Bitcoin

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  • Joe E.Joe E.
    edited April 2013

    Bitcoin is NOT the new world order currency the elitists had in mind.  I think many of our so called leaders are shaking in their boots as this unfolds.  The IMF is going down, LOL!  Bitcoin IS the new world order libertarians have in mind.  And this is good.  More freedom, more privacy.


     


    My transaction with Bitinstant finally went through.  And it went through while the market was at a halt @ ~$127/BTC.  I'm not worried, it'll go up.  Going to hold for a while.  Cool thing is, FEDS can't tax my gains, MWAHAHAHA!!!!


     


    Here's a snapshot of the last 24 hrs of trading.  See where it's flat, that's where I got in.  I would have been in at around 190 had the market not stopped, phew!!!!


    image


  • StevoStevo Upgrade in Progress

    As long as you can acknowledge the possibility of it going to zero permanently you can differentiate yourself from someone who is "onto a winner" vs someone who is brainwashed, like so many property enthusiasts.


     


    "Nah nah mate you've got it all wrong! Property ALWAYS goes up, and it doubles every seven years! Blablablabla!"


  • ^it's actually crazy-easy to play the property markets, at least here in the US.. people think '08 bubble was some freak occurence, but it was incredibly predictable and the up/down bubbles of domestic realty have been this way for decades.


     


    Re 1world gov./currency/etc, stop being tinfoil about it because it's coming and is 100.0% unavoidable, but it's not (necessarily or likely) to be the dystopian bs that many have knee-jerk feelinjgs towards (as example yes BTC could become a worldwide currency that was truly free and untouchable- many would welcome this '1 world currency' and it's very much in the interest of the citizenry!  And no IMF/WB won't be going anywhere for a long time lol, they are principally investing in developing areas where conversion to digital currency is of little relevance - there will be agri and infrastructure needs around this planet for a long time that are feasible to "do now, and leave a bill" ie their modus operandi)

  • https://mymodafinil.net/

    Takes bitcoin.

    LOL!
  • Jason MillerJason Miller Mother nature isn't stupid mod

    looks like it's caught the attention of Revenue Canada, will tax purchases and must declare as income, apparently bartering is not tax exempt.


     


    http://www.cbc.ca/news/business/story/2013/04/26/business-bitcoin-tax.html


    My Crossfit auto template programming here, body composition coaching through Eat to Perform here,
  • Seeing through the chaotic.
  • StevoStevo Upgrade in Progress

    GoldMoney podcast just had a debate on Gold vs Bitcoin. Pretty interesting stuff if that's your thing: http://www.goldmoney.com/podcast/the-great-gold-vs-bitcoin-debate-casey-vs-matonis.html


  • Thanks for the Goldmoney link.  I have a goldmoney account but nothing in it.  They charge storage fees, poo on that!  LOL!


    I have some ASIC miners from butterfly labs on order.  I'll probably get them later this summer, fingers crossed.  I also bought some mining contracts with www.cloudhashing.com.  I'm taking a gamble here, but isn't that what free market entrepreneurs do?  We shall see.  Oh, and I'm going to buy a litecoin mining rig.  Litecoin seems to have some advantages over bitcoin.  I'm not the one to ask, google that one.


  • USgov shutting down Bitcoin?


     


    http://www.nytimes.com/reuters/2013/05/17/business/17reuters-bitcoin-accounts.html?src=busln&_r=0


    I saw that.  This is actually bullish for Bitcoin.  It shows the government is very scared of it.  They use the patriot act to do it too, kinda scary.  Also topping Bitcoin news is the Chinese media (government controlled) gave a huge boost to Bitcoin.  Chinese wallet downloads are off the charts.  This link shows the wallet downloads for the last few years.  You can isolate any date range you want.  Within the past couple weeks, Chinese downloads have been crazy.  So now we have thousands, if not millions of Chinese people getting into Bitcoin.  Next thing will be the nock off Chinese ASIC miners.  Better get your BTC's now before the Chinese sieze the market.  That and gold!  

  • These chess moves have already been countered many times.  This "news item" = one of the most easy situations to predict would occur, and what to do afterward = still in the very early phases IMO.


    Seeing through the chaotic.
  • jpickett1968jpickett1968 Loving Life
    Intriguing topic. I hope you don't lose your investment in this Joe E., but I'm more with sportbettingman. Seems pretty dicey. Just because a ton of Chinese are getting into this means I should jump off the bridge too? My mom used to say something about that...


