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Bitcoin Embassy Launches In Poland's Capital Warsaw

dnalroct 1 | 7
13 May 2014 #1
My comments: Bitcoin is gaining acceptance more and more everyday. Cryptocurrencies are the future. There looks to be another massive move up in the price of bitcoin sometime this summer.

We shall see!

A new bitcoin embassy was launched in Poland's capital Warsaw on 12th May with the aim of promoting the digital currency in the country and fostering innovation.
14 May 2014 #2
Bitcoin is nothing more than a glorified PayPal, and will act as nothing more than such.
OP dnalroct 1 | 7
15 May 2014 #3
Couldn't be more wrong! There are over 30,000 companies accepting bitcoins and the number is growing rapidly by the day.

It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen.
Wroclaw Boy
15 May 2014 #4
There looks to be another massive move up in the price of bitcoin sometime this summer.

Following the recent crashes that would be good.

Bitcoin is nothing more than a glorified PayPal, and will act as nothing more than such.

Don't think you've thought about that one enough.
Monitor 14 | 1,820
15 May 2014 #5
There are over 30,000 companies accepting bitcoins and the number is growing rapidly by the day.

You're right. Paypal has much bigger acceptance. BitCoin is mere imitation of PayPal.
Dont gag me yo 7 | 156
15 May 2014 #6
Except BitCoin encourages illegal transactions.
Szalawa 2 | 243
15 May 2014 #7
I would not use the word encourage here, just some people will use it for this purpose
But there is also many positives to BitCoin too, pro's and con's.
f stop 25 | 2,513
16 May 2014 #8
The one thing I don't understand in bitcoin mining is what mathematical equations my computer is solving? And for whom??
Monitor 14 | 1,820
16 May 2014 #9

It's solving it for the network = for itself = for nobody = for you.
Wroclaw Boy
16 May 2014 #10
Except BitCoin encourages illegal transactions.

and money doesn't!!...hello...what planet have you been living on. Enslaved human race anybody, the planet owing itself trillions through national debts, the federal reserve, environmental destruction...need i go on?
OP dnalroct 1 | 7
17 May 2014 #11
Bitcoin was trading for $12 on 1-1-2013 and hit a high of around $1100 in December of 2013. Adoption is continuing exponentially and bitcoin could hit $5,000 in 2014.
kondzior 12 | 1,219
25 May 2014 #12
No serious investor wants any part in Sh!tcoin, or any cryptocurrency for that matter. All the red flags are there: no intrinsic value, no government backing, limited supply (deflationary 'currency' oh my god itz heavan). I'd rather 'invest' in derivatives (hint: I would not 'invest' in derivatives). Naturally, speculators gonna speculate, but speculator is a four letter word.
OP dnalroct 1 | 7
26 May 2014 #13
Sir Richard Branson(billionaire) is a serious investor, no? He is part of a group that just invested $30 million into a bitcoin company. And your points about no governement backing , limited supply make bitcoin that more appealing.

And the myth that bitcoin has no intrinsic value:

Bitcoins have no intrinsic value (unlike some other things)
This is simply not true. Each bitcoin gives the holder the ability to embed a large number of short in-transaction messages in a globally distributed and timestamped permanent data store, namely the bitcoin blockchain. There is no other similar datastore which is so widely distributed. There is a tradeoff between the exact number of messages and how quickly they can be embedded. But as of December 2013, it's fair to say that one bitcoin allows around 1000 such messages to be embedded, each within about 10 minutes of being sent, since a fee of 0.001 BTC is enough to get transactions confirmed quickly.

Please educate yourself before you go poppin' off your mouth.
cms 9 | 1,255
26 May 2014 #14
Maybe a tulip bulb would be a better analogy than gold - the price of gold jewellery in a ritzy shop is a reflection of its aesthetics and its higher than the market price per ounce

The value of a phone is that you can speak to someone realtime who is not in the same room as you. I like that.

I have looked at investing in bitcoin a few times, but the reason i dont is because i cant understand how it works, despite 20 years of finance experience - your posts about how it is mined and the reputed intrinsic value are perfect examples.

