Originally published at: https://boingboing.net/2017/10/11/dutch-man-risks-everything-hop.html
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Bitcoin, a primer:
Q: What is Bitcoin?
A: Bitcoin is a decentralized virtual currency that relies on cryptography and peer-to-peer transactions rather than government backing. Essentially, money made out of math.
Q: And I can use it to buy products and services just like real money?
A: Oh heavens no.
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Hundreds of years from now, there will be a campfire story about the cursed dutchman who swore an oath to remain camping until bitcoin skyrockets in value. Some say that he’s still out there. /shines illuminator in face from below.
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How about tulips?
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…and some say that late at night the crypto opens and you can hear his blockchains rattling. Wait, what’s that sound?
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Good luck, I think.
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I hope it works out for him!
Report back in 3 years, Boing Boing.
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That literally made me LOL.
The last time I heard about a Dutchman losing everything do to a crash in the speculation market he at least had pretty flower to look at.
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Didi Taihuttu expects the price of bitcoin will soar, so much so that he’s selling his house, car, and other valuables to obtain even more of it.
“Did you know that disco record sales were up 400% for the year ending 1976? if these trends continue…AY!”
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That poor* family, stuck with a father who knows nothing about the hazards of built-in deflation (among other economic principles).
[* in all senses of the word]
Not quite true. If one is in the market for illegal weapons, child pornography, unprescribed narcotics, and slaves it’s probably a fine medium of exchange. Assuming, of course, that the exchange it’s stored in isn’t compromised by hackers or drained by its owners.
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The fish in your shoes are dead.
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Don’t bet what you can’t afford to lose.
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Rick did almost the same thing in 2011, and he’s been doing OK since then maybe
I tweeted at him last year to ask how it was going but he only gave a vague reply about how he wouldn’t recommend doing it now.
Only it isn’t true. You can buy tons of things with bitcoin. It takes a bit of searching but still. On the marketplace where I live there’s a cloth salesman accepting bitcoin. Online there are lots of places where you can buy with bitcoin. Steam for example. Adafruit (electronics). I rent a vps from an indian firm. Paid for with bitcoin.
I much rather use bitcoin for paying worldwide than Paypal. Talking about scams…
I think it’s a pity it has become more of a speculation vehicle than a normal currency, because a reliable way to send money without the likes of Paypal getting there hands on it is an important thing in a global (internet) economy.
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It’s true Bitcoin isn’t for normal people, but I bought a second hand iPad with bitcoin at CeX one time for fun after seeing them on this site:
As to compromised exchanges and getting it all stolen, I don’t think anyone with significant holdings would have all of it in an exchange. Cold wallets (hardware or paper) are the default. Exchanges are for, well, exchanging. Just like you wouldn’t keep all your money in Paypal.
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There. Fify
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He made almost 30% return since August? I would have cashed out…
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Right. At least taken out his original investment. He’d still make a killing on that 30% if he’s right, and would lose nothing if he is wrong.
He’s about ten years and several darknet sites too late, surely?
Bitcoin: a money-like thing by and for the people who don’t understand money!
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