The Everything Bitcoin Thread

[Grapefruits]

http://www.bloomberg...ut-at-firm.html

Bit coin go bust..

Where does it say that? Mt. Gox went bust, but it's been heading down that road for a very long time. I wouldn't buy into the whole "theft" thing either. That's just smoke and mirrors from gox trying to absolve themselves from responsibility. Just another bump in the road. Bitcoin will survive and is surviving.

[î мцšт вяздк чфµ]

yea! lets screw physical money and just make unique virtual codes as payment instead.

here's my code...

1T 5UX A55

Edited February 26, 2014 by î мцšт вяздк чфµ

[Grapefruits]

yea! lets screw physical money and just make unique virtual codes as payment instead.

here's my code...

1T 5UX A55

that physical money can be made worthless in a very short time.

[mdehaan]

that physical money can be made worthless in a very short time.

Actually 'physical money' is made worthless over a very looong period of time so that you don't notice.

But hey, its money right? So that's good.

[MillerGenuineDraft]

yea! lets screw physical money and just make unique virtual codes as payment instead.

here's my code...

1T 5UX A55si

First of all, bitcoin is a digital currency, not a virtual currency. Second of all, your 'physical' currency is actually a fiat currency. Read a book and you'll learn a thing or two.

[avelanch]

so... how are you criminal underground drug dealer types enjoying your fake currency?

[Papayas]

so... how are you criminal underground drug dealer types enjoying your fake currency?

they should be pretty happy by now since it seems they did quite a bit of money laundry already...

it is the normal idiotic citizens who actually think it is a legit investment option that would be crying now

[Papayas]

Where does it say that? Mt. Gox went bust, but it's been heading down that road for a very long time. I wouldn't buy into the whole "theft" thing either. That's just smoke and mirrors from gox trying to absolve themselves from responsibility. Just another bump in the road. Bitcoin will survive and is surviving.

survive? you actually think a "currency" that has its value decreased from 1.1k usd per bc to 570 usd per bc in a matter of 2 months is surviving?

ffs the whole BC system is base on a website, no country to back it up, no gold to back it up, nothing!

how on earth can people actually think this is legit?

[Canada Hockey Place]

Just want add 2 points.

1. BTCs are a tool to buy/sell things, not a stock or investment. Some things, like donations/payment for online work are easier with BTCs than cash. ie paying with cash requires a service fee to Paypal or other 3rd party. There are legitimate uses for BTCs.

2. Mt. Gox is an exchange, not a bank. The "theft" being reported is not an overnight hack, it's a long term pilfering that they hadn't noticed over years. It was known for a while that some recent payments from Mt. Gox were being delayed by weeks to months.

[Papayas]

Just want add 2 points.

1. BTCs are a tool to buy/sell things, not a stock or investment. Some things, like donations/payment for online work are easier with BTCs than cash. ie paying with cash requires a service fee to Paypal or other 3rd party. There are legitimate uses for BTCs.

2. Mt. Gox is an exchange, not a bank. The "theft" being reported is not an overnight hack, it's a long term pilfering that they hadn't noticed over years. It was known for a while that some recent payments from Mt. Gox were being delayed by weeks to months.

1. it is far away from just being a tool to buy/sell things. It has its own exchange rate and those exchange rate are governor by nothing more than supply and demand between users. There is no regulations, no law, nothing to protect the people who exchange real money to BC.

paying a service fee for paypal is far less expensive than losing 500 usd + of value per coin in two months. Please explain how is this an legit way for people to buy/sell things when its value change drastically on a daily basis. This is basically just a tf2 bud thing in a much much larger scale.

2. the Mt.Gox incident is just the tip of an iceberg of the whole BC problem... The core problem lies that Bitcoins has nothing to back it up that would make it a legit currency in any form other than for mobs laundering their money at the cost of normal citizens who buy into this crap.

If you open a business and sell things, would you accept any currency, be that usd or Canadian money, if the value of that currency changed drasitically on a daily basis? you won't. This is the same thing go Bitcoins. Sure there are legit users selling their items for Bitcoins, but it is a bad choice because the whole system is not back up with anything trust worthy.

[Dittohead]

A few geeks who "mined" some coins early in their moms basement think it's legit...lol..

It could disappear in an instant. no thanks.

[avelanch]

i like how they call it mining too... i wonder what all these calculations they are performing REALLY are for. What nefarious crime are these people unwittingly becoming accomplices for?

Edited February 26, 2014 by avelanch

[MillerGenuineDraft]

Your opinion on bitcoin means next to nothing, if you don't even understand how money in today's society is created, distributed and regulated.

