Have you heard of Bitcoin?

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posted on Apr, 9 2012 @ 12:27 AM
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Peer-to-Peer Bitcoin was featured on the Kieser Report on the 7th.

Russia Today

It's an interesting idea. I am researching it more before I make any type of purchase. I am worried that inflation in the USD could increase the demand for Bitcoin in such a huge scale that it could be unaffordable to buy into in a few years.

edit on 9-4-2012 by badconduct because: (no reason given)
edit on 9-4-2012 by badconduct because: (no reason given)




posted on Apr, 9 2012 @ 12:32 AM
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reply to post by badconduct
 


lol i just made a post about bitcoin.. weird.

I own some, but am also invested on a few companies on the GLBSE which is the bitcoin stock exchange. Fun Stuff.

edit on 9-4-2012 by mayabong because: (no reason given)



posted on Apr, 9 2012 @ 12:45 AM
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reply to post by badconduct
 


If you can't eat it or drink it, if you can't use it as a tool to provide yourself food or water, you are wasting your money.

If you are trying to get rich off the collapse of the dollar, sorry it's not going to happen. If you are already wealthy and are concerned about your well being after the collapse (if it happens), buy some land and educate yourself.

Bitcoin is a joke.



posted on Apr, 9 2012 @ 12:47 AM
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reply to post by litterbaux
 


can you explain why bitcoin is a joke. I'm not talking about using it after a crash (if it happens). I'm talking about right now in this system that we have.



posted on Apr, 9 2012 @ 12:48 AM
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I read Bit Coin was used mainly in Dark web for those unsavory transactions done by criminals. Thats all ive read about it myself. Other than that , its something I cant touch or see and is electronic, so I dont trust it much.



posted on Apr, 9 2012 @ 12:51 AM
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reply to post by stonebutterfly
 


People using currency for criminal activity? why thats never happened before.

You can touch and see bitcoins as much as you can touch and see email or this board, but you seem to trust it no?



posted on Apr, 9 2012 @ 12:51 AM
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reply to post by badconduct
 


OMG all I could concentrate on in the video was how I would like to wax that guys unibrow...

As for bit coins I think it is trying to be the next facebook, yahoo, google, a trend in other words.



posted on Apr, 9 2012 @ 01:13 AM
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Originally posted by litterbaux
reply to post by badconduct
 


If you can't eat it or drink it, if you can't use it as a tool to provide yourself food or water, you are wasting your money.

If you are trying to get rich off the collapse of the dollar, sorry it's not going to happen. If you are already wealthy and are concerned about your well being after the collapse (if it happens), buy some land and educate yourself.

Bitcoin is a joke.


You can't eat, drink or use USD's. They are just the same, except people take advantage of their existence.

Bit coin is good market, at least for transactions. I would keep my savings in a physical market, such as Silver or Gold, and you will be safe from any inflation or rebound in the national currency markets.

You won't get rich in Bitcoin, but you can maintain a small business and sell products in bitcoin in a small community, without the need for a central bank or a QE3. I think it's genius, security is the only disadvantage.
edit on 9-4-2012 by badconduct because: (no reason given)


Edit: also want to add, if there is no benefit is hoarding or saving it, that eliminates a lot of problems with the modern banking system.
edit on 9-4-2012 by badconduct because: (no reason given)



posted on Apr, 9 2012 @ 01:15 AM
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Essentially, by allowing your computer to do the banks job, you eliminate the bank and create funds. It's not simple, but it's safe because of the trail it leaves. I already downloaded the iPhone Ap



posted on Apr, 9 2012 @ 03:20 AM
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reply to post by badconduct
 


Agh, 45 minutes and I'm still not really that much more aware of how it really works... that guy is really annoying, very hard to follow..

cant hurt I guess to have it idling.



posted on Apr, 9 2012 @ 05:01 AM
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it looks like a pyramid scheme to me, one pretending to be something innocent, which is the same thing every good pyramid scheme does.



posted on Apr, 9 2012 @ 08:19 AM
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reply to post by litterbaux
 


Heh. My name is James. I run a Bitcoin accepting company and am very active in the trading community. For the past 4 months I have fed myself and paid my bills completely with funds from Bitcoin. It may be a joke to you but it's my life and a lot of other peoples lives.

It would do you well to do some research into it and the people who use it before making such comments as 'Bitcoin is a joke'.

James



posted on Apr, 9 2012 @ 08:20 AM
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Also, that youtube video sucks. If you want real bitcoin information go to weusecoins.org or lovebitcoins.org. You can find various Bitcoin entities at en.bitcoin.it...



posted on Apr, 9 2012 @ 11:50 AM
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Originally posted by Razimus
it looks like a pyramid scheme to me, one pretending to be something innocent, which is the same thing every good pyramid scheme does.


