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<blockquote data-quote="vantexan" data-source="post: 6008782" data-attributes="member: 24302">I remember when people were being suckered into buying Iraqi Dinar.&nbsp; The logic was that you could buy like a thousand dollars worth of Dinar and a great adjustment was coming that would would make that $1000 worth hundreds of thousands.&nbsp; I delivered dinar to several dozen people back in the 2000&#039;s.&nbsp; Many of them fervently gave me a tip to get in on it before too late.&nbsp; I had followed currency markets for awhile and knew this couldn&#039;t possibly happen.&nbsp; Made a few people very angry telling them so.&nbsp; But I also did some digging.&nbsp; The Dinar scam had already ran its course in Japan.&nbsp; People there had realized they had been hoodwinked and when they tried to sell their Dinar to banks the banks refused to exchange it.&nbsp; People honestly thought they could take their Dinar down to our banks and the banks would be obligated to give them hundreds of thousands for it.My point is be careful about putting your eggs in one basket.&nbsp; People have made money in Bitcoin but that may not always be the case.&nbsp; There may come a day when there&#039;s a run on cashing out Bitcoin and there won&#039;t be any Dollars for you because the exchanges refuse to give you Dollars.&nbsp; Bitcoin as a medium of exchange is very limited.&nbsp; And may never become the standard because it may threaten the government&#039;s power over currency controls.&nbsp; You may be 100% right and everything you predict may come about.&nbsp; But if it does it will only be because our government and the governments of other economic powers have decided it&#039;s in their favor to let it happen.&nbsp; If they come out with their own digital currencies and outlaw Bitcoin usage within their borders then good luck.</blockquote>

[QUOTE="vantexan, post: 6008782, member: 24302"] I remember when people were being suckered into buying Iraqi Dinar. The logic was that you could buy like a thousand dollars worth of Dinar and a great adjustment was coming that would would make that $1000 worth hundreds of thousands. I delivered dinar to several dozen people back in the 2000's. Many of them fervently gave me a tip to get in on it before too late. I had followed currency markets for awhile and knew this couldn't possibly happen. Made a few people very angry telling them so. But I also did some digging. The Dinar scam had already ran its course in Japan. People there had realized they had been hoodwinked and when they tried to sell their Dinar to banks the banks refused to exchange it. People honestly thought they could take their Dinar down to our banks and the banks would be obligated to give them hundreds of thousands for it. My point is be careful about putting your eggs in one basket. People have made money in Bitcoin but that may not always be the case. There may come a day when there's a run on cashing out Bitcoin and there won't be any Dollars for you because the exchanges refuse to give you Dollars. Bitcoin as a medium of exchange is very limited. And may never become the standard because it may threaten the government's power over currency controls. You may be 100% right and everything you predict may come about. But if it does it will only be because our government and the governments of other economic powers have decided it's in their favor to let it happen. If they come out with their own digital currencies and outlaw Bitcoin usage within their borders then good luck. [/QUOTE]

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