Right now the Bitcoin price is at par with Silver Spot price...

[sirgonzo420]

The price of Bitcoin has gone from $0.001 each at the beginning just a few years ago to $29.44 each today.

Thus, Bitcoin is trading at an equal FRN price to the current silver spot price.

Which means that a holder of Bitcoin could now "redeem" said Bitcoin for one ounce of silver each.

Kinda neat.

(granted, I expect the Bitcoin price to drop soon, but ANY measurable gain [as valued in FRNs, or gold or silver coin] is pretty remarkable for something that was selling for 10-for-a-penny ~3 years ago)

[woodman]

That is amazing. How does one redeem these bitcoins? Can you trade them for cash or do you have to make online purchases with them?

[madfranks]

The bitcoin phenomenon has really intrigued me lately. It's worth reading this if you're interested:

http://bitcoin.org/about.html

[sirgonzo420]

That is amazing. How does one redeem these bitcoins? Can you trade them for cash or do you have to make online purchases with them?

There are sites where you can find people locally who buy/sell for cash, or with a service called bitinstant you can supposedly buy bitcoins via moneygram stations at WalMarts and gas stations.

You can purchase things online - what got my attention was the gold and silver for sale for bitcoin.

Coinabul.com is one place that buys/sells gold/silver for bitcoin. There are others, I'm sure.

I wouldn't necessarily make huge purchases through places like that... but then again I would similarly limit my purchases from a vendor like Apmex.

I'm not saying that bitcoin is a good buy or a good sell at this point in time; I'm just pointing out the substantial rise. When fewer people were interested, one could mine for bitcoin with a regular PC, but now special high-grade hardware is required to even have a chance at gaining any bitcoin from mining.

Bitcoin is governed by mathematics, and it is set up fairly intelligently... for example, there will only ever be 21 million bitcoins. Right now there are about 10.8 million in existence.



https://www.youtube.com/watch?v=Um63OQz3bjo (https://www.youtube.com/watch?v=Um63OQz3bjo)

[sirgonzo420]

https://www.youtube.com/watch?v=Fv4q4i2Ktd0

[EE_]

https://www.youtube.com/watch?v=Fv4q4i2Ktd0

The inventer "Satoshi" real name is Moshe Schwartzstein
You don't really think any kind of money can circulate the earth without the Jew in on it?

[Shami-Amourae]

I think its gonna sell off, but I could be wrong.

[Ares]

I think its gonna sell off, but I could be wrong.

Price will most likely drop when the ASIC miners hit probably in the next month or so. Current mining speed is measured in the mega hashes. ASIC (Application Specific Integrated Circuit) miners will be measured in the giga hashes.

[sirgonzo420]

Price will most likely drop when the ASIC miners hit probably in the next month or so. Current mining speed is measured in the mega hashes. ASIC (Application Specific Integrated Circuit) miners will be measured in the giga hashes.

As the network grows and the total hashrate grows, the mining difficulty rises to maintain equilibrium.

But there will likely be significant "profit-taking" when the price reaches $30 - $32.

[Ares]

As the network grows and the total hashrate grows, the mining difficulty rises to maintain equilibrium.

But there will likely be significant "profit-taking" when the price reaches $30 - $32.

Yep, I ordered an ASIC miner a couple months ago. So hoping mine arrives soon so I can get some of that "easy difficulty" before it increases to match the hash rates of the new miners.

[madfranks]

What I like most about bit coin is it is a 100% non-centralized currency. No central bank is in charge of it, and no individual can manipulate it. It is a decentralized, private, and 100% anonymous currency. To me, this is a very valuable commodity.

[Shami-Amourae]

The problem is people trade it more than they purchase things with it. This means the prices/value are very unstable. It needs a large quantity of users and more merchants accepting it to become more viable/stable.

[7th trump]

What I like most about bit coin is it is a 100% non-centralized currency. No central bank is in charge of it, and no individual can manipulate it. It is a decentralized, private, and 100% anonymous currency. To me, this is a very valuable commodity.
But have you ever asked yourself when the collapse happens what good is virtual currency?
I highly doubt that virtual currency is going to remotely have any good faith to back it after the bitter taste of fiat collapse.

Who in their right mind would consider a digital currency over fiat paper?
I'd have to think even worthless fiat currency is going to be more accepted than virtual money in a collapse or even post collapse. Fiat is tangable in the respect it has substance....paper.

[Shami-Amourae]

But have you ever asked yourself when the collapse happens what good is virtual currency?
I highly doubt that virtual currency is going to remotely have any good faith to back it after the bitter taste of fiat collapse.

Who in their right mind would consider a digital currency over fiat paper?
I'd have to think even worthless fiat currency is going to be more accepted than virtual money in a collapse or even post collapse. Fiat is tangable in the respect it has substance....paper.

http://t0.gstatic.com/images?q=tbn:ANd9GcSNE8S32i76RwQJPT9H8u3ozXrO7i4BR csdKIzWoDN5RCeMKpyAzw

[Twisted Titan]

But even The zimnote holds "value"

at least you can wipe your @$$ with it or use it for kindling.




Due tell how good was Bitcoin when the Generators Blew in NYC and the Net and radios were down.

How good was a bitsh!t then?

[Shami-Amourae]

You need currency for your business online/virtually. You need money for your business in real life.

Bitcoins are a currency. Gold/Silver are money.

[Norweger]

Sounds like a pyramid scheme. What happens if they get a bank run?

[Shami-Amourae]

Sounds like a pyramid scheme. What happens if they get a bank run?

The last time it hit $30 dollars....it crashed back down to $2.

[vacuum]

Wow, last time I checked it was $10

[Twisted Titan]

I dont understand how these trinkets have any value.

in order to "mine" for these coins you have to have a dedicated computer running these algorithmis (for what purpose?)

The creator of Bitcoins never tells you how he got HIS coins.


when something is very complex it is because someone is trying to hide something.

Gold and silver are very simple to understand and it is easy to explain how these metals have value.


Bit coin is a Honey Trap just like anonomyus

[Golden]

10lbs of shit in a 5lb bag. One nil fuk off. Back to work landless peasant slaves.

[madfranks]

I'm not saying I'm going to trade all my bullion for bitcoin, because they are two completely different things. But you can't tell me that a 100% anonymous, free market, digital currency is worthless. You can do many things with it.

[Ares]

I'm not saying I'm going to trade all my bullion for bitcoin, because they are two completely different things. But you can't tell me that a 100% anonymous, free market, digital currency is worthless. You can do many things with it.

Yep, Silkroad, black market reloaded will ONLY accept bitcoin. There are ways to even throw off the ledger of bitcoin to be truly anonymous. Bitmixer is one that I know of and there are some others.

To me it really speaks of a true free market. It's not centralized, its issuance will NEVER exceed 21 million coins, and the authorities really do not like it. Which is just fine by me.

[Serpo]

Bit coin ....as good as silver ....hahahahaha

[madfranks]

Bit coin ....as good as silver ....hahahahaha

You misunderstand. The OP is not saying that bitcoin is "as good" as silver, he's pointing out that one bit coin trades for the same FRN as one ounce of silver. The fact is they're good for different things. You can't anonymously transfer money across the internet with physical silver, and you can't preserve your wealth if SHTF with bitcoins.

