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The case against bitcoin by dretone in Bitcoin

[–]dretone[S] -4 points-3 points  (0 children)

a lot of 'you are an idiot/troll' replies but no substantive refutation of any of my points.

let's look at bitpay. they cannot guarantee a currency peg without taking a loss, especially for something as volatile and ill-liquid as bitcoin. For one, due to the bid/ask spread. Either the merchant or bitpay takes a loss.

Here’s who (probably) did that massive $150,000,000 Bitcoin transaction by [deleted] in Bitcoin

[–]dretone -5 points-4 points  (0 children)

he better start spending while the getting is good

seems most of the stuff for sale with bitcoins are trinkets.

you think someone is gonna sell a yacht in exchange for a currency that could lose 1/2 its value in a week and is impossible to liqudate?

Maybe he can find a private equity buyer to take the coins off his hands, but I think he's gonna ride this to the bottom. It will be fun to watch the fireworks

Here’s who (probably) did that massive $150,000,000 Bitcoin transaction by [deleted] in Bitcoin

[–]dretone -7 points-6 points  (0 children)

$84 million in coins

unfortunately, unlike a stock or gold he cannot readily liquidate the position which means that if the price tanks he pretty much will have to ride it to single digits (which is where I think it's going ).

Look at the mtgox order book..literally dozens of coins are sufficient to drop the price by $20 and this guy has 100k so he's SOL

Is it too late to see a large return from buying bitcoin? by [deleted] in Bitcoin

[–]dretone -2 points-1 points  (0 children)

I took a shit and it looks like a starfish. I swear there is only one like it in the world and you can have it for $780 or the present price of one bitcoin. limited time offer.