    I'll be interested to see how this all plays out.
  • jpickett1968jpickett1968 Loving Life
    I spoke to a few CFO friends of mine. From their perspectives, BitCoin is not backed by anything at this point, unlike the American dollar. To that extent, the market on it could quickly collapse and there would be nothing to show for it. Yes, it could explode upward, but as an investment, its too volatile to jump into.


    Good luck Joe E. - I really mean that. I hope you don't lose the farm.
  • StevoStevo Upgrade in Progress

    If you listen to the Bitcoin vs Gold debate above, they mention that as one of their biggest problems with it. There is nothing backing it whatsoever.


    They will defend with saying that the algorithm restricts how many can be mined, but there isn't a restriction on how much cryptocurrencies can be created alongside Bitcoin. And with it being in the virtual world, there are no physical barriers to creating more and more of them.


     


    Why, I could create my own digital currency right now and start selling it! The question is whether anyone would buy it.


  • Steven, I would love to invest on a ground floor operation like that.  How much of my money will you let me invest with?  I stopped investing in Bud Light when they quit coming out with commercials like this:


     


    http://budlight.whipnet.com/mp3/RMG-HotStockTipGiverOuter.mp3


  • Pierre EklundPierre Eklund pierre.eklund@gmail.com
    Isn't the whole point with BTC that it doesent have a government that sits on a pile of gold and controls its value?

    I think the whole digital currency can become a finance revolution, no silly taxes for moving money, nobody can seize your money(only destroy), total privacy, people that help woth your transactions get economically rewarded, a usefull world currency.
    Please email me instead of PM

    pierre.eklund@gmail.com
  • Joe E.Joe E.
    edited May 2013

    I spoke to a few CFO friends of mine. From their perspectives, BitCoin is not backed by anything at this point, unlike the American dollar. To that extent, the market on it could quickly collapse and there would be nothing to show for it. Yes, it could explode upward, but as an investment, its too volatile to jump into.


    Good luck Joe E. - I really mean that. I hope you don't lose the farm.


     


     


    The American dollar isn't backed by anything.  Where do you get that from?  Since the Bretton-Woods accord in 1971, we left the gold standard.  The only thing backing the American dollar is the IRS at the point of a gun.  Bitcoin is backed by the network.  The people using it, and mining it, control it.  Bitcoin's value comes from the mathematical formulas hashed out to continuously verify transactions across the network.  It is the future of money.  Did you see how Obama is attacking the internet lately?  article


    Don't you think this is a little suspect?  First DHS freezes Mt. Gox's Dwolla account, then realizes that did nothing, now this.  Just like the patriot act attacked our liberties for the sake of security, the government wants to control the internet for the sake of security.  They realize Bitcoin poses a real threat to the USD.  With that said, we may see a ban on Bitcoin in the US, but it will flourish worldwide.  Interesting times indeed.  And I won't lose the farm.  Only a fraction of my net worth is in BTC.  What worries me is the stock market bubble and the dollar losing value.  Which is why I own and buy gold/silver with every pay check (no matter how small the amount.)  And gold Stocks!!! That's where the real earnings are.


     


    P.S.  The ONLY way to stop Bitcoin is to shut down the internet.


  • StevoStevo Upgrade in Progress

    "Steven, I would love to invest on a ground floor operation like that.  How much of my money will you let me invest with?"


     


    Jason, there's no limit to the amount of money I'll let you give me! Taking tips from Ben Bernanke, I'll create as many currency units as possible. If that's fine with you, invest away!


  • OceanRayOceanRay
    edited June 2013

    P.S.  The ONLY way to stop Bitcoin is to shut down the internet.


     


    It's much easier than that, 


    All the USG needs to do is target the exchanges, or threaten to. 


  • "Steven, I would love to invest on a ground floor operation like that. How much of my money will you let me invest with?"


    Jason, there's no limit to the amount of money I'll let you give me! Taking tips from Ben Bernanke, I'll create as many currency units as possible. If that's fine with you, invest away!

    This is Being done already


    It's much easier than that,

    All the USG needs to do is target the exchanges, or threaten to.

    This is also being done. If the USG bans bitcoin, it will be very bullish for bitcoin. Other countries will see it more as a safe haven. Especially from a failing USD.
  • OceanRayOceanRay
    edited June 2013

    If the USG bans bitcoin, it will be very bullish for bitcoin. Other countries will see it more as a safe haven. Especially from a failing USD.


     


    Yes. As the USD decline accelerates money will flood into Bitcoin. The mkt. cap. will start to go parabolic hitting 5, 25, 50 bn USD (on it's way to some incredible number) and for those few days you will feel rich and vindicated. 