[sirgonzo420]

You misunderstand. The OP is not saying that bitcoin is "as good" as silver, he's pointing out that one bit coin trades for the same FRN as one ounce of silver. The fact is they're good for different things. You can't anonymously transfer money across the internet with physical silver, and you can't preserve your wealth if SHTF with bitcoins.


Thanks for saving me some typing.

Waffle irons make terrible socks, and socks make terrible waffle irons.

[JohnQPublic]

...Waffle irons make terrible socks...

Some suggest that waffle irons may make good buildings.

4465

[sirgonzo420]

I just checked and the current price in FRNs is:

$40.60 per bitcoin

not too bad, from $0.001 to $40.60.

[vacuum]

I just checked and the current price in FRNs is:

$40.60 per bitcoin

not too bad, from $0.001 to $40.60.

So it increased by a third since this thread was posted

[JohnQPublic]

Sounds a bit [no pun intended- or was it?] like a bubble.

If you are going to buy, I say BTFD.

[Shami-Amourae]

I think a lot of people like me are watching the Bitcoin price and want to pounce when the price drops. Dunno how long it will "crash" for since of that.

[Ares]

Sounds a bit [no pun intended- or was it?] like a bubble.

If you are going to buy, I say BTFD.

I'm wondering if it's the run up before butterfly labs finishes their ASIC miners which will most likely drop the price. Currently the bitcoin p2p network hash rate is 30T. It's projected to be up to 750T (T - Terahashes/sec) by the end of summer because of these new mining devices. So there's going to be huge number of coins that are going to get mined here soon. Supply and demand will kick in and reduce the price some. I plan on selling what my rig is worth and holding on to the rest to sell later for some profit taking.

[Shami-Amourae]

Just broke $46. Dude this is going vertical. I'm going to try to sell everything I have ASAP.

LOAD BLOCKS LOAD!!

[sirgonzo420]

Just broke $46. Dude this is going vertical. I'm going to try to sell everything I have ASAP.

LOAD BLOCKS LOAD!!


$46.49 right now.

[Hypertiger]

Bitcoins work just like the commodities markets work basically...But witout the ability to expand bitcoin derivatives or supply in relation to demand to hold the debet inflated price down.

In all the video games that have fixed ore supply respawn rates...All that happened was hyperinflation of prices over time...Since the sellers become buyers when they invest the yield of their power yield from selling power into the acquisition of yield from selling power.

Or selling food to someone that has a constant unending demand for food...or power to sustain their existance....and when you require ever greater amounts of power to sustain acquisition of power...the average over time dictates the doubling time or compounding rate of exponential inflation greater than previous inflation.

Basically with an internet connection, a computer with the right software...You can set up a US Dollar mining operation almost anywhere on Earth the US Dollar circulates.

It's easily possible to mine more than 1 Dollar an hour...

http://www.forbes.com/sites/insertcoin/2011/06/02/chinese-prisoners-forced-to-farm-world-of-warcraft-gold/

[Golden]

The honey was too sweet to resist for poor pooh bear. lol

[madfranks]

I'm wondering if it's the run up before butterfly labs finishes their ASIC miners which will most likely drop the price. Currently the bitcoin p2p network hash rate is 30T. It's projected to be up to 750T (T - Terahashes/sec) by the end of summer because of these new mining devices. So there's going to be huge number of coins that are going to get mined here soon. Supply and demand will kick in and reduce the price some. I plan on selling what my rig is worth and holding on to the rest to sell later for some profit taking.

I think you're right. Just like when the gold rush hit California and the price of gold dropped somewhat, when this coming bitcoin rush hits the internet there's no doubt the price of bitcoins will drop. The question is, by how much?

[Santa]

Bitcoins work just like the commodities markets work basically...But witout the ability to expand bitcoin derivatives or supply in relation to demand to hold the debet inflated price down.

In all the video games that have fixed ore supply respawn rates...All that happened was hyperinflation of prices over time...Since the sellers become buyers when they invest the yield of their power yield from selling power into the acquisition of yield from selling power.

Or selling food to someone that has a constant unending demand for food...or power to sustain their existance....and when you require ever greater amounts of power to sustain acquisition of power...the average over time dictates the doubling time or compounding rate of exponential inflation greater than previous inflation.

Basically with an internet connection, a computer with the right software...You can set up a US Dollar mining operation almost anywhere on Earth the US Dollar circulates.

It's easily possible to mine more than 1 Dollar an hour...

http://www.forbes.com/sites/insertcoin/2011/06/02/chinese-prisoners-forced-to-farm-world-of-warcraft-gold/

Clipped from the link you posted.


Prison bosses made more money forcing inmates to play games than they do forcing people to do manual labour,” Liu told the Guardian. “There were 300 prisoners forced to play games. We worked 12-hour shifts in the camp. I heard them say they could earn 5,000-6,000rmb [£470-570] (~$770-935) a day. We didn’t see any of the money. The computers were never turned off.”

Has it occurred to anyone here yet that nearly everyone posting on the Internet are unknowingly, in one way or another "working" to profit others?

[madfranks]

$48.35 right now. Classic bubble activity. Any bets on how high it goes before it crashes? I think we'll see between $60-70 before it tanks.

[madfranks]

It will be sad if bitcoins break the $50 barrier before silver. :(

[EE_]

http://vintageprintable.com/wordpress/wp-content/uploads/2010/08/Art-Painting-Interior-Sale-of-onion-and-tulips1.jpg

[sirgonzo420]

It will be sad if bitcoins break the $50 barrier before silver. :(

It could happen within the hour.

Currently at $49.09

[madfranks]

Interesting picture EE, comparing the bitcoin mania with the tulip mania (http://en.wikipedia.org/wiki/Tulip_mania) from the 17th century. It's really interesting to get to watch this happen in real time, and with today's technology, much faster than the years and years it took to watch the tulip bubble grow and burst.

[EE_]

Interesting picture EE, comparing the bitcoin mania with the tulip mania (http://en.wikipedia.org/wiki/Tulip_mania) from the 17th century. It's really interesting to get to watch this happen in real time, and with today's technology, much faster than the years and years it took to watch the tulip bubble grow and burst.

The only difference is that tulip bulbs had some intrinsic value

[madfranks]

The only difference is that tulip bulbs had some intrinsic value

Yes, but tulip bulbs had no digital value.

[EE_]

Yes, but tulip bulbs had no digital value.

Digital Tulip Art
http://images.fineartamerica.com/images-medium-large-5/digital-tulips-jeff-swan.jpg

[madfranks]

This is not a pipe.

http://www.oldfashionedpretty.com/wp-content/uploads/2009/12/Magritte-This-is-not-a-Pipe.jpg

[iOWNme]

I admit i dont know anything about bitcoin.....


http://www.youtube.com/watch?v=0UKC7iaBKvs

[Shami-Amourae]

Just broke $46. Dude this is going vertical. I'm going to try to sell everything I have ASAP.

LOAD BLOCKS LOAD!!

May not have gotten the top, but I sold at $44. My cost average is $4, so that's 1,100% return on investment. Not bad.

[Ares]

I admit i dont know anything about bitcoin.....


http://www.youtube.com/watch?v=0UKC7iaBKvs

Apparently neither does the guy who did that video. How can it be a ponzi scheme with a set limit of coins to ever be issued?

[Shami-Amourae]

I admit i dont know anything about bitcoin.....


http://www.youtube.com/watch?v=0UKC7iaBKvs

Chris doesn't know WTF he's talking about. He doesn't program or understand cryptography. I do. I do those things for a living. My entire income is based on cryptographic currencies.

