Anyone else find it eerily strange that bitcoins rose to $49 and change before receding back down? Just like silver. That is quite the coincidence.
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Anyone else find it eerily strange that bitcoins rose to $49 and change before receding back down? Just like silver. That is quite the coincidence.
The number 50 is a psychological barrier. I don't think it will go over $50. I'm waiting for Bitcoin to drop back to $2, then buy up a shit load and wait a year till it goes back up to $50. That's basically what I did last time (I didn't buy a SHIT LOAD though last time.)
BTW, BrotherJohnF did a response to Chris Duane's video. Of course Chris releases the video right before it's obvious the price is going to crash.
http://www.youtube.com/watch?v=CNLSvd4LyP8
Huh? Stupid me....
I just listened to brotherjohnF in the video above, and here's what I heard.
Apparently, according to the Brother, both times these bitcoins crashed was because they were HACKED?
In other words, this isn't technically a Ponzi Scheme, Nooooo, it's just a different kind of pump and dump scam that can be controlled and manipulated by anonymous HACKERS?
BrotherF admitted this is so, so how it this not the case?
Quote:
Originally Posted by Santa
BrotherF never said Bitcoins were hacked. He said the EXCHANGE was hacked. MtGox (Bitcoin exchange where you buy / sell bitcoins) was hacked causing the price to drop dramatically. The other exchanges didn't get hacked.
http://arstechnica.com/tech-policy/2...ised-exchange/
This would be equivalent to someone breaking into NASDAQ and selling Cisco shares for pennies on the dollar and buying them on the cheap anonymously. The stock (bitcoins) are secure, but the exchange is the one that got compromised.
Bitcoin does appear to be in a manic phase but it's important to remember that the number of bitcoins in existence is finite. Susceptible to pump and dump schemes but comparisons to the Tulip bubble are far fetched imo.
This represents a serious breach in the integrity of the system.Quote:
(Bitcoin exchange where you buy / sell bitcoins) was hacked causing the price to drop dramatically.
These manipulations are occurring. The hack caused the price to drop dramatically through manipulation. It was HACKED.
It happened twice already. How can this be considered a secure alternative currency when it's being manipulated by anonymous fucktard hackers?
It's a pump and dump operation in which only the hackers, (the insiders) know exactly when the crash will occur because the fucktards themselves cause it.
Bitcoins are a fledgling currency. That means that right now they're not as stable as many expect their money to be. It's to be expected that as bitcoins develops and finds it's footing that there will be fluctuations in it's price. This makes many people uncomfortable, and they mistakenly conclude that these fluctuations prove the inadequacy of the currency. Years from now, when bitcoins are on solid ground, these fluctuations will be a thing of the past and bitcoins will be one of the most stable currencies in the world. If you understand this, and other dynamics of how money works, you can use it to your advantage.
Yeah.. umm a bank robbery is a serious breach of integrity of that Federal Reserve system. Yet you still use it.Quote:
Originally Posted by Santa
MadFrankLoydWright. LOL....Quote:
Originally Posted by madfranks
While I'm all for alternative means of free enterprise competitive currency, the reason I am is because the FRN is being MANIPULATED to the advantage of a small secret cabal of International Banksters. Crooks. Psychopaths.
But I'm sure as hell not going to change over to another currency that's already been shown to be MANIPULATED to the advantage of a small secret cabal of International Hacksters. And there's no telling how many other holes there are hiding in the wings.
I got out of the "free market" "cough" exactly because of this type of anonymous manipulation. The whole fucking market is nothing but a giant PUMP and DUMP.
Personally, I believe in a long term sustainable Perma-culture. A solid foundation. Stability. Integrity. An honest work ethic. A decent place to grow children into human beings.
Currently, bitcoin doesn't offer any of that. And till it does, it's just the same fucking shell game.
From casey Research:http://www.caseyresearch.com/cdd/dark-side-web
The most popular - or at least best known among the commerce sites thus far - is the aptly named Silk Road. This early-'90s-esque eBay/Craigslist hybrid is a marketplace for anything you won't find on the aforementioned clear net inspirations, from the odd to the downright illegal.
