Started by Kate the Bionic Uterus, December 20, 2013, 11:35:32 PM
Quote from: Gd5150 on December 23, 2013, 02:16:22 AMThe us govt won't even allow online poker because of lost tax revenues. No way in hell they're gonna let some online currency cut them off at the knees and take away all of their power. Without the ability to tax they have nothing. The thought is frightening...how would they continue to take care of us?
Quote from: Kate the Bionic Uterus on December 20, 2013, 11:35:32 PMJust 10 months ago, a bitcoin sold for a measly $13, a couple of weeks back the price of a bitcoin topped $900! Bitcoin is a digital currency, meaning itâ€™s money controlled and stored entirely by computers spread across the internet. Bitcoin isnâ€™t just a currency, like dollars or euros or yen. Itâ€™s a way of making payments, like PayPal or the Visa credit card network. It lets you hold money, but it also lets you spend it and trade it and move it from place to place, almost as cheaply and easily as youâ€™d send an email.In a nutshell bitcoin is a re-imagining of international finance, something that breaks down barriers between countries and frees currency from the control of federal governments. So what is the future of bitcoin?In my city I can buy lunch and pay with it. If people accept it as currency then it has value. From the Wall Street Journal;Bitcoin Couple Travels the World Using Virtual CashWorld-Wide Odyssey Spanned Three Continents and Proved One Can Live on Bitcoin Alonehttp://online.wsj.com/news/articles/SB10001424052702303789604579196171277465460Here's one of the most informative articles about Bitcoin and what it is worth. If you want to learn the basics then this is it.http://simonwinder.com/2013/11/bitcoin-how-high-can-it-go/Will Bitcoin be illegal in the USA? I will bet anyone one Bitcoin in the long run that it won't be. Here's why... Building Better BitcoinsBy Stephen L. Carter 2013-11-29T14:00:01Zhttp://www.bloomberg.com/news/2013-11-29/building-better-bitcoins.htmlAs the author of the article above writes, "I hope that bitcoins make it. To be sure, they arenâ€™t without flaw. They appeal nevertheless to my libertarian side, because they challenge the control of money by governments that too often see inflation and deflation as instruments of policy. The virtual currencies suggest the possibility of a future in which networks of individuals can make transactions for their own interests, not beyond the reach of government scrutiny but beyond the reach of government manipulation."Taken directly from the article linked above...On this note, letâ€™s give the last word to the economist Pippa Malmgren, explaining in a recent online symposium why she believes that bitcoins are already money:â€œMoney becomes real when people have faith in it. Governments have no monopoly on that, which is why they spend a lot of time putting many symbols of faith and trust on the currency from pictures of sovereigns like the queen or the president to hidden symbols of power like pyramids and seals. They would not need to if it stood on its own. Faith can be earned and it can be lost. The problem with bitcoin is that people are afraid a power outage or a hacker or bad management could erode or destroy the value of a bitcoin. But, then again, governments are doing their best to erode confidence in fiat money, too.â€
Quote from: Agent : Orange on January 06, 2014, 03:56:11 AMIs 2014 the year cryptocurrency jumped the shark?
Quote from: albrecht on January 18, 2014, 06:49:16 PMI'm all for alternative currencies and the like. Caveat Emptor. But I have questions about this bitcoin and, thus far, the updates on C2C and online searching has eluded me. How is an electronic "coin" that contains all the transactional history insides the code supposed to mean more freedom or privacy? To me it is more like an NSA or Banker dream to have electronic currency (which we already have to a large degree) but eliminate cash and have the history of every transaction contained inside the electronic "coin". And the coin, I imagine, could be deleted by a powerful government, a very clever hacker, an EMP, or even by the mysterious person(s) who created it.
Quote from: albrecht on January 18, 2014, 07:08:43 PMYes, highly suspicious. If SHTF as the doomsday sayers keep talking about the only investments that will matter is stuff done in gold, silver, food, medicine, and especially lead (if you know what I mean.) And even then it is most likely over because save African bushmen and some remote tribes in the Amazon I don't think most people will be able to survive. Also interesting that the bitcoin promoter so often on C2C these days mentions paper back ups to this amazing new electronic currency! Very high-tech.
Quote from: onan on January 18, 2014, 07:44:24 AMI'd rather invest in hula hoops.
Quote from: Mind Flayer Monk on January 18, 2014, 08:16:07 PMOnan,I think the idea is if you have large amounts of profits sitting in an offshore Cayman/Ireland account, and do not want to pay taxes when you repatriate those profits into the US, you buy a bunch of bitcoins and then bring those into the US tax free.Disclaimer: I am not a financial expert or a financial professional. Just taking a wild guess and having fun.
Quote from: albrecht on January 19, 2014, 11:18:30 AM... I wonder why the natives live in such crappy houses but I guess they are priced out of the prime property.
Quote from: Seraphim27 on January 19, 2014, 10:53:38 PMI'm gonna further reveal my dorkiness here, but bitcoins remind me of lindens in Second Life. A lot of people run pretty profitable businesses there catering to people who want to live in a virtual utopian existence â€" fashion, interior design, real estate, even virtual prostitution, stripping and gambling â€" using linden currency, then come back here to real life and exchange them in PayPal for cash. Stuff that would illegal here or taxed, not so over there. And you'd be amazed how much money can be made. Hell, I made $600 one week breeding and selling virtual cats (yeah, you read that right). And the really good escorts can make $700 to $1,400 a week. None of it taxed or on the books (yet).I recently opened a bitcoin wallet to pay for some stuff coming from India. And that's all I'll say about that. I don't plan on using them on a regular basis.
Quote from: ziznak on January 19, 2014, 11:58:34 PMIt's amazing how much money can be made on thing's like digital weapons and armor... but that "second life" and "sims" digital item profits must be astronomical! Virtual cat breeding huh? Amazing! I can understand the value of certain weapons in the games I play but I guess I was thinking too much inside the box.
Quote from: Kate the Bionic Uterus on January 22, 2014, 09:17:48 AM...I am of the belief that bitcoin is like MySpace. Eventually the government and corporations or someone will create a cryptocurrency to replace it but cryptocurrencies are here to say and in our lifetime everyone here will eventually use one whether you think so or not.
Quote from: zeebo on January 22, 2014, 08:22:37 PMBtw I thought for kicks I'd try and buy like a hundred bucks worth (around a tenth of) a bitcoin. I tried 3 different sites and, even though I'm fairly tech-savvy, it seemed way too complicated and clunky. Also was turned off with various fees tacked on (one site had 3 different fees from 3 different middle-men). I thought one of the big ideas with it was low-cost / seamless transactions.