a much more stabil platform.
- If you need to transfer funds electronically, it's simply not that hard using established currencies. It can be done quickly and cheaply (assuming you aren't trying to commit tax evasion).
- If you don't want to carrry a wad of cash around there are credit and debit cards heck they have smart phone apps that can be used to make purchases.

Other than general paranoia, the only uses, I've been able to come up with that have advantages are shipping money without the govt being able to track it (which is illegal if it goes outside the country and in some cases inside the country) and drug deals. Secondarily, the premis that it is largely based on illegal activity is supported by the fact that the sites most heavily invested in bitcoins are related to illegal activities.

As far as your I don't care if it implodes because I didn't invest much, I suggest looking up the term "sunk cost". If you have a $1million worth of bitcoins at current price, by not selling, you are effectively investing $1million in bitcoins today. If you really believe in bitcoins, by all means invest a million in bitcoins but it's foolish to think you have lost nothing if you ride all the way to the bottom (assuming you are telling the truth). I would sure want to hedge my bets by cashing out most if not all given the volitility.

[sailorboy1]

If you counterfeit Bitcoins, have you broken any laws?

I don't see any need for Bitcoins, I already have a wallet full of plastic money accepted pretty much anywhere.

[PirateBooty]

Originally Posted by Flem.S.Coyle

PBooty, good for you for "necro-ing" (I learned a new term today) this thread. I am not among the ones who subscribe to the notion that you have a hidden agenda. Welcome aboard, sir.

Thanks for the encouragement, Flem.S.Coyote. This thread has been an interesting peak into the cruising world. It seems to have some tinfoil hats in it.

Originally Posted by sailorboy1

If you counterfeit Bitcoins, have you broken any laws?

I don't see any need for Bitcoins, I already have a wallet full of plastic money accepted pretty much anywhere.

You can't counterfeit Bitcoins. There is a theoretical double spending attack that would take more than half of the network hashing power to achieve and it would ultimately hurt the attacker to pursue it. Additionally, if it were to happen, everyone would see it and instantly start working to reverse it.

Here is a good article about how bitcoin changes how we traditionally arrive at trust: http://radar.oreilly.com/2014/02/bit...mputation.html

[forsailbyowner]

Ive set up my bitcoin wallet, one problem I see that needs to be addressed it the blockchain size. Currently it takes 16 gig of memory to come up to date. This is going to keep increasing and increasing as every transaction with bitcoin is recorded in the blockchain. Central databases like Electrum seem to be a feasible answer but your still putting your bitcoins in someone elses hands and may be subject to hacking. With that in mind my canvas ad carries this logo.

[tdominic_97]

Piratebooty, bitcoins are great. I keep a few for the chance that they someday go up to 10k each. The rest that I mine are sold when the price gets over 900+. The money is then used to buy stocks. Bitcoins are fun to speculate with, but I prefer a consistent dividend.
I do not believe you are trying in anyway to promote and profit from these forums. If you were you would have a link like this (https://coinbase.com/?r=5296587e1a78...=referral-link ) which would get you $5 worth of bitcoins everytime someone signed up and made a sale or buy.
What price do you think bitcoins will reach Piratebooty and how many do you have?

[letsgetsailing3]

Originally Posted by PirateBooty

Thanks for the encouragement, Flem.S.Coyote. This thread has been an interesting peak into the cruising world. It seems to have some tinfoil hats in it.

There might be some uses for bitcoin, but to date they're mostly speculation. You've brought very little useful information for cruisers. What you've brought is pro-bitcoin propaganda.

You're welcome to do that, by the way. What you're not welcome to do is belittle the folks on this forum who point out the obvious weaknesses in your pro-bitcoin rap.

You don't need encouragement. You have all the confidence in the world. Too much in fact. Many of the people here have seen booms, busts, bubbles, bursts, and failed get-rich-quick schemes.

You may well have been fortunate to have acquired a few bitcoins. Congrats. But if you insist that bitcoin has nowhere to go but up you're selling fool's gold. It's a currency with nominal value. It's only value is the willingness of people to accept it for goods and services, and its rise in value over the last year was pure speculation, which can evaporate in a minute.

I don't mind you promoting it, but to pretend that there are absolutes supporting the perceived value is nonsense. Until it has stability, it's primary value is in speculation, online gaming, gambling and drug deals.

If you disagree, why don't you tell us about its value for cruisers? How is it worth risking hard currencies, which most cruisers have and which are accepted everywhere, for bitcoin, which is highly volatile and accepted only in limited venues? Why would anybody buy into it now, other than speculation?

[PirateBooty]

letsgetsailing3: you've made it clear that you are here to fight me so I am mostly ignoring you at this point. I have made it clear that I am not here to promote bitcoin but I have taken time to allay some misconceptions. That's why I am replying to you now, too.

In response to your accusation: "What you've brought is pro-bitcoin propaganda."

I have brought no propaganda, please show me the propaganda that you are referencing. Quote my words so that there can be no mistake about what you are talking about.

Please notice that whenever I have offered my opinion about the direction of bitcoin, I have prefaced each statement with "I believe". These are my own feelings. I guess it's shame on me for having them and sharing them with people here, right? Or is it shame on you? We'll let the other participants here decide.

tdominic_97: Not a chance in heck that I am going to answer that question!

[tdominic_97]

PirateBooty: wimp. If you feel like throwing some of that money into an investment account, let me know. Trade king will give us both $50 if you invest like $2500 with them.

[o_q]

Originally Posted by nimblemotors

Bitcoin requires a functioning internet, so a cruising sailor would be about the last person to want bitcoins.

When(/if) bitcoin becomes widely accepted, I'd imagine that brick-and-mortar stores - the receiving side of the "transaction", would need an internet connection to verify that what you gave them is valid. They would probably support scanning printed QR codes of a bitcoin address.

Yes, you would need an internet connection at some point for the occasions you receive money (I believe), but who knows what services would be available in the future when bitcoin becomes widely accepted. You might be able to access an online wallet at an ATM.

These days, I think most people accessing the internet are doing so via their mobile phone. A sailor generally has less connectivity to the internet, but you don't need to be tied to it by the hip for bitcoin to be viable.

[forsailbyowner]

Gotta laugh at those who say theres no backing to bitcoin. Look at the dollar, just scraps of paper backed by debt and printed by a private enterprise aka federal reserve.

a dollar from 1963 is worth .20 today.

Who here thinks bags of dollars dont back most of the criminal activity on the planet. It should be noted that the feds are going to auction the bitcoin siezed by the silk road. That is if they can coerce the defendant into giving up his encryption code.

[letsgetsailing3]

Piratebooty: I don't blame you for not answering my questions. I bring up legitimate concerns with bitcoin speculation. If your only question was over the suitability of bitcoin as a preferred currency for cruisers, the answer was no. Asked and answered.

As I read these comments (and maybe you should look back over them if you don't believe me), I see a lot of fairly smart people providing their take on the currency. I think my comments are mostly in line with these. I've brought up a number of concerns, but I noticed that you didn't address any of them. Why?

You said earlier that you're a firm believer in bitcoin. Why? What problems does it solve? Other than asserting that you personally bought in at a low price and now it's a higher price, what is the compelling reason someone here should care? I absolutely believe you when you say you're pretty invested in it, but why should we be?