How do you get to the Silk Road? Well, like any other anonymous service, it cannot be reached through a typical web address. Instead, you can only load it up on Tor, and you must use its "onion" URL:
http://silkroadvb5piz3r.onion/silkroad/home
Once you load up that site in your Tor browser, you'll be prompted to create an anonymous account, after which you'll be presented with a bazaar of goods from guns to cocaine to cold, hard cash.
Why cash? On Silk Road and the many other sites like it, the currency of choice is the digital cash-equivalent known as Bitcoins. Exchangeable for dollars, euros, and virtually any other global currency, these controversial digital coins make it possible to take credit cards out of the online commerce equation, allowing the secure digital equivalent of mailing envelopes of cash to a PO Box. Just like cash, there's no way to trace them, and no recourse if they are lost or stolen - but they are also just as anonymous and free from regulation (for now).
I don't know enough about it, but anything electronic can be hacked. i'm a bit leery.
Hackers steal over $12,000 of Bitcoins from transaction broker BitinstantQuote:
Originally Posted by steyr_m
By Nathan Ingraham on March 8, 2013 03:41 pm Email @NateIngraham
Online institutions of all types are vulnerable to hacking, and Bitcoin is no exception: last week, hackers stole over $12,000 worth of Bitcoin currency from Bitinstant, one of the bigger Bitcoin transaction sites. As with many recent hacks, the Bitcoin theft was executed thanks to a bit of social engineering. According to the Bitinstant blog, the attacker went to the company's domain registrar posing as a Bitinstant employee — the attacker had a similar enough email address and knowledge of the employee's date of birth and mother's maiden name. From there, the attacker convinced the domain registrar to make the fake email address the default and to reset the account's password.
Once the attacker had access to the Bitinstant domain, he redirected the DNS to servers in Germany and then to the Ukraine, locking out the Bitinstant employees and gaining access to their email accounts. With control over the email accounts, they reset the login for a Bitcoin exchange and stole the $12,800 in three separate transactions. Getting access to the Bitcoin exchange proved simple because of a lack of two-factor authentication — all the thieves needed was a username and password.
Fortunately for Bitinstant and the company's customers, no personal information was obtained by the hacker — the company says it keeps all personal and transactional data offline to protect user privacy. Sadly, it wasn't as vigilant with other forms of security. Wired reports that Virwox, the Bitcoin exchange hackers raided, has supported multi-factor authentication since September of 2012. "Bitinstant was not using it (they learned and do now)," a Virwox representative told Wired.
http://www.theverge.com/2013/3/8/408...rom-bitinstant
This sucks, but really is no different than old fashioned bank robbery. The difference is, there is no FDIC or central issuing authority to simply print more bitcoins into existence and make the victims whole.Quote:
Originally Posted by EE_
I'll give you guys a hint. Bankers what to shut Bitcoin down. They want to do whatever they can to discredit it. Make you afraid. Exchanges are the targets.
I've had Bitcoins stolen from me myself. I learned my lesson. You treat it like cash, don't treat it like a credit card or your bank. Understand that if you sell Bitcoins, someone can report the dollars they gave you as stolen and get a chargeback (what happened to me.) So only go to exchanges like Mt. Gox. Don't trust anyone other than a trusted exchange, and when you finish your trading, pull your dollars and Bitcoins out of their servers ASAP and store it on your hard drive(s).
emp burst = no more bitcoins
If there was an EMP burst civilization would collapse. That's why you have Gold, Silver, Ammo, and Physical Dollars.Quote:
Originally Posted by chad
Bitcoins are an online currency. They compete with things like the credit card and Paypal type systems.
Currently at $53.99
Ok now it's at $54.88Quote:
Originally Posted by sirgonzo420
You can thank Argentina price controls for sparking demand in bitcoins, and Cyprus getting ready to take a haircut. With a limited supply demand will dictate price.Quote:
Originally Posted by sirgonzo420
I wonder if the financial "electronic" pillage going on in Cyprus and other places like Argentina is in large part causing this current run into bitcoins.
Problem-reaction-solution.
It's true I don't know dick about cryptography and I suppose that's a part of the reason for my skepticism of this bitcoin "business model." Yeah, I'm fucking stupid, I know.
But read this quote.
