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mastermindreader 1949 - 2017 Seattle, WA 12586 Posts |
And as of yesterday it looks like the main Bitcoin guy may be going off to prison for money laundering.
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critter Inner circle Spokane, WA 2653 Posts |
What is a bitcoin?
"The fool is one who doesn't know what you have just found out."
~Will Rogers |
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ed rhodes Inner circle Rhode Island 2885 Posts |
"...and if you're too afraid of goin' astray, you won't go anywhere." - Granny Weatherwax
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tommy Eternal Order Devil's Island 16544 Posts |
The other they said they had been busted for money laundering or somthing like that.
If there is a single truth about Magic, it is that nothing on earth so efficiently evades it.
Tommy |
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critter Inner circle Spokane, WA 2653 Posts |
Is anybody going to tell me what a bitcoin is?
"The fool is one who doesn't know what you have just found out."
~Will Rogers |
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tommy Eternal Order Devil's Island 16544 Posts |
Investopedia explains 'Bitcoin'
The first Bitcoin specification and proof-of-concept was published in 2009 by an individual or individuals under the pseudonym Satoshi Nakamoto. Satoshi left the project toward the end of 2010, leaving the motivation behind setting up Bitcoin an enduring mystery. Bitcoins are created through a “mining” process that involves complex number crunching by the computers in this network; this process currently creates 25 Bitcoins every 10 minutes. The limit of 21 million is expected to be reached in the year 2140, after which the total number of Bitcoins will remain unchanged. A basic premise underpinning the Bitcoin is that because it is decentralized and not issued by government, it is supposedly free from interference and manipulation, in stark contrast to the world’s fiat currencies. However, these same features confer significant disadvantages on the Bitcoin. It is a complex product that is difficult to understand, making its widespread acceptance doubtful. Since it is a virtual currency, it cannot be stored in physical form. As a result, if you have not stored a backup copy of your Bitcoin holdings, your digital hoard can be wiped out by something as mundane as a computer crash. Its anonymity has also made it a favored currency for illegal activities such as tax evasion, smuggling and weapons procurement. Additionally, Bitcoin prices are very volatile thanks to rampant speculation. In a word, no!
If there is a single truth about Magic, it is that nothing on earth so efficiently evades it.
Tommy |
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acesover Special user I believe I have 821 Posts |
Bitcoin = BitCON
Does the term snakeoil salesman come to mind? Well it should. It is garbage now and will be garbage later. Of course you can buy some now and be cool. Just remember they are for buying not selling. In other words they are only worth what the fool will pay for them. There is no legit supply therefore no demand. Unregulated theft by those smart enough to sell them to those dumb enough to buy them...that is what the bitcoin market is based on.
If I were to agree with you. Then we would both be wrong. As of Apr 5, 2015 10:26 pm I have 880 posts. Used to have over 1,000
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critter Inner circle Spokane, WA 2653 Posts |
Is it like Skynet?
"The fool is one who doesn't know what you have just found out."
~Will Rogers |
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acesover Special user I believe I have 821 Posts |
Quote:
On 2014-02-01 01:16, critter wrote: Yes just like Skynet and John Connors.
If I were to agree with you. Then we would both be wrong. As of Apr 5, 2015 10:26 pm I have 880 posts. Used to have over 1,000
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ed rhodes Inner circle Rhode Island 2885 Posts |
"...and if you're too afraid of goin' astray, you won't go anywhere." - Granny Weatherwax
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balducci Loyal user Canada 227 Posts |
Quote:
On 2014-01-31 23:13, critter wrote: A system for / form of digital / electronic currency. This is one of the best articles I've found explaining it (if you just read about half you will still know more than most): http://www.michaelnielsen.org/ddi/how-th......y-works/ Then you have the technical papers here https://en.bitcoin.it/wiki/Research The first paper by Satoshi Nakamoto is the bitcoin origin paper.
Make America Great Again! - Trump in 2020 ... "We're a capitalistic society. I go into business, I don't make it, I go bankrupt. They're not going to bail me out. I've been on welfare and food stamps. Did anyone help me? No." - Craig T. Nelson, actor.
