[Hooligan Harry]

(04-04-2013 11:36 PM)guerrilla Wrote:  

(04-04-2013 09:41 PM)Hooligan Harry Wrote:  

I think a lot of you guys are missing the point with Bitcoin. People are seeing it as a store of wealth at the moment, much like gold. Its being viewed as a safety net.

I think as soon as you start seeing more people proclaim Bitcoin - a currency that's only a couple years old, has little to no transparency about inflows and outflows, and is only used by tech geeks, HYIPers and drug customers, and has proven to be extremely volatile - as a "store of wealth" then the bubble's gonna crash for sure.

LOL!!!!!!

This bitch is not a store of wealth, but it can be traded for sure.

Why is it any less a store of wealth than the USD or Japanese Yen?

Where is the transparency in central banking? These are PRIVATE BANKS.

How old is the Euro?

Who knows whats going to happen to Bitcoin, it could crash and burn horribly. What is is though is a market reaction to the fucked fiat currency system. People are tired of having the value of their currency determined by private bankers. When they can control your money supply and the value of that money, they control your production.

Its bullshit and its a rigged game, yet people buy into it blindly because they have no idea how money even works.

I just posted a full blown, simple explanation of how Bitcoin works and its far more transparent than other other current currency system. In fact, even compared to gold, its not open to manipulation at all really. Speculation will lead to rises and crashes no doubt, but manipulation? Lol, BY WHO. No one owns Bitcoin. No one manages Bitcoin. Its like a monster that has been unleashed.

Here, Ill post it again for you. Read it this time

Quote:

Finally, it happened. In 2008, a person called "Satoshi Nakamoto" created Bitcoin. He wasn't the first to solve the problem of double-spending. A currency called e-gold did that, but the flaw was that there was a central entity in charge that users had to trust. Bitcoin removed this failure, enabling miners themselves to constantly validate the transaction record. Nakamoto had each user download the full ledger of all existing Bitcoins so that each could be checked for its title and not used more than once at the same time. With his system, every coin had an owner, and the system could not be gamed.

Further, Nakamoto built in a system of mining that attempts to replicate the experience of the gold standard. The math equations you have to solve get harder over time to adjust to expansions of computing power involved in the mining. The early creators had it easy, just as the early miners of gold could pan it out of the river, though later they had to dig into the mountain. Nakamoto put a limit on the number of coins that can be mined (21 million by 2140). (A new coin currently is mined every 20 seconds or so, and a transaction occurs every second.)

He made his code completely open source and available to all so that it could be trusted. And the payment system uses the most advanced form of encryption, with public keys visible to all and a scrambling system that makes its connection to the private key impossible to discover.

No one would be in charge of the system; everyone would be in charge of the system: This is what it means to be open source, and it's the same dynamic that has made WordPress a powerhouse in the software community. There would be no need for an "Audit Bitcoin" movement. Trust, anonymity, speed, strict property rights, and the possibility that applications could be built on top of the infrastructure: This was perfect.

I do not personally own any and I will not be buying any either. Whatever happens with it happens with it. But I sure as hell hope it takes off because I am sick to death of spending half my life trying to second guess what retarded politicians and scumfuck private bankers are going to do next.

[guerrilla]

(04-05-2013 12:01 AM)Hooligan Harry Wrote:  

Why is it any less a store of wealth than the USD or Japanese Yen?

Because it is too young to be a store of wealth. It has no proven longevity by big money.

Quote:

People are tired of having the value of their currency determined by private bankers. When they can control your money supply and the value of that money, they control your production.

Its bullshit and its a rigged game, yet people buy into it blindly because they have no idea how money even works.

who's tired of it? a few thinkers, sure. but the vast majority, no. in fact, the big money have WAY TOO MANY TRILLIONS invested in the system as it works to let it fall. "too big to fail"

in fact, maybe when women know what a bitcoin is, then we can start taking it a little more seriously. women do love money, don't they, so it's surprising they have no idea what bitcoin is yet. but that's because you cant spend it on anything or buy anything with it (except drugs!!!), which is what currency is used for.

all im saying is that bitcoins aren't a store of wealth. they are the pinksheets of currency. bitcoins are good for trading, not investing. its a bubble right now. history has shown has these bubble patterns time and time again. and when tech writers start pronouncing "bitcoin is the new gold" you know its time to go short.

