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Old 08-15-2017, 12:41 PM   #1101
RastaMon
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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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Old 08-15-2017, 01:56 PM   #1102
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You didn't quote the previously latest post. 2 months, BTC more than doubled (well peaked, yadda yadda).

The cryptocash thread is good, too. Guys in there aren't mining, they're nuts enough to actually gamble on it with monies! I've got enough stress in my life, no time for that.
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Old 08-15-2017, 02:26 PM   #1103
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Quote:
Originally Posted by RastaMon View Post

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

Or are you going to sell your bitcoins and pay for your house with a real currency?


This is just gambling for nerds. That's why 98% of the talk in these threads is about how to make money (real money) using bitcoins, not how peer to peer currencies will be taking over the world.

Because it's not.

Because if it did, governments would step in to control it or stamp it out.
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Old 08-15-2017, 02:50 PM   #1104
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Quote:
Originally Posted by jsmaze View Post
BTC is up to 587 right now, if anybody was waiting for the rebound from 450ish a few weeks ago.
May 2014.

If I bought 4 of them 3 years ago at this price ($2k buy), they'd be worth $16k today. $14k profit.

If I had $20k to put in then, and got 40 of them, then that'd be... carry the zero... $160k.

OP was May 2011. Was worth about... $1.00 ea. Again, if anyone had bought $2k worth, then... they'd have around 2000 of them, at $4k ea now, and that's... *gasp* $8,000,000.

Imagine someone buying $20k worth back then? $80,000,[email protected]!!

--kC
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Old 08-15-2017, 03:45 PM   #1105
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Quote:
Originally Posted by KC View Post
May 2014.

If I bought 4 of them 3 years ago at this price ($2k buy), they'd be worth $16k today. $14k profit.

If I had $20k to put in then, and got 40 of them, then that'd be... carry the zero... $160k.

OP was May 2011. Was worth about... $1.00 ea. Again, if anyone had bought $2k worth, then... they'd have around 2000 of them, at $4k ea now, and that's... *gasp* $8,000,000.

Imagine someone buying $20k worth back then? $80,000,[email protected]!!

--kC

I would rather just take my time machine back a few days and buy a powerball and megamillions....
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Old 08-15-2017, 04:09 PM   #1106
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Quote:
Originally Posted by jsmaze View Post
You didn't quote the previously latest post. 2 months, BTC more than doubled (well peaked, yadda yadda).

The cryptocash thread is good, too. Guys in there aren't mining, they're nuts enough to actually gamble on it with monies! I've got enough stress in my life, no time for that.
I haven't posted in that thread because the title of the thread greatly irritates me. I mean wtf is "cryptoca$h?"

Quote:
cash1
kaSH/Submit
noun
1.
money in coins or notes, as distinct from checks, money orders, or credit.
not to mention the dollar sign? um... wut? And yes, bitcoin has the word coin in it, I know.

Quote:
Originally Posted by WhiteKnightSTi View Post
Are you actually?

Or are you going to sell your bitcoins and pay for your house with a real currency?
\_(ツ)_/

What difference does it make?

If someone wants BTC I'll pay with that.
If someone wants dollars I'll exchange it for that.
If someone wants rubles I'll exchange it for that.
If someone wants yen I'll exchange it for that.
If someone wants Red Lobster gift cards I'll pay with that.

See how this works?

Quote:
Originally Posted by WhiteKnightSTi View Post
This is just gambling for nerds. That's why 98% of the talk in these threads is about how to make money (real money) using bitcoins, not how peer to peer currencies will be taking over the world.

Because it's not.

Because if it did, governments would step in to control it or stamp it out.
Spoken like a true hater with 0 BTC to his name, or someone with a hard on for authoritarian governments who crack down on free association.

Really though you're just mad you didn't buy any when it was super cheap.

Bitcoin isn't about "making money," it's about making traditional banking irrelevant, and all other associated centralized institutions (the Fed etc...). You know, those guys who blew up the financial system and made tons of Americans homeless, then forced those same Americans to give them trillions of dollars for the service. Yeah, it's about eliminating that parasitic grift from society with simple technology.