So good luck to branson, generally he will invest in anything that gets his mugshot in the paper - his last investment in poland was pretty disastrous.
jon357 72 | 21,114
26 May 2014 #15
But as of December 2013

This is the key. Technology changes very fast and what we call the internet did not exist a blink of an eye ago, just as it's naïve to think it'll be around in the same form in a generation's time. So-called 'bitcoins' have no intrinsic value.
f stop 25 | 2,513
26 May 2014 #16
I just installed a beast of a cooling system on my PC and was tempted to do a little mining myself, but what keeps me from trying is the fear that it may bring my computer down.

Interesting development: bitcoin protocol may need tweeking because of too much computing power (!):
Wroclaw Boy
18 Jun 2014 #17
One of the things i don't like about Bitcoin is the lengthy time it takes to make a transaction, its about 12 minutes i think. You wouldn't buy a cup of tea and then have to wait 12 minutes to get paid. There are much quicker cryptocurrencies out there, like Litecoin for example.
Arshakuny 1 | 4
21 Feb 2016 #18
Merged: Bitcoine users

Anybody uses bitcoin over here?
polishinvestor 1 | 362
21 Feb 2016 #19
There are no cheques in Poland, or at leadt very uncommon. Its an issue of trust. The believe it if they can see it, touch it. Hence it will not take off here. Thete are easier ponzi schemes to peddle.
jon357 72 | 21,114
21 Feb 2016 #20
Cheques do exist, however it tends to be companies that use them - I used to pay staff with them if they didn't have a bank account themselves or if they needed a sub from their next salary and I was too busy to go to the cash machine.

The Polish ones used to grumble since they actual had tho go to the bank rather than have the banknotes drop into their hands.

The believe it if they can see it, touch it.

This it's true. I just don't see many people trusting crypto currency here.
Spike31 3 | 2,161
30 Mar 2021 #21
Found a post with early bitcoin adopters from 2014, heh.

Bitcoin back then fluctuated between $300-$800 and we all thought that was a lot. Right now it's on an all-time high $58.800 :-)
Lenka 4 | 3,148
30 Mar 2021 #22
I considered buying at 5k but thought there is no point as this is it, no more...
Spike31 3 | 2,161
30 Mar 2021 #23
@Lenka, I've bought it for $9000 last year but I'm still not selling it yet. Just pulled out my initial investment and still expecting a new all-time high this year.

Anyway, if you think you missed the bitcoin train there are other altcoins, like Ether, with substantial market cap and growth potential. Just yesterday PayPal announced that it will be using the ethereum blockchain.
Cargo pants 3 | 1,428
31 Mar 2021 #24
but I'm still not selling it yet

My son bought in 2013/2014 for 12/1300$ and just sold it last month for 52something k $.I see its 59292k today,but he is happy making 50k outta it.Even one can buy Tesla now with it.I also bought Steem in 03/19 for 3k it has gone up 3 fold too.
Spike31 3 | 2,161
1 Apr 2021 #25
@Cargo pants

Everyone's got a different tolerance for risk-taking and $50 000 is a very good profit on one coin.

Not only you can buy Tesla with Bitcoin but the company will also hold on to them and not convert them to fiat currency. This will elevate the price of bitcoin even further up.

I wanted to buy a Dodge Challenger Hellcat for my next car but now I'm also seriously considering a new Tesla S.
Spike31 3 | 2,161
13 Apr 2021 #26
Coinbase is going to be listed on the stock market tomorrow as the first crypto company. Bitcoin price is rising again to ATH.
jon357 72 | 21,114
12 May 2022 #27
And today it's collapsed.

If anyone is tempted to buy while it's low, remember that this may well be the stage in the ponzi scheme where buying just enables smarter or less foolish investors to get out of the market and recoup some of their huge losses.
pawian 204 | 21,107
12 May 2022 #28
Bitcoin price is rising again to ATH.

Had you managed to sell your assets before the latest collapse?
jon357 72 | 21,114
14 Jun 2022 #29
It gets even worse. Down and down.

Will it recover?
Alien 13 | 3,033
14 Jun 2022 #30
As far as I am concerned, it does not have to.

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