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balducci Loyal user Canada 227 Posts |
Quote:
On 2014-01-31 23:49, tommy wrote: Probably no more so than fiat currencies and the fractional reserve banking system are. Quote:
On 2014-01-31 23:49, tommy wrote: Actually, it can be. E.g. https://www.casascius.com/ Quote:
On 2014-01-31 23:49, tommy wrote: Traditional money (e.g. U.S. dollar) deposited in a bank is converted into an accounting entry on an electronic register, it is not actually stored in physical form (i.e. money you deposit is lent out, it is not kept in your local bank's vault). Quote:
On 2014-01-31 23:49, tommy wrote: That is a mistaken belief, circulated and reinforced by those who do not understand bitcoin. And by stoners / druggies on Silk Road. Bitcoin is NOT anonymous. Quite the contrary. It is one of the most non-anonymous currencies there is. "[T]here’s a public record of every transaction. Thus, every transaction is always recorded. It’s like an accountant’s wet dream – debits and credits everywhere." http://www.forbes.com/sites/cameronkeng/......taxable/ Quote:
On 2014-01-31 23:49, tommy wrote: Much less so than many other investments, though. And a long ways to go before it would be as volatile as some traditional non-electronic currencies have been in the past. E.g. "Zimbabwe's peak month of inflation was estimated at 6.5 sextillion percent in mid-November 2008."
Make America Great Again! - Trump in 2020 ... "We're a capitalistic society. I go into business, I don't make it, I go bankrupt. They're not going to bail me out. I've been on welfare and food stamps. Did anyone help me? No." - Craig T. Nelson, actor.
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ed rhodes Inner circle Rhode Island 2885 Posts |
I found this in this week's "Providence Phoenix."
http://providence.thephoenix.com/news/15......rencies/ It seems to explain the situation from both points of view fairly well. As I understand it, there are two basic uses for bit coins; one, to purchase stuff online two, to transfer money from one currency to another (transfer dollars to bitcoins, send bitcoins somewhere instantly, transfer bitcoins back to new currency) apparently it takes a lot of time to go through the protocol of changing currencies but less time to buy bitcoins or to sell bitcoins into your local currency. As I've almost never bought anything online. (a couple of books, some magazines, that's about it) and I never transfer currency from one medium to another. I don't see where bitcoins would serve me at all. It seems to me that if something catastrophic happens that destroys the dollar (and most of the world's currency) then one of the first things to go is going to be the internet and your storehouse of bitcoins. As we've seen from their history, bitcoins may not be going anywhere, but they don't seem to be too stable. If bitcoins are going for $100 and I buy a couple and then bitcoins skyrocket to $1,000 and you buy a couple and then we both buy the same online item for 1 bitcoin, did I pay $100 dollars for the same item you just paid $1,000 for?
"...and if you're too afraid of goin' astray, you won't go anywhere." - Granny Weatherwax
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rockwall Special user 762 Posts |
I would think that you would be better served to sell your bitcoins for cash once they go from $100 to $1000 instead of buying something with the inflated bitcoin at the inflated price.
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ed rhodes Inner circle Rhode Island 2885 Posts |
If the bitcoin becomes the "online" currency, then it seems to me that places won't take cash (a lot don't now) and you would have to use your bitcoins to conduct online transactions.
And if you're only buying bitcoins to sell them once they reach a certain point, you're engaging in speculation, which is not in and of itself a bad thing, but does seem to lead to bubble popping and financial ruin if you don't get out in time.
"...and if you're too afraid of goin' astray, you won't go anywhere." - Granny Weatherwax
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rockwall Special user 762 Posts |
Is there some type of investment that isn't based on speculation?
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Jonathan Townsend Eternal Order Ossining, NY 27297 Posts |
Quote:
On 2014-02-16 17:52, rockwall wrote: just how low is the lowest common denominator?
...to all the coins I've dropped here
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rockwall Special user 762 Posts |
Quote:
On 2014-02-16 18:04, Jonathan Townsend wrote: 3 |
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ed rhodes Inner circle Rhode Island 2885 Posts |
Quote:
On 2014-02-16 17:52, rockwall wrote: I did say it's not in and of itself a bad thing.
"...and if you're too afraid of goin' astray, you won't go anywhere." - Granny Weatherwax
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