He believes its all a ponzi scheme. He doesn't understand the principles of crypto-anarchism (http://en.wikipedia.org/wiki/Crypto-anarchism).

[Santa]

Yeah.. umm a bank robbery is a serious breach of integrity of that Federal Reserve system. Yet you still use it.

Um, a bank robbery doesn't crash the fucking dollar either.

[Ares]

Um, a bank robbery doesn't crash the fucking dollar either.

If the bank the robbers hit wasn't FDIC backed or insured.. um yes it would, at least for that particular bank. The other exchanges prices didn't reflect the change until 2-3 days later. That was free market taking over. If you have the worlds largest bitcoin exchange only selling BTC's for $2.50 and your exchange is still 10-13 dollars a coin, where do you think the price is going to go?

The currency wasn't hacked (learn the definition of the word), the EXCHANGE was hacked. Some idiot had a lot of coins in an account with an easy password. That was neither the exchange, or the currencies fault. People need to learn how to create strong password. Hell there are password generators you can use to generate a strong password. Lock it up in a password safe program like keepass and back up the database, problem solved.

[Ares]

Um, a bank robbery doesn't crash the fucking dollar either.

Speak of the devil. Millions left without money as RBS systems crash (http://www.telegraph.co.uk/finance/newsbysector/epic/rbs/9914242/Millions-left-without-money-as-RBS-systems-crash.html)

Up to 17.5 million RBS banking group customers were left without their money last night as the bank’s systems crashed.

Sooner or later you'll have to acknowledge that all currencies anymore are digital. I just prefer one that isn't centralized.

[Santa]

The currency wasn't hacked (learn the definition of the word), the EXCHANGE was hacked. Some idiot had a lot of coins in an account with an easy password. That was neither the exchange, or the currencies fault. People need to learn how to create strong password. Hell there are password generators you can use to generate a strong password. Lock it up in a password safe program like keepass and back up the database, problem solved.

One idiot's poorly chosen password causes a system wide crash in the value of bitcoin?

That's a real confidence builder. That would mean the the stability of the system is dependent upon the stability of virtually every one of it's users. In other words, about as UNstable as a system can be.

[Ares]

One idiot's poorly chosen password causes a system wide crash in the value of bitcoin?

That's a real confidence builder. That would mean the the stability of the system is dependent upon the stability of virtually every one of it's users. In other words, about as UNstable as a system can be.

A currency that is only going on 4 years old is supposed to be infallible? You've got some pretty high expectations of a new currency that you don't even apply to a current currency.

[vacuum]

I think there is a distinction to be made between stability in terms of fundamentals, and stability in terms of confidence. I believe the bitcoin stability issues are largely due to fluctuating confidence rather than technical flaws, as I understand it.

[madfranks]

Ultimately it doesn't matter who likes bitcoin and who doesn't like it, because nobody anywhere is forcing anyone to use it who doesn't want to. Unlike the FRN, if you think bitcoin is a scam and ultimate rip off for gullible and ignorant people, good thing you don't have to use it ever. For those who are attracted to bitcoin for what it is and what it has to offer, they can invest in them and use them. The free market isn't without it's risks, but at least it's voluntary.

[Santa]

Ultimately it doesn't matter who likes bitcoin and who doesn't like it, because nobody anywhere is forcing anyone to use it who doesn't want to. Unlike the FRN, if you think bitcoin is a scam and ultimate rip off for gullible and ignorant people, good thing you don't have to use it ever. For those who are attracted to bitcoin for what it is and what it has to offer, they can invest in them and use them. The free market isn't without it's risks, but at least it's voluntary.

Good point. It's voluntary. And I hate the fact that I can't get away from frn's. It's voluntary, but so are penny stocks. And really, I don't see much difference. If people want to trade with digital stock certificates, I don't see what's stopping them.

I really don't see this as an alternative currency at all. At least not yet. I think that term is marketing hyperbole'. It looks more like a new type of virtual algorithm based commodity reification scheme. Nothing new, really, except for a new software algorithm.

This so-called "currency" still has to be converted back into FRN's for you to buy a hooker, or pay the utility bill with, right? This is just speculating and pretending this
is somehow outside the control of the "man." I don't believe it is. But I'm too old and thoroughly incapable of living for too much longer in this brave new world bullshit.

I believe this is a seduction to reel you young bucks deeper into the "Beast's" central cyber brain.

Debbie Downer says, "You poor fools are being chummed like big ole Tuna fishes..."

Just wait till IBM or DARPA unleashes the latest hatch of quantum computer modules to mine bitcoins. You think you can out compute those boys?

That's the real problem with all of this online Internet cyber technology. It will be dominated by those MIC ThinkTank Bankster Corporations who hold all the technological advantages.

[Shami-Amourae]

Bitcoin doesn't have enough people using it to make it a stable currency. The main reason it hasn't taken off as a currency is a numbers game. This second run up in Bitcoin was more stable than the last, since I believe more people are using it. It's going through the birth pains of becoming a new currency in the free market. We aren't used to seeing free market currencies not tied to anything. This is a radically new concept. Even if it fails, something will replace it of a similar nature. We need to embrace OPEN-SOURCED cryptographic since they are how we break free of controls from the State/NWO.

BTW, accusing Bitcoin of being run by the CIA is like accusing Bit-Torrent of being run by the MPAA. It's just fucking stupid.

[sirgonzo420]

One bitcoin is now worth over 13 oz of silver.

Or nearly 1/4 oz of gold.

[7th trump]

One bitcoin is now worth over 13 oz of silver.

Or nearly 1/4 oz of gold.

When the collapse occurs anything not tangible isnt going to be trusted......PERIOD!
The collapse of fiat is putting a bad taste in everyones mouth world wide in this day and age of computers and communications.
The only thing left in their bag of tricks is to make a universal currency backed by precious metal.
They have to rein in China and Russia, who dont like the dollar as a reserve currency, from interferring with their global plans.
Precious metal will be king everywhere..................including the black market.
Its the only trick they havent tried yet.

[mick silver]

and no one will have to force most to put a chip in the head to bank in next five years . they will line up to do this

[madfranks]

One bitcoin is now worth over 13 oz of silver.

Or nearly 1/4 oz of gold.

So when are you planning to start a thread called "Right not the bitcoin price it at par with gold spot price"?

[sirgonzo420]

So when are you planning to start a thread called "Right not the bitcoin price it at par with gold spot price"?

Give me at least to the end of the month.

;D

[sirgonzo420]

The price of Bitcoin has gone from $0.001 each at the beginning just a few years ago to $29.44 each today.

Thus, Bitcoin is trading at an equal FRN price to the current silver spot price.

Which means that a holder of Bitcoin could now "redeem" said Bitcoin for one ounce of silver each.

Kinda neat.

(granted, I expect the Bitcoin price to drop soon, but ANY measurable gain [as valued in FRNs, or gold or silver coin] is pretty remarkable for something that was selling for 10-for-a-penny ~3 years ago)


UPDATE: One bitcoin, at $404.94 each, will buy 20 oz of silver.

[EE_]

Maybe it's time to dump precious metals? If you guys are so sure bitcoin is invincible to government intervention and impervious to hackers/computer viruses.

It appears government has complete control over PM's and they are going nowhere.

