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Bitcoins?

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this is crazy
now $147 to buy 1 coin

I can't wait to see these drop off the edge of a cliff
lol
 
Everything is fueled by demand of lack of. It shows how arbitrary all currency is in many ways. More and more merchants are accepting bitcoins, so it clearly has some value. The question is how much. It would be a brave person who got involved right now I'd say. Maybe if it's a bubble and it bursts, then we might get an idea of the real value.
 
there can never be any real value.

Even the outlets that accept them are scammy.

If something is backed by nothing, then they can not have any real value, so they will always go pop.

Just another internet scam in disguise.
 
Even though everyone knows it is a investment based on nothing of value (same as money) doesn't mean it is a bad investment. As long as you are not holding the parcel when the music stops, you can still win.

If I remember it correctly this guy was the only one jailed over the dot com bubble. He predicted it openly and said everyone knew it was a bubble but was all about when to get off the train, he was the only one who wrote it down and still invested for his clients. Hence the fall guy for it all.

http://en.wikipedia.org/wiki/Henry_Blodget
 
there can never be any real value.

Even the outlets that accept them are scammy.

If something is backed by nothing, then they can not have any real value, so they will always go pop.

Just another internet scam in disguise.

Over 10,000 outlets accept them now. Some are no doubt scammy, some aren't. It does appear to be gaining a level of acceptance. They are starting to manufacture bitcoins ATMs etc. It is something that serves a purpose, as such unless something catastrophic occurs, I can't see it disappearing entirely. The question is what are the value of bitcoins. I suppose the answer is, what people are willing to pay for them. I can imagine the bubble bursting, then building up again and so on.
 
To call it a scam is just silly. Sure, the value may go down a lot in the future but it's definitely not a scam.

By the way, there's plenty of ways to make money from bitcoins without buying them. If you have a good idea for a site that's bitcoin related you could make some decent money by accepting donations. This is one site that's quite cool: http://www.listentobitcoin.com/.

edit - yes, it is ironic that on that site everything looks like a bubble ;)
 
What is to stop someone offering a bitcoin escrow.... surely this means you can get money in and out without many problems?

So in affect, a currency on top of a currency... surely that can't be banned.
 
Of course its a scam.

There may well be a few people who make money while it plays out but sooner or later the key scammers will cash in and boom.

I guess the foolish publicity it has had lately may well just be enough to see it pop soon.

A gamble yes but an investment certainly not.

A money laundering tool if ive ever seen one. So out in the public its succeeding.
 
What is to stop someone offering a bitcoin escrow.... surely this means you can get money in and out without many problems?

So in affect, a currency on top of a currency... surely that can't be banned.

Do you mean a site that essentially holds your bitcoins for you?

See the problem with this would be that if someone gains access to the site they could steal all the bitcoins which is why I wouldn't like to store any online.

There's big money to be made if you've an idea that provides a good service to the bitcoin community, since not a lot of people know about it at the moment. If anyone has any ideas let me know :p
 
I looked into these and although great money can be made at the moment, I certainly don't think its a "safe" investment.

The people running this are anonymous. The main value rests on the promise that there will only ever be 21 million BTC, but there is no reason why they would stick to this. They make the rules.

This coupled with the fact that the bigger it gets, the more main governments will look into if this can actually legally be accepted.
 
Do you mean a site that essentially holds your bitcoins for you?

Nope, it wouldn't need to get involved in anything to do with any bit coins. How it would work would be....

Person A agrees to sell something (could be unicorns for all anyone cares) to person B. Person B gives the money to the escrow type company.

Excrow type company tells person A that person b has paid and to hand over the unicorns to person B.

Person B then tells the escrow company that he has his unicorns and to release the money to person A.

----

I don't see how something like that couldn't work due to legal reasons. It's a legal way of getting cash out of the network. The Escrow company never touches any coins or unicorns or whatever the product is.
 
What's to stop more and more of these 'digital currencies' from being minted - minted being the operative word. Each one would essentially devalue the pool.

It's not a ratified currency i.e. recognised by govenrnments and IMF for example.

Simply another million dollar pixel craze from all accounts.
 
Very interesting article about a major flaw inherent in the way Bitcoins work...
http://www.newstatesman.com/economics/2013/04/bitcoin-hyperdeflation


Read the article. First part is a very sound argument. If value of your bitcoin is going up by 10% a week you are really not going to spend it are you? And if folks stop spending them, then crash is simply a matter of counting the days.