[Hooligan Harry]

(04-05-2013 12:55 AM)guerrilla Wrote:  

(04-05-2013 12:01 AM)Hooligan Harry Wrote:  

Why is it any less a store of wealth than the USD or Japanese Yen?

Because it is too young to be a store of wealth. It has no proven longevity by big money.

By that same token, why was the Euro a proven store of wealth the day after it launched then?

Dude, all you are buying into is a government stamp of approval. How did the government stamp of approval work for Cyprus? Argentina? Iceland? The only reason the dollar is a "store of value" is because the US government says its a fucking store of value. What happens when the government collapses or people no longer give a continental fuck about what the government says is valuable?

Anything that is a finite resource has value to people who want them. It does not matter what that resource is. The fact that bitcoin is a finite resource that is completely devoid of any central manipulation makes it a valuable resource to people. It becomes a store that cannot be fucked with. Much like gold.

Like I say, it could be a flash in the pan, but its a clear indication of sentiment. I expect the price to drop too, but anyone who thinks that this is not a sign that people are sick and tired of the global currency war is blind.

Quote:

People are tired of having the value of their currency determined by private bankers. When they can control your money supply and the value of that money, they control your production.

Its bullshit and its a rigged game, yet people buy into it blindly because they have no idea how money even works.

guerrilla Wrote:

who's tired of it? a few thinkers, sure. but the vast majority, no. in fact, the big money have WAY TOO MANY TRILLIONS invested in the system as it works to let it fall. "too big to fail"

in fact, maybe when women know what a bitcoin is, then we can start taking it a little more seriously. women do love money, don't they, so it's surprising they have no idea what bitcoin is yet. but that's because you cant spend it on anything or buy anything with it (except drugs!!!), which is what currency is used for.

all im saying is that bitcoins aren't a store of wealth. they are the pinksheets of currency. bitcoins are good for trading, not investing. its a bubble right now. history has shown has these bubble patterns time and time again. and when tech writers start pronouncing "bitcoin is the new gold" you know its time to go short.

I dont think you have even a rudimentary understanding of how money works. To assume that "the elites" will continue to prop the system up is also very naive. What makes you think that "the elites" wont benefit from the collapse? They have engineered the damn thing.

You have basically placed your blind faith into a system where a few people CREATE MONEY OUT OF THIN AIR. Its not tied to anything valuable, a central agency tells you its valuable, and those central agencies are privately run companies!

Every time in history when we have resorted to this system, it has failed. The current 40 year run is a HISTORICAL RECORD for fiat, and thats only because of the scale of the economy now. We are on the verge of its collapse, hence all the government debt and one bubble after another.

Now you may think that this is something the wealthy would like to see continue, but I can tell you that the majority fucking hate it. Its great for the bankers because they have hijacked everyones productivity, but for everyone else it is crap. Your capital cant work efficiently because it can be devalued at any time. All it leads to is the constant destruction of your wealth.

It means fuck all to the little guy because he has nothing, but for the big guy the only way to see returns is to constantly leverage.

Bitcoin may be a flash in the plan, we have to wait an see. What it could be though is a major shift in the way people start to transact. If transactions move outside central authority again then it removes their ability to manipulate the market, which means that the value of the transaction IS FAIR AND FREE OF MANIPULATION

Women are not buying handbags with gold coins either bro.

[bojangles]

(04-04-2013 11:12 PM)NY Digital Wrote:  

Man I failed to seize the opportunity to buy at $10 a while back. You don't understand how mad I am. Especially since I'm all about tech and internet stuff.
gahhh. I feel retarded.

anyone else feel fucking stupid like me?

yes me haha, im furious as I thought about buying it when this thread started as well and again last month.

[pants]

happy to see it actually stayed at 130 for a few days. maybe the bubble is not present after all.