Add to that an economy that is fully recovered, housing prices higher then pre-bubble prices, stock market at all time highs and going higher, tensions in the Middle East have subsided, oil/gas prices down, retail is doing well, the rich are spending on Mercedes and shit art (see Christie's auction last night) http://www.forbes.com/fdc/welcome_mjx.shtml

Maybe it's time to go back to cash and invest some in bitcoin? Any reason why not?
Doom may be off for another 20 years?

[Ares]

Maybe it's time to dump precious metals? If you guys are so sure bitcoin is invincible to government intervention and impervious to hackers/computer viruses.

It appears government has complete control over PM's and they are going nowhere.

Add to that an economy that is fully recovered, housing prices higher then pre-bubble prices, stock market at all time highs and going higher, tensions in the Middle East have subsided, oil/gas prices down, retail is doing well, the rich are spending on Mercedes and shit art (see Christie's auction last night) http://www.forbes.com/fdc/welcome_mjx.shtml

Maybe it's time to go back to cash and invest some in bitcoin? Any reason why not?
Doom may be off for another 20 years?

Nope, Nope and Nope. Only spend disposable income on Bitcoins, and no more than what you're willing to risk to lose. Precious Metals have a 5,000+ year history as a store of value. Instead of converting previous metals to cash to bitcoins, convert worthless state / government issued currency for Bitcoins and convert them for Gold and Silver.

Doom is certainly not off, not by a long shot. Bitcoins are a disruptive technology, one I'm sure TPTB had not planned on encountering. It's fucking up their agenda from a central banking state issued currency agenda. Even when / if they decide to destroy the dollar and issue a global gold backed currency they still have competition with crypto currencies. Even then their gold back global currency would still be a system of control. Subject to confiscation, corruption, and fractional reserve lending. Let's not kid ourselves here, fractional reserve lending is their primary reason for staying in power in the first place, they'll never get rid of that golden goose even with a gold backed currency. They've repeated this process time and time again in country after country destroying it and it's people. It's time people took control and just flat out refuse to use their mediums of exchange.

There is no such control or fractional lending with Bitcoins, the downside of that is obvious. It's extremely risky because if they are stolen, you're very unlikely to ever recover the coins that were stolen.

[Shami-Amourae]

Just put $1,000 into Bitcoin for now. I recommend keeping it at BTC-e since you can trade between Bitcoin and other crypto-currencies. I like to trade from Bitcoin to Litecoin, and so on. Bitcoin could reach $1,000,000 or $0.01 each in 10 years. None of us know. This is an unrigged market, and it allows you to get the gains we all dream about with Gold/Silver within weeks/months.

I've learned to play more safe. Never sell everything. Always keep yourself diversified.

Personally I still believe Litecoin is still the best thing going in the medium term. Litecoin is very cheap and has the most potential to rise by multiples.

I'm not buying any Bitcoins at these prices. I may be missing out since it may go to $1,000 per Bitcoin, and may never go lower. We don't know. I do know if it crashes hard, wait till the current frenzie ends, and load up when no one is talking about it.

Everyone and their dog wants to buy if the price crashes though, so it may force the price higher and higher. I thought the price would crash by now, but it keeps going up.




Maybe it's time to dump precious metals?
The fact you feel that way means precious metals prices are probably going higher. Remember the fundamentals for precious metals are stronger than ever. Markets are at a bottom when traditional bulls throw in the towel.

[madfranks]

In hindsight, it would have been a good bet for any one of us to sell gold or silver a year ago and buy bitcoins. But I didn't back then, and I won't now either. Like Ares said, I'm putting fiat into them to try and ride some of these massive waves up, but I'm not willing to trade an ounce of gold for 4 bitcoins right now.

[EE_]

Nope, Nope and Nope. Only spend disposable income on Bitcoins, and no more than what you're willing to risk to lose. Precious Metals have a 5,000+ year history as a store of value. Instead of converting previous metals to cash to bitcoins, convert worthless state / government issued currency for Bitcoins and convert them for Gold and Silver.

Doom is certainly not off, not by a long shot. Bitcoins are a disruptive technology, one I'm sure TPTB had not planned on encountering. It's fucking up their agenda from a central banking state issued currency agenda. Even when / if they decide to destroy the dollar and issue a global gold backed currency they still have competition with crypto currencies. Even then their gold back global currency would still be a system of control. Subject to confiscation, corruption, and fractional reserve lending. Let's not kid ourselves here, fractional reserve lending is their primary reason for staying in power in the first place, they'll never get rid of that golden goose even with a gold backed currency. They've repeated this process time and time again in country after country destroying it and it's people. It's time people took control and just flat out refuse to use their mediums of exchange.

There is no such control or fractional lending with Bitcoins, the downside of that is obvious. It's extremely risky because if they are stolen, you're very unlikely to ever recover the coins that were stolen.

Let's not forget gold has had 5,000 years of corruption and manipulation too.
American's don't get it, or want it.
I don't think the younger computer generation will ever get it...but they will get bitcoin.

Gold in the hand
http://www.tifr.us/storage/post-images/Giant-Turd.jpg

[Shami-Amourae]

Let's not forget gold has had 5,000 years of corruption and manipulation too.
American's don't get it, or want it.
I don't think the younger computer generation will ever get it...but they will get bitcoin.

Gold in the hand

I agree with that view. I keep bringing up that I live and work in a virtual world. I have given up on real relationships and prefer virtual ones. This is quickly becoming more normal. The way I view the world and do things is where things are heading. That is very difficult for people to process or comprehend. This is only the start.

The future is virtual.

[mick silver]

I agree with that view. I keep bringing up that I live and work in a virtual world. I have given up on real relationships and prefer virtual ones. This is quickly becoming more normal. The way I view the world and do things is where things are heading. That is very difficult for people to process or comprehend. This is only the start.

The future is virtual.if this is true it so sad

[Shami-Amourae]

if this is true it so sad

Play or watch Deus Ex. I swear to you, that is what will happen.


http://www.youtube.com/watch?v=xBeoreJr4Yc

[Jewboo]

Maybe it's time to dump precious metals?

...Maybe it's time to go back to cash and invest some in bitcoin? Any reason why not?

Doom may be off for another 20 years?






Doom for the common folk is right around the corner. The day the EBT cards don't work. Invest in ammo. Lotsa lotsa ammo.

[sirgonzo420]

Doom for the common folk is right around the corner. The day the EBT cards don't work. Invest in ammo. Lotsa lotsa ammo.

A bitcoin buys 1600+ rounds of battle rifle calibers or 9mm.

When I started this thread, a bitcoin could only buy about 100 rounds or so.


Just FYI, a lot of bitcoin people also purchase gold/silver/ammo.

Bitcoin people are basically GSUSers with computer skills.

[Cebu_4_2]

429.98

[Horn]

Bitcoin is a shit sandwich of nothingness leading to the cashless society.

1. Phantom writer

2. In bed with the U.S. senate currently

3. Vulnerable at a drop of the dime blockchain attack.

4. Future includes a middleman to even negotiate (size of blockchain)

5. Partly responsible for current and future flatness in our real money market, if becoming much flatter could be phased out into an untouchable market with few even sitting up to take notice.

E-Flakes should be avoided like the plague,

unless you're a "more or less" hack who's only it for a slice of temporary heaven and payout playdigitdough.