Comparing it to a pyramid scheme is something most people do before they understand how it works. Its not like everyone is just buying them, holding them and waiting for more people to join. Sure some people are, but there are also people using it to transfer wealth from one person to another. People use them to pay for things...



posted on Apr, 10 2012 @ 02:36 AM
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Originally posted by mayabong

Originally posted by Razimus
it looks like a pyramid scheme to me, one pretending to be something innocent, which is the same thing every good pyramid scheme does.


Comparing it to a pyramid scheme is something most people do before they understand how it works. Its not like everyone is just buying them, holding them and waiting for more people to join. Sure some people are, but there are also people using it to transfer wealth from one person to another. People use them to pay for things...


The only thing adding value to the Bitcoin market is the mutual agreement to use it as a currency, and a negotiated price worth based on bidding. Datamining for Bitcoin will die eventually, and could basically make it impossible to reach it's limit with any financial gain.

Is Bitcoin the end of modern capitalism? No, It's the Linux vs. Windows of Economics.

Is this, and many other open source applications like it, the beggining of a new trend? Absolutely.

Investing, purchasing or getting 1 or 2 Bitcoins today could be worth a fortune if the market caps out. If people hang on to a few and demand raises, or the market hits deflation, the current value ($4.85) could be worth $485, if the average trades are in the 6th or 7th decimal place.

It's not a bad mid term investment. A few surveys and a little online work today could pay off well in 4 years from now.

Max Kieser made a good point about iPhones and Guns. People either want the power of knowledge or the power of having a gun, they are both hot selling products. Bitcoin is the currency of iPhone users. Gold is the currency of gun owners.



posted on Apr, 10 2012 @ 03:08 AM
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reply to post by jamesbitvps
 


I'll take you serious, trends need to be first in first out, timing and such. No insult intended u2u me please would like to hear your take on bitcoins.

-Matt



posted on Apr, 10 2012 @ 03:12 AM
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Originally posted by mayabong
reply to post by litterbaux
 


can you explain why bitcoin is a joke. I'm not talking about using it after a crash (if it happens). I'm talking about right now in this system that we have.


If there is a crash, why would we have internet? How would you spend your internet-currency then? If you have to choose between paying for heating/cooling or paying for the internet, you're probably going to choose to forgo internet. There goes your bitcoins.



posted on Apr, 10 2012 @ 04:48 AM
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I've been collecting stories on bitcoin for a few months now, I haven't yet found the time to read them all. So. just in case anyone wants to do some reading, or there's 1 video interview

Bitcoin P2P Digital Currency
Bitcoin Discussion with Gavin Andresen and Amir Taaki - Video
Why-im-putting-all-my-savings-into-bitcoin

Here are the three key reasons I bet on bitcoin:
Past performance: the currency has increased in value one-thousandfold against the US dollar in fourteen months. Yes. Read that again: one-thousandfold, fourteen months. There is currently no indication it would stop or has saturated; quite the opposite.

Use case: the key advantage for bitcoin is that it does away with all bureaucracy, all transaction fees, and perhaps foremost, all transaction delays and gatekeepers in the financial system.

Key uptake drivers: doing the math, I predict that it has at least another thousandfold increase to go in the coming few years, and that’s counting conservatively.

Wikipedia Pretty Good Privacy (PGP)
Bitcoin-is-voluntarist-not-socialist
Senator Schumer Says Bitcoin Is Money Laundering
Bitcoin: inside the encrypted, peer-to-peer digital currency
Libertarian Goldbugs Hating On Bitcoin – Free Market Money
Senators seek crackdown on "Bitcoin" currency
Bitcoin Charts
Digital Black Friday: First Bitcoin "Depression" Hits
Cracking the Bitcoin: Digging Into a $131M USD Virtual Currency
Would you keep $500k of untraceable cash in your bedroom?
Virtual currency Bits and bob
Bitcoins: What are they, and how do they work?
The WikiLeaks of Money
Bitcoin Laws Imminent

It's going to take a lot of explaining before I understand it all, but I'm watching what happens with interest.
Hoping to get one of those lazy Sundays, real soon



posted on Apr, 10 2012 @ 10:22 AM
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Originally posted by Ameilia

Originally posted by mayabong
reply to post by litterbaux
 


can you explain why bitcoin is a joke. I'm not talking about using it after a crash (if it happens). I'm talking about right now in this system that we have.


If there is a crash, why would we have internet? How would you spend your internet-currency then? If you have to choose between paying for heating/cooling or paying for the internet, you're probably going to choose to forgo internet. There goes your bitcoins.


As I stated I was talking about before a so called crash. I've been waiting for a crash for 20 years hasn't happened yet. That doesn't stop us from using the technology we have at the moment.



posted on Apr, 24 2013 @ 10:29 PM
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reply to post by badconduct
 


I used BTC for the Silk Road when I was younger
Last year they were about 10 dollars a coin and I bought ten at this price..
Now they are 150 dollars a coin and rising





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