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Thread: Tell me about Bitcoin

  1. #11
    Gold Blink's Avatar
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    Re: Tell me about Bitcoin

    People like to talk about "sending it anywhere". I don't know about the rest of you high rollers, but I never "send" my money across the world and I'm sure most of middle America doesn't either (you can still use money orders/CC). Sounds like everyone is thinking of smuggling money? Huh? There is no running from this financial armageddon headed our way (its like hiding in SA these days, they'll find you). When they are talking about currency issues (worldwide), the last thing I want my wealth stored in is a digital format, subject to someone's back door pilfering.......

    It all comes down to trust (hasn't it always?). In light of what we see happening, do you really want to store your wealth under someone else's control? Or do you think you'll have a chance to escape the calamity and move your wealth digitally across the world. Dreams people, dreams.......

    Besides, the vast majority would be screwing this up royally (too techy). Its not as foolproof as you all seem to imagine (wishful thinking unless you built the f*cking thing). You're not experts on this or you would have invented it yourself. So please, as least quit with the "foolproof"/"unbreakable" bullsh*t and stick to what you know.....
    So, whens the revolution starting............?

  2. #12
    Sardonic Observer Jewboo's Avatar
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    Re: Tell me about Bitcoin

    Quote Originally Posted by mamboni View Post

    Excellent summation! Seems to me, notwithstanding the volatility, that BitCoin is the perfect way to smuggle wealth into and out of the country, be it over the internet to wallets overseas, of carrying a small well-disguised flash drive carrying 1000s of bitcoin files through any airport. Am I missing some wrinkle here?
    All local PM dealers are required by law to photostat our Drivers License whenever we "sell" anything. Ditto pawn shops etc. Sell one gold or silver coin and your local police know about who you are and where you live. Plenty of stories of armed robberies while trying to "exchange" or "barter" stuff for cash. Armed robberies are now so common that exchange zones near police stations are becoming normal:

    All sales final: Cities provide e-commerce zones to thwart crime

    http://www.ktvb.com/news/nation-now/...rime/147454550

    Meridian police offer exchange zone for online purchases

    http://www.ktvb.com/news/local/merid...ases/152854816


    The problem with being a recreational pot smoker is associating with drug dealers. The problem with barter and exchange is the common risk of armed robberies or home invasions. The problem with "smuggling" wealth in or out of the USA is trying to convert it to a usable currency so you can buy what you need without getting arrested and jailed or blackmailed. For the sake of argument, say you arrive in some country with this stuffed with BitCoins:

    How would you actually buy the stuff you need daily without being robbed, home invaded, or arrested?


  3. #13
    Unobtanium
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    Re: Tell me about Bitcoin

    Be prepared to lose any bitcoin you purchase... usually by theft.

  4. #14
    Moderator madfranks's Avatar
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    Re: Tell me about Bitcoin

    Quote Originally Posted by ximmy View Post
    Be prepared to lose any bitcoin you purchase... usually by theft.
    Using your same logic, be prepared to lose any gold and silver you purchase, usually by theft as well.
    "Liberty is so creative, and the government is so stupid, that Iím very optimistic about the future"
    - Lew Rockwell

  5. #15
    Unobtanium
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    Re: Tell me about Bitcoin

    Quote Originally Posted by madfranks View Post
    Using your same logic, be prepared to lose any gold and silver you purchase, usually by theft as well.
    Let me clarify... cyber theft.

  6. #16
    Sardonic Observer Jewboo's Avatar
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    Re: Tell me about Bitcoin

    Quote Originally Posted by madfranks View Post
    Using your same logic, be prepared to lose any gold and silver you purchase, usually by theft as well.
    Murder
    On August 27, 1995, O'Hair, her son Jon, and granddaughter Robin suddenly disappeared. The door to the office of American Atheists was locked with a typewritten note attached (apparently with Jon's signature), stating, "The Murray O'Hair family has been called out of town on an emergency basis. We do not know how long we will be gone at the time of the writing of this memo." When O'Hair's home was entered, breakfast dishes were sitting on the table; her diabetes medication was on the kitchen counter, and her dogs had been left behind without a caregiver.

    In phone calls a few days later, the trio claimed that they were on "business" in San Antonio, Texas. A few days later, Jon ordered $600,000 worth of gold coins from a San Antonio jeweler but took delivery of only $500,000 worth of coins.

    Until September 27, American Atheists employees received several phone calls from Robin and Jon, but neither would explain why they left or when they would return; while they said nothing was amiss, their voices sounded strained and disturbed. After September 28, no further communication came from any of the O'Hairs.