[mick silver]

i wonder how bitcoins play out if your a drug kingpin and want to hide money . just one more reason the tax man will look at bitcoin

[Shami-Amourae]

Doom for the common folk is right around the corner. The day the EBT cards don't work. Invest in ammo. Lotsa lotsa ammo.

Almost 90% of the money I've invested with this year has been in ammo. I definitely want to be there than anywhere else right now.

[Shami-Amourae]

i wonder how bitcoins paly out if your a drug kingpin and want to hide money . just one more reason the tax man will lok at bitcoin

The tax man can't look at Bitcoin unless you let them. And it is perfect for drug kingpins.

[Ares]

I don't know where to begin with this delusional bullshit nonsense....


1. Phantom writer

If you developed a protocol that could topple world banks, and governments, would you want your name attached to it to be a target?


2. In bed with the U.S. senate currently

Bullshit, the senate is trying to find ways to regulate and tax it. They call it a "learning" expedition they're going to be frustrated by the lack of ability to control or monitor transactions.


3. Vulnerable at a drop of the dime blockchain attack.

BULLSHIT, as has been explained to you time and time again. The Blockchain is not vulnerable. I as well as many members have explained why a pool will not do what that so called "professor" said is a possibility. They would be cutting their own throats in the long run. You tried to say it would duplicate the coins, and again you were wrong, as usual.


4. Future includes a middleman to even negotiate (size of blockchain)

BULLSHIT, again I'm just getting tired of the bullshit you peddle time and time again on this subject. This is just plain fucking ignorance. The development team has discussed ways to "archive" older transactions in the blockchain to stem the tide of perpetual growth.


5. Partly responsible for current and future flatness in our real money market, if becoming much flatter could be phased out into an untouchable market with few even sitting up to take notice.

Only speculation on your part as you have no real world evidence to back it up. You can save the Bitcoin to gold bullshit chart you keep posting. Not once do you ever fucking take into consideration the naked short sellers and market manipulators of your gold price in relation to bitcoin. Nope it's just bitcoin :rolleyes:


E-Flakes should be avoided like the plague,

Same could be said of people who fail to evolve with the times and at least keep an open mind about alternatives outside of their precious world view.


unless you're a "more or less" hack who's only it for a slice of temporary heaven and payout playdigitdough.

Bitcoin represents more than heaven or a payout. It's the IDEA that there can be a medium of exchange that is not issued by any one person, is not regulated and is completely voluntary to take part in. That is an extremely DANGEROUS idea to those who issue state controlled and manipulated currencies.

[Horn]

1. Yes

2. Digit goes to D.C.

3. Bullshit back at ya, cutting throats is the name of the game.

4. Bullshit, already multiples out there not willing to deal with it and being fleeced.

5. Nice smiley face.

6. Intrinsic-less whore... :)

[Ares]

1. Yes

Have a death wish huh? They don't take kindly to those who disrupt their operations.


2. Digit goes to D.C.

Yep, because the Senate is looking for ways to regulate and tax it. As was said in the article: “The expansive nature of this emerging technology demands a holistic and whole-government approach in order to understand and provide a sensible regulatory framework for their existence,” committee members wrote in a letter.

So if it was already controlled by the government, why would they be looking for ways to understand it to regulate it?? Hmmm something about your lack of logic just doesn't compute. So 2 + 2 = 10 in your universe?


3. Bullshit back at ya, cutting throat is the name of the game.

You clearly don't understand mining, or the currency in question to begin with. To even make a statement like that shows your complete lack of subject matter understanding. There's no point in arguing with a fool.


4. Bullshit, already multiples out there not willing to deal with it and being fleeced.

What the fuck are you even talking about? Can you even stay on the same subject during a simple debate? You're all over the fucking place with your delusional banter. I said the bitcoin developement team is looking for ways to archive older transaction records to stem the tide of the blockchain growing perpetually, and you come back with that off the wall bullshit? WTF?


5. Nice smiley face.

Again, failed to answer the question.. color me shocked... /sarcasm


6. Intrinsic-less whore... :)

Gold has intrinsic value? Hmmm ok, how much is that gold worth if you're stranded on a deserted island out in the middle of the pacific ocean? You have a trunk full of gold. What can you do with it? What value does it have if you're the only one there?

You see the fallacy in your line of thinking? Or you still riding the high horse thinking you're any different than anyone else here? The only time a medium of exchange has value is when 2 people agree upon the set value of said item. You could have all the gold on the planet, but you'll still starve in the street if no one agrees with what you value it at.

[Horn]

Have a death wish huh? They don't take kindly to those who disrupt their operations.

Oh of course, and all the mines of have no dishonest canaries either.


What the fuck are you even talking about? Can you even stay on the same subject during a simple debate? You're all over the fucking place with your delusional banter. I said the bitcoin developement team is looking for ways to archive older transaction records to stem the tide of the blockchain growing perpetually, and you come back with that off the wall bullshit? WTF?

There are already multiple middle men firms being setup, and at every turn they're walking away with tons of the nothing bits.

Why Ares do these middlemen even exist if the app. is so lightweight and trouble free, No they exist in part to the blockchain being too heavy, and only getting heavier by the day.

If they start clipping it they will be on the road to more possible corruption of it.

Don't be coy.

[Ares]

Oh of course, and all the mines of have no dishonest canaries either.

Unlike gold mines, Bitcoin miners are actually paid for the work they do. The pay scale isn't hidden and there are a number of different pay systems to compensate said miner for their involvement in helping the pool. I prefer PPLNS, but some may prefer PPS. Some pools even allow different methods and you just choose which one YOU prefer.. Imagine that, a free market solution to how you should be paid for the work that you do.

You're a statist best friend. If it were up to you, and you were dictator government in chief, you'd stamp out digital currencies in a heart beat wouldn't you? You'd decry that only gold and silver can be used and persecute anyone who didn't fall in line with your failed ideology.

Might as well slap the statist badge of honor on your chest and wear it proudly Horn. Because you don't like it, you'd get rid of it. Just like a true statist pig.

Unlike TRUE free market individuals who are for bitcoin and any other FREE MARKET alternative you won't find that line of thinking within that community. But you can find that line of thinking with a statist pig.

[Horn]

You're a statist best friend. If it were up to you, and you were dictator government in chief, you'd stamp out digital currencies in a heart beat wouldn't you? You'd decry that only gold and silver can be used and persecute anyone who didn't fall in line with your failed ideology

You're my best friend and I'm only trying to protect you from sitting around with nothing but a bunch of useless jacks in your pocket.

Everyone knows I loath gold aswell, so don't even come at me with the statist bolony.

[Ares]

You're my best friend and I'm only trying to protect you from sitting around with nothing but a bunch of useless jacks in your pocket.

Everyone knows I loath gold aswell, so don't even come at me with the statist bolony.

LOL I appreciate the sentiment.

[optionT]

Well, Ive doubled my money thanks to Ares, Son of Liberty, Madfranks, Sirgonzo 420 and anyone else I forgot.\uu\

[Horn]

LOL I appreciate the sentiment.

yeah sure,

just hang Satoshi's white paper out there when your nephew asks wtf happened to the world 30 years from now.

St. Peter should also accept it when you pass the pearly gates.

[EE_]

Bitcoin was all over the business news today.
Wall Street doesn't get it...they only get stocks like Twitter.
I think what they really don't get, is their hand in the till.

