If the user in question here wanted to move $100 million in fiat from one bank account to another, how much paperwork do you think they would need to fill in for their bank? How many people would they need to speak to and get permission from first, both at their bank and the receiving bank? How many third parties would need to sign off on it first?
That's all they would need to do. Bring ID to the bank and pay the cashiers check fee. Everything has a fee for sending, even bitcoin.
Quote
Now consider the same situation in paperwork. How much paperwork did this person have to complete before making this bitcoin transaction? Exactly zero. And how many third parties did they need to speak to and get permission from first? Exactly zero.
Which is why people use bitcoin for illegal purposes so that they can skirt the law. Not everyone uses bitcoin for illegal reasons though but that's one of the arguments against bitcoin and it's so called anonymity. In a sense it is understandable because it decreases frictions associated with things like money laundering, terrorism etc. On the other hand, politicians like to use those phrases to take away peoples' freedoms.Quote from: franky1
i have a hoard from the 2012 era. and the 2013 era. (and other era after that)
cool!Quote
oh and i buy real life stuff with bitcoin.
food, furnishings, tools, gadgets, travel, transport.
that's even more cool. i wish i could point to a use that i have like that and say "bitcoin make this thing easier and less costly to buy using it than it does with fiat." i'm not there yet but maybe oneday.food, furnishings, tools, gadgets, travel, transport.
Quote
i have no desires to just exit in a large mass market sell off.. thats just shooting self in the foot
if someone values their bitcoin, they'll probably always keep at least a small stash of it. just like they would if they were a precious metals afficionado.Quote
also 5k coins is not a big deal in the scope of millions in volume. its a blip on the scale. a small wiggle in the scope of market prices
the 24 hour volume is about 1.8 million btc i looked it up. kind of suprised it is that large. its like 10% of the bitcoin supply changed hands every 24 hours. 