Bitcoin

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Comments

  • edited September 2013

    http://www.forbes.com/sites/kashmirhill/2013/08/12/every-important-person-in-bitcoin-just-got-subpoenaed-by-new-yorks-financial-regulator/


     



    Every Important Person In Bitcoin Just Got Subpoenaed By New York's Financial Regulator
  • edited October 2013

    I'm unsure how big an effect it may have, but the feds just shut down the biggest 'black web' market using bitcoin (silk road) this afternoon and seized several million btc in the process.  Sooo, heads-up to anyone in thread who's holding, may wanna google ;)


     


    [edit- seems they're down ~20%ish after news of this is hitting, but this is still very very fresh.  Maybe it'll bounce right back?  I'm not familiar enough to speculate whether this'll be a hiccup or a death knell]


  • StevoStevo Upgrade in Progress

    It would be interesting if it went to court, because both bitcoin and the US dollar are as illegal as each other for use as money according to original US law.


  • ^SNAP you just went there!  lol, as if those are the rules we play by today ;)  


     


    /+1



  • It would be interesting if it went to court, because both bitcoin and the US dollar are as illegal as each other for use as money according to original US law.




     


    It would be interesting to see how Bitcoin's police force/army match up against the police force/army that back up USD. 

  • the beauty of bitcoin (or any decentralized currency) is that it doesn't require force, while state-issued fiat does ;)
  • One coin roughly $200 now.


     


    What used to be used mostly for gambling sites is gradually and naturally spreading its wings.


     


    Recommended place to purchase...


     


    https://coinbase.com/?utm_campaign=user-referral


    Seeing through the chaotic.


  • USgov shutting down Bitcoin?


     


     




    _______


     


    You could have just left out the last word. :-) :-) :-)

    Seeing through the chaotic.
  • Joe E.Joe E.
    edited November 2013

    I haven't been on this forum lately, oops...


     


    BTC hit $431.36 on bitstamp today, and rising.  I feel, not my original idea, that bitcoin is in it's pre-IPO stage.  Right now we're seeing it's version of venture capital taking place.  Like the founders of facebook, if you're in bitcoin now, you win.  Don't be late to the party.  I bought and received some mining equipment 1 month ago and has more than paid for itself.


     


    In other news, Peter Schiff has been invited to a bitcoin debate with Eric Voorhees.


     


    http://t.co/9SOn5MzEPK


     


    This should be good.  Peter does not understand bitcoin and he thinks it's a bubble. Peter is usually right about these things, but I'm afraid I can't agree with him on this.


  • Hey Joe, how much does the mining equipment cost, and how long does it take to produce say, one coin? Isn't it going to get exponentially harder soon?


  • $704 today!


     


    ^_^


    Seeing through the chaotic.


  • Hey Joe, how much does the mining equipment cost, and how long does it take to produce say, one coin? Isn't it going to get exponentially harder soon?




    Right now you need about 1200Gh of mining power to produce 1BTC a day.  And yes, it gets more and more difficult as more and more people mine.  A year ago you would have crashed the network with 1200Gh via a 51% attack.


     


    Mining equipment is ridiculously expensive and not worth it anymore....unless you speculate that bitcoin will go to $10,000.  Just buy bitcoin at this point.  I'd be WAY ahead if I would have just bought the bitcoin instead of the mining equipment.  Come Jan/Feb, huge amounts of hashing power will be coming to the network and it's gonna get silly.  

  • StevoStevo Upgrade in Progress

    BTC%20drop.jpg


  • StevoStevo Upgrade in Progress

    Looks familiar ;-)


     


    bubble-phases-1024x686.jpg


  • Indeed! Tulip mania! Although I'm still holding long term. I'll sell monthly to take a little in. But if it gets crazy, like $10k, I'm out!
  • RodRod The Rodfather

    I'm going to shoot myself....I posted back when they were only 100$.......It's above 1k now... tee hee


    Everything I learned about "biohacking" has been baby steps to "circadian biology", that's where the real biohacking comes in. You can buy a bunch of cool shit to "hack" but if you don't have context, you're not winning. Paleo is just a brand now and too many have opinions, it's on you to read and reread the material to not only find truth but to connect the dots. Much love to everyone who has helped me on my journey for restoring my health, please keep in touch. Feel free to message me with health questions Consultwithrod@live.com 

  • StevoStevo Upgrade in Progress
    Haha everyone has that feeling! I've read that a lot of people have made a lot on bitcoins but are having great difficulty actually getting their cash out.

