Digital 'bitcoin' currency surpasses 20 national currencies in value

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posted on Mar, 31 2013 @ 05:50 PM
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reply to post by jiggerj
 


Pretty much everything you list. Plenty of companies exchange bitcoins, all you have to do is search for an exchange, or google it.




posted on Mar, 31 2013 @ 05:59 PM
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Originally posted by Rigel Kent

Originally posted by CranialSponge
Yeah, sure bitcoins make for great currency....

... until the power goes out.



You can store them on a USB stick


and you bank would never lock its doors on you and loot your account now would it?

PEACE,
RK



What good is a USB stick in a SHTF long-term power outage scenario ?

Think people, think.



posted on Mar, 31 2013 @ 06:07 PM
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reply to post by CranialSponge
 


Well lets be more realistic here man, we are not at a TSHTF scenario right now. Right now money is still apart of the market and our daily lives, so bitcoin is just another investment tool to take advantage of.



posted on Mar, 31 2013 @ 06:37 PM
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reply to post by onequestion
 


Agreed.

And that's all it's good for. But some might be thinking it would make a great replacement currency (or a SHTF backup currency)... and they would be gravely mistaken.

Digital currency is one of many reasons why we're in such economic dire straits today. Most of our money today is just a bunch of numbers on a computer screen, backed by absolutely nothing tangible.

Renaming this same type of fiat system (bitcoin) is only good so long as it keeps flowing. When something stops the flow, it becomes utterly useless (and valueless) overnight.



posted on Mar, 31 2013 @ 10:57 PM
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reply to post by superman2012
 



So a legitimate exchange couldn't, but, can you get bitcoins on a not so legit site? Couldn't they do what is described?

Sure it would be possible for a shady exchange to manipulate the price if they hide the data which could prove they are manipulating it. That's why you don't use half-assed exchanges who hide that data, you use the trustworthy exchanges who make the necessary data public.
edit on 31/3/2013 by ChaoticOrder because: (no reason given)



posted on Mar, 31 2013 @ 11:01 PM
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reply to post by CranialSponge
 



What good is a USB stick in a SHTF long-term power outage scenario ?

What good is ANY Government fiat money in a long term power outage? Even cash would become useless because we require computers to validate the serial numbers on those notes. Everything relies on computers now.


Digital currency is one of many reasons why we're in such economic dire straits today.

The problem has nothing to do with it being digital, money is simply a medium of exchange and a store of value, it doesn't need to have a real world physical form to achieve those two things. The real problem is that it's DEBT BASED money which they can create UNLIMITED amounts of extremely CHEAPLY and EASILY when ever they want. Bitcoin does not allow any of those things.
edit on 31/3/2013 by ChaoticOrder because: (no reason given)



posted on Apr, 1 2013 @ 12:26 AM
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Originally posted by CranialSponge

Originally posted by Rigel Kent

Originally posted by CranialSponge
Yeah, sure bitcoins make for great currency....

... until the power goes out.



You can store them on a USB stick


and you bank would never lock its doors on you and loot your account now would it?

PEACE,
RK



What good is a USB stick in a SHTF long-term power outage scenario ?

Think people, think.


I am indeed thinking, have been thinking about it for a long time already,
Once they are bought/mined and transfered to a USB, the said USB can be removed and placed in a safe place.

I am saying, what if all the banks close their doors and loot customers savings? This is already happening and peoples lives are being ruined and this Government sanctioned THEFT is expected by many in the financial world to go global, thankfully your scenario isnt (not yet anyway).

You can choose to store your wealth in whatever form works best for you, Nobody here is trying to get you to use BTC, people are merely trying make you more aware of the subject and for that you should be thankfull instead of being snarky. Lets dicuss and exchange info instead of getting into this p!ssing contest. About a year ago, I was also very sceptical about BTC, so I understand your concerns, but since then I have learned what it is, where it comes from and how it can be used.

I am no expert on the subject but am willing to try and answer any questions you may have about the subject


PEACE,
RK
edit on 1-4-2013 by Rigel Kent because: (no reason given)



posted on Apr, 1 2013 @ 07:38 AM
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reply to post by ChaoticOrder
 


Any good sites that explain exactly what it is and how to do it?



posted on Apr, 1 2013 @ 07:54 AM
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Originally posted by superman2012
reply to post by ChaoticOrder
 


Any good sites that explain exactly what it is and how to do it?


