Is "bit coin" and "dogecoin" just the new S&H Green Stamps

I have been trying to follow this latest "phenomenon", and it just dawned on me that this is just like the old S&H Green Stamps that grocery stores used to give away.
Their only value was within that community. You could "spend" them at only one place, your redemption store. If that store ceased to exist, ( which it did), they were worthless.

I think I will stick with good old US backed dollar bills for the time being.

Or am I missing something here?

Charlie Munger did look Bill Gates right in the eye and say they were akin to nothing but kids trading toys out of a bubble gum machine.

I have been trying to follow this latest "phenomenon", and it just dawned on me that this is just like the old S&H Green Stamps that grocery stores used to give away.
Their only value was within that community. You could "spend" them at only one place, your redemption store. If that store ceased to exist, ( which it did), they were worthless.

I think I will stick with good old US backed dollar bills for the time being.

Or am I missing something here?

Charlie Munger did look Bill Gates right in the eye and say they were akin to nothing but kids trading toys out of a bubble gum machine. Originally Posted by Jackie S

I've been hearing a little about Bit coins. Iam not convinced they are the investment some claim. There is something that is a mathematical inevitability, the dollar will crash, not if but when.


Jim

The S&H greenstamp analogy is a little shaky. You had to buy something at the Piggly Wiggly in order to get them.

Bitcoin is its own currency. Its backed by the full faith and credit of only those who use it. Like any "nonreal" currency it only works if people believe it works. Right now, it's used to avoid paying local and national taxes. The transaction cost is less than the Mastercard/Visa transaction cost.

Amazon does not take bitcoin. When major websites start taking it Uncle Sam, the EU and others will start knocking on their door.

I believe a recent IRS ruling stated that bitcoins were property and could be taxed as such.

The S&H greenstamp analogy is a little shaky. You had to buy something at the Piggly Wiggly in order to get them.

Bitcoin is its own currency. Its backed by the full faith and credit of only those who use it. Like any "nonreal" currency it only works if people believe it works. Right now, it's used to avoid paying local and national taxes. The transaction cost is less than the Mastercard/Visa transaction cost.

Amazon does not take bitcoin. When major websites start taking it Uncle Sam, the EU and others will start knocking on their door.

I believe a recent IRS ruling stated that bitcoins were property and could be taxed as such. Originally Posted by gnadfly

I used that analogy because I can remember my Mom trading the old Green Stamps and Black Gold stamps back when I was a kid. If one mom had plenty, she would sell some to a friend who just had to have that new Iron at the redemption store.

And I remember when the Black Gold Stamps went belly up, and quite a few Houswives in the Port Arthur Tx area wanted to storm the gates with the torches and pitchforks.

I guess I really don't get the whole BitCoin and DogeCoin thing, maybe I am just too damned old. The closest I am to it is ******** cards, which my ATF loves.

I used that analogy because I can remember my Mom trading the old Green Stamps and Black Gold stamps back when I was a kid. If one mom had plenty, she would sell some to a friend who just had to have that new Iron at the redemption store.

And I remember when the Black Gold Stamps went belly up, and quite a few Houswives in the Port Arthur Tx area wanted to storm the gates with the torches and pitchforks.

I guess I really don't get the whole BitCoin and DogeCoin thing, maybe I am just too damned old. The closest I am to it is ******** cards, which my ATF loves. Originally Posted by Jackie S

I remember the "Green Stamps" My mother would collect them, I remember we would sit around and help her fill the books. The items in the redemption outlets were over stocked items donated by department stores. I think that concept of collecting stamps should make a come back it was probably good for the economy then and probably would be now.


Jim

I remember then too. Was it 50 stamps to a page? We were enthusiastic as kids to lick the stamps and stick them on a page. After a couple of pages it was "give me one of those 50 valued or 5 10 value stamps, my tongue is tired."



Then we found out we couldn't buy shit for the 4 or 5 books that we collected.

Chuck E Cheese has a similar scam. Buy $50 worth of tokens to play games so you can buy $1 worth of Taiwanese toys. They are training kids for Vegas.

I remember then too. Was it 50 stamps to a page? We were enthusiastic as kids to lick the stamps and stick them on a page. After a couple of pages it was "give me one of those 50 valued or 5 10 value stamps, my tongue is tired."



Then we found out we couldn't buy shit for the 4 or 5 books that we collected.

Chuck E Cheese has a similar scam. Buy $50 worth of tokens to play games so you can buy $1 worth of Taiwanese toys. They are training kids for Vegas. Originally Posted by gnadfly

Yeah, I remember those days. Not all stores offered stamps my parents, my mother especially would only shop at stores and get gas at places that offered stamps. My Mother's first microwave oven was bought with S&H Green Stamps. Those were some good days, everyone seemed happier. What the fuck happened people seem so pissed off now, lol.


Jim

They are actually more similar to privately issued currency that you can keep in an electronic form that functions like a freely traded ETF, with a virtual underlying value that is based upon everyone cooperating. Some merchants accept them because they can instantly exchange them into dollars with trading companies that charge a transaction fee slightly less than MasterCard and Visa get. The total value of all of them is determined every day by electronic trading, and ultimately, there is a fixed float.
Banks used to issue currency in the old days, too.

Any providers taking bit coins now? Or Green stamps, sounds like you guys have some left over.

Banks used to issue currency in the old days, too. Originally Posted by Jewish Lawyer

In the 1800s US banks issued currency but it was supposed to be backed by deposited gold or US coins. Bitcoin, from I can tell, has no deposits.

Any providers taking bit coins now? Or Green stamps, sounds like you guys have some left over. Originally Posted by i'va biggen

Your mom took the last of my greenstamps.

[QUOTE=gnadfly;1055330504]In the 1800s US banks issued currency but it was supposed to be backed by deposited gold or US coins. Bitcoin, from I can tell, has no deposits.

Your mom took the last of my greenstamps.[/QUOTE





Mother never fucked dwarfs liar .