Back from prison!

[skarlorn]

People wouldn't come to off topic just to lie about themselves or their financial situation.

[Spyder73]

One of my co-workers is legit obsessed with crypto currency right now but from what I can tell the only way to actually cash it in is to trade it to other individuals who are willing to buy. So lets say you needed $2500, you would need to convince one of your buddies to pay you $2500 USD for your crypto currency...I guess Bitcoin is the most popular and would be the most stable, but apparently there are tons of different crypto currencies.

There are websites that look like they can convert crypto into USD for you but man o man does it seem super sketch

[AzzarTheGod]

Originally Posted by Spyder73 [You must be logged in to view images. Log in or Register.]

One of my co-workers is legit obsessed with crypto currency right now but from what I can tell the only way to actually cash it in is to trade it to other individuals who are willing to buy. So lets say you needed $2500, you would need to convince one of your buddies to pay you $2500 USD for your crypto currency...I guess Bitcoin is the most popular and would be the most stable, but apparently there are tons of different crypto currencies.

There are websites that look like they can convert crypto into USD for you but man o man does it seem super sketch

There are trading exchanges. Its not some fly by night nonsense. Its definitely unregulated, but at least SOME international banking regulations apply to the biggest exchanges. The anonymity involved has 99.9% of banks completely hands off, so the bank that these exchanges use is not always "legit" and some are possibly more risky than say, Bank of America. That is the cost of not complying with post 9/11 anonymity standards.

Mt. Gox was one of them idk if its still operating but that used to be the gold standard for setting bitcoin price.

You do realize the exchange dictates the price, its not just made up.

[Pokesan]

Originally Posted by AzzarTheGod [You must be logged in to view images. Log in or Register.]

There are trading exchanges. Its not some fly by night nonsense. Its definitely unregulated, but at least SOME international banking regulations apply to the biggest exchanges. The anonymity involved has 99.9% of banks completely hands off, so the bank that these exchanges use is not always "legit" and some are possibly more risky than say, Bank of America. That is the cost of not complying with post 9/11 anonymity standards.

Mt. Gox was one of them idk if its still operating but that used to be the gold standard for setting bitcoin price.

You do realize the exchange dictates the price, its not just made up.

mt gox, famous as it was, is gone now having stolen most of the wallets. Happens all the time.

[Mead]

Originally Posted by Spyder73 [You must be logged in to view images. Log in or Register.]

One of my co-workers is legit obsessed with crypto currency right now but from what I can tell the only way to actually cash it in is to trade it to other individuals who are willing to buy. So lets say you needed $2500, you would need to convince one of your buddies to pay you $2500 USD for your crypto currency...I guess Bitcoin is the most popular and would be the most stable, but apparently there are tons of different crypto currencies.

There are websites that look like they can convert crypto into USD for you but man o man does it seem super sketch

Sounds like you have a lot of self educating to do on cryptocurrency.

And if he does have 5,000 bitcoin he's currently worth roughly 10 million dollars.

[AzzarTheGod]

Originally Posted by Mead [You must be logged in to view images. Log in or Register.]

Sounds like you have a lot of self educating to do on cryptocurrency.

And if he does have 5,000 bitcoin he's currently worth roughly 10 million dollars.

It's a hoax bitcoin is just the "in" thing to boost about now. It's all boosters trying to flex and sound important and when it comes time to throw the money down it doesn't happen. No cars no houses no vacations no jewelry no watches no firearms nothing

Ohhh man I'm so paid on bitcoins

*cashes welfare/trust fund check from parents*

[Mead]

Originally Posted by AzzarTheGod [You must be logged in to view images. Log in or Register.]

It's a hoax bitcoin is just the "in" thing to boost about now. It's all boosters trying to flex and sound important and when it comes time to throw the money down it doesn't happen. No cars no houses no vacations no jewelry no watches no firearms nothing

Ohhh man I'm so paid on bitcoins

*cashes welfare/trust fund check from parents*

I question that he conveniently has 5,000 bitcoin after losing everything he owned. That's why I said if he does. I was more stressing the point to Tila Tekilya that it's a legitimate currency. I can understand him not knowing much about it as most people probably don't. But I would never post something as silly as he did without knowing anything at all about cryptocurrency.

[AzzarTheGod]

Originally Posted by Mead [You must be logged in to view images. Log in or Register.]

I question that he conveniently has 5,000 bitcoin after losing everything he owned. That's why I said if he does. I was more stressing the point to Tila Tekilya that it's a legitimate currency. I can understand him not knowing much about it as most people probably don't. But I would never post something as silly as he did without knowing anything at all about cryptocurrency.

I was also surprised by the Spyder's lack of awareness, (likely the same reaction you had) but he is one of our valuable assets so I wasn't going to press the button on him.

As for the OP, I give him 500k worth of bitcoins tops if he truly had an investment stash, and I am being a REALLY nice boy.

Smiled at the Mt. Gox situation-- par for the course really. Lets say this guy has 10 million in bitcoin (wow I'm super nice) What are the odds he deposits it with Mt. Gox 2.0 in the interest of brokering it into USD so he can buy a house, and that absolutely not happening?

Can anyone show me anyone who has successfully traded large volumes of bitcoin? With the cash in a Bank of America account, not just Mt. Gox posting a trade to your account that says "sold - /date/time - account balance 500k". Rich on a ledger is meaningless.

Show me someone who has REALIZED massive gains. Realized meaning: cashed out, wired to a United States bank account from the brokerage. Is this even possible under US wire compliance laws since 9/11? Do ANY of these brokerages have the ability to wire cash to a US bank account?)

Point to anyone on social media, Vice News, anybody. I just want to see someone who legitimately got rich off of bitcoin rags to riches. No Tai Lopez "my daddy was already rich from selling kilos of blow and I rent mostly everything I own n now im a professional flexxer". Where is the fire at with all this smoke?

I know there is a few guys out there making serious money (Ex. the principals of Mt. Gox and Mt. Gox the 3rd, Daddy Gox, Son Gox, and Brother Gox are all making money cashing out to select euro banks, as well as the manufacturers of the bitcoin farming rigs who subsidize costs for their brother and uncles warehouses-- they are rolling in the dough, of that I have no doubt)

My guess, the real reason why Mt Gox crashed is that they weren't trading. They were posting unrealized gains that didn't actually happen. If you remember correctly Mt. Gox was fine until people started asking for their money. When people started asking Mt. Gox why its taking so long, more people started to try to cash out. Mt. Gox ponzi was about to be exposed. They were madoffing it, they didn't have the ability to realize the gains for these customers. It was all paper trades, nothing was actually changing hands. People were about to realize they were only rich on paper, not rich in the real world.

They engineered the wallet theft and hack as an excuse to cover their ass. No different than that WoW emulator closing shop because they got 1 C&D letter and they claim they don't operate the gold farms. In reality, business just went bad and the partners split.