You can always just read through this...



posted on Apr, 1 2013 @ 10:12 AM
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reply to post by SilentKoala
 


The bitcoin wiki and the bitcoin white paper are probably the best resources if you really want to learn the ins and outs of the system. The explanations I have given in this thread are more detailed then what is written on that page you linked. Although it's a bit difficult to fully understand my explanations because they are spread through half a dozen posts and I didn't tie them together into one full explanation of the whole system.
edit on 1/4/2013 by ChaoticOrder because: (no reason given)



posted on Apr, 1 2013 @ 10:41 AM
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reply to post by superman2012
 


It is an encrypted anonymous method of transferring money or buying things. It is not the same as a pyramid scam. You can mine bitcoins from encrypted blocks. It is only worth doing if beef up your processor power
It is a currency that has financial value and cultural worth.



posted on Apr, 1 2013 @ 12:49 PM
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Originally posted by Jeremiah65
This is backed up by nothing. As Superman above said...one form of fiat money is enough.

I have a feeling this is just another scam. Someone is going to get taken for a ride.

If you want to protect your assets against the collapse...

Gold, silver, copper..

Non-perishable food items

Vegetable seeds

Over the counter medications (aspirin, peroxide, etc)

Non-electric hand tools and gardening tools.

Just my opinion though.
edit on 3/30/2013 by Jeremiah65 because: (no reason given)


It's backed up by nothing, and everything at the same time. Bitcoin is a meta-currency, in a way that it can be exchanged against any currency, probably even precious metals.

It's fiat, yes, but once again, only resources as exchange currency are not fiat. Even gold and silver are fiat... because they no longer have the same attributes they used to have.

Want zero-fiat momey? Trade in oil, drugs, slaves and other resources. The ultra-rich elite are doing it... guess why they're so powerful!



posted on Apr, 1 2013 @ 01:46 PM
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Originally posted by Jeremiah65
This is backed up by nothing. As Superman above said...one form of fiat money is enough.

I have a feeling this is just another scam. Someone is going to get taken for a ride.

If you want to protect your assets against the collapse...

Gold, silver, copper..

Non-perishable food items

Vegetable seeds

Over the counter medications (aspirin, peroxide, etc)

Non-electric hand tools and gardening tools.

Just my opinion though.
edit on 3/30/2013 by Jeremiah65 because: (no reason given)


Steel, Iron, aluminum and the skills to work them are good sources of protection of assets as well. If you can Work metal you can make your keep making parts, tools, etc for people in exchange for goods if a collapse occurs.



posted on Apr, 1 2013 @ 02:13 PM
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You know the old saying "If it sounds too good to be true then it usually is"? If Bitcoin posed any real threat to the banking cartels they would have snipped it at the bud a long time ago. Calling someone a government lackey for asking questions about this really is the epitome of worldly ignorance.

Honestly at the rate this is going it feels like another classic "pump and dump" like Facebook, don't be completely surprised when it reaches 150$ after everyone jumps on board then the insiders and early birds dump their entire stock right as the value starts plummeting.

What I find strange is that this suddenly pops up all over the mainstream right when the haircuts are coming down on peoples bank accounts. Who or what organization is this the brain child of again?
edit on 1-4-2013 by Konduit because: (no reason given)



posted on Apr, 1 2013 @ 02:28 PM
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Bitcoin's success is its doom. It's already on borrowed time because it's already on the radar of people you could lump together as a 'money cartel.' In fact, Bitcoin has mysterious origins and may have been their experiment all along.

Bitcoin is still all but entirely reliant on conventional banking. If you couldn't get national currencies into or out of it, it'd be all but worthless in a hurry. Thus exchanges are the obvious weak link that will soon enough be exploited to crush the Bitcoin experiment. There is even really only ONE major, significant exchange, MTGOX. There are so many ways the hammer could fall on them and crash the Bitcoin price in spectacular fashion.



posted on Apr, 2 2013 @ 12:03 AM
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reply to post by Konduit
 



If Bitcoin posed any real threat to the banking cartels they would have snipped it at the bud a long time ago.

And how exactly do you suggest they destroy a decentralized network with more computing power than all the super computers on Earth combined? As the poster above me mentioned, the weakest points are the exchanges... there was recent news about the US Government wanting to regulate bitcoin exchanges, and that's a bit worrisome. But I'm fairly certain we already have decentralized exchanges too so it's not that bad.



posted on Apr, 2 2013 @ 06:54 AM
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A lot of people in this thread are confused.

Bitcoins - Are NOT CURRENCY - through they are called a currency and are being traded for goods and services. It is illegal from within the USA to make any other currency that competes with the U.S. dollar.

Bitcoins are Only tokens that represent real money. That's why they are not illegal.

Bitcoins actually Cost U.S dollars and like any other product or service, in this way contributes the U.S economy.

The idea that Bitcoin currency surpasses 20 other Real currencies is misleading and foolish but the article was named thus for sensationalism.