This brings to mind another ignorant question. If every buy and sell transaction occurs through an exchange like Bitinstant, what prevents these exchanges from being owned and operated by the Banksters themselves, who in that case would be the keepers of the personal and transactional data in the first place? If that were the case, they would already control every bit of the electronic information from the get go, wouldn't they?Quote:
Fortunately for Bitinstant and the company's customers, no personal information was obtained by the hacker — the company says it keeps all personal and transactional data offline to protect user privacy. Sadly, it wasn't as vigilant with other forms of security.
The exchange systems are the achilles heal. Achtung mania!
Last price:$60.11100
I really don't know much about bitcoin either but I am pretty skeptical.
Nobody really knows who developed it and I can't help but think if you were the original designer why not rig it so you start with millions of bitcoins that you just don't spend. Nobody else would know they exist and you could just sit back and wait until bitcoins rise in price to $1000 each or more then you start to convert your bitcoins and bam, instant billionare off the backs of all the chumps.
Of course I don't know enough about programing to know if this is even possible but if they are anonymous and can be stored offline I don't see why there wouldn't be a way to game the system if you were the developer of the whole thing.
That's the beauty with Bitcoin, every coin in circulation points back and is authenticated with the ledger that created it. So if the creator wanted to come back with a million or so coins. The network would discard them as being fakes and not allow them into circulation. The source code is freely available here So if you're familiar with code you can go through and look for back doors. It's completely open source, nothing is hidden.Quote:
Originally Posted by Son-of-Liberty
The bitcoin network uses SHA256 encryption. With network hashing rate of 47Thashes a sec which equals to 503.57 PetaFLOPS, making it faster than 500 of the worlds fastest super computers. The only real way to "hack" the bitcoin network is to outperform it's hash rate. Which currently is impossible with current technology.
Now get into quantum computing then it might be possible.
Every transaction is independently verified by tens of thousands of separate computers in a system called the block chain. The block chain is the ledger showing every transaction in the bitcoin universe. This is what bitcoin miners do; they run software that independently tracks and verifies every transaction in the network. If a sole entity tried to add even a single bitcoin to his account without a corresponding entity sending him that bitcoin, the block chain would not verify that transaction and it would be rejected. Imagine a room with a thousand accountants tracking the same transactions and one of them tried to pull some funny stuff, the 999 other ones wouldn't verify it.Quote:
Originally Posted by Son-of-Liberty
Quote:
Originally Posted by madfranks
This stuff is way over my head. Usually when something is so complex it is open to various methods of attack. If I can't understand something, it just doesn't seem wise to me. Often the reason for complexity is to hide the truth. In the real world, the more complex an organism is, the more ways there are to circumvent it's defenses. I think this is an accident waiting to happen to those who put too much faith in it.
The value of bitcoins is so high right now that you could make a lot of money by being the first one to find a weakness.
I'm sure the code has been gone through with a fine-toothed comb by many people.
This is the first time I've held absolutely 0 Bitcoins in several years.
Just saying.
I'm really not trying to be argumentative. I just believe that everything has it's weak spot. Weak points will be exploited.Quote:
Originally Posted by vacuum
Compress that chart a bit double the current price in a month and it will look like the gold price chart between 1970-1980...Quote:
Originally Posted by Shami-Amourae
http://www.sharelynx.com/chartsfixed/GC1970.gif
Please share your thoughts... You think bitcoins are about to crash, or that this is a bubble?Quote:
Originally Posted by Shami-Amourae
I honestly don't know. It should have crashed by now but hasn't. If it does crash it won't be to $2 again though since people will buy it up as it goes down, all wanting to get the next bottom. There's many people, including myself who wish we loaded the boat last time it dropped to $2. I think there's strong support in the 20s and 30s now psychologically, but that's just my own guestimation. Too many veterans are waiting on the sidelines to buy up Bitcoins when the price goes down and then there's a crap load of people who know nothing about investing who are buying since the price is going up (what most inexperienced investors do.) I've spoken with the owner of Mt Gox, a Frenchie living in Japan named Mark Karpeles (MagicalTux on IRC). He's done a lot to make sure there are no flash crashes like the last time and has done a lot of work to make the servers suddenly "work slowly" when people seem to be panic selling, if you catch my drift. He works almost 16 hours a day like me, so I believe he has a good handle on things THIS TIME. Paid CIA employees don't work that long and hard, it takes someone who really believes in the cause to do it. The real reason for the last crash I think was since a hacker fucked with the price discovery with the exchange site sending Bitcoins to the value of a penny almost instantly. Mark is the most important person in the Bitcoin community who has the most influence over price discovery. He's on the crypto-anarchist side too (I believe).
