Absent Canuck Posted January 7, 2014 Share Posted January 7, 2014 In my opinion its virtual stock that is traded around to avoid homeland security, the IRS and others . Its a great way to transfer funds for goods without any tax involved. Link to comment Share on other sites More sharing options...
AbbyNucksFan Posted January 7, 2014 Share Posted January 7, 2014 ugh bitcoins.. back when I had my own shop, electricity was included in rent.. so i had 3 computers mining 24/7... ended up with something like 25 coins.. then I sorta forgot about them (this was way back in the day when they were worth nothing).. friend of mine recently told me they were worth around $1000 each.. so I went to my account to see if i could sell them, and they "expired" Link to comment Share on other sites More sharing options...
SabreFan1 Posted January 7, 2014 Share Posted January 7, 2014 Predicted it happening. People cash out during the holidays to buy gifts. Buy back in when the price is low in the new year. The holidays were not the reason that Bitcoin took a hard hit. Google: "China" & "Bitcoin". 1 Link to comment Share on other sites More sharing options...
SabreFan1 Posted January 7, 2014 Share Posted January 7, 2014 In my opinion its virtual stock that is traded around to avoid homeland security, the IRS and others . Its a great way to transfer funds for goods without any tax involved. Tell that to the U.S. IRS. If you farted candy and people bought the candy then the US IRS would consider you a business owner and they would demand a cut. http://www.forbes.com/sites/cameronkeng/2014/01/06/bitcoin-is-not-anonymous-and-is-always-taxable-part-2/ Link to comment Share on other sites More sharing options...
SabreFan1 Posted January 7, 2014 Share Posted January 7, 2014 (edited) ugh bitcoins.. back when I had my own shop, electricity was included in rent.. so i had 3 computers mining 24/7... ended up with something like 25 coins.. then I sorta forgot about them (this was way back in the day when they were worth nothing).. friend of mine recently told me they were worth around $1000 each.. so I went to my account to see if i could sell them, and they "expired" Check your Bitcoin Wallett again. Is it possible to still send money to my wallet, even if it's backed up and offline? Do bitcoins ever expire if they're not spent, or is there anything bad that can happen by not using my bitcoin client in a long time? Daniel.benoy 23:18, 8 June 2011 (GMT) Technically your wallet does not hold bitcoins but rather the keys to those bitcoins. So whether you are online, offline, or dead is totally irrelevant to the Bitcoin network. They also never expire. The worst that can happen by not using it for a long time is that it will take a while to sync with the network. en.bitcoin.it/wiki/Talk:Securing_your_wallet I'll give you $10 for the keys to your bitcoin wallett!!! Do eeet! P.S. When you do finally find your Bitcoins, feel free to send me a 15% advisory fee. Edited January 7, 2014 by SabreFan1 Link to comment Share on other sites More sharing options...
Papayas Posted January 7, 2014 Share Posted January 7, 2014 didn't the bitcoin market crash when the government shutdown the website that sells drugs? I recall that website was responsible on the rapid inflation of the value of bitcoins since it's an easier way to laundry the money.. Its bubble was burst when the owner of the website got caught and all his money were seized, Link to comment Share on other sites More sharing options...
SabreFan1 Posted January 7, 2014 Share Posted January 7, 2014 didn't the bitcoin market crash when the government shutdown the website that sells drugs? I recall that website was responsible on the rapid inflation of the value of bitcoins since it's an easier way to laundry the money.. Its bubble was burst when the owner of the website got caught and all his money were seized, Um, no. All that did was just pretty much tick off a whole bunch of gun/drug dealers. Those busts actually helped Bitcoin. Link to comment Share on other sites More sharing options...
D-Money Posted January 7, 2014 Share Posted January 7, 2014 The concept is fascinating. However, it threatens the established order to the point where I could see more countries following China's lead. Link to comment Share on other sites More sharing options...