"us printing 85 billion usd every month " it's equivalent to the increase from 1913 - 2007 from a report I read.

if this is true. get ready to wipe your asses with usd at the end of the year. it might be a hole lot cheaper than
real toilet paper.

hope this will make for some cheap macbooks at the end of the year.

[iknowexactly]

(04-05-2013 02:19 AM)Hooligan Harry Wrote:  

To assume that "the elites" will continue to prop the system up is also very naive. What makes you think that "the elites" wont benefit from the collapse? They have engineered the damn thing.

Elites by definition get the best of everything except in very rare, extreme situations like the French or Bolshevik revolutions, or for wealthy Jews in 1930's Germany. .

The argument that now is one of those "extreme" times is doomsayer alarmism as the critical mass of people in the USA lacking basic necessities like large screen TVs and huge SUVs is absent. They are so fat they can hardly waddle to the store. Not exactly ripe for a revolution.

Life in USA in particular is exquisite for elites as shown by the fact rich people don't even have security most of the time like in Latin America.

They have great houses, cars, sailboats, hookers, education for their kids, wonderful places to safely vacation (Eastern Long Island, Martha's Vineyard) .

If you had a huge house, a great-for-40 wife, smart kids at an Ivy, a very hot 18 year old concubine who's crazy about you, a 60' sailboat, a 12 cylinder Benz, would YOU want a drastic change in everything? Why?

Almost all "crises" are actually manufactured by the rich as you say. But they don't touch the rich.
The pattern is:

1) Declare a crisis.
2) Issue their demands so they can "take care of it."

The attempts to seize the massive money coming into the SS system so they could hijack and dismantle it during Bush administration is an example, It didn't work because even the stupidest employee at McDonalds could see thorugh it.

[Fatless]

My expense tracking company is now offering expense reimbursement in bitcoins...

Quote:

You heard it here first (in case you missed it on TechCrunch, VentureBeat, PCWorld, Reddit, or any of a dozen other press outlets, or my hilariously contentious live broadcast interview on CNBC or BSkyB -- links below): Expensify officially supports Bitcoin for expense report reimbursement! Specifically designed for European contractors submitting to US companies (or vice versa), just click the "Request Bitcoin reimbursement" checkbox when submitting the report and we'll take it from there. More information here:

http://help.expensify.com/bitcoin

We obviously won't be using them, but I found this amusing this morning to read in my inbox.

[NY Digital]

Invest in litecoin. I'm buying hundreds of $$ worth of LTD tomorrow.

[ElJefe]

If one chum from japan can design a new currency out of thin air, so can many others.

[DLZ]

(04-05-2013 07:39 PM)ElJefe Wrote:  

If one chum from japan can design a new currency out of thin air, so can many others.

But the widespread usage of that currency is what will give it its value.

I only see bitcoin and maybe litecoin being used in a widespread capacity.

PPcoin seems to address the inherently deflationary nature of bitcoin, but really, who the fuck wants to use something called PPcoins?

[Hooligan Harry]

(04-05-2013 07:39 PM)ElJefe Wrote:  

If one chum from japan can design a new currency out of thin air, so can many others.

Thats exactly right! And that is a good thing, not a bad thing either. Nothing stops a competitive currency starting and an exchange rate would even develop compared to bitcoin or existing currencies.

People need to understand that while Bitcoin is an electronic money supply, for the most part so are all currency systems now.

What this has done is remove central banks and governments. This is a good thing for everyone. A very good thing

[Pete]

Where do you all buy bitcoins?

[ElJefe]

(03-19-2013 06:02 PM)Cyclone Wrote:  

Holy shit, it has hit nearly 60USD. This is madness.
.

Now at USD190.

This is unprecedented.

I've had a look at bitcoincharts.com.

A lot of fresh dough is pooring into the system (the queue at MTGOX for verification was at 14,000 the day before yesterday).

So far Bitcoins have little intrinsic value. The huge rise in prices is due to high expectations. How long can this be sustained?

I bought my first earlier today. Was about to jump in at USD100 (and buy 3) but my trade didn't go through and I cancelled since I didn't want to pay USD140. Now I ended up joining the fray.

11 million bitcoins worth over 2bn dollars now. Man would I love for a major crash at this point.