I'm hoping when the price drops next time people listen to guys like Chris Duane and they all hate Bitcoin so I can buy it. Just do the opposite of what these gurus tell you since they are almost always wrong. Typically the best time to buy is when no one wants something, and know one cares.
Personally I think Bitcoin will crash one day namely as Don points out that there will be a better cryptocurrency coming down the pike. My biggest issue with Bitcoin is how much damn data the blocks take up till your Bit Client is up to date. I think it's ridiculous and needs to be simplified somehow.
I am not invested in BTC's but I have been following it for about a year or more. Probably your fault. I think the annoying block sequence checking every thing from birth is actually the only way to provide the trust that is required of a real exchange note. The relentless hashing required to check a transaction's trust/legitimacy is the dirt from which the "currency" springs. The work earns a fair return and provides a necessary service. The bigger the bitblock trail the better.Quote:
Originally Posted by Shami-Amourae
It's just a scam.
But like all scams it looks positive at the start and negative at the end.
During the inflationary or positive phase of the lie...All believe it to be Truth.
Until the maximum potnetial inflation is reached...Then the lie that all the ignorant people believe is Truth...Is revealed to be a lie when the demand of the lie for power to sustain it's appearance as Truth to the ignorant becomes greater than the supply and the lie self destructs during the negative phase of the lie.
that is what lies do...take more power than they give to fight Truth until the lie reaches the point where it requires infinite power to sustain the war against Truth...
The key problem is that Truth is the supply of power that lies require to sustain their existance.
When a lie requires infinite power...It requires Truth to sustain it's existance...since Truth is the only source of such power
When a lie that is believed to be Truth requires Truth or infinite power to sustain it's existance...The lie self destructs since the lie can't defeat Truth...that is revelation or the lifiting of the veil...
Man offers to sell house for bitcoins
Three years ago, 10,000 BTC bought two pizzas. Now that can comfortably buy a house.
by Timothy B. Lee - Mar 19 2013, 5:45pm MST
Web Culture55 An Alberta man is hoping to become the first person to sell a house for bitcoins. He's asking CAD$405,000, or its equivalent in bitcoins, for the 3.6 acre site.
"We are hoping to be the first piece of real estate sold for bitcoins," Taylor More told us by e-mail. "We think maybe this could help push the currency more mainstream."
His listing describes the property as a "quaint two bedroom bungalow" that "sits on 3.6 acres with beautiful mountain views and 110' of breathtaking Crowsnest River frontage." It includes a 2,800 square foot workshop that More says is "perfect for the handyman hobbiest and also features two additional finished bedrooms."
Enlarge / If you act fast, 6,750 BTC can get you this fine 3.6 acre property."If you had $405k I wouldn't turn you down, but if a partial or whole transaction is done using Bitcoins the price can be reduced depending on how many bitcoins you have to trade."
At the current exchange rate of $60 per bitcoin, buying a $405,000 house would cost about 6,750 BTC.
The value of bitcoins has appreciated dramatically in recent years. In one of the first Bitcoin transactions ever recorded (which took place in May 2010) a man paid 10,000 BTC for two pizzas. If he'd saved those Bitcoins instead, he could have used them to buy More's house with almost $200,000 to spare.
http://arstechnica.com/tech-policy/2...-for-bitcoins/
Last price: $65.89
more digital mania - but i admit, i don't know how Bitcoins work.Quote:
Originally Posted by sirgonzo420
but i do know that it involves high-tech, which since about Y2K has tended towards a Jew-heavy management structure.
Silver > Bitcoins.
What a clever way of introducing the masses to pure digital currency. Let them think they made it up to circumvent the banker criminals and once everyones on board, crash it or take it over. South Korea is a recent good example about how easy it is to crash a system...........
South Korea? Did I miss something?Quote:
Originally Posted by Blink