MillerGenuineDraft Posted January 7, 2014 Share Posted January 7, 2014 I'm surprised we haven't had a thread on bitcoin here. Any other bitcoin enthusiasts on CDC? What are your thoughts on the future of currency. I've been following bitcoin for two years now. It's nice to see the amount of attention it has been receiving. My friend launched the worlds first bitcoin ATM on Howe street. Has anyone here taken a look at it? 1 Link to comment Share on other sites More sharing options...
avelanch Posted January 7, 2014 Share Posted January 7, 2014 the hell is bitcoin? is this advertizing? Link to comment Share on other sites More sharing options...
MillerGenuineDraft Posted January 7, 2014 Author Share Posted January 7, 2014 the hell is bitcoin? is this advertizing? Bitcoin is essentially a decentralized peer-to-peer network that is powered by no middlemen (ie banks), but powered by the users, without any central authority. It is considered to be a crypto-currency, where cryptography is used when the exchange bitcoin is made. It's quite revolutionary, actually. Considering that we live one of the most bitcoin-accepting communities in the world, I feel that a lot of people should invest some cash into the system. Link to comment Share on other sites More sharing options...
aGENT Posted January 7, 2014 Share Posted January 7, 2014 the hell is bitcoin? is this advertizing? It's a "legit" thing: http://en.wikipedia.org/wiki/Bitcoin It's an interesting theory but I can see why it makes governments and banks etc nervous. (Though that may be a good thing.) Link to comment Share on other sites More sharing options...
avelanch Posted January 7, 2014 Share Posted January 7, 2014 so... it's money that isn't money? Link to comment Share on other sites More sharing options...
MillerGenuineDraft Posted January 7, 2014 Author Share Posted January 7, 2014 so... it's money that isn't money? Well, the money that you think is money isn't even money. It's fiat money. Link to comment Share on other sites More sharing options...
aGENT Posted January 7, 2014 Share Posted January 7, 2014 Digital, de-centralized currency that avoids things like inflation, capitol controls, sanctions etc. You see why banks/governments would be nervous about it? Link to comment Share on other sites More sharing options...
avelanch Posted January 7, 2014 Share Posted January 7, 2014 i see how it could easily become corrupt/fraudulent Link to comment Share on other sites More sharing options...
nuckin_futz Posted January 7, 2014 Share Posted January 7, 2014 If anyone cares for a price chart of Bitcoin. Here ya go: http://bitcoincharts.com/charts/mtgoxUSD#rg180zigDailyztgSzm1g10zm2g25 There's a definite lack of liquidity in the Bitcoin market. Link to comment Share on other sites More sharing options...
aGENT Posted January 7, 2014 Share Posted January 7, 2014 i see how it could easily become corrupt/fraudulent Yup, that too. Link to comment Share on other sites More sharing options...
:D Posted January 7, 2014 Share Posted January 7, 2014 Hasn't bitcoin tanked hard in the last few weeks? Link to comment Share on other sites More sharing options...
Dittohead Posted January 7, 2014 Share Posted January 7, 2014 has anyone used his ATM? Does anyone even use them? I read only about 16 are used on avg per day and most of them are probably owned vey few. seems like a pyramid or Ponzi scheme.. I'm staying away from them. Link to comment Share on other sites More sharing options...
nuckin_futz Posted January 7, 2014 Share Posted January 7, 2014 (edited) Hasn't bitcoin tanked hard in the last few weeks? This screen grab cuts off on Dec 15. It was 1090 a few days ago and is currently fetching about 940. One of the nuttier financial instruments I have ever seen. Edited January 7, 2014 by nuckin_futz Link to comment Share on other sites More sharing options...
MillerGenuineDraft Posted January 7, 2014 Author Share Posted January 7, 2014 Digital, de-centralized currency that avoids things like inflation, capitol controls, sanctions etc. You see why banks/governments would be nervous about it? http://www.rollingstone.com/politics/blogs/taibblog/outrageous-hsbc-settlement-proves-the-drug-war-is-a-joke-20121213 This article shows how outrageous the banking system is. And what do the banks get in such a shameful scandal? A slap on the wrist. Link to comment Share on other sites More sharing options...
MillerGenuineDraft Posted January 7, 2014 Author Share Posted January 7, 2014 has anyone used his ATM? Does anyone even use them? I read only about 16 are used on avg per day and most of them are probably owned vey few. seems like a pyramid or Ponzi scheme.. I'm staying away from them. I use the ATM frequently, actually. It is a great way to get a wallet started with limited knowledge. Bitcoiniacs, the company behind the bitcoin ATM, even has it's office located in the Waves coffee on Howe Street. I would definitely stop by, even to talk to one of the reps about bitcoin. Waves coffee even accepts bitcoin as a payment for coffee. Link to comment Share on other sites More sharing options...
MillerGenuineDraft Posted January 7, 2014 Author Share Posted January 7, 2014 Hasn't bitcoin tanked hard in the last few weeks? Predicted it happening. People cash out during the holidays to buy gifts. Buy back in when the price is low in the new year. Link to comment Share on other sites More sharing options...
MillerGenuineDraft Posted January 7, 2014 Author Share Posted January 7, 2014 i see how it could easily become corrupt/fraudulent Care to elaborate? Link to comment Share on other sites More sharing options...
nuckin_futz 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. As someone who has traded nearly every financial instrument over the last 15 years all I can say is: Link to comment Share on other sites More sharing options...
Jimayo Posted January 7, 2014 Share Posted January 7, 2014 i see how it could easily become corrupt/fraudulent Could become? It's the currecy of choice for illegal transactions online. 2 Link to comment Share on other sites More sharing options...
avelanch Posted January 7, 2014 Share Posted January 7, 2014 (edited) Care to elaborate? it's extremely obvious, but this does a much better job that I would to explain how rife with problems it is: https://en.bitcoin.it/wiki/Weaknesses and that's just the ones bitcoin themselves have identified. Edited January 7, 2014 by avelanch Link to comment Share on other sites More sharing options...
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