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Thread: Bitcoins

  1. #1
    Senior Member marc26's Avatar
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    Bitcoins

    here is a hefty read on bitcoins for LIL to enjoy on the beach in Phils

    http://www.newyorker.com/online/blog...f-bitcoin.html

  2. #2
    Super Moderator LivinLOS's Avatar
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    Re: Bitcoins

    I started a bitcoin wallet last year, looking into the ecomonics of bitcoin mining... Back then I concluded it wasn't worth the electric costs.. It's interesting how the scarcity has increased so they are again not worth the electric costs.. However if you had mined and held them ??

    I think they were.. Around 8 to the dollar when i looked.. Yesterday they hit 150.. Up from 4x something when Cyprus started.. And maybe 12 or 15 at the start of the year..

    I didn't buy any.. I love the concept.. But prefer a currency that works in a power outage.

  3. #3
    Senior Member marc26's Avatar
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    Re: Bitcoins

    Quote Originally Posted by LivinLOS View Post
    I started a bitcoin wallet last year, looking into the ecomonics of bitcoin mining... Back then I concluded it wasn't worth the electric costs.. It's interesting how the scarcity has increased so they are again not worth the electric costs.. However if you had mined and held them ??

    I think they were.. Around 8 to the dollar when i looked.. Yesterday they hit 150.. Up from 4x something when Cyprus started.. And maybe 12 or 15 at the start of the year..

    I didn't buy any.. I love the concept.. But prefer a currency that works in a power outage.
    i wish i could short the shit out of it here

  4. #4
    Super Moderator LivinLOS's Avatar
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    Re: Bitcoins

    Well yes it's it's gone totally parabolic and I agree with that sentiment. Tho I heard the same a week or two ago at 50..

    But the fact is.. The market is simply a reflection of a loss of faith in government assured and mandated currency..

    I wouldn't be buying any at 150.. But interesting to see where it is in a year.. I also see the us is trying to dent its popularity with money laundering regs etc.. They a will try to restrict what they fear, and a currency that cannot be controlled must be high on the list.

  5. #5
    Senior Member marc26's Avatar
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    Re: Bitcoins

    Quote Originally Posted by LivinLOS View Post
    Well yes it's it's gone totally parabolic and I agree with that sentiment. Tho I heard the same a week or two ago at 50..

    But the fact is.. The market is simply a reflection of a loss of faith in government assured and mandated currency..

    I wouldn't be buying any at 150.. But interesting to see where it is in a year.. I also see the us is trying to dent its popularity with money laundering regs etc.. They a will try to restrict what they fear, and a currency that cannot be controlled must be high on the list.
    i'd only want to short it because of the jump after the media blitz the last 2 days, not because of any opposition

    as for money laundering, apparently it is predominantly used on the drug website Silk Road.........which absolutely fascinates me( the website) i just heard about it today and amazing how it is set up where it can't be tracked or shut down by govt

  6. #6
    Super Moderator LivinLOS's Avatar
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    Re: Bitcoins

    Ha ha.. Not got your silk road buying account set up then ??

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    Senior Member marc26's Avatar
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    Re: Bitcoins

    Quote Originally Posted by LivinLOS View Post
    Ha ha.. Not got your silk road buying account set up then ??
    i am afraid to google it!!

    some good arguments for it though
    people making conscious efforts instead of addicted efforts

    but how could you not be worried getting shit mailed to you
    so many questions, so much fear 555

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    Re: Bitcoins

    There was an article about bitcoins on the radio this week, never heard of them until that. Some guy in Canada selling his house and wants to be paid in bitcoins seems to have sparked some real interest. Can they catch on?

  9. #9
    K2
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    Re: Bitcoins

    Tulip bulbs for the 21st century ... and I thought AAPL was in a bubble (now deflating) ... hard to call a top in Bitcoin for something thats worth the intrinsic whim of the nuts who are buying it ... but hey ... maybe thats all any fiat money is worth in these QE infinity times.
    Its My Life .....!

  10. #10
    Super Moderator LivinLOS's Avatar
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    Re: Bitcoins

    Quote Originally Posted by K2 View Post
    Tulip bulbs for the 21st century ... and I thought AAPL was in a bubble (now deflating) ... hard to call a top in Bitcoin for something thats worth the intrinsic whim of the nuts who are buying it ... but hey ... maybe thats all any fiat money is worth in these QE infinity times.
    But isn't that the very point.. A technologically limited item.. That requires labor (processor cycles) to produce.. And cannot be inflated away as a political bribe to the electorate..