1 bitcoin currently cost 103.5 U.S dollars bitcoinconversion.com... That's Expensive. You need to spend a whole lot of money to buy these things and you can't buy things that cost less than 103.5 dollars since thats your lowest denomination. - (I find this odd because this ties people down to buying small items in bulk to reach a value of 103.5 dollars so the normal person won't be using these. Correct me if I'm wrong) Bitcoins are used by large companies and criminals who seek to hide their transactions from the government. That's why they seem to grow so fast.


Bitcoins are a form of virtual currency that are just starting to get some attention. Right now, one Bitcoin is worth somewhere in the $90 range, so almost 100 of your dollars equals one of something that you cannot touch or see.

How did a virtual currency come to have a very tangible hold on global economies and should we be concerned? The United States is.

The Treasury Department just last week put Bitcoin under money laundering rules, further legitimizing it and driving its price up to its current astronomical levels. Central Banks are concerned because they have no control over this currency. Average folks however are starting to see that their “real” money isn’t safe in banks (see Cyprus) and are looking to things like Bitcoins as a genuine alternative
www.theblaze.com...
edit on 2-4-2013 by JohnPhoenix because: sp



posted on Apr, 2 2013 @ 07:17 AM
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Originally posted by JohnPhoenix
It is illegal from within the USA to make any other currency that competes with the U.S. dollar.

This is most likely incorrect, but that doesn't matter, because BTC's aren't made from within the USA. They are an international currency. In the US, you can trade on a forex for any other currency you want to. You can also accept any other currency as payment that you want to.


1 bitcoin currently cost 103.5 U.S dollars bitcoinconversion.com... That's Expensive. You need to spend a whole lot of money to buy these things and you can't buy things that cost less than 103.5 dollars since thats your lowest denomination.

WRONG - 1 BTC is not your lowest denomination. You can spend 0.0000001 BTC if you are so inclined. Please actually verify your information before posting such misleading crap.



posted on Apr, 2 2013 @ 07:33 AM
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Originally posted by SilentKoala

Originally posted by JohnPhoenix
It is illegal from within the USA to make any other currency that competes with the U.S. dollar.

This is most likely incorrect, but that doesn't matter, because BTC's aren't made from within the USA. They are an international currency. In the US, you can trade on a forex for any other currency you want to. You can also accept any other currency as payment that you want to.


1 bitcoin currently cost 103.5 U.S dollars bitcoinconversion.com... That's Expensive. You need to spend a whole lot of money to buy these things and you can't buy things that cost less than 103.5 dollars since thats your lowest denomination.

WRONG - 1 BTC is not your lowest denomination. You can spend 0.0000001 BTC if you are so inclined. Please actually verify your information before posting such misleading crap.


On point 1) No, actually thats The Law. ( there are U.S laws that detail this.. I'm trying to find them.. dont remember where the info is but it's an actual law)

People in this thread have been mislead by the use of the word currency in the article. I was pointing out this is not currency in the sense that it is accepted legal tender in the USA for all debts public or private like the U.S. dollar is. Bitcoins do cost Real money, be it in trade from the USA or yen from japan - .Because they are only bits of data not anything tangible, they cannot be considered Real currency - I don't care what you like to call them, thats a big load of BS you're swallowing. For this to be a real currency, it has to be a real tangible thing approved by a major government and backed by something valuable like gold. Thats what makes them tokens instead of real currency.

You people want to call them currency fine, I won't try to stop you. In the event these become so widespread in a country and they surpass the normal currency of that country - then other governments may consider them legal currency but this hasn't happened yet and it's still a misnomer because it's not backed by anything and still cost real money like the kind backed by gold to purchase.. Bitcoins are a clever form of credit, nothing more.

On point 2) I did ask for corrections to this and I thank you for that.
edit on 2-4-2013 by JohnPhoenix because: sp



posted on Apr, 2 2013 @ 07:53 AM
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I'll give you another example - the BerkShares. These like Bitcoins are called currency but it's understood that these are really tokens for real money because like bitcoins they are purchased with real U.S. dollars. If they printed up Bitcoin dollars and traded them for goods or services without being backed by anything and without being purchased by real U.S. dollars and approved by the government this would be 100% illegal. Bitcoins and BerkShares skirt this by getting real currencies involved in the transaction. This allows them to become a service like a credit card. but they are not real currencies.

There have been lots of local "currencies" over the years and they all had to operate this way. In a sense as tokens what is backing them is the strength of the Real currency used to purchase them to begin with.

I myself use Linden dollars from the online social network called SeconeLife. Like Bitcoins and BerkShares these are purchased with real money and are only used for Linden Labs goods and services. I would never however consider them any real type of currency.
edit on 2-4-2013 by JohnPhoenix because: sp





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