Question about BitCoin - Page 2 - GoFuckYourself.com

Dirty F · 03-18-2013, 01:53 PM

50 bitcoins

mayabong · 03-18-2013, 01:53 PM

Quote:

Originally Posted by woj

what will drug dealers do with these bitcoins if they can't exchange them for real currency? buy domains at namecheap? or buy file locker memberships?

you can actually buy just about anything online with bitcoins. You can also get cash directly in the mail for your bitcoins. You haven't visited Silk Road yet? Like I said exchanges aren't necessary.

https://www.bitmit.net/en/item/8597-...racking-escrow

dyna mo · 03-18-2013, 01:54 PM

Quote:

Originally Posted by Barry-xlovecam

It's just fabricated script its only value is in other people wanting to accept it for goods. The ultimate fiat currency.

The concept is OK in itself as long as world governments will tolerate it.

Since you make it: It is personal property and it is legal to own personal property and sell or hypothicate it ( take value in exchange for it or pledge it as collateral).

Caveat emptor

Gold: The Ultimate Fiat Currency

http://online.barrons.com/article/SB...235098425.html

Quote:

The gold bubble could continue to inflate. But it is much riskier now, and there are better ways to protect against inflation. Like prior financial fads, this one is sure to end in tears.

PERCEPTIONS IN MARKETS CHANGE RAPIDLY, and cash frequently flows in the wrong direction. Today, with television commercials touting gold nonstop, a lot of people are getting all worked up about the rising price of the oldest form of money.

As the price of gold has set records, investors have flooded in to load up on bullion and coin.

Demand for physical gold is projected to rise to 52.3 million troy ounces, the highest in history; and sales of American Eagle gold coins have jumped 65% so far this year, according to the U.S. Mint.

Gold may be the "currency of last resort," but premiums on gold coins have soared to levels never before seen. One-ounce coins are now trading far above their bullion value, as people continue to chase them, and mints worldwide are unable to keep up with demand.

People chase performance:

Mutual-fund performance correlates with inflows of new money from investors, but which is cause and which is effect? Money always draws a crowd, and the top-performing mutual funds right now all focus on gold.

The highest concentration of gold holdings has always been central banks and the International Monetary Fund, but some of the biggest hoarders of gold today are the exchange-traded funds, which have bought bullion as they attracted waves of new investors. The SPDR Gold Shares (ticker: GLD), with $37 billion of the yellow metal, is now the world's sixth largest owner of gold.

Even gold bulls you may have seen on CNBC or Bloomberg will admit that there is a $200-$300 premium in gold because of ETF gold funds.

GOLD'S LAST REAL HEYDAY WAS AROUND January 1980, when Americans were taken hostage in Iran, inflation was out of control and there was civil disorder in Saudi Arabia. That doesn't mean this kind of thing can't happen again, especially since interest rates in this country are dependent on the world's tolerance for allowing America to live beyond its means.

Gold is a special commodity. Virtually every ounce ever mined -- whether for use in jewelry or anything else -- is still around. It doesn't rust or decay, and we keep mining more each year. It's not like oil, which we use up.

Another part of the logic for gold-that whole flight-to-safety thing -- doesn't exist anymore. Maybe once upon a time, gold was a handy way to buy passage out of an oppressive country, but not anymore. When everybody obsessed about gold, and it was highlighted as a great doomsday hedge against inflation and currency risk, financial futures didn't exist. Now they do, so gold is a third-rate safe haven: It pays no interest and costs money to insure. (Textbooks say it has a "positive cost to carry.")

THE BIG ARGUMENT FOR GOLD is that all of the money that the Federal Reserve is printing -- 18 years of easy money -- will come back to haunt us at some time when inflation comes roaring back. Yet if today's investors are worried about U.S. inflation, they can go out and sell T-bonds, or buy the euro or another currency and earn interest while they're doing it. Investors afraid of 1970s-style inflation also should be buying Treasury inflation-protected securities.

It's possible that gold might continue to rise:

On an inflation-adjusted basis, gold is far from its peak level of 1980, which was the equivalent of about $2,300 in today's inflated dollars. But it's much riskier now: Where the most money goes, that is where the greatest risk tends to show up. It pours into sectors when they get more and more pricey, and then flees when prices decline.

Wall Street is just a corner of the public mind. It follows fads, so money congregates in outlandish places. In the counterintuitive world that is the investment markets, you don't want to be where the smart money is. You don't want to be "where it's at."

A vital observation of the fun-starved Austrian school of economics is that investors err together, so unanimity of opinion is a danger sign. In past decades there has always an overvalued sector-a steaming corner of the market where money was converging -- and outperformance has come from getting out ahead of the crowd.

- In the 1950s, avoid electronics.

- In the 1960s, avoid franchise restaurants.

- In the 1970s, avoid the Nifty Fifty and fixed income.

- In the 1980s, avoid energy and biotech.

- In the 1990s, avoid Japan and the Internet.

- In the 2000s, avoid real estate and home-building.

ALL BUBBLES HAVE NEARLY identical characteristics. The second half of the 1970s witnessed the outperformance of energy issues. At $30 barrel, oil companies were clearly in fat city. But the gonzo run-up in oil prices that propelled this sector in 1982 contained the seeds for an eventual glut that eventually sent it right back down.

Similarly, gold, which was outside the pale of serious discussion in the 1970s at $35 an ounce, entered the investment mainstream at $600 and $700 an ounce between 1978 and 1980, when it was quadrupling.

Only 15% of gold is used as a monetary metal; the rest of it is used as a commercial metal, and that use, particularly as a corrosion-resistant electrical conductor for semiconductors, is declining.

Regrettably, it is a soft, semi-useless metal with very few industrial applications.

Gold is just another fiat currency. The only reason gold is valuable is that we believe it is valuable. Ultimately, this gold bubble ends in tears. When and how far gold's price will decline is anyone's guess, but a smart bet is "sooner rather than later."

Dirty F · 03-18-2013, 01:54 PM

Quote:

Originally Posted by woj

all it takes is the governments to tie this to terrorism / money laundering / drugs / etc, then throw in owners of an exchange or 2 in jail on some money laundering charges and that will be the end of it...

Any currency can be tied to that.

L-Pink · 03-18-2013, 01:57 PM

Quote:

Originally Posted by mayabong

people will still use them at the very least to gamble and buy drugs

Your decomposed body will be found in a ditch if you try to do a drug deal with bitcoins where I come from ?

.

Dirty F · 03-18-2013, 03:02 PM

Looks like it's gonne hit 50 dollars in a few days. That alone will probably boost it even more.

mayabong · 03-18-2013, 03:15 PM

Quote:

Originally Posted by Dirty F

Looks like it's gonne hit 50 dollars in a few days. That alone will probably boost it even more.

I think it will break it or get to $49.99 by today. its almost there. Just broke all time high a few seconds ago

Dirty F · 03-18-2013, 04:35 PM

Over $50!!

Shit's moving fast.

Barry-xlovecam · 03-18-2013, 04:46 PM

Quote:

Originally Posted by dyna mo

Gold: The Ultimate Fiat Currency

http://online.barrons.com/article/SB...235098425.html

I read opinions that Gold may be the next LIBOR type scandal -- exchange rate fixing.

Dirty F · 03-18-2013, 04:50 PM

52 dollahs.

jscott · 03-18-2013, 07:20 PM

BTC rocked hard in the past 5-6 hours fuckya!!!!!!!

rowan · 03-18-2013, 08:23 PM

Quote:

Originally Posted by Zealotry

Bitcoin is fun. Go get some video cards.. :D

With the price going up recently it's almost worth getting into mining again... but you either need to make $ fast (eg using an ASIC rig) to cover your hardware investment, or go with something more slow and steady and hope that the value climb is not a bubble that is about to burst. I sold off my video card about 18 months ago, and the 12 bitcoins I mined with it, last week.

jscott · 03-19-2013, 07:10 AM

BTC broke record high just now... $56 omfg

fris · 03-19-2013, 08:26 AM

Quote:

Originally Posted by Dirty F

52 dollahs.

so is my best bet to buy some bitcoins and hold on to them and sell them later?

Dirty F · 03-19-2013, 09:39 AM

Quote:

Originally Posted by fris

so is my best bet to buy some bitcoins and hold on to them and sell them later?

Well depends what you want. If you would've bought 10k in coins yesterday you would've made a nice profit today.
I personally buy them for the long term.

fris · 03-19-2013, 04:56 PM

Quote:

Originally Posted by Dirty F

Well depends what you want. If you would've bought 10k in coins yesterday you would've made a nice profit today.
I personally buy them for the long term.

ya thats what i mean buy a shit load hold on to them for a year

Serge Litehead · 03-19-2013, 05:15 PM

Quote:

Originally Posted by woj

how did the whole process begin though? the founder mined coins himself, probably collected millions of them, then went out on the internet "Hey, these bitcoins have value, buy them from me for a $X"? isn't that basically what happened?

if that's not what happened, can someone spell out the history of bitcoins and the exact point when the coins became valuable?

https://bitcointalk.org/index.php?topic=155054.0

Bman · 03-19-2013, 05:30 PM

Ok so where can you buy bitcoins? and with what paypal?

Zeiss · 03-19-2013, 05:31 PM

Quote:

Originally Posted by Bman

Ok so where can you buy bitcoins? and with what paypal?

Can't you just mine for a start?

mayabong · 03-19-2013, 05:34 PM

Quote:

Originally Posted by Bman

Ok so where can you buy bitcoins? and with what paypal?

You can use bitfloor and deposit directly at any bank of america branch then buy bitcoins off their exchange.

You can also use coinbase.. link your bank account and buy. Downside, you don't get them for a few business days. Upside is you get them at the price you bought them at.

Paypal and credit cards no go with bitcoins since bitcion transactions are irreversable and paypal/creditcards are.

Bman · 03-19-2013, 05:39 PM

Quote:

Originally Posted by Zealotry

Can't you just mine for a start?

Mine? with my computer?
lol yeah right....If I can run an action in Photoshop or Sony vegas then yeah ;)

Zeiss · 03-19-2013, 05:48 PM

Quote:

Originally Posted by Bman

Mine? with my computer?
lol yeah right....If I can run an action in Photoshop or Sony vegas then yeah ;)

http://butterflylabs.com

CyberHustler · 03-19-2013, 05:50 PM

Quote:

Originally Posted by Dirty F

50 bitcoins

Franck is all about the BitCoin lately

MainstreamGuy · 03-22-2013, 11:41 PM

I don't understand how the mining process works and what kind of tasks it involves.

I don't understand how looking for a binary number is considered work and how that transforms into money.

Care to explain? I tried reading wikipedia for Bitcoin, but it never explains in details how it works.

Phoenix · 03-23-2013, 01:14 AM

we have 8 boxes in the office not used..i wonder if i can set them all up

will try anyway...maybe i can make 13 dollars a day..lol

kane · 03-23-2013, 01:29 AM

Quote:

Originally Posted by MainstreamGuy

I don't understand how the mining process works and what kind of tasks it involves.

I don't understand how looking for a binary number is considered work and how that transforms into money.

Care to explain? I tried reading wikipedia for Bitcoin, but it never explains in details how it works.

Same here. I read the wiki and a few other things and it seems like they are just randomly given out and created from thin air.

Emil · 03-23-2013, 03:13 AM

Quote:

Originally Posted by seeandsee

why do you ask such questions, bitcoins are so great and you can make big money on it!

somebody is so rich and smiling on all this...

You've been posting shit about Bitcoin over and over and you clearly dont understand how it works. You're so fucking ignorant.

seeandsee · 03-23-2013, 11:04 AM

Quote:

Originally Posted by Emil

You've been posting shit about Bitcoin over and over and you clearly dont understand how it works. You're so fucking ignorant.

Explain me please? Why don't you sell your house for bitcoins?

DWB · 03-23-2013, 02:45 PM

Quote:

Originally Posted by CyberHustler

Franck is all about the BitCoin lately

That's how he buys his Clown Porn on The Silk Road.

rowan · 03-23-2013, 04:51 PM

Quote:

Originally Posted by Phoenix

we have 8 boxes in the office not used..i wonder if i can set them all up

will try anyway...maybe i can make 13 dollars a day..lol

....and spend $10 on electricity.

Mining pushes your GPU to the absolute limit, so it uses a fair amount of electricity. Some people use their mining rig to supplement or even replace house heating. Those in warmer areas aren't so lucky, the air conditioning has to work harder, which means more $ spent on electricity...

I calculated that with my old dedicated GFX setup (a very very modest 300Mhashes/sec... but it made me 12BTC over a few months) if I used the same hardware again today I would be netting less than 10c per day. edit: hmm I think i got that calc wrong, would be <$1/day, not as low as <$0.10. Still peanuts.

Drake · 03-23-2013, 05:15 PM

Quote:

Originally Posted by Dirty F

Well depends what you want. If you would've bought 10k in coins yesterday you would've made a nice profit today.
I personally buy them for the long term.

How much money have you invested in bitcoins so far?

Internet Guy · 03-23-2013, 08:37 PM

ZeroHero · 03-23-2013, 08:42 PM

i love bitcoins

anyone alse maybe? info contact in sig

MainstreamGuy · 03-24-2013, 12:28 PM

Quote:

Originally Posted by kane

Same here. I read the wiki and a few other things and it seems like they are just randomly given out and created from thin air.

well still nobody explains how the mining process really works.

I don't think most people really understand it, otherwise, they would just explain how the process really works, and how looking for binary numbers is supposed to generate money on a virtual account and then transformed into real money.

bl4h · 03-24-2013, 12:33 PM

im so glad I didn't waste my time reading that lengthy pdf. Instead I ate potato chips

dyna mo · 03-24-2013, 12:34 PM

I dnt understand the tech. But I dont need to. Just like driving a car. I don't need to understand hw an internal combustion engine works so I can go to the store.

bl4h · 03-24-2013, 12:52 PM

Quote:

Originally Posted by dyna mo

I dnt understand the tech. But I dont need to. Just like driving a car. I don't need to understand hw an internal combustion engine works so I can go to the store.

exactly. this is something for people who dont know shit about economies

but fuck it theyre good for the economy

DBS.US · 03-24-2013, 08:14 PM

Cyprus Crisis Boosting Unique Currency, the Bitcoin
http://abcnews.go.com/Business/cypru...3#.UU_DdBxJ-bk

jscott · 03-24-2013, 08:31 PM

Love it or hate it, it's gaining value and making a lot of people a lot of money

mayabong · 03-24-2013, 08:37 PM

MT. GoX has 5000 applicaitons they are in the process of approving. I see higher prices in our future.

Deputy Chief Command · 03-24-2013, 08:51 PM

Quote:

Financial haven
Financial journalists and analysts have stipulated that there was a correlation between higher bitcoin usage in Spain and the 2012?2013 Cypriot financial crisis, through which bank deposit levies as high as 10% could have been placed on bank deposits; conceding that bitcoin is serving as a sort of financial haven for some European savers.[52][53] Nick Colas, a financial analyst, claimed a rally in the price of bitcoins was ?One hundred percent...due to Cyprus,? and that ?It means the Europeans are getting involved.?
In contrast, as of 2013, the use of bitcoin as a haven is limited for large amounts. As Colas also claims, ?Bitcoin is good if you want to make a deposit of between $1,000 and $10,000. But the liquidity is just not there in the system for multimillion dollar transactions...?[54]

not too sure now is a good time to jump in to bitcoin, looks like a bubble waiting to burst?

Deputy Chief Command · 03-24-2013, 08:55 PM

mayabong · 03-24-2013, 09:01 PM

Quote:

Originally Posted by Deputy Chief Command

That guy has a silver business. He has been making videos attacking bitcoin for the last few weeks for obvious reasons.

dyna mo · 03-24-2013, 09:05 PM

i don't really think it can be a ponzi scheme. there is no central distribution point, i can choose which exchange i exchange my bitcoins and i can buy and sell whenever i wish and the price is set based on demand.

Supz · 03-24-2013, 09:11 PM

Quote:

Originally Posted by mayabong

That guy has a silver business. He has been making videos attacking bitcoin for the last few weeks for obvious reasons.

We all understand you love bitcoins. But what the fuck does the silver business have to do with bitcoins. Do you think all the old school metal guys have any idea what the fuck a bitcoin is?

mayabong · 03-24-2013, 09:17 PM

Quote:

Originally Posted by Supz

We all understand you love bitcoins. But what the fuck does the silver business have to do with bitcoins. Do you think all the old school metal guys have any idea what the fuck a bitcoin is?

Uhh yeah. I'd say just about every metals person that follows the news. Most metals sites and youtube channels have given their opinion on bitcoins. The daily paul which is full of goldbugs always has a post or 2 about Bitcoin going. Max Kaiser is well known to silver and gold bugs and all he does is push bitcoin now.

The Silver and gold businesses see it as a threat, so they bash it.

Supz · 03-24-2013, 09:29 PM

Quote:

Originally Posted by mayabong

Uhh yeah. I'd say just about every metals person that follows the news. Most metals sites and youtube channels have given their opinion on bitcoins. The daily paul which is full of goldbugs always has a post or 2 about Bitcoin going. Max Kaiser is well known to silver and gold bugs and all he does is push bitcoin now.

The Silver and gold businesses see it as a threat, so they bash it.

My office is in the Diamond District in NY. I will make sure to ask some of the large gold buyers tomorrow if they know what bitcoins are. I will report back.

mayabong · 03-24-2013, 09:34 PM

Quote:

Originally Posted by Supz

My office is in the Diamond District in NY. I will make sure to ask some of the large gold buyers tomorrow if they know what bitcoins are. I will report back.

James Turk is well known in gold circles. He knows about them, but skeptical of course cause you can't hold it.

Supz · 03-24-2013, 09:57 PM

Quote:

Originally Posted by mayabong

James Turk is well known in gold circles. He knows about them, but skeptical of course cause you can't hold it.

How many bitcoins do you own?

Supz · 03-24-2013, 10:52 PM

100 bitcoins?

03-18-2013, 04:50 PM	#60
Dirty F Too lazy to set a custom title Industry Role: Join Date: Jul 2001 Posts: 59,204	52 dollahs. Last edited by Dirty F; 03-18-2013 at 04:52 PM..

03-19-2013, 05:30 PM	#68
Bman Confirmed User Industry Role: Join Date: Aug 2003 Location: Redirecting your traffic Posts: 1,679	Ok so where can you buy bitcoins? and with what paypal? __________________ ICQ 228211529

03-23-2013, 01:14 AM	#75
Phoenix BACON BACON BACON Industry Role: Join Date: Nov 2002 Location: Poems everybody, the laddie fancies himself a poet Posts: 35,457	we have 8 boxes in the office not used..i wonder if i can set them all up will try anyway...maybe i can make 13 dollars a day..lol __________________ Skype Phoenixskype1 Telegram PhoenixBrad https://quantads.io

03-24-2013, 08:14 PM	#88
DBS.US Geo Cities Industry Role: Join Date: Aug 2003 Location: North Captiva Island, Florida USA Posts: 11,830	Cyprus Crisis Boosting Unique Currency, the Bitcoin http://abcnews.go.com/Business/cypru...3#.UU_DdBxJ-bk __________________ Make a Free Chaturbate White Label site in 34 minutes and be making money tonight

03-24-2013, 08:37 PM	#90
mayabong Confirmed User Join Date: Jan 2010 Posts: 1,952	MT. GoX has 5000 applicaitons they are in the process of approving. I see higher prices in our future. __________________ Bitcoin Gambling Sites

03-18-2013, 01:53 PM	#51
Dirty F Too lazy to set a custom title Industry Role: Join Date: Jul 2001 Posts: 59,204	50 bitcoins

03-18-2013, 03:02 PM	#56
Dirty F Too lazy to set a custom title Industry Role: Join Date: Jul 2001 Posts: 59,204	Looks like it's gonne hit 50 dollars in a few days. That alone will probably boost it even more.

03-18-2013, 04:35 PM	#58
Dirty F Too lazy to set a custom title Industry Role: Join Date: Jul 2001 Posts: 59,204	Over $50!! Shit's moving fast.

03-18-2013, 07:20 PM	#61
jscott So Fucking Banned Industry Role: Join Date: Feb 2001 Location: Taipei Posts: 25,198	BTC rocked hard in the past 5-6 hours fuckya!!!!!!!

03-19-2013, 07:10 AM	#63
jscott So Fucking Banned Industry Role: Join Date: Feb 2001 Location: Taipei Posts: 25,198	BTC broke record high just now... $56 omfg

03-22-2013, 11:41 PM	#74
MainstreamGuy So Fucking Banned Industry Role: Join Date: Oct 2011 Posts: 477	I don't understand how the mining process works and what kind of tasks it involves. I don't understand how looking for a binary number is considered work and how that transforms into money. Care to explain? I tried reading wikipedia for Bitcoin, but it never explains in details how it works.

03-23-2013, 08:37 PM	#82
Internet Guy Confirmed User Join Date: May 2006 Posts: 402

03-23-2013, 08:42 PM	#83
ZeroHero So Fucking Banned Industry Role: Join Date: Nov 2007 Location: Westbahnhof Posts: 15,336	i love bitcoins anyone alse maybe? info contact in sig

03-24-2013, 12:33 PM	#85
bl4h Confirmed User Join Date: Jul 2006 Location: Philadelphia Posts: 1,282	im so glad I didn't waste my time reading that lengthy pdf. Instead I ate potato chips

03-24-2013, 12:34 PM	#86
dyna mo The People's Post Industry Role: Join Date: Dec 2008 Location: invisible 7-11 Posts: 63,914	I dnt understand the tech. But I dont need to. Just like driving a car. I don't need to understand hw an internal combustion engine works so I can go to the store.

03-24-2013, 08:31 PM	#89
jscott So Fucking Banned Industry Role: Join Date: Feb 2001 Location: Taipei Posts: 25,198	Love it or hate it, it's gaining value and making a lot of people a lot of money

03-24-2013, 08:55 PM	#92
Deputy Chief Command Deputy Chief Command Industry Role: Join Date: Nov 2005 Posts: 4,482	__________________ Last edited by Deputy Chief Command; 03-24-2013 at 08:57 PM..

03-24-2013, 09:05 PM	#94
dyna mo The People's Post Industry Role: Join Date: Dec 2008 Location: invisible 7-11 Posts: 63,914	i don't really think it can be a ponzi scheme. there is no central distribution point, i can choose which exchange i exchange my bitcoins and i can buy and sell whenever i wish and the price is set based on demand.

03-24-2013, 10:52 PM	#100
Supz Arthur Flegenheimer Industry Role: Join Date: Jul 2006 Location: New York City Posts: 11,056	100 bitcoins?