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in a sign of the times, I noticed several Bitcoin ATMs in lower Manhattan on my first trip to NYC in nearly a year. Not sure if they are showing up in other parts of the city but perhaps the newly minted Reddit Millenial millionaires trading Gamestop at home in their PJs need quick access to fiat currency to purchase their Grande Mocha Latte Cappucinos (with cholov yisroel of course). Next thing you know, Tesla will be offering an special 10-seat electric minivan which as Elon Musk has just announced, you can purchase with BC.
P.S. If you had purchased BC about 2 months ago when we last head a bitcoin thread here in the CR, you would have doubled your money (while the 10-year Treasury Bill is paying 1.2 percent)Bitcoin ATMs? You put in your debit card and it spits out bitcoins for you?
Bitcoin is a gambling mechanism, nothing more nothing less. Despite lofty goals of a decentralized currency that anyone with a computer and internet connection can use anonymously with no string attached, it’s become just a slot machine. Almost all Bitcoin holders are just investing, hoping to sell their BTC when the price goes up. The few actual uses of BTC as a currency are mostly limited to shady Dark Web drug and gun forums.
The ridiculous price volatility of BTC combined with the several hour transaction wait times make it nearly impossible to use as a normal currency.
Bitcoin isn’t mainstream, it’s just talked about more.
I believe you can only BUY Bitcoin at the ATMs. You can’t cash out.
Yseribus: How’s it much different than day trading or playing the Forex market?
Just like Tulips (which are much nice to look at)
Meno, ghadora: You can buy it online. Why would you need to go to an ATM?
“Next thing you know, Tesla will be offering an special 10-seat electric minivan which as Elon Musk has just announced, you can purchase with BC”
Are you saying that could happen, or it is happening?
If so that will be an extraordinary and stupid
loss for Tesla, as Bitcoin is going to be a massive fail!!You can buy Bitcoin with cash at an ATM.
Currently bitcoin sells for $50,000.
Currently bitcoin sells for $50,000
Currently a gallon of milk sells for $3.89 at my local ShopRite
The Tulips played a major role in Netherlands going from being a major world power to a cute little neutral. It would be bad for Yidden if Bitcoin brings the end of America’s role as a great power.
@ujm It’s not really all that different than stock betting (AKA options trading, day trading, Forex markets). Which is kind of my point. Bitcoin, despite the hype, isn’t being used as a currency. It’s being used as a betting mechanism whose sole value comes from the fact that people use it as a betting mechanism.
@gadolhadorah I’ve been hearing about “Cryptocurrencies on the rise” for the last ten years. I’ll believe it when I see it. Right now, despite your optimistic predictions and comments about Tesla and Microsoft, I don’t see it.MiDvar Sheker Tirhok? Just buy tulips.
The difference between bitcoin and tulip is anonymity that is being used by criminals and terrorists, and countries headed by criminals and terrorists, to go around financial monitoring.
Will participation of more mainstream players change that? bring some regulation? Or simply make it harder to find criminals among larger population? I did not research that.
A respected economist (formerly of MIT and Princeton, now of CUNY, Nobel laureate) says he is skeptical of Bitcoin in part because its primary users (i.e., not investors or speculators) are people who want to hide their transactions, which means they are drug dealers, smugglers, tax cheats and others of marginal trustworthiness. Should a synagogue or Jewish charity accept or spend Bitcoin? Let’s hear from a Halachah maven.
@huju
It’s pretty silly to give a financial system it’s be-all-and-end-all judgement based primarily on a false narrative like “its primary users are … drug dealers, smugglers and tax cheats”.Besides for being silly, it’s also completely incorrect. The vast vast majority of its users are law-abiding, tax-declaring people. In fact, on the contrary, any institution you use to acquire, trade or recoup BTC require way more identification and regulation than almost all other financial resources. More so, the whole basis of blockchain is that every single transaction that occurs is traceable. Even the most complex mixing scams were all caught.
And more on the contrary, if your “respected economist” is troubled by some financial systems being used as a tool for anonymous laundering and shady deals, then he’ll have a real problem with… CASH – the number 1 choice of anonymous, underground, shady launderers, far more so than crypto by any metric (@Yserbius123).
While I’m at it, @akuperma , BTC bears ZERO resemblance to the Tulip Mania of 1637, and it’s poshut stupid to try to compare them.
Bitcoin ATMs have been around for years. Not sure about NY, but in other places you’ve been able transact in and cash out using them easily.
Also @Yserbius123 et al. BTC is primarily a currency. Not a betting mechanism, not an equity stock. And it is traded, invested in, AND SPENT as such. Any currency, and gold itself, only has value because there is general mass consensus that it does.
And depending how you spread and shade the graphs, it is not really any more volatile than many US stock market indices, and even quite a bit less so over most of the period of 2018, 2019, 2020.
I’m not saying it’s perfect, or won’t eventually fail. But the world needs one international, standardized, verifiable digitized currency. And BTC has laid the foundation for whatever that may be.
@the-shady-charedi I’m sorry but that’s just wrong. The value of BTC primarily comes from investors, not from its value as currency. Unlike cash which is accepted as legal tender, there are very very few places that accept BTC for payment. The long wait times, the fluctuating prices, and the general user unfriendliness of BTC are all major obstacles that prevent it from replacing the dollar any time soon. If I want to buy something for 20$, by the time my transaction of 0.00038449042 BTC gets entered in the ledger, the price could jump 20% causing me to spend an extra 5$.
To Shady Chareidi: Where did you get the information about the use of Bitcoin by people with nothing to hide?
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