[Ares]

Bitcoin was all over the business news today.
Wall Street doesn't get it...they only get stocks like Twitter.
I think what they really don't get, is their hand in the till.

Imagine how high Bitcoin could go if those idiots on wall street start speculating in that crypto currency markets.

[EE_]

Imagine how high Bitcoin could go if those idiots on wall street start speculating in that crypto currency markets.

They said on CNBC, they already are!

[Ares]

They said on CNBC, they already are!

Figures........ Oh well, think it's getting close to time to cash out before it crashes.

[EE_]

Figures........ Oh well, think it's getting close to time to cash out before it crashes.

Here's one clip. Don't you think Wall Street wants to pump it much higher before the dump?
http://video.cnbc.com/gallery/?play=1&video=3000217871

[Ares]

Here's one clip. Don't you think Wall Street wants to pump it much higher before the dump?
http://video.cnbc.com/gallery/?play=1&video=3000217871

Most likely. I'll just have to keep a closer eye on the exchanges I'm trading at and keep looking for a down trend to form. Short and Long EMA's are doing well at the moment. I should write a PowerShell trade bot to keep an eye on it for me. Can't sell if I'm asleep. :)

[EE_]

Peter is mad he missed the bitcoin boom too

http://www.youtube.com/watch?v=0VrB1Ae3xqs

I think I'm going to print out a bunch of "Bitcoin Fuck You" letters to send to the government, the Federal Reserve, the IRS, bankers, etc. Since there's nothing they can do about anyway, might as well rub their faces in it.
They have been sticking it to us for so long, it will be nice to stick it up their asses!

Dear Federal Reserve, FUCK YOU. Your fiat currency is doomed and you can't do a damn thing about it. Bitcoin, HA!

Dear IRS, we bitcoin owners will no longer be paying taxes on purchases and you can't do a damn thing about it! HA! FUCK YOU!

Dear Obama, spend as much as you like of your doomed fiat currency. Screw your capital controls too! We'll be using bitcoins from now on and there's nothing you can do about it. HA, FUCK YOU!

Dear Bankers, bitcoin will be cutting into your profits and there is nothing you can do about it, HA! FUCK YOU!

Dear Western Union, you may as well shut your doors now, bitcoin has replaced you and there is nothing you can do about it, HA! FUCK YOU!

Poke a Jew in the eye
http://www.salagram.net/eyepoke.jpg

[Horn]

Here's one clip. Don't you think Wall Street wants to pump it much higher before the dump?
http://video.cnbc.com/gallery/?play=1&video=3000217871

They have to gyrate up there like a big neon sign making it almost touchable, in order to bring in and make all the other E-flakes appear attractive, where sell transfers will go to. No ordinary Joe would sell or spend his that would be stoopid, only the marketeers will, and then...

Its tainted poison like Eden's Apple, meant to shovel everyone into the cashless electronic.

Ripple kicks in to make burger meat out of it all. Bernanke loves the velocity.

[Son-of-Liberty]

They have to gyrate up there like a big neon sign making it almost touchable, in order to bring in and make all the other E-flakes appear attractive, where sell transfers will go to. No ordinary Joe would sell or spend his that would be stoopid, only the marketeers will, and then...

Its tainted poison like Eden's Apple, meant to shovel everyone into the cashless electronic.

Ripple kicks in to make burger meat out of it all. Bernanke loves the velocity.

Horn I get your point, I really do, and I will dump BTC in a heart beat if there is ever forced regulation or the majority of Bitcoin users decide to go that route. The beauty of cryptocurrencies is there are so many to choose from. Right now BTC is king but if the majority of Bitcoin users decide to jump on the regulation train because they think that will legitimize bitcoin, leading to a higher price then a lot of us would opt to switch to another coin. Like Ares said it is the idea of Biticoin that is dangerous.

Everyone had it in their heads from all the brain washing that only governments and international banks could issue money. Now some of us are starting to realize that anyone can issue money as long people are willing to accept it as a medium of exchange it has value, that is a world changing idea.

The bankers basically forced this to happen, it is cause and affect. They have monopolized money for centuries and use it to enslave mankind, someone was bound to come up with a solution.

I wouldn't even be interested in Bitcoin if gold and Silver were performing as advertised, but it is blatantly obvious that the bankers and government are doing everything they can to prevent gold and silver from acting as the safe heaven it should be. By capping the price of PM's they are forcing me to speculate in other areas.

I have things I want to do in my life and I can't sit on a pile of PM's forever hoping that one day they will pay off and ignore other opportunities to achieve what I want from life.

Will Bitcoin become the the one world digital currency the bankers always wanted? Maybe, but that isn't what it is yet, and in the mean time I can use it to make profits which I can use to protect myself and my family from the challenges that are surely ahead.

[Son-of-Liberty]

http://rasica.files.wordpress.com/2012/06/jefferson-quote.jpeg?w=400&h=261

Who issues bitcoin? The banks or the people?

[Horn]

Bitcoin Couple Travels the World Using Virtual CashWorld-Wide Odyssey Spanned Three Continents and Proved One Can Live on Bitcoin Alone

Updated Nov. 14, 2013 12:43 a.m. ET


"In bitcoin," Austin Craig repeated to the young woman behind the counter at the Lean Crust Pizza parlor in the Fort Greene neighborhood of Brooklyn, N.Y. "Can we pay in bitcoin?"
"In what?" came the reply.


Mr. Craig, 30 years old, was struggling to convince Nadia Alamgir of the existence of the virtual currency that has gained traction across the world, and whose value—after months of wild swings—on Wednesday reached records around $400 per bitcoin.

http://si.wsj.net/public/resources/images/MI-BZ700_BITCOI_G_20131113200310.jpg

http://online.wsj.com/news/interactive/BITCOIN1114?ref=SB10001424052702303789604579196171 277465460

[Horn]

Horn I get your point, I really do... Like Ares said it is the idea of Biticoin that is dangerous.

What dangerous about any electronic medium, is we don't exist on that plane.

Pre-Nixon the FRN had exchange for intrinsic value, the world was a different place. Quality intrinsic value of a currency/money reflects out into the economy its being used in. Granted Yes banks issuing the notes have been controlling that Quality for a long long time, but it always existed as a part of the real economy as value added. And yes some areas where gold is clamored up by the elite exist, so intrinsic quality is never relayed out into the economy.

Post Nixon the intrinsic quality has continued its slide into electric, electronic crypto-currency only shuffles the deck so the game can keep sliding. Any miner can dig something out of computer, but the banks job of owning him and it is even simpler.

Silver makes up a large part of our tangible world, it stays out of a bank, and can serve as money yet is still rare enough. Cryptofiles are already banked. A silver backed fiat as prescribed by Kennedy and issued by the people should be the pinnacle of currency, but then they shot his ass.

[Neuro]

So the 5-15 Billion Troy ounces of silver that is above ground is not enough to be a world currency, but somehow 21 million bitcoins is? Because they are more dividable? How does it work when dividing a bitcoin btw? Wouldn't the parts have the same encryption as the whole coin? Couldn't someone who owns a part of that coin, then claim to have a larger part of it, or the whole of it...

[mick silver]

when wall street starts talking about anything it time to run . there already looking for a way to steal

[Ares]

So the 5-15 Billion Troy ounces of silver that is above ground is not enough to be a world currency, but somehow 21 million bitcoins is? Because they are more dividable? How does it work when dividing a bitcoin btw? Wouldn't the parts have the same encryption as the whole coin? Couldn't someone who owns a part of that coin, then claim to have a larger part of it, or the whole of it...