What's truly funny is how those very same toxic institutions are attempting to ban cash now. So which would you rather use if they're both just ones and zeroes, a centralized system where a select few oligarchs issue and control the ones and zeroes, manipulating it at their will and for their own personal profit? Or would you rather use a 100% voluntary and decentralized form of currency that's not controlled by a few oligarchs?
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Old 08-15-2017, 04:22 PM   #1107
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Are you a member of black bloc, Rasta?
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Old 08-15-2017, 04:29 PM   #1108
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Quote:
Originally Posted by UberWilhelm View Post
Howdy all.

In August my uncle passed away and as I was cleaning out his house came across all of his bitcoin mining gear. Apparently he had thousands upon thousands of bitcoins but we cant find his log in password so are just going to chalk it up as a loss. I have no idea what the gear is worth (if anything) or the best way to sell it. Anyone here willing to take a look through the pics I took and either buy it or offer some advice on the best way to get sell it or tell me it's worth nothing and just chuck it? If interested send me a PM with an email address and I will send a zip of the pics. Thanks
so, millions upon millions of dollars... *poof*
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Old 08-15-2017, 05:37 PM   #1109
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Quote:
Originally Posted by RastaMon View Post
I haven't posted in that thread because the title of the thread greatly irritates me. I mean wtf is "cryptoca$h?"



not to mention the dollar sign? um... wut? And yes, bitcoin has the word coin in it, I know.



\_(ツ)_/

What difference does it make?

If someone wants BTC I'll pay with that.
If someone wants dollars I'll exchange it for that.
If someone wants rubles I'll exchange it for that.
If someone wants yen I'll exchange it for that.
If someone wants Red Lobster gift cards I'll pay with that.

See how this works?



Spoken like a true hater with 0 BTC to his name, or someone with a hard on for authoritarian governments who crack down on free association.

Really though you're just mad you didn't buy any when it was super cheap.

Bitcoin isn't about "making money," it's about making traditional banking irrelevant, and all other associated centralized institutions (the Fed etc...). You know, those guys who blew up the financial system and made tons of Americans homeless, then forced those same Americans to give them trillions of dollars for the service. Yeah, it's about eliminating that parasitic grift from society with simple technology.

What's truly funny is how those very same toxic institutions are attempting to ban cash now. So which would you rather use if they're both just ones and zeroes, a centralized system where a select few oligarchs issue and control the ones and zeroes, manipulating it at their will and for their own personal profit? Or would you rather use a 100% voluntary and decentralized form of currency that's not controlled by a few oligarchs?
Or in the case of some, like Ripple, removing credit card surcharges from transactions. Direct from consumer to bank, with no 'processing fees' grafted from Visa/MC/Amex, etc...

--kC
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Old 08-16-2017, 03:09 AM   #1110
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Quote:
Originally Posted by RastaMon View Post


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.
I have been checking this thread lately specifically to see how long it took you to throw that post back at me.
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Old 08-16-2017, 08:46 AM   #1111
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Quote:
Originally Posted by RastaMon View Post
\_(ツ)_/

What difference does it make?

If someone wants BTC I'll pay with that.
If someone wants dollars I'll exchange it for that.
If someone wants rubles I'll exchange it for that.
If someone wants yen I'll exchange it for that.
If someone wants Red Lobster gift cards I'll pay with that.

See how this works?
Probably better than you do.

What do all those things you listed have in common that BTC doesn't?

Stability.

People know that $1 today will be worth roughly $1 tomorrow, and pretty close to $1 a year from now. Even the ****ty Red Lobster gift card will hold it's "value" ( ) for a set amount of time.

But with a BTC it could be worth $2 tomorrow and $20 a year from now, or $0.20 who knows? Why would I give a coffee shop $5 worth of BTC today if I know that they'll be worth $10 tomorrow? It's the same reason why I wouldn't pay for my coffee with Stocks, or precious metals, or real estate, or any other form of investment.