[NY Digital]

Bitcoin is now at $195 and moving up fast.

Buy litecoin. It's moving up fast. I invested $360 and I have $520 now and keep going up and up.

http://www.btc-e.com is best IMO.

You can do quick pay via http://www.bitinstant.com and deposit cash at local moneygram at cvs, walmart, etc.

You'll incur some fees but worth it. Just buy into LTC. You'll gain hard.

[el mechanico]

(04-08-2013 09:48 AM)NY Digital Wrote:  

Bitcoin is now at $195 and moving up fast.

Buy litecoin. It's moving up fast. I invested $360 and I have $520 now and keep going up and up.

http://www.btc-e.com is best IMO.

You can do quick pay via http://www.bitinstant.com and deposit cash at local moneygram at cvs, walmart, etc.

You'll incur some fees but worth it. Just buy into LTC. You'll gain hard.

I'll buy some. How do you do it?

[NY Digital]

There are 2 ways. The longer term deposit will incur less fees but will require a wire transfer of 1-2 days.

Just do the faster way first and invest a small amount to get some experience with this system.

Sign up for BTC-E.


Fast Way

If you want to do get money into the account and start trading ASAP:

1. Go to https://www.bitinstant.com/

2. Cash Deposit ---> Select one

3. Select a store

4. Pay to Bitcoin Address:

5. Go to BTC-E ---> Finances--> BTC(Make A Deposit)

6. Scroll down and copy the address for Deposit BTC

7. Put this address in bitinstant. The cash you pay at your local store will buy BTC at http://www.mtgox.com current BTC price and send them to your BTC-E Account Address.

8. Wait for the confirmation process to complete and you'll have BTC in your BTC-E Account.

9. From The Main screen exchange you can buy and sell BTC for LTC USD, etc.


You can also wire transfer.

Sign up for OKPay through Financials(BTC-e) ----> Deposit USD

Then you have to verify OKpay account through a few steps and wire from bank to there then to BTC-E.

[el mechanico]

Ok I'm almost in. That BTC-E live chat thing is wild.

[NY Digital]

(04-08-2013 12:50 PM)el mechanico Wrote:  

Ok I'm almost in. That BTC-E live chat thing is wild.

Yeah that's one big trollbox. But you learn to read it properly. I'm just getting the gist of reading the chart and seeing what the trolls are up to and making a decision on whether or not to buy or sell.

[el mechanico]

(04-08-2013 12:56 PM)NY Digital Wrote:  

(04-08-2013 12:50 PM)el mechanico Wrote:  

Ok I'm almost in. That BTC-E live chat thing is wild.

Yeah that's one big trollbox. But you learn to read it properly. I'm just getting the gist of reading the chart and seeing what the trolls are up to and making a decision on whether or not to buy or sell.

I can get wrapped up in this like penny stocks which I have tons and forgot about a year ago. It's exciting and I like to gamble. Maybe I should check my penny stocks

[el mechanico]

Ok after all yesterday I popped in 500 dollars because the system wouldn't let me put 1000. I got bitcoins and sold them and bought Litecoins.

Since then it's gone up 14 dollars(on my end) no big but it's kinda fun. On that site you can shift money around and buy Euro or ride waves. You'll see me in the trollbox soon.

I think this process is a good experience. A big shout out to NY Digital for helping me out via pms

[pants]

to new cats dealing with cryptocurrency. remember that computer security is key.

hate to see someone lose all their coins cause they logged in to their online account from a internet cafe with trojans and keyloggers.

209USD /BTC

[el mechanico]

Are you guys moving cash around all day of holding?

[el mechanico]

What happens if BCE crashes? Does everyone's money disappear?

[NY Digital]

Nah.
What do you mean crash?

Also, LTC has some serious activity, I just fucked up a trade and it cost me potential $$$ :/

[el mechanico]

(04-09-2013 01:15 PM)NY Digital Wrote:  

Nah.
What do you mean crash?

Also, LTC has some serious activity, I just fucked up a trade and it cost me potential $$$ :/

It was up to 5 for a second there what did you do?

Crash. No longer exist. Who's holding all the jack?