On a planetary scale, gold cannot work as it can only be divided so many times before the units of account are so small that it becomes unusable for people. How usable is a fleck of gold dust? Computers are great at division with units of account.

Maybe this will help?

What's the current total number of bitcoins in existence?

Current count. Also see Total bitcoins in circulation chart

The number of blocks times the coin value of a block is the number of coins in existence. The coin value of a block is 50 BTC for each of the first 210,000 blocks, 25 BTC for the next 210,000 blocks, then 12.5 BTC, 6.25 BTC and so on.
How divisible are bitcoins?

A bitcoin can be divided down to 8 decimal places. Therefore, 0.00000001 BTC is the smallest amount that can be handled in a transaction. If necessary, the protocol and related software can be modified to handle even smaller amounts.
What do I call the various denominations of bitcoin?

There is a lot of discussion about the naming of these fractions of bitcoins. The leading candidates are:

1 BTC = 1 bitcoin
0.01 BTC = 1 cBTC = 1 centibitcoin (also referred to as bitcent)
0.001 BTC = 1 mBTC = 1 millibitcoin (also referred to as mbit (pronounced em-bit) or millibit or even bitmill)
0.000 001 BTC = 1 μBTC = 1 microbitcoin (also referred to as ubit (pronounced yu-bit) or microbit)

The above follows the accepted international SI prefixes for hundredths, thousandths, and millionths. There are many arguments against the special case of 0.01 BTC since it is unlikely to represent anything meaningful as the Bitcoin economy grows (it certainly won't be the equivalent of 0.01 USD, GBP or EUR). Equally, the inclusion of existing national currency denominations such as "cent", "nickel", "dime", "pence", "pound", "kopek" and so on are to be discouraged; this is a worldwide currency.

One exception is the "satoshi" which is smallest denomination currently possible

0.000 000 01 BTC = 1 satoshi (pronounced sa-toh-shee)

which is so named in honour of Satoshi Nakamoto, the pseudonym of the inventor of Bitcoin.

For an overview of all defined units of Bitcoin (including less common and niche units), see Units.

Further discussion on this topic can be found on the forums here:

We need names
What to call 0.001 BTC

How does the halving work when the number gets really small?

Eventually the reward will go from 0.00000001 BTC to zero and no more bitcoins will be created.

The block reward calculation is done as a right bitwise shift of a 64-bit signed integer, which means it is divided by two and rounded down. The integer is equal to the value in BTC * 100,000,000 since internally in the reference client software, all Bitcoin balances and values are stored as unsigned integers.

With an initial block reward of 50 BTC, it will take many 4-year periods for the block reward to reach zero.
How long will it take to generate all the coins?

The last block that will generate coins will be block #6,929,999 which should be generated at or near the year 2140. The total number of coins in circulation will then remain static at 20,999,999.9769 BTC.

Even if the allowed precision is expanded from the current 8 decimals, the total BTC in circulation will always be slightly below 21 million (assuming everything else stays the same). For example, with 16 decimals of precision, the end total would be 20,999,999.999999999496 BTC.
If no more coins are going to be generated, will more blocks be created?

Absolutely! Even before the creation of coins ends, the use of transaction fees will likely make creating new blocks more valuable from the fees than the new coins being created. When coin generation ends, these fees will sustain the ability to use bitcoins and the Bitcoin network. There is no practical limit on the number of blocks that will be mined in the future.
But if no more coins are generated, what happens when Bitcoins are lost? Won't that be a problem?

Because of the law of supply and demand, when fewer bitcoins are available the ones that are left will be in higher demand, and therefore will have a higher value. So, as Bitcoins are lost, the remaining bitcoins will eventually increase in value to compensate. As the value of a bitcoin increases, the number of bitcoins required to purchase an item decreases. This is a deflationary economic model. As the average transaction size reduces, transactions will probably be denominated in sub-units of a bitcoin such as millibitcoins ("Millies") or microbitcoins ("Mikes").

The Bitcoin protocol uses a base unit of one hundred-millionth of a Bitcoin ("a Satoshi"), but unused bits are available in the protocol fields that could be used to denote even smaller subdivisions.
If every transaction is broadcast via the network, does Bitcoin scale?

The Bitcoin protocol allows lightweight clients that can use Bitcoin without downloading the entire transaction history. As traffic grows and this becomes more critical, implementations of the concept will be developed. Full network nodes will at some point become a more specialized service.

With some modifications to the software, full Bitcoin nodes could easily keep up with both VISA and MasterCard combined, using only fairly modest hardware (a single high end server by todays standards). It is worth noting that the MasterCard network is structured somewhat like Bitcoin itself - as a peer to peer broadcast network.

Learn more about Scalability.

https://en.bitcoin.it/wiki/FAQ#How_divisible_are_bitcoins.3F

[Cebu_4_2]

Kennedy and issued by the people should be the pinnacle of currency, but then they shot his ass.

Jackie did. The more they deflect her the more they prove it:
http://youtu.be/N_REjNbyo1Q

[EE_]

Question: If a trading platform goes down and the kids that ran it, run off with the money...should the police be called, or be allowed to get involved?

Since the main premise of bitcoin is freedom from the system, one would think no form of government should be allowed to be involved in any way, period!

Vanishing Bitcoins: $5 million in crypto-currency lost down a Chinese memory hole
November 12, 2013 By 21wire Leave a Comment
21st Century Wire says…

Bitcoin hit an all-time high this week at $354 (and rising), despite the fact that the crypto-currency has been hacked, stolen, online retailers raided for using it, and used by some adventurous hacks in a digital Ponzi scheme. You thought you’ve heard the strangest of Bitcoin tales? Think again…

$5 million in Bitcoins, at today’s exchange rate that’s 14,124 Bitcoins, just disappeared down a Chinese memory hole.

Here’s what happened…

A Chinese bitcoin trading platform suddenly shut down and up to $5 million worth of bitcoin disappeared with it, a reminder of the great risk associated with the digital currency.

Users were unable to log into the Chinese bitcoin platform Global Bond Limited (GBL) on October 26, and as much as $5 million (30 million yuan) has disappeared with it.

The platform’s users had a “winning” streak of high yields and almost never “lost”, which made it something of an addictive investment.

Launched in May 2013, GBL claimed it was headquartered in Hong Kong, but users began to get suspicious when they traced the site’s server to Beijing.

GBL allegedly never received a license to sell and buy bitcoins and then vanished with clients digital investments, leaving no trace.

Because the currency isn’t regulated by any authority, it is difficult to get local police involved in the investigation.

The theft is one of the largest in the currency’s short four-year history.

Bitcoin’s extraordinary rise has garnered attention from investors from Cyprus to China, but the explosion of the crypto-currency has also ushered in fraud, theft, and scams.

An Australian bitcoin bank with over $1 million in digital currency was heisted, leaving users with nothing. 4,100 bitcoins values at $1.3 million were stolen.

The highly volatile virtual investment keeps rising, hitting new record highs. At the time of publication, the currency was trading at $391.53 on Japan’s Mt. Gox, one of the world’s largest bitcoin exchanges.