    Investigation and arrests
    Ultimately, the murder investigation focused on David Roland Waters, who had worked as a typesetter for American Atheists. Not only did Waters have previous convictions for violent crimes, there were several suspicious burglaries during his tenure, and he had pleaded guilty earlier in 1995 to stealing $54,000 from American Atheists. Shortly after his theft of the $54,000 was discovered, O'Hair had written a scathing article in the 'Members Only' section of the American Atheists newsletter exposing Waters, the theft and Waters' previous crimes, including a 1977 incident in which Waters allegedly beat and urinated upon his mother. Waters' girlfriend later testified that he was enraged by O'Hair's article, and that he fantasized about torturing her in gruesome ways.

    The police concluded that Waters and his accomplices had kidnapped all three O'Hairs, forced them to withdraw the missing funds, gone on several huge shopping sprees with the O'Hairs' money and credit cards, and then murdered and dismembered all three people. Waters' accomplices included Gary Paul Karr and Danny Fry. A few days after the O'Hairs were killed, Fry was murdered by Waters and Karr. Fry's body was found on a riverbed with his head and hands severed and missing. His body remained unidentified for three and a half years.

    In January 2001, Waters informed the police that the O'Hairs were buried on a Texas ranch, and he subsequently led them to the bodies. When the police excavated there, they discovered that the O'Hairs' bodies had been cut into dozens of pieces with a saw. The remains exhibited such extensive mutilation and successive decomposition that identification had to be made through dental records, by DNA testing and, in Madalyn O'Hair's case, by the serial number of her prosthetic hip. The head and hands of Danny Fry were also found at the site.

    The gold coins extorted from the O'Hairs were put in a storage locker rented by Waters' girlfriend. Waters had taken out $80,000 and partied with his girlfriend for a few days, but upon his return he discovered that the remaining $420,000 had been stolen. A group of thieves operating in that area had a master key to the type of lock that Waters used to secure the locker. In the course of their activities, they came across the locker, used the master key to open it, and found a suitcase full of gold coins. They eventually spent all but one, which the police recovered.



  7. #17
    Iridium mamboni's Avatar
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    Re: Tell me about Bitcoin

    so any time one is trying to convert a valuable to cash he becomes a potential target.

    yes, these concerns have weighed on me for years. I never used Craigs list to sell for these reasons.

    i dont trust the police or anyone else with specific knowledge of my valuables.

    We all live in some degree of fear.

    Vigilance is required at all times.
    Tricks and treachery are the practice of fools, that don't have brains enough to be honest. -Benjamin Franklin
    Sincerity makes the very least person to be of more value than the most talented hypocrite. -Charles Spurgeon

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  9. #18
    Moderator madfranks's Avatar
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    Re: Tell me about Bitcoin

    Quote Originally Posted by mamboni View Post
    so any time one is trying to convert a valuable to cash he becomes a potential target.

    yes, these concerns have weighed on me for years. I never used Craigs list to sell for these reasons.

    i dont trust the police or anyone else with specific knowledge of my valuables.

    We all live in some degree of fear.

    Vigilance is required at all times.
    Exactly. No matter how you store your wealth, you should do your due diligence to protect it. Ximmy notes the concerns for cyber theft of bitcoins, which correlates with the concerns for physical theft of gold/silver bullion. You can take safeguards to reduce the possibility of theft of your valuables, but unfortunately it is a fact of life that it is impossible to completely eliminate such risk.
    "Liberty is so creative, and the government is so stupid, that Iím very optimistic about the future"
    - Lew Rockwell

  10. #19
    Iridium monty's Avatar
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    Re: Tell me about Bitcoin

    Quote Originally Posted by Jewboo View Post
    All local PM dealers are required by law to photostat our Drivers License whenever we "sell" anything. Ditto pawn shops etc. Sell one gold or silver coin and your local police know about who you are and where you live. Plenty of stories of armed robberies while trying to "exchange" or "barter" stuff for cash. Armed robberies are now so common that exchange zones near police stations are becoming normal.

    Is that Idaho law? A few years ago I needed some cash. I sold 600 ounces of silver to Northwest Territorial Mint. I did have to give them my name and mailing address for the check. I don't know if they made a report to the government, but my bank asked 40 jillion questions about where the money originated per Uncle Sam's money laundering reporting requirements because it was more than $10,000.00.
    https://constitutionalmilitia.org/
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    "That whenever any Form of Government becomes destructive of these ends, it is the most Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness." July 4, 1776

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  12. #20
    Unobtanium PatColo's Avatar
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