  • Looks familiar ;-)

    bubble-phases-1024x686.jpg




    Wow the pattern really is quite similar.
  • Buy gold/silver from www.amagimetals.com with bitcoin. I do. Then go to a local coin shop or such and sell it. That can take a while but it can be done .
  • Hey Joe, how easy is it to get cash out of bitcoins? I've looked into buying/selling a little bit and it seems difficult/time consuming? Say you bought 1000 bitcoin at $1, now that it's at $1,000 can you dump all 1000 coins for the million and walk away?


  • Joe E.Joe E.
    edited December 2013


    Hey Joe, how easy is it to get cash out of bitcoins? I've looked into buying/selling a little bit and it seems difficult/time consuming? Say you bought 1000 bitcoin at $1, now that it's at $1,000 can you dump all 1000 coins for the million and walk away?




     


    Well, you can use coinbase.  But the bank will see your transaction and you'll have to report it on your taxes.  The best thing to do if you want to avoid "The Man" is expatriate the US and cash out in a bitcoin friendly country, like Germany or China.  


  • Bitcoin is a scam, simple as that. 


     


    Read this article before you go digital. 


     


    http://rt.com/business/banshee-bitcoin-vanish-china-601/




  • Bitcoin is a scam, simple as that. 


     


    Read this article before you go digital. 


     


    http://rt.com/business/banshee-bitcoin-vanish-china-601/




     


     


    Scam it is not,  bubble it may be.  Ponzi scheme like.  But....when people start buying gas, groceries, paying rent/bills with it and getting paid in bitcoin.   That's when it's real.  The more businesses that accept it, the closer we get to that paradigm. 

  • deeperdeeper
    edited December 2013

    If your money disappears like in the article I posted, is it still legit? 


     


    I understand the premise, it's a good one. Eliminating the bank as the middleman.  But I don't think the U.S. dollar's status as the reserve currency is going to change anytime soon. 


     


    If you think it will, you've been listening to too many Peter Schiff interviews. 




  • If your money disappears like in the article I posted, is it still legit? 


     


    I understand the premise, it's a good one. Eliminating the bank as the middleman.  But I don't think the U.S. dollar's status as the reserve currency is going to change anytime soon. 


     


    If you think it will, you've been listening to too many Peter Schiff interviews. 




     


     


    USD is doomed my friend.  You see that China announced 100% stop on bond buying?  Also, the Chinese gov is promoting bitcoin to no end.  They're embracing it.  They know it will bring America to ins knees.  You need articles? 

  • http://www.financialsense.com/financial-sense-newshour/dr-gary-shilling/advantage-america


     


    Why not listen to someone who knows what's up. 


     


    You need a reality check my friend. 


  • StevoStevo Upgrade in Progress

    Being able to use Bitcoin is where its value will come from. Money has to be a medium of exchange. Currently, Bitcoin is only used in a few places, so that criteria is not met very well. So why has its value increased so much so fast? Bubble is the only realistic explanation.


     


    If it is going to last, it has to stick around long enough so people can set up systems for paying rent, wages, etc with it. The question is, when the bubble bursts, will people be put off using it and therefore not set up these systems, and therefore kill it off?


    Thinking along those lines, could the US Govt be fuelling the bubble with this end in mind?


  • RodRod The Rodfather

    I personally know some KIDS like still in TEENS and early 20's who are multi millionairs now...this is/was no joke!


    Everything I learned about "biohacking" has been baby steps to "circadian biology", that's where the real biohacking comes in. You can buy a bunch of cool shit to "hack" but if you don't have context, you're not winning. Paleo is just a brand now and too many have opinions, it's on you to read and reread the material to not only find truth but to connect the dots. Much love to everyone who has helped me on my journey for restoring my health, please keep in touch. Feel free to message me with health questions Consultwithrod@live.com 

  • I've been trying to do the bitcoin thing few months back but I can't for the life of me figure it out, it looks too complicated for me. Does anyone has some easy-to-understand guides? is still a good idea to invest in it or am I a little too late given that it's almost worth $1000?


  • edited December 2013

    Nobody knows this for sure, people also said it was too late when the bitcoin was at $100. Remember though, in the world of stock markets, the price is based on the judgement of the trader. Efficient market theory I mean. The risk is higher so your risk premium will be bigger too and therefore your expected return will be higher.


     


    Basically to know if this is a smart investment, you have to know more than the average investor. Since its pretty human to overestimate ur own knowledge, I would just refer to the efficient market theory and base your decision on the fact if you are willin to face a lot of risk.


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