using things like bitcoins as legal tender in the U.S.
If they can turn it into U.S currency, they are money laundering somehow.
Or is that bitcoin laundering?

And they barter it for services or products in place of US currency and that is perfectly legal as long as they report any profits from that barter as income when tax time rollsa round.

as a way to pay money that is owed. I doubt they'd actually make a law specifying bitcoins are not legal tender, because all kinds of things are not legal tender, ie people do not have to accept them. Canadian dollars are not legal tender, for instance. But that doesn't mean that people cannot buy and sell Canadian dollars using US dollars.

Although Nazis take a risk even with bitcoin. I hadn’t thought of Nazis using it specifically, as I tend to put them into the “economically anxious white working class piece of shit” category in my head.

and claim minorities are keeping them poor

It's a fad. They are wasting their time and money.

Ridiculous.

Our currency is the US dollar.

The bitcoin is good only as long as the fools think it is

It can easily be undermined.

Read the 14th Amendment to the US Constitution. Then you will understand why the dollar is a valuable currency. No country, no person, nothing guarantees bitcoin. It's just a personal agreement.

After selling their bitcoins through an exchange and receving millions from it.

The people who sold the bitcoins knew what they were selling AND what they were buying. They sold bitcoins and bought dollars. Says it all when it comes to bitcoins -- in my opinion.

Their value in us dollars started at 10 cents and they are now 11,000 a piece in the exchange

including companies like Microsoft, Overstock, and Tesla. Yes you can buy a Tesla with Bitcoin, no need to exchange is for dollars.

I've heard the same rags-to-riches story told about Amway, comic books and Cutco Knives, for instance.

How many bitcoin time-wasters saw this 100,000% return on their investment?

And how many time-wasters will suddenly be millionaires after buying $10 worth of bitcoin today?

Where are the others?

Yikes!

Its a risky investment that can make or lose you a ton of money. Not a "good" investment by any means

I wouldnt be too surprised if it went to a trillion at some point.

Wouldnt be surprised if it went back to 10 cents overnight, either.

And if it hits one trillion, expect our Military Industrial Complex to identify a pressing security issue requiring immediate invasion of the trillionaire bitcoin owner's territory.


As investments go, it strikes me as slightly less stable than comic books from the 90s.

.... or rather digital wealth. Until they dollars in their hands, it's not real. Like any commodity, they have a price, but no intrinsic monetary value.

They are easy to buy and sell, however.

Regulations

but switched to promoting right wing, racist ideologies because of the money. *cough*cough* Dave Rubin and Baked Alaska.

By setting up his computers doing calculations for those using it. If he can make it like that, it has no value to me, yet people are "buying" it

The powers-that-be choose the coin-creator by lottery, as determined by various factors, and then these bitcoins are "mined."


Bitcoin has no value except to the same extent that we all clap hands if we believe in Tinkerbell.

Granted, the dollar and the euro have much more enthusiastic clappers.

using his home computer, but he's not gonna get rich doing it.

The total number of Bitcoins will be 21 million. We are at 17.5 million right now. After investing in all the hardware to actually "mine" at a decent rate, you would never be able to make the money back in time. So, while your son is correct, no longer is it worthwhile.

On traditional US markets. I just heard that on NPR a couple days ago.

That when the bottom inevitably drops out of Bitcoin, the 1% will be protected by the tax dollars of the 99%.

Bitcoins themselves don't necessarily change hands.

https://seekingalpha.com/article/4128569-5-things-aware-cme-bitcoin-futures

can even exist. And how could you convert your bitcoins to dollars you could actually use in a normal transaction?

You give your dollars to the person who owns the commodity, and after a while you give the commodity to someone else who gives you more dollars.

And we'll all be rich before you know it.

They aren't backed by anything. There isn't a vault of bitcoins hidden away in Kentucky.

That's the only way I can see how it works. Cash in the gold for real money and you've got something you can use in the real world.

When I need to buy some tiger paws, elephant tusks, or rhino horn, I'll use bitcoin.

Until that date, it is no different from every other help-the-rich-get-richer scam.

And it's going to get very scary.

This is one of those things where you can either jump on the train and make some good money with everyone else, or be that angry old guy shaking his fist and ranting about "dumb kids and their internet fads". I'm sure people also thought Netflix and Google were stupid, and don't even get me started on Ipods. I mean who would ever want that when you can just use your portable cd player right?

Not saying people should bet the house on it or anything, but at least put a few thousand into BTC and LTC and see where it goes over the next years.

As in give it to me, with no expectation of reimbursement or repayment.

Most got into bitcoin because most other payment processors and systems like traditional merchant accounts and Paypal don’t want their business.

Bitcoin is unregulated with no controlling authority, so they moved to it.

And many are rich now because of that.

I met a man whose business got hit. He paid, and his computers were freed. Half of the adventure was actually getting the bitcoin.

That's the core demographic.