SabreFan1 Posted January 7, 2014 Share Posted January 7, 2014 The concept is fascinating. However, it threatens the established order to the point where I could see more countries following China's lead. China can do it because of the way that they are set up. Most other countries have free trade within its borders. If you wanted to sell me your car for two gumdrops, that is your right. To you and I, the gumdrops would be our currency. Nobody could really stop us from doing it. I would just have to pay taxes on that car in US cash. http://www.latimes.com/local/lanow/la-me-ln-lamborghini-bitcoin-20131212,0,847450.story#axzz2pl0X8Xc6 Link to comment Share on other sites More sharing options...
Offensive Threat Posted January 7, 2014 Share Posted January 7, 2014 Any currency that can take a hit from 1200 down to under 600 in a few weeks is no currency I want to get involved in. Have fun while it lasts but when it starts to fall apart it will happen very quickly. P.S. How can you use a bitcoin to purchase a coffee if a bitcoin is worth $1000. Do they give $997 in cash as change? Link to comment Share on other sites More sharing options...
SabreFan1 Posted January 7, 2014 Share Posted January 7, 2014 Any currency that can take a hit from 1200 down to under 600 in a few weeks is no currency I want to get involved in. Have fun while it lasts but when it starts to fall apart it will happen very quickly. P.S. How can you use a bitcoin to purchase a coffee if a bitcoin is worth $1000. Do they give $997 in cash as change? Just like standard money or even company stocks, you can break down a bitcoin to any decimal point that you want to. If you want to know where the money "comes from" and where it "goes to" during a transaction, then read up on Bitcoin Wallets. Link to comment Share on other sites More sharing options...
SabreFan1 Posted January 7, 2014 Share Posted January 7, 2014 Any currency that can take a hit from 1200 down to under 600 in a few weeks is no currency I want to get involved in. Have fun while it lasts but when it starts to fall apart it will happen very quickly. P.S. How can you use a bitcoin to purchase a coffee if a bitcoin is worth $1000. Do they give $997 in cash as change? Even though I like the idea of decentralized money, I agree with you about it eventually tanking. It's just one giant experimental bubble. Although to be fair to Bitcoin, I remember when it first came out. Back then I always told people over the internet that it would always be worthless and that it would eventually be forgotten about and then abandoned. Whoops, my bad. Link to comment Share on other sites More sharing options...
Grapefruits Posted January 7, 2014 Share Posted January 7, 2014 Vera's Burger Shack on Main Street takes Bitcoin as well Link to comment Share on other sites More sharing options...
Broccoli Posted January 7, 2014 Share Posted January 7, 2014 I read the title of this thread as "the everything bacon thread" I now leave disappointed! 3 Link to comment Share on other sites More sharing options...
SabreFan1 Posted January 8, 2014 Share Posted January 8, 2014 I read the title of this thread as "the everything bacon thread" I now leave disappointed! Here you go... 1 Link to comment Share on other sites More sharing options...
avelanch Posted January 8, 2014 Share Posted January 8, 2014 hawt Link to comment Share on other sites More sharing options...
Broccoli Posted January 8, 2014 Share Posted January 8, 2014 Here you go... Cool. I'll go sign up for snap chat now and send that to this hot chick I met: Link to comment Share on other sites More sharing options...
Lil B From The Pack Posted January 8, 2014 Share Posted January 8, 2014 Doge Coin tho 1 Link to comment Share on other sites More sharing options...
Lancaster Posted January 8, 2014 Share Posted January 8, 2014 The problem with bitcoin is that it isn't tangible. Sure you can "carry" it around in your e-wallets or whatever, but unlike stuff like silver, gold or real estate, there isn't really any intrinsic value attached to it. Precious metals/stones has been valuable since the dawn of time and land is land.... but bitcoins... ummm... Link to comment Share on other sites More sharing options...
Lockout Casualty Posted January 8, 2014 Share Posted January 8, 2014 The problem with bitcoin is that it isn't tangible. Sure you can "carry" it around in your e-wallets or whatever, but unlike stuff like silver, gold or real estate, there isn't really any intrinsic value attached to it. Precious metals/stones has been valuable since the dawn of time and land is land.... but bitcoins... ummm... How is that different from the paper banknotes we use? Or the trillions of dollars that exist on computers? Link to comment Share on other sites More sharing options...
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