So just screwing around I thought I would try out bitcoins. Alot of people sell or trade things using bitcoins instead of laPyaP, so I thought I would ask if anyone here has done it for cigars.
Anyone purchase or trade cigars for bitcoins?
- Thread starter UtahRootBeer
- Start date
I considered it for a purchase I was making from Switzerland... they gave a 10% discount for it.
My concerns are that the currency has very volatile fluctuations right now. So you could put in $100 today, and by the time you want to use it tomorrow it could be worth $125 or it could be worth only $75.
My other issue is the frequency at which things are going wrong. From hackers (http://www.pcworld.com/article/2106200/mt-gox-ceos-blog-goes-blank-after-alleged-hack.html), to stollen "bitcoin wallets", to exchanges just shutting down, and irreversible fraudulent transactions. It is just too risky for my taste right now.
My concerns are that the currency has very volatile fluctuations right now. So you could put in $100 today, and by the time you want to use it tomorrow it could be worth $125 or it could be worth only $75.
My other issue is the frequency at which things are going wrong. From hackers (http://www.pcworld.com/article/2106200/mt-gox-ceos-blog-goes-blank-after-alleged-hack.html), to stollen "bitcoin wallets", to exchanges just shutting down, and irreversible fraudulent transactions. It is just too risky for my taste right now.
xFreebirdx
Patriot Guard Rider
It's way to shady for me to even consider it..........
I am not going to bother for cigars. 10% savings on what could be much higher risk over a couple days is beyond my tolerance. However, someone close to me made over 30K in a couple of weeks speculating on them a while back. That is some exciting action.
I suppose if the US economy completely collapsed I might consider it but at the moment bitcoin is worth about as much as Monopoly money to me.
Hoshneer
Drew Estate NotRex
You know, I think at some point I may buy a little. I am not sure Bitcoin will be the future but if it's not Bitcoin, I believe it will be another virtual currency. Everything will switch over at some point I am almost sure of it. I am surprised I don't hear more New World Order and one world currency conspiracy talk with it.
Bit coin is awesome. And frankly ever since we abandoned the gold standard all currency is virtual anyway. And Silk Road getting "hacked" was just the owners (or a hacker) taking the money that was in escrow. Not out of people's wallets. The beauty of bit coin is you don't need to put anything in escrow. But Silk Road is Silk Road. So something bad was bound to happen eventually.
ChefBoyRG54
BoM Sept '14 & BoY 2014
I own 0.00256 btc!
I'll trade that for a cigar any day
I'll trade that for a cigar any day
With the lack of backing by any real institution and the "exchanges" not being regulated, forget it, too easy for someone to walk away with millions or in one case hundreds of millions of dollars. It doesn't matter that the US isn't on the gold standard anymore, we haven't been for decades, the federal government still insures your deposits.
You don't think the fed would, don't know what to say to that.
Hoshneer
Drew Estate NotRex
I just don't think if the economy went belly up they could reimburse everyone. I am sure they could print more money but that would probably devalue any money we already have. Like I said though I am no expert. I may be completely off base.
http://demonocracy.info/infographics/usa/fdic/fdic.html
I only did a cursory once-over, and I didn't snopes this, but the site's got cool pictures
I only did a cursory once-over, and I didn't snopes this, but the site's got cool pictures
I dont have millions but I got 100 bucks worth. There are several restaurants around here that take it. I have had my bank account hacked how is that any safer than this? Its all digital make belive currency whether its debit or crypto currency. I know that there is a site that takes them for payment of cigars, but my question was more about trading on here or like in your personal life.
Ive purchased uh... Stuff with bitcoin, but not cigars. I haven't taken the leap into CCs so there isn't a need for me, really.