Quote:
Spoken like a true hater with 0 BTC to his name, or someone with a hard on for authoritarian governments who crack down on free association.
I'm sorry your religious zeal in BTC can't stand up to criticism, but no, I don't hate BTC (although you're right that I don't have any) and I have no love for authoritarianism, I simply have enough common sense to see through your libertarian fantasies.

Quote:
Really though you're just mad you didn't buy any when it was super cheap.
If you say so.

Quote:
Bitcoin isn't about "making money," it's about making traditional banking irrelevant,


Maybe to you it is, but from the posts I see here and in the other thread it seems to be 98% fixated on making a quick buck, not tearing down the system.

Quote:
...and all other associated centralized institutions (the Fed etc...). You know, those guys who blew up the financial system and made tons of Americans homeless, then forced those same Americans to give them trillions of dollars for the service. Yeah, it's about eliminating that parasitic grift from society with simple technology.
Ahh yes, and now we get to the heart of it. Your delusional love of the "good old days" of the gold standard, boom bust cycles, and robber barons.

Sorry, but the Fed didn't cause the recession, and even if it had then it's a small price to pay for an otherwise relatively stable currency. Aside from your raving band of Rand Paul nuthuggers, people want fiat currency because they want $1 today to be $1 tomorrow.


Quote:
What's truly funny is how those very same toxic institutions are attempting to ban cash now. So which would you rather use if they're both just ones and zeroes, a centralized system where a select few oligarchs issue and control the ones and zeroes, manipulating it at their will and for their own personal profit? Or would you rather use a 100% voluntary and decentralized form of currency that's not controlled by a few oligarchs?


The rich will control things no matter what system you use. Being uncontrolled makes things worse not better for the small players. Right now even the richest person in the world would have trouble seriously changing the value of the dollar. But if they guy with the most BTC (do you even know who that is?) decides to dump his whole hoard and crash the market and then buy back in while it's depressed... well, nothing stopping him from doing that right?

No matter how little control "we" have over the Fed, it's more than we'd have in your libertarian fantasy world where the only power lies in money.
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Old 08-16-2017, 10:05 AM   #1112
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how do BTC and taxes work?

If I sold my 1000 BTC today for USD, what taxes do I need to pay?
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Old 08-16-2017, 10:27 AM   #1113
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Quote:
Originally Posted by Matt A View Post
how do BTC and taxes work?

If I sold my 1000 BTC today for USD, what taxes do I need to pay?
taxes on the gains, same as any other investment, short or long term depending on how long you held it

mining is treated as income when you receive the token, and you track gain or loss from that value
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Old 08-16-2017, 10:28 AM   #1114
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I figured as much.
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Old 08-16-2017, 12:06 PM   #1115
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Yep, the gubbermint wins when bitcoin goes up, just like they win every lottery.
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Old 08-16-2017, 04:07 PM   #1116
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Quote:
Originally Posted by Matt A View Post
how do BTC and taxes work?

If I sold my 1000 BTC today for USD, what taxes do I need to pay?
Coinbase is currently blocking the IRS from retrieving records of users buy/sell transactions but eventually will get them
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Old 08-17-2017, 10:00 PM   #1117
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What's going on with BCH? ~$540?
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Old 08-18-2017, 02:30 AM   #1118
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So the other thread is dead?
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Old 08-18-2017, 11:21 AM   #1119
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Quote:
Originally Posted by RastaMon View Post

Guess what, I'm going to buy a house with my bitcoins, suck it.
Same here, I just need to buy in a state that isn't insolvent. I'm pretty much set for the foreseeable future.
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Old 08-18-2017, 01:17 PM   #1120
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Remember that guy that bought the 2 pizzas in 2010 for 10,000 bitcoins? Talked about earlier in this (or the other) thread?

I bet HE does! Value is around $43M.

--KC
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Old 08-19-2017, 08:35 PM   #1121
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BCH up to almost 800 already. Wow.
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Old 08-20-2017, 12:20 AM   #1122
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Originally Posted by KC View Post
BCH up to almost 800 already. Wow.
Out of nowhere too.
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Old 05-16-2019, 01:00 PM   #1123
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