When the brown matter will hit the fan ?



  • coindesk
    nov 4, 2016: 1 bitcoin == u$s 702
    nov 2, 2017: 1 bitcoin == u$s 7154

    nytimes

    Entrepreneurs have been issuing the digital currencies through so-called initial coin offerings, or I.C.O.s, which have become a hot but largely unregulated method of fund-raising for technology projects.

    So far this year, some 270 projects have raised over $3 billion by selling new currencies to investors.

    bloomberg

    One of the Biggest Bitcoin Exchanges Just Added 100,000 Users in a Single Day

    express

    On the news that CME will introduce futures, Bitcoin has soared this week to new highs.

    CME, the world’s largest futures exchange, has announced plans to launch bitcoin futures in the fourth quarter pending regulatory review.

    Charles Hayter, CEO of cryptocurrency comparison website Crypto Compare, told CNBC: "This is bitcoin crossing the divide from the wild west of finance to the mainstream"

    "Futures from an incumbent exchange bring bitcoin and cryptocurrencies into the regulatory fold. This allows more complex financial products to be created and will eventually open the doors to institutional money."


  • Impossible Mission Players - A

    This bubble's made of titanium! Can't be burst!


  • kills Dumbledore

    Sure, all the other bubbles burst but I have something they didn't. A good feeling about this



  • I remember someone mentioning that at some point, but can you actually sell bitcoins? Or are all the people who buy into that buying something that they will never be able to sell back to convert to real money?

    (not that it will matter when the bitcoin you bought for several thousands dollars will be worth less than 1...)


  • Discourse touched me in a no-no place

    @remi said in When the brown matter will hit the fan ?:

    can you actually sell bitcoins?

    If you can find someone willing to give you money for them, yes. It's supposed to be equivalent to buying and selling any other currency (and I don't want anything to do with the whole thing; currency speculation is where the real sharks of the financial world circle as it is precisely a zero sum game).



  • @dkf Yeah I mean in theory, what you said is obviously true. But my question was more along the lines of, did anyone ever really actually managed to do so?

    I vaguely remember another discussion where someone was saying that this was practically almost impossible, unless you accepted to deal with shady sites which might or might not be entirely illegal...

    A better way to ask it would be, has anyone any experience of someone selling back bitcoins and getting real money in exchange?



  • @remi said in When the brown matter will hit the fan ?:

    @dkf Yeah I mean in theory, what you said is obviously true. But my question was more along the lines of, did anyone ever really actually managed to do so?

    I vaguely remember another discussion where someone was saying that this was practically almost impossible, unless you accepted to deal with shady sites which might or might not be entirely illegal...

    A better way to ask it would be, has anyone any experience of someone selling back bitcoins and getting real money in exchange?

    I'd love to know too. I looked into it earlier in the year to see if I might be able to milk the bubble for a month and concluded that the options were to sell to someone for cash via various hookup services (no-one even vaguely local), or to sell to an Exchange.
    But the Exchanges seemed to just give you a virtual balance in USD without anyway to actually get that into a real bank. You could only buy more bitcoin with it or do various things with 'partners'.


  • kills Dumbledore

    Sounds like a gap in the market. The first BTC exchange where you can actually cash out



  • There are things like localbitcoin where you can buy and sell bitcoin for cash with people in your area. But you're probably not going to cash out your millions from that old hard drive from 2010 with a 27000 BTC balance that way.



  • @hungrier if all else fails, you could probably just buy a lifetime supply of weed.
    And become a drug dealer to convert it into cash.



  • @anotherusername said in When the brown matter will hit the fan ?:

    @hungrier if all else fails, you could probably just buy a lifetime supply of weed.
    And become a drug dealer to convert it into cash.

    That's the slightly odd thing, if people were paying for their illegal goods on the darkweb with BTC how were the sellers getting it back into real money.

    Some sort of perpetual-motion-drugs-machine where they then resold the BTC in person to more buyers?

    Edit: I swear that <small.> wasn't there. Yeah, just like that 🙂



  • @cursorkeys does it really make sense, though, for them to use bitcoins they get for selling weed on the dark web to buy more weed to sell IRL for real money?

    I mean, I guess there are some legitimate goods that you can use bitcoin to purchase...

    Still begs the question of whether someone somewhere is eventually converting those bitcoin to cash, and how...



  • @anotherusername said in When the brown matter will hit the fan ?:

    I mean, I guess there are some legitimate goods

    There's some gray-area ones that do. I've got some fraction of a bitcoin that has been gaining value and keeping me subscribed to premium Usenet indexing essentially for free.


  • ♿

    @remi said in When the brown matter will hit the fan ?:

    But my question was more along the lines of, did anyone ever really actually managed to do so?



  • @boomzilla 🎊 👏 Good find! Did you know about it before? I'd never heard of that.

    Doesn't seem widespread and seems borderline extortionate (16% fees... wow), but seems to definitively be a real thing. Anyone ever seen one in real life?



  • @remi I'm sure I remember that several years ago there were a number of exchanges where one could buy/sell Bitcoins for cash, but for some reason it started taking a really, really long time to get the cash, and eventually the biggest (somewhere in the far east — Taiwan? Hong Kong?) one shut down and, I think, stiffed everyone who had not been paid. But I can't find anything about it in a few minutes of googling; the results are polluted by all the recent news.


  • kills Dumbledore

    @hardwaregeek Mt. Gox?

    When the biggest exchange is Magic The Gathering Online Exchange, you know it's a cowboy outfit



  • @jaloopa Yeah, I think that's the one. I couldn't remember the name to give Google something more specific to search for. And I'd completely forgotten that it started as an exchange for something completely unlike currency.


  • ♿

    @remi said in When the brown matter will hit the fan ?:

    Doesn't seem widespread and seems borderline extortionate (16% fees... wow),

    Well, I have no idea what the going rate for money laundering is, but I suspect this would be a bargain.



  • @cabrito I dunno, but I own about $45 of bitcoin at that 2016 price.

    The problem is I still don't know how to convert FROM bitcoin TO dollars. Especially enmasse. (I mean you can buy shit on NewEgg to convert them into physical goods.)

    I also apparently own some Etherium, or at least set up a wallet for it. Not sure if I ever put anything in that wallet.


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