Author “What the hell is a bitcoin?”  (Read 17272 times)

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Re: “What the hell is a bitcoin?”
« Reply #180 on: February 11, 2015, 06:33:39 PM »
"Hong Kong-based bitcoin exchange MyCoin has allegedly shut its doors and stolen HKD 3 billion ($386.9 million) in the process.

The South China Morning Post reported Monday that 30 MyCoin clients approached a local lawmaker with complaints that the company had fled with funds from up to 3,000 investors.

The reports coming out of Hong Kong would seem to indicate that there may have been a Ponzi scheme at play. "

http://www.cnbc.com/id/102410095#.

Re: “What the hell is a bitcoin?”
« Reply #181 on: February 11, 2015, 06:51:34 PM »
"Hong Kong-based bitcoin exchange MyCoin has allegedly shut its doors and stolen HKD 3 billion ($386.9 million) in the process....

I'm guessing this is the part where "untraceable" is kind of a downside.

Re: “What the hell is a bitcoin?”
« Reply #182 on: February 11, 2015, 10:19:45 PM »
For those still keeping score, bitcoin is currently at $219. 


Re: “What the hell is a bitcoin?”
« Reply #183 on: February 11, 2015, 10:34:22 PM »
Introducing the latest in hypno-currency: Demonoid Disk.

Ya place ya bets, ya takes ya chances and spin spin spin.

[attachimg=1]

Re: “What the hell is a bitcoin?”
« Reply #184 on: February 11, 2015, 11:11:10 PM »
I'm guessing this is the part where "untraceable" is kind of a downside.

Wow, who'duh thunk.

Re: “What the hell is a bitcoin?”
« Reply #185 on: January 24, 2016, 05:48:57 AM »



Re: “What the hell is a bitcoin?”
« Reply #187 on: July 09, 2017, 01:27:47 PM »
For those still keeping score, bitcoin is currently at $219.

Current BTC to USD: 1 to 2552.87

What sucks is that I had the money to buy in a couple of years ago...


Re: “What the hell is a bitcoin?”
« Reply #188 on: July 09, 2017, 11:34:32 PM »
Current BTC to USD: 1 to 2552.87

What sucks is that I had the money to buy in a couple of years ago...

Around that time I thought about buying a single bitcoin, just as a whimsical side bet.  The problem I had though at the time is I honestly couldn't figure out how to do the transaction.  There was this weird process where you had to like get a money order, and fax it to some bank, then get some receipt back and send in a confirmation number to a bitcoin broker or something.  If I could've just bought one with paypal I'd have done it.

Re: “What the hell is a bitcoin?”
« Reply #189 on: July 10, 2017, 07:41:43 AM »
Around that time I thought about buying a single bitcoin, just as a whimsical side bet.  The problem I had though at the time is I honestly couldn't figure out how to do the transaction.  There was this weird process where you had to like get a money order, and fax it to some bank, then get some receipt back and send in a confirmation number to a bitcoin broker or something.  If I could've just bought one with paypal I'd have done it.

I started really looking into it this weekend and it's still a pain in the ass. A couple of the exchanges that accept USD for bitcoin aren't licensed to accept money from Michigan residents, then the ones who will do that exchange are based out of Lithuania or Slovakia and want scans of your passport. Might as well cut out the middle man and post those scans directly onto the dark web, so those are out. I'm leaning towards buy.bitcoin.com, but have yet to see what hoops I need to jump through there.

Then there's the whole issue with tax reporting where you have to keep your own records on the value you bought for and what you sold for, for the duration of the time you own the coins. And it's not entirely clear if trading BTC for some other crypto currency counts as a capital gain, or as a like for like exchange.

Re: “What the hell is a bitcoin?”
« Reply #190 on: July 10, 2017, 09:32:40 AM »
I started really looking into it this weekend and it's still a pain in the ass. A couple of the exchanges that accept USD for bitcoin aren't licensed to accept money from Michigan residents, then the ones who will do that exchange are based out of Lithuania or Slovakia and want scans of your passport. Might as well cut out the middle man and post those scans directly onto the dark web, so those are out. I'm leaning towards buy.bitcoin.com, but have yet to see what hoops I need to jump through there.

