Bitcoin; anybody know anything? Use it?

gggGary

gggGary

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So I am a know-nothing, after reading a recent Time article I am aware it exists, rather interesting stuff.
 
cmyoch said:
That about the underground black market? That was some scary stuff.
Click to expand...

And derivatives and CDOs aren't?

From what I understand when you buy bitcoins you buy digital certificates, files if you prefer. Those can't be forged and can't be copied, duplicated etc. You then hold on to them like you would paper stock. Meaning whoever holds the file holds the value of the coin. You can give it, sell/buy it directly or indirectly to/from a market exchange etc.

It's quite legit. I don't own any but seriously thinking about it. Some people got in real early and made lots of money... Now it's more "stable" but should grow quite a bit in the future. Problem is coins are getting expensive so harder for small holders.
 
early in the year they were worth $30,now $250 someone acouple of weeks ago had a few million $ in bitcoins stolen (a lot of belonged to other people) so maybe still not all that stable or safe.except for dirty deeds only use i can see is for transfering funds without fees
 
Again, "dirty deeds" is relative. Every month my bank pockets a good 1/3 of my mortgage payment and I should consider myself lucky it's only that. Don't get me started on student loans (only loans that can't be erased by personal bankruptcy, yay education!) or credit card rates. You live in Australia, just enjoy a little bit less financial, and perfectly legal, predation :)
 
I thought about buying some when I first heard about them about a year ago. Wish I did.

I like the idea that they are not tied to a nation, and it's debt for that matter. They are a currency on the world market. No nation can just print more bills and screw with their value. Sure most of Europe tried to solve their currency issues with the Euro, now look how messed up that is. You have a bunch of counties trying to drive monitory policy to suite their own needs. With Bit Coin there's none of that.
 
I like the idea and I see the exchange rate vs. USD rocketed about the time the Time article came, out probably not a coincidence. Might try selling some XS parts in bitcoin see what happens? Interesting concept, a currency without politicians fingers in the pie.
Don't think I would empty my mattress stuffing into a bitcoin account yet.....
 
Not sure about Bitcoin. Maybe it's not tied to any one nation etc but its value obviously floats so it's inflation prone just like any other. So far I have not seen any real value in jumping ship from US dollars.

About that: official exchange rates rise and fall, but it's still the world's most stable currency and the unofficial 'on the street' typically is higher than the official exchange rate. Like this: in Mexico several years ago the official rate was something like 8 pesos to the dollar. Unofficially 'on the street' it was worth 10 or 11 pesos even in restaurants, bars, stores etc. Not sure I want to toss that in favor of a currency which is in large part used as a workaround for money laundering.
 
Bit O looking around and I think a non-government currency has to happen. This one has gotten a shady rep so it may not be the one that sticks but if it doesn't, a better one will be created. A currency that isn't being abused so some politician can spend money he doesn't have is too good to not exist. Why should a government have a lock on the creation of currency? that is a rather recent event, money was privately created and managed not all that long ago. Taking away the manipulation of currency may be the best way to rein in feckless pols.
 
I doubt there can be one without a shady rep, deserved or not.
 
have a look at the exchange rate.hit $700.one report i read likened it to the tulip bubble in the 1600s.any thing that can go from $30 to $700 in one year and rise 107% in 1 week (last week) will make the 1928 crash look like a bump in the road.got to admit the basic ideas good,the banks etc must hate it.
 
Money is privately created even now. The federal reserve isnt a government agency, it's owned by a banking cartel. The treasury asks the reserve for cash in exchange for bonds or iou's which are sold yet again to anyone willing to buy the "debt". It's a huge ponzi scheme.
 
The heist didn't affect the price as much as I thought it would.
 
thats 2 major bitcoin heists in as many months.a couple of the largest bank(??) heists on record (not counting the gfc) and no word in the normal media.wonder why.theres a couple of blokes activly tracking the culpit through bitcoin transfers.shit its like a sherlock holmes story but even they say if they are sucsessful there will be no chance of the money being refunded due to the bitcoin system.they just want to idenify them and let the world know.but meanwhile the coins keep getting transfered and the hunt goes on.(anybody see a movie comming out of this)
 
TwoManyXS1Bs said:
Sounds like a bunch of money launderers ripping each other off. This may remain underground until the gang wars flare up...
Click to expand...

your not wrong,hopefully rubbish getting rid of rubbish just so long as it doesnt affect normal people but its a lot of millions and its only the ones that weve heard about,how many other times!! and someone once asked is the bitcoins system safe...5 yrs time hollywood blockbuster
 

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