Since its inception in 2008 by a man using the alias ‘Satoshi Nakmoto’, Bitcoin has now gone mainstream; it can be used to buy coffee, pay for online dating services, and can even be retrieved from an ATM. According to Bitcoincharts, which follows the anonymous currency, there are nearly 12 million bitcoins in circulation.

Other scammers advertise themselves as bitcoin financiers, offering investment services, but then run off with customers’ money. Many American trading bursars are run on the same sort of shady legality, which has led the US government to get involved and investigate.

Bitcoin and the law

Bitcoin’s popularity among criminals and its vulnerability to fraud have made it the target of the US government.

A US judge has ruled Bitcoin is a real currency, and now it will face a Senate panel which will evaluate the legitimacy of digital currencies, as they are highly popular on illicit websites, like the Silk Road.

The Senate Homeland Security & Governmental Affairs Committee will hold a hearing entitled “Beyond Silk Road: Potential Risks, Threats and Promises of Virtual Currencies” on Monday, November 18.

Patrick Murck, a legal counsel for the Bitcoin Foundation, will testify before the Senate Committee.

“Our committee staff has been interviewing individuals inside and outside of government regarding the threats and risks related to virtual currency – and also the promise it holds in some areas,” a letter written to head of Homeland Security, Janet Napolitano, said.

http://21stcenturywire.com/2013/11/12/vanishing-bitcoins-5-million-in-crypto-currency-lost-down-a-chinese-memory-hole/

[mick silver]

when legal counsel is called in to testify you know your getting ready to be f...ed by one are more groups . nothing is free at lease not for me

[Horn]

Jackie did. The more they deflect her the more they prove it:

Btw, what's the name of your wife again, Cebu? lol

[Horn]

Oh, and if Bitcoin divides down into the real economy unhindered en-mass,

I will eat my virtual E-shoe, and post a video of it here. :)


http://www.youtube.com/watch?v=5A-cOmaaBgQ

[sirgonzo420]

UPDATE: One bitcoin, at $404.94 each, will buy 20 oz of silver.

UPDATE: One bitcoin, at $559.50 each, will buy over 27 oz of silver.

[gunDriller]

after watching the last few weeks, and because the supply of Bitcoins is finite, i'm thinking it will achieve 1:1 with Gold.

[Shami-Amourae]

UPDATE: One bitcoin, at $559.50 each, will buy over 27 oz of silver.

I keep waiting for the price of Bitcoin to drop, but it doesn't. I wanna buy.
:(

[madfranks]

I keep waiting for the price of Bitcoin to drop, but it doesn't. I wanna buy.
:(

I sold at $400 anticipating an imminent correction. Now gox is showing $670 each. :(

[Horn]

after watching the last few weeks, and because the supply of Bitcoins is finite, i'm thinking it will achieve 1:1 with Gold.

Right, they'll probably make it a standard replacement to hold for all RAF pilots.

I can't help but think of the Jim Morrison's quote "they're waiting to take us into the severed forest" Once these models crash and burn, they'll site the vulnerability, and come with a kosher version that has all the bells and whistle needed for them track and reclaim.

When there's nothing left to invest in, they'll give you a "guaranteed" nothing to invest in.

[sirgonzo420]

UPDATE: One bitcoin, at $559.50 each, will buy over 27 oz of silver.

UPDATE: One bitcoin, at $614.97 each, will buy over 30 oz of silver.


Think about that... I posted this thread (earlier this year) when a single bitcoin was worth a single ounce of silver, which in itself is an accomplishment.

Now, a single bitcoin can buy 3 more whole ounces of silver than it could earlier this morning, bringing the total to 30 oz and rising.

[madfranks]

UPDATE: One bitcoin, at $614.97 each, will buy over 30 oz of silver.


Think about that... I posted this thread (earlier this year) when a single bitcoin was worth a single ounce of silver, which in itself is an accomplishment.

Now, a single bitcoin can buy 3 more whole ounces of silver than it could earlier this morning, bringing the total to 30 oz and rising.

Your post reminds me of Silver Shield's illustration of silver rounds back when silver was nearing $50/oz (I looked but can't find it). It looks great now, but after the correction (which I still believe has to come), this may once again look silly.

EDIT: Found it: http://gold-silver.us/forum/showthread.php?47186-Priceless-Silver

[Horn]

UPDATE: One bitcoin, at $614.97 each, will buy over 30 oz of silver.


Think about that... I posted this thread (earlier this year) when a single bitcoin was worth a single ounce of silver, which in itself is an accomplishment.

Now, a single bitcoin can buy 3 more whole ounces of silver than it could earlier this morning, bringing the total to 30 oz and rising.

Since we're becoming religious, how fitting.


http://www.youtube.com/watch?v=8_I87e7wslk

I know you probably won't listen to, when you will not buy silver.

[sirgonzo420]

Your post reminds me of Silver Shield's illustration of silver rounds back when silver was nearing $50/oz (I looked but can't find it). It looks great now, but after the correction (which I still believe has to come), this may once again look silly.

EDIT: Found it: http://gold-silver.us/forum/showthread.php?47186-Priceless-Silver


I remember that!

I am just trying to illustrate the changes in price.

Sure, in the short term it could crash, and I wouldn't really mind to see that happen. I have had relatives telling me to "let them know when it comes down in price" since $5-$14.

[sirgonzo420]

Since we're becoming religious, how fitting.


http://www.youtube.com/watch?v=8_I87e7wslk

I know you probably won't listen to, when you will not buy silver.

I thought of you as I made that post, and I expected you to catch that.

You did not disappoint.



And to be sure, I am no Judas, and if I were I would just be playing my part.

[Horn]

And to be sure, I am no Judas, and if I were I would just be playing my part.

Josephus plays upon my gnosticism of him, forbidding me from stringing him up.

[vacuum]

gox hit $750? really? Soon we'll need to start a thread about bitcoin being on par with gold spot price, and probably within the week if we keep going at this rate.

[Cebu_4_2]

Congratulations to the people who got in on this earlier.

[Shami-Amourae]

Congratulations to the people who got in on this earlier.
Why? It's still going up higher.

[slvrbugjim]

yep

[sirgonzo420]

So when are you planning to start a thread called "Right not the bitcoin price it at par with gold spot price"?


Give me at least to the end of the month.

;D

So do I make good on my word, or do I make good on my word?



Friday, November 29, 2013


https://images.weserv.nl/?url=i.imgur.com/Tb3aF0F.png&fnr

[sirgonzo420]

One bitcoin buys 32.40 oz of gold - or 2,129.07 oz of silver.

[keehah]

​I expect this broke Peter a bit.

news.Bitcoin.com: Peter Schiff Admits Bitcoin Could Reach $100K After BTC Price Soars Past His Expectations

Euro Pacific Capital CEO and host of the Schiff Radio show, Peter Schiff, was mocked by the bitcoin community on Tuesday after the price of bitcoin crossed the $50K mark. The gold bug thought leader had predicted and emphasized repeatedly that bitcoin’s price would never reach that level.

After he was proven wrong on Tuesday, Schiff revised his stance, tweeting:

"Now that bitcoin has hit $50,000 I must admit that a move up to $100,000 can’t be ruled out."

Nonetheless, he warned: “A move down to zero can’t be ruled out either. While a temporary move up to $100K is possible, a permanent move down to zero is inevitable.” Schiff proceeded to recommend: “If you don’t want to gamble buy gold.”