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Old 08-15-2017, 01:41 PM   #1101
RastaMon
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Join Date: Jan 2006
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This thread is gold. LMAO, just did a quick scroll and clicked on a few random pages.



Quote:
Originally Posted by DMP RUN View Post
Sounds like something that no one besides nerdy people would trust, and is therefore doomed to stay small or fail.
lmao, nerds rule

Quote:
Originally Posted by Kebo View Post
It's not going to 'take off', for a couple reasons.

-It will be 'hacked' or otherwise undermined.
-Like everything else on the internet, as soon as it becomes remotely popular, alternative 'Bitcoin' type services will become available, each competing and stealing business from another.
-Obligatory no one cares about nerd money reason.

Question...how and why is this at all dangerous?


Quote:
Originally Posted by XanRules View Post
the **** is this ****?
the way of the future

Quote:
Originally Posted by Kebo View Post
So it's a closed (in theory) system...other than keeping it secret, how does this benefit the person with the bitcoin? Again, this is basically having WoW money.

And who cares if you have a currency that can only be used online? And who would use this? Especially if the only way to actually access the money is to exchange (at cost...looks like .65% plus markup/markdown) to actual money.
It is exactly as 'untraceable' as real currency. If you have a system to validate a legitimate 'bitcoin' from a counterfeit, you can trace it. Not to mention that, again...at this point you still have to convert to actual money somewhere.
As near as I can tell, either:
-Each bitcoin is independently stored and can eventually be copied/reproduced by a hacker.
-Each bitcoin is tracked by some system. This is more likely because they 'know' how much of the currency is in circulation. This means that the Bitcoins are in fact traceable through that system, and that the system can be compromised.

And if your bank account shows deposits and withdrawals to a bitcoin exchange...they can't touch you? Not to mention that, in case you haven't seen...the government CAN track P2P services, and your money still has to go in and out somewhere. All you've done is temporarily hide the money at a cost, and in a widely variable exchange-rate currency. Congrats.

Seriously, this is WoW money.
How? When you exchange the funds...what are you exchanging into?

True...and thanks to machines, we have less farmers working the fields. Doesn't mean farms are obsolete.

Into actual money. Just like WoW money.

Apparently if they sieze your computer, they've done the job. Not to mention, let's say you've got tons of money floating around in m(oney)P3 files...and the government freezes your real accounts. What can you do with your fake, online money?

And that doesn't allow for compromise? You're kidding.

Not to mention, there IS a transaction fee...when you get actual money.
Not as restrictive? Seriously? Find me a list of things I can buy with this currency.

You mean like WoW?
go on great oracle of derp...

Quote:
Originally Posted by awdaddict172 View Post
someone paypal me $1000 and i'll give you 8 bitcoins worth $1m
DEAL!!!!!!

Quote:
Originally Posted by Howl View Post
This is a pyramid scheme.


Quote:
Originally Posted by infox View Post
Ok, so what companies currently take these so called "bitcoins"?

Edit:

So I still don't get how these bitcoins have real world value. How can 1 bitcoin be worth $7 USD for something that has no intrinsic value? From what I've seen on the bitcoin site is only some odd "shops" accept these bitcoins for some odd useless product, if these have no real world value then where does the $7 per bitcoin come into play?
stick to your paper

Quote:
Originally Posted by cha86 View Post
so what ive gathered from the video.....

5-10 years to create 50 coins, to a value ~ 250 dollars?

....worthless. so anyone who wants coins now better start working, or if youre lucky and "developed" the bitcoin just HAS them....what is this communist bull****

and...doesnt seem like you can withdraw you own coins...so they are only good for the use online crap....uselesss
I'll take your worthless 50 coins. LMAO

Quote:
Originally Posted by rogue View Post
So they said the algorithm will only allow some 20 million bitcoins to be generated... ever. Thats one coin to share between 500 people in the world today.

So I'd be mega rich if this were the global currency and I had like... six of them.
Yes, that's the idea.


Quote:
Originally Posted by kinkinhood View Post
It seems like an amusing idea but would not really last any bit if just for the reason that rogue mentioned.
wtf does rug know?

Quote:
Originally Posted by rogue View Post
And I don't really see a way to trade fractions of a coin, since one coin is a distinct atomic unit. So right there... this is... I dunno. Stupid? I'm going with stupid.


Quote:
Originally Posted by rogue View Post
Do you get punched in the face a lot? Because I want to punch you in the face. Right now.

Thanks, ****wit. We totally didn't realize these aren't physical coins.

Here's my bitcoin. 6489106915061.

Take half of it. Go on, show me how this is done. Beyond me telling you that you have half and remembering it. Now go spend your half. How's that work, you tell me to give your half to someone else?

There's no control in this scenario for fractional ownership that I can see. Admittedly, I've only know about this concept for a few hours.
oh rug...

Quote:
Originally Posted by Drink View Post
I would like to trade 17 bitcoins for a wizard hat and Birkenstocks. PM me if you're interested.
PM sent!!!

Quote:
Originally Posted by Kebo View Post
What's the difference between:

A government saying 'we won't print any more money' then printing more money.

And the Bitcoin system saying, 'there are limits on how much currency is in circulation' then changing that limit? Or even worse, a person finding a way to duplicate bitcoins and insert them into the closed economy?
I'll take things I don't understand for 400 Alex.

Quote:
Originally Posted by RastaMon View Post
I'm still hanging on to my coins. I've already made a good profit, and I don't see bitcoin going anywhere so I don't see any reason to sell just yet. Seems to me the biggest use right now is money transfers, they're quick and cheap unlike dealing with banks. People moving millions at the click of a button.

Quote:
Originally Posted by XanRules View Post


Sucks about your super stable, non-fiat currency that's immune to government actions, guys.
Quote:
Originally Posted by FightingFalcon View Post
But it's finite so it won't suffer from inflation! a

(Instead it'll just suffer from a 55% depreciation in a two week period. I wonder what erodes purchasing power more...a 1-2% annual inflation rate or a loss of 55% in value over three weeks. It's a close call...).
You guys want to touch my bitcoins?


Quote:
Originally Posted by SuPeR_WoJo View Post
Hey hey hey, You can buy Dominos Pizza with bitcoins. So there's that.
What would you like on your 40 million dollar pizza? http://www.businessinsider.com/bitco...million-2017-5

Quote:
Originally Posted by RastaMon View Post
This has always been my biggest argument against bitcoin since the beginning, that even though bitcoin is finite, you could have infinite other versions of the same thing. Bitcoin will benefit from being the first and most famous, but for how long? And FWIW I own some bitcoins.
Let's check in on some alt coins.

https://i.redd.it/hzyw2u4lgtfz.png

Quote:
Originally Posted by etothen View Post
I'll wait til they get back to $10, buy one as bit of digital memorabilia.
How's that waiting working out for ya?

Quote:
Originally Posted by etothen View Post
As soon as they cause significant problems for the US/EU/Russia/China or are in any way associated with terrorists moving money they will become worthless overnight.

If someone wanted to make them worthless all they have to do is email a few to some terrorist and the NSA will see it. Poof, no more crypto currency.
you were saying?







I love all the haters in this thread.

Guess what, I'm going to buy a house with my bitcoins, suck it.
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