- Oz
- Sep 10, 2003
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Minion Of Relin
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Story + question about bitcoins:
I have a friend who has been dating a new partner for about 4 months. My friend has a good job and savings of about $40 or $50k. Her partner wanted to return to university but lacked the means to pay and he asked if he could borrow tuition for a year (about $6000). My friend wasn't comfortable loaning that sort of money for a 4 month old relationship causing her boyfriend to offer to give her $6000USD worth of bitcoins as collateral for the loan.
My friend isn't that computer savvy and didn't know what a Bitcoin was so her partner set about studiously showing her magazine articles, pages printed from webpages, graphs showing their value over time and gave assurance after assurance that bitcoins were a real thing. She was still worried and, in the middle of an argument, her partner promised her his entire Bitcoin fortune (worth about $15,000 USD) as collateral for the $6000 loan. Wanting to avoid a longer argument she said yes and he set about putting the bitcoins in her name.
Since then, he's been needling her and making snide, passive aggressive comments about how she's holding onto his entire retirement savings and making allusions about how unfair it was that he had to turn over $15,000 (which is apparently worth $18,000 now) in exchange for a "mere" $6,000
Anyway she's sick of it and wants to cash out $6,000 worth of bitcoins so she can settle the loan and then send him back the remaining bitcoins so this doesn't keep coming between them. Except she doesn't know how to convert her Bitcoin fortune into real money and asked me to help her.
My question is, how screwed is she?
Tell your friend that a man whose entire life savings is in BitCoins has no future prospects and she'd be better off dating someone else.
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Jan 18, 2016 05:39
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May 14, 2024 10:27
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- Oz
- Sep 10, 2003
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Minion Of Relin
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I think that's what the bitcoin classic is trying to do, but assuming it actually works, you then have to convince tons and tons of nerds and the Chinese miners who control the network and have invested their lives into bitcoin working as it does right now to use it, just like any other major change.
This is why I put all my cash into dogecoin
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Jan 18, 2016 09:48
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- Oz
- Sep 10, 2003
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Minion Of Relin
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“The seller is not going to take on the risk of bitcoin (price) fluctuating,” Kunkel said.
...Does the seller not realize that after he get's paid, the value of his Bitcoins can still nosedive? It's not like he'll be able to exchange $300k worth of bitcoins into cash fast enough for there to be no risk of loss. Last I checked there were caps on amounts that can be converted and the network is lovely as hell.
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Jan 18, 2016 14:04
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Jan 18, 2016 05:39