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    Re: Bitcoins

    Its doomed ... doesnt matter if its a Ponzi scheme (which I think it is) ...or a semi-legitimate alternative to fiat currencies or even PM's ... dont doubt for a moment that if it ever became a serious challenger to reserve currencies it would be terminated ... I'll sell 2015 for it's demise.
    Its My Life .....!

  12. #12
    Super Moderator LivinLOS's Avatar
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    Re: Bitcoins

    I agree with your serious challenger bit.. Tho technically it may not be so simple to terminate.. Distributed decentralized crypto currency etc..

    How do you think of it as a ponzi tho ??

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    Re: Bitcoins

    I've followed bitcoin for quite some time, the mining is useless without using blackhat methods pretty much and the use for the currency itself is mostly silk road and other far worse sites all accessiable through tor and some knowledge.
    Silk Road is one of the more "innocent" in fact, guns for sale, blackhat services like stolen cc and such, killers for hire and so on.
    So in basic it is a currency which is far from transparant and is used mostly in some serious shit which I don't very much like to be affiliated with, therefore I decided to stay the fcuk away even if I knew there could be money to be made.
    I was right about that part at least, I could have made money but at what expense?

    Just my take, each to his own, but know if invested in bitcoin you do fuel a economy thats far from ethical.

  14. #14
    Super Moderator LivinLOS's Avatar
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    Re: Bitcoins

    I don't see how owning bitcoins fuels anything except perhaps the value of bitcoins..

    As an untraceable (with precautions) currency its bound to be initially used by people for criminal activity.. But already we see businesses wanting to be paid in it.. More of a real world applications type deal.

    I also think it will be hard to kill, more it will be legislated against.

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    Senior Member marc26's Avatar
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    Re: Bitcoins

    Quote Originally Posted by LivinLOS View Post
    I don't see how owning bitcoins fuels anything except perhaps the value of bitcoins..

    As an untraceable (with precautions) currency its bound to be initially used by people for criminal activity.. But already we see businesses wanting to be paid in it.. More of a real world applications type deal.

    I also think it will be hard to kill, more it will be legislated against.
    but with this huge fluctuation........that will hurt them
    who is going to want to take bitcoins not knowing what the value will be in 2 days

  17. #17
    Super Moderator LivinLOS's Avatar
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    Re: Bitcoins

    Thes been multiple bitcoin drops of 20 to 40 per cent over the last few months.. And it's still done 2200 per cent on the year..

    This is typical reporting.. "bitcoin hacked"

    http://finance.yahoo.com/news/bitcoi...103848677.html

    When in fact, bitcoin wasn't hacked.. A payment gateway was, and even then, it was just a ddos attack not a hack..

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    Re: Bitcoins

    So if investing in bitcoin only perhaps fuels it's value which in turn will make it more sexy to investors and such right?
    Many of those will be more then shady but unstoppable as long as it can't be traced so infact bitcoin is just a 100 year reverse on economy, can't see that go unnoticed from the powers that be since they've worked damn hard to make sure "money" can be traced.

    A few will want to get in because they see profit but we all know that most will see it as an opportunity to hide assets and pay for goods/services that is highly illegal most places, untraceble remember?

    So for arguments sake say I sold my services, drugs or even underage pron, any outside investing into bitcoin increasing it's value would make me gain more from my activities, thus allowing me to expand?


  19. #19
    Super Moderator LivinLOS's Avatar
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    Re: Bitcoins

    Let's just say that I strongly disagree with the entire premise that banking privacy is somehow wrong.. I see that mentality and bias in reporting all the time, along the lines off if you bank offshore or use an offshore company your doing something morally wrong.

    Personally I feel the opposite.. Privacy should be my right.. Where and what I do with my assets, how I spend or invest them is my business.. Not governments, not big brother, not subject to capital controls, or bail in levys, or taxation by states I have nothing to do with.. It took me years to gt taxes back from America they deducted at source with no right to.. I refuse to make investments in the uk now, even tho the investments itself look good, as I simply will not do a tax return and declare my assets worldwide, it's none of their business and if they want to make that reporting a law, then I will simply not help support that economy. They can define residency now with 16 days in country in any tax year!!

    I see bitcoin, and I am sure a whole host of other experimental crypto currencies as simply a reaction to that.. Greshams law is that good money drives out bad.. But forced fiat means its harder to compete on a level playing field.. But people are waking up to the idea that money in the bank, is not the tangible goods they thought it was.

  20. #20
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    Re: Bitcoins

    I do not disagree with you one bit, however I have a feeling different govt and agencies might, that is why I'm doubtful about bitcoin, that and of course I've seen firsthand what they get used for. Not pretty at all..

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