     


    Unfortunately however, the continued reserve status of the USD is largely a matter of perception. The US govt. has EVERYTHING to lose if allows Bitcoin to look like/function as an alternative to the USD. They are extremely aggressive and proactive when their interests are threatened. So they will bring Bitcoin down and it will be extremely easy to do. 


     


    First, they could attack the exchanges. The Bitcoins on your computer are useless and worthless without them. The exchanges rely on the banking system and national governments; how long will they resist US govt. pressure? 20 minutes? A day? Ok, so maybe Iceland will keep an exchange open. Can you get a bank account there? 


     


    Second, the blockchain has links to child porn in it, so having Bitcoin on your computer could be framed as a criminal offence in most Western countries. A few high profile prosecutions would drive all but the hardcore devotees/hackers/criminals out in panic.


    A currency that most people won't use cannot be an effective safe haven.


    A niche currency cannot be an effective MoE. 



    The US govt. will not strike until Bitcoin looks to be at it’s strongest (return flows of capital will help bolster the illusion that the USD still functions as int. reserve).  


     


    How will you feel with Bitcoins on your laptop after the US govt. start arresting hacktivists for distributing child porn? 


  • USD are used for all porn too, not sure how you come to the assumption that bitcoin is somehow vulnerable and USD aren't. You can buy gold/silver with bitcoin. The USG has already attacked the exchanges with little to no effect. They are very scared indeed. Greater risk means greater reward. I don't thing you've fully studied the implications of this. It's a first in the works phenomenon. Nobody knows how it's going to play out. But the USG cannot stop it, that's a fact.
  • Joe E


     


    " ...not sure how you come to the assumption that bitcoin is somehow vulnerable and USD aren't"


    Would be better if you addressed points I made, not points you imagined I made. 


     


    The USD is highly vulnerable, but not to Bitcoin. 


     


    "The USG has already attacked the exchanges with little to no effect."


    Really? You think US govt. gave it it's best shot and failed? 


    When US govt. attacks for real, you will know about it. 


     


    "I don't thing you've fully studied the implications of this"


    Yes I must read more Schiff and ZeroHedge. Are they still pumping silver and mining stocks to the most gullible people on earth? 


     


     


    The collapse of the US dollar is inevitable, but Bitcoin will be at zero before that happens. 

  • StevoStevo Upgrade in Progress
    Have you got any links I could read about how silver and mining stocks are for suckers? Would be good to see the arguments.
  • Joe E


     


    " ...not sure how you come to the assumption that bitcoin is somehow vulnerable and USD aren't"


    Would be better if you addressed points I made, not points you imagined I made. 


     


    The USD is highly vulnerable, but not to Bitcoin. 


     


    "The USG has already attacked the exchanges with little to no effect."


    Really? You think US govt. gave it it's best shot and failed? 


    When US govt. attacks for real, you will know about it. 


     


    "I don't thing you've fully studied the implications of this"


    Yes I must read more Schiff and ZeroHedge. Are they still pumping silver and mining stocks to the most gullible people on earth? 


     


     


    The collapse of the US dollar is inevitable, but Bitcoin will be at zero before that happens. 


     


     


    What I'm saying, people were using USD to buy child porn and drugs long before Bitcoin came along.  The problem isn't the currency.  The USG cannot stop all exchanges.  Bitcoin will flourish in pockets.  It's not really the government that's afraid of it as it is the bankers.

  • Have you got any links I could read about how silver and mining stocks are for suckers? Would be good to see the arguments.


    I'd like to see that too.  It's inevitable that gold will go up.  When gold gets too low, mining companies will limit/halt production, causing supply to diminish.  The law of supply/demand says this is bullish for gold as demand will go up and naturally the price of gold will skyrocket.  You can't stop a bull market.  It's inevitable my friend.  Wanna bet some bitcoin on it?

  • OceanRayOceanRay
    edited June 2013


    Have you got any links I could read ...




     




    I'd like to see that too.




     


    Hi chaps. Will write some notes when I get time.


    It's a big subject.


  • OceanRayOceanRay
    edited June 2013

    Malka vs Rickards debate on Bitcoin


    http://www.bloomberg.com/video/malka-rickards-debate-bitcoin-utility-longevity-662IxXXTQl2e~49s0UZNhw.html


     


    Seems Rickards sees Bitcoin the same way i do.


    (Also, he is one of a very few US analysts who understands the path the Euro is on).


  • Another option to buy bitcoins in Australia is https://www.bitcointrader.com.au


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