That's fair enough. Bit about criminality is usual propaganda. The press shouldn't even use the word criminality anymore. Was looking at the list of major banks under investigation and it covered just about every major household name. Funnily enough this is promoted by the press as failures in regulation not outright criminality. The totally of fines so far accrued must top 10billion dollars and there's still major investigations underway.

But point that's missed is the first embodiment of an idea usually fails.

It's the second and third and 4th embodiment that truly matter.

As we speak no doubt folks are working on an alternative to bitcoin without these inherent flaws. The idea itself is in principle sound.
 
Read the article. First part is a very sound argument. If value of your bitcoin is going up by 10% a week you are really not going to spend it are you? And if folks stop spending them, then crash is simply a matter of counting the days.

That's fair enough. Bit about criminality is usual propaganda. The press shouldn't even use the word criminality anymore. Was looking at the list of major banks under investigation and it covered just about every major household name. Funnily enough this is promoted by the press as failures in regulation not outright criminality. The totally of fines so far accrued must top 10billion dollars and there's still major investigations underway.

But point that's missed is the first embodiment of an idea usually fails.

It's the second and third and 4th embodiment that truly matter.

As we speak no doubt folks are working on an alternative to bitcoin without these inherent flaws. The idea itself is in principle sound.


agree on all that

thing with bitcoin is bit like facebook when started taking hold
facebook was out and out most famous talked about, notorious etc
and that was even when anyone could buy an exact same script for $30

bitcoin is not that easy to emulate, on the main bitcoin forums there are a few others trying to start but very difficult even though bitcoin is backed by fresh air and 'trust'

i'm pretty sure I know who is behind bitcoin
max keiser

he invented the computer systems and algorithms for the stock market
very, very intelligent man and sees how system works and knows financial system is coming down

he wont admit it about botcoin but he is pumping it and has a lot of airtime
plus he had knowhow and cash to start up
plus most bitcoins are owned by couple of people only and i can back that up with logs and facts

another reason why i wont touch, of course i wish i had bought some when 50 cents or less or even 10 bucks but it will crash

lets face it, the people behind the governements who basically run the world, the bankers and huge corporations will not allow this to flourish
they wont hesitate to invade countries ffs

they have numerous ways to take this down unfortunately
the easiest way is for moles like with anonymous etc and take apart the programmers and infiltrate silk road and other illegal marketplaces and also get the media (which is owned) to blacken it


again the basic idea and algorithms and idea of mining etc is fantastic

we shall see
 
Nope, it wouldn't need to get involved in anything to do with any bit coins. How it would work would be....

Person A agrees to sell something (could be unicorns for all anyone cares) to person B. Person B gives the money to the escrow type company.

Excrow type company tells person A that person b has paid and to hand over the unicorns to person B.

Person B then tells the escrow company that he has his unicorns and to release the money to person A.

----

I don't see how something like that couldn't work due to legal reasons. It's a legal way of getting cash out of the network. The Escrow company never touches any coins or unicorns or whatever the product is.

Oh I get what you mean.

There's one big flaw in an escrow type of service with bitcoins, and that's that since the price can rise/drop a lot over a short period of time, what would happen if:

John offers 10 bitcoins for Mike's domain. They both agree to that deal.

John sends over the 10 bitcoins to the escrow service but by the time Mike gets on his computer the price of bitcoins drops a lot - so Mike doesn't bother going further with it.

But then again the price of bitcoins could start balancing out soon, who knows.

By the way, many bitcoin exchanges are simply a mess - even though they are making an absolute fortune. If I had lots of money right now I'd probably make a very good exchange which would mean that you can make money without necessarily buying any bitcoins.
 
Does anyone have any coins they wish to sell?

Thanks, Darren.
 
If you had a bitcoin, and went to a bitcoin dealer to deposit it.

You add the code and you get the deposit.

Correct.

So you now go to another bank/dealer and add the same code, how would they know that you had already used it?

People say they are not linked centrally, so how could they tell.

Another question.

Have these banks/dealers been provided with an algorithm to validate bitcoins?

They say its a tough mathematical algorithm to solve, but surely you could just generate files of these and submit them as solved, some may be correct.

As you can see I haven't a clue but i do know when things don't add up.
 
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