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The Everything Bitcoin Thread


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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"

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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/

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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!!! :towel: Do eeet!

P.S. When you do finally find your Bitcoins, feel free to send me a 15% advisory fee. ;)

Edited by SabreFan1
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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,

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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.

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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

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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?

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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.

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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.

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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... :unsure:

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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... :unsure:

How is that different from the paper banknotes we use? Or the trillions of dollars that exist on computers?

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