[avelanch]

that's an awfully rash assumption...

[MillerGenuineDraft]

that's an awfully rash assumption...

Sorry, that's my apology. Not you. Meant to quote dittohead, with reference to his comment, "It could disappear in an instant. no thanks."

[Papayas]

Sorry, that's my apology. Not you. Meant to quote dittohead, with reference to his comment, "It could disappear in an instant. no thanks."

if you bought bitcoins in December and managed to hold on to it, you would have lost 500 usd per coin as of today. If the website of bitcoin decide to shut down, you will have no where to get your money back.

the whole bitcoin system is back up by nothing other than a private company. Would you care to explain how the whole bitcoin system won't collapse? We are talking about a virtual currency that lost 50% of its value in merely 2 months, and at one point bitcoins were just worth less than 10%, i repeat, 10% of its peaked value just 5 days ago.

Care to explain how Bitcoin is regulated to stop players to manipulate its market value?

[theminister]

if you bought bitcoins in December and managed to hold on to it, you would have lost 500 usd per coin as of today. If the website of bitcoin decide to shut down, you will have no where to get your money back.

the whole bitcoin system is back up by nothing other than a private company. Would you care to explain how the whole bitcoin system won't collapse? We are talking about a virtual currency that lost 50% of its value in merely 2 months, and at one point bitcoins were just worth less than 10%, i repeat, 10% of its peaked value just 5 days ago.

Care to explain how Bitcoin is regulated to stop players to manipulate its market value?

So is USD.

The Fed has also acted security behind the backs of regulatory bodies and public scrutiny to hand out trillions. This will have the eventual effect of substantially decreasing value once it catches up to investors, albeit on a mach grander scale. It might not be an immediate 50% decrease but these cumulative actions are leading it that way.

I don't have a bone in this fight but I'd side with the others that point out that this is just an extreme example of what happens already with fiat currency.

[Papayas]

So is USD.

The Fed has also acted security behind the backs of regulatory bodies and public scrutiny to hand out trillions. This will have the eventual effect of substantially decreasing value once it catches up to investors, albeit on a mach grander scale. It might not be an immediate 50% decrease but these cumulative actions are leading it that way.

I don't have a bone in this fight but I'd side with the others that point out that this is just an extreme example of what happens already with fiat currency.

are you comparing to a system that is back up by a country to a system back up by a private internet company that people dont even know who the owner is?? Seriously?

This is the prime example of what idiocy fallacy is. Just because a country like America is having trouble in its economy and start to messing with its currency, it doesn't immediately make ANY alternate options are good or safe.

Just because you think the USD is decreasing in value, it doesn't mean you can grab any internet current and claim "hey, this is legit because the American government isn't that much better." ....

we are talking about a virtual currency that lost over 90% of its value in merely a day or 2 after any bad news announced! 90%! Do you guys even get what kind of scale is that?

[theminister]

are you comparing to a system that is back up by a country to a system back up by a private internet company that people dont even know who the owner is?? Seriously?

This is the prime example of what idiocy fallacy is. Just because a country like America is having trouble in its economy and start to messing with its currency, it doesn't immediately make ANY alternate options are good or safe.

Just because you think the USD is decreasing in value, it doesn't mean you can grab any internet current and claim "hey, this is legit because the American government isn't that much better." ....

we are talking about a virtual currency that lost over 90% of its value in merely a day or 2 after any bad news announced! 90%! Do you guys even get what kind of scale is that?

I was just pointing out that the Federal Reserve is a private company as well.

It also isn't backed up by anything physical.

I wasn't suggesting they are on the same level but I was comparing the system, yes.

[MillerGenuineDraft]

if you bought bitcoins in December and managed to hold on to it, you would have lost 500 usd per coin as of today. If the website of bitcoin decide to shut down, you will have no where to get your money back.

the whole bitcoin system is back up by nothing other than a private company. Would you care to explain how the whole bitcoin system won't collapse? We are talking about a virtual currency that lost 50% of its value in merely 2 months, and at one point bitcoins were just worth less than 10%, i repeat, 10% of its peaked value just 5 days ago.

Care to explain how Bitcoin is regulated to stop players to manipulate its market value?

Thank you for once again allowing me to reiterate on my previous point. Read a book on the history of money, money in present time, and the future of money.

You are a fool if you think that you precious little paper notes in your wallet are backed by the gold standard. Fiat money is where we currently sit. I'm not going to try and argue with you about bitcoin, if you don't even understand money today.

That is all I'm trying to say, I am not sorry if I offended you.