Trading bitcoins?

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Dragline
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Joined: Wed Aug 24, 2011 1:50 am

Re: Trading bitcoins?

Post by Dragline »

George the original one wrote:I'm of the opinion that bitcoins are the monetary equivalent of limited edition beanie babies.
Oooh, that's harsh. But only time will tell. It seems that it is best suited for transactions that are otherwise illegal. Easier to transfer bitcoins than carrying around briefcases full of cash. And I see there are portable applications using flash drives, which look even more innocuous.

It could also be useful in places without freely convertible currencies and active black markets.

It would seem to me if its successful, then it will be duplicated, and could be replaced by something better or more secure. Or perhaps some nation will decide to create its own "bit-coin-like" currency.

Interesting to watch as the story unfolds.

tylerrr
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Location: Boston

Re: Trading bitcoins?

Post by tylerrr »

I'm glad I own bitcoins. Some more positive news?

http://finance.fortune.cnn.com/2013/12/ ... d=HP_River

Felix
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Joined: Fri Nov 05, 2010 6:30 pm

Re: Trading bitcoins?

Post by Felix »

JamesR