Then there's the whole issue with tax reporting where you have to keep your own records on the value you bought for and what you sold for, for the duration of the time you own the coins. And it's not entirely clear if trading BTC for some other crypto currency counts as a capital gain, or as a like for like exchange.

Check out http://www.bullionstacker.com/. It's a precious metals discussion and trading forum. There's an active alt-coin discussion area that includes bitcoin. You can also buy/sell alt-coins from other members, even trade precious metals for alt-coins. We've been around for 8 years and use a feedback system like ebay.

You'll need to make a free account to see most of the site, but I promise your information is kept confidential. Disclosure: I'm an admin at bullionstacker.

Re: “What the hell is a bitcoin?”
« Reply #191 on: July 10, 2017, 09:36:04 AM »
The alt-coin/bitcoin area is open to the public: http://www.bullionstacker.com/viewforum.php?f=108

Re: “What the hell is a bitcoin?”
« Reply #192 on: July 15, 2017, 04:10:14 PM »
Current BTC to USD: 1 to 2552.87

What sucks is that I had the money to buy in a couple of years ago...

And within a week it's down to $2000. Talk about a risky, speculative, investment.

https://en.wikipedia.org/wiki/Tulip_mania

Re: “What the hell is a bitcoin?”
« Reply #193 on: July 15, 2017, 04:54:16 PM »
And within a week it's down to $2000. Talk about a risky, speculative, investment.

https://en.wikipedia.org/wiki/Tulip_mania

Tulip mania indeed! I've never owned a crypto-currency and I certainly don't recommend them to anyone. Way too risky for me.

Re: “What the hell is a bitcoin?”
« Reply #194 on: July 16, 2017, 09:56:43 AM »
Tulip mania indeed! I've never owned a crypto-currency and I certainly don't recommend them to anyone. Way too risky for me.

And within a day it's 1,800. With this Aug. 1 upgrade, split, whatever uncertainty I wouldn't be surprised to see it drop to under $1,000 by the 30th.

As an investment, I wouldn't put my life savings into it, or bank on it for retirement. But as a side gamble, say $50 to $100 per month, divvy it up between a few different currencies (Etherium {which probably has more stability long term}, Dash, and Litecoin), why not?

Re: “What the hell is a bitcoin?”
« Reply #195 on: July 20, 2017, 01:41:07 PM »
And within a day it's 1,800. With this Aug. 1 upgrade, split, whatever uncertainty I wouldn't be surprised to see it drop to under $1,000 by the 30th.

As an investment, I wouldn't put my life savings into it, or bank on it for retirement. But as a side gamble, say $50 to $100 per month, divvy it up between a few different currencies (Etherium {which probably has more stability long term}, Dash, and Litecoin), why not?

Earlier today it was over $2650.

Re: “What the hell is a bitcoin?”
« Reply #196 on: July 24, 2017, 07:42:07 AM »
Earlier today it was over $2650.

I finally bought in last week when it was in the 2100 range, along with some ETH and LTE. I'm going to do small dollar weighted average purchases every month. See how it plays out.

Re: “What the hell is a bitcoin?”
« Reply #197 on: September 12, 2017, 02:25:54 AM »
Well, I'm really eating shit after writing these things off completely after the last boom.

Re: “What the hell is a bitcoin?”
« Reply #198 on: September 13, 2017, 01:12:32 AM »
Nice to see you again, Mr. Orange... And thanks for reminding me to actually look at litecoin prices.  Yipes.  :)

Re: “What the hell is a bitcoin?”
« Reply #199 on: September 13, 2017, 03:31:36 AM »
Nice to see you again, Mr. Orange... And thanks for reminding me to actually look at litecoin prices.  Yipes.  :)
Ahoy! Nice to see some familiar faces around these parts :)