I've been reading about Bitcoins for the last 3 days and my conclusion is...
 

Buy.

As much as you can.

:thumbsup

thanks got a ref link?

I'm making a hundred dollars an hour from bitcoins.

So explain to us what the fuck is bitcoin and how do you use them?

I can understand how easy it must be to buy them, but how the fuck would you cash them out?

Me thinks you buy a lot of bitcoin on a suspicious site and when you want to cash them out you cant.

After electricity and equipment costs?

Ok i did consider it and my conclusion is.......buy. Put all your savings in it :thumbsup

And after all the bullshit probably $1 per hour.

The time to buy was a week or two ago when the value was half of what it is today.

I "bought in" (mined) when BTC was worth a few bucks. Cashed out a few days ago at $46 per.

Dude, compared to what it will be in the future 46 dollars is a joke. Now is the time to buy. Not to sell.

The way search and seizure laws are going and the government wanting access to all of our banking information, I can kind of see it.

Do you guys use the instawallet or a downloaded one? My wallet on my pc is about 100 days behind.

Just checked out the instawallet. Just an open url where you can transfer the coins off. Not the type of place where you want to store alot of bitcoins.

Your own wallet ofcourse. Why put your money on someone else's computer?

I don't mine them.

i need to read about these...i know nothing about them

Bitcoins, hahaha. I just put all my money in wicker futures. With the expected boom in patio furniture and the stable basket market it's a much better investment.

.

Real cash (in people pockets) ==> Bitcoins (low value) ==> Lots of Real cash IN ==> Bitcoins (high value) ==> People (lots of them) selling them for Real cash ==> Bitcoins (record low)

You will see, just wait for it

you thought it was stupid before. what changed your mind?

Yes you been saying that for years. Wait For it, Wait for it.......:Oh crap

I don't recall saying that but maybe i did...if i did it was because i didn't know the details. I thought it was just another epass or e-gold.

It obviously isn't.
By this time next year lots of big companies will be using it. In 5 to 10 years from now you'll be very happy with all the bitcoins you saved up.

The stupidity going on with bit coins is apalling

A currency and payment system in one that can be totally anonymous and free of chargeback problems. Yes sounds horrible.

Yup, so stupid that i just started accepting them on a paysite. No chargebacks and no fees.
Incredibly stupid. I agree.

The value of bitcoins goes up and down like a hookers panties. That is pretty scary from the business aspect. What happens when you pay for something when its at 50$ and the next day its at $40. Your business just lost 20%.

companies like Bitpay.com will convert the bitcoins to cash right away if you use their service. They will deposit the money in your account daily I believe. You can also choose to keep the bitcoins or do a % split.

First you would want to get yourself a bitcoin wallet. You can get an online one at http://blockchain.info

You will get a funny looking address like 1k2384kjsdkdsj234838298237

Thats the address you give to people that want to send you bitcoins. Thats all you need to do.

Actually buying them is a more of a pain than selling them. You can't use credit cards or paypal to buy them. I use Coinbase.com to buy them

I only use them for Silk Road....but I did buy a lot of them when they were around $9/each and I had a bunch saved in my SR wallet and some in my bitcoin wallet that I sold for around $40 which rocked.

It's also great that Namecheap now accepts them so I've renewed a bunch of domains with bitcoins too.

You must be confused. It only goes up :winkwink:

And it will keep doing this.

http://bitcoincharts.com/charts/mtgo...zm1g10zm2g25zv

And what exactly are you buying on Silkroad :)

Nothing illegal ofcourse, right. Oh wait, everything there is illegal :1orglaugh

If you follow the actual flow. Yes it has gone up since the beginning it has gone up. But I watched last week when it went from 50 to 37 to 44 all in the matter of 20 minutes.

Anyone have or ordered an ASIC mining rig? As far as trading bitcoin, mtgox.com seems to be popular and by end of month US trades will be handled by VC backed coinlab.com in US.

I don't care about that. I see it as a long term investment. 5+ years.

How it fluctuates now is not important. 5 years from now you will laugh at these prices. I means nothing in the bigger picture.

I had a similar conclusion so I sunk some money in bitcoins. Just in case it goes global and nuts.

Am I the ONLY person picking up on Franck's sarcasm???

Christ, he practically gives it away here...

Yes i noticed that at part "all your savings". Anyone with common sense knows how you never invest all your savings into one thing as nothing is 100% sure.

Max Keiser approves this message

http://i.imgur.com/e0WaAo3.jpg

lol shit, yeah, I missed that one.

Good one Franck.

Play money will be worth something till there be idiots giving value to them :1orglaugh
The more idiots the more value (I assume OP wants to drive the value up with this post or just plainly make fun of those believing in play money)

You give value to dollars and its just digits on a screen. Why do you give it value? Cause you can buy things with it?

I understand what you mean. But the volatility might stop business from utilizing it. Making the value depreciate.

I envy the early adopters who mined bitcoins when they were super easy to mine (because of low difficulty level) about 3-4 years ago. Some of them have (or HAD) tens or hundreds of thousands of BTC mined by a standard CPU, no need for fancy multi-GPU or ASIC rigs back then.

Slowly but surely some of gfy is getting it.. Congrats to the winners.

In theory, yes, it is a horrible idea for various reasons.

1) Every fiat currency in the history of the world has failed. The current financial mess is the beginning of the next round of fiat failures.

2) The fact that it is anonymous is what is going to ultimately cause problems. As soon as it can be linked, or even think to be linked, to funding terrorism or organized crime, it is over. The USA will find a way to put an end to it as soon as they think it is an issue.

3) Your excluding banks and the people who control the money supply. Everyone knows how that always turns out.

Make your money now with it, as there is money to be made, but I wouldn't bet on it being a long term currency unless 1 - 3 above are dealt with properly. Short term, I do see it working out for a while. Long term has too many odds stacked against it. However, only time will tell.

Looks legit.

Bitcoin is not a fiat currency. Fiat currencies are forced upon you by the government. Bitcoins have limited supply but are easily divisible to 8 decimal places. They can't be inflated.

If the USA bans bitcoin it still won't stop it. The whole world would have to agree to make it illegal and that still won't stop bitcoin

Bitcoin is just like file sharing. Hard to stop

could that have been due to this perhaps?

http://arstechnica.com/business/2013...rily-falls-23/

This guy is in the Silver business.

Governments and bankers extremely do not want p2p currencies or any competing currencies.. bow to your masters

I wish something like bitcoin could succeed and maybe it will but I think any real solution will not only be limited in supply but will also have inherent value

Another thing to consider is that anything with a tightly limited supply is easily manipulated.