DanArmak comments on Rationalists Are Less Credulous But Better At Taking Ideas Seriously - Less Wrong

43 Post author: Yvain 21 January 2014 02:18AM

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Comment author: DanArmak 21 January 2014 07:57:38PM 7 points [-]

Forgive me for my ignorance: so this guy has lots of Bitcoin now? What can you buy with Bitcoin? Can you just convert the Bitcoin into dollars? If so, how much money did this person make from this?

The hypothetical investor probably has the same amount of Bitcoins he always had, but Bitcoins are worth many more dollars now than previously, a difference of three orders of magnitude.

Comment author: SaidAchmiz 21 January 2014 08:18:28PM 0 points [-]

Noted. And as for the other things I asked?

Comment author: [deleted] 22 January 2014 04:51:17PM *  1 point [-]

You can easily sell Bitcoins for US dollars on mtgox.com, but after mid-2013 you need a verified account (which IIRC requires sending them proof of residence) to transfer them to your bank account, which is a heck of a trivial inconvenience. (For all I know there might be an easier way, though.)

Comment author: Eugine_Nier 23 January 2014 02:32:51AM 1 point [-]

I heard other exchanges, e.g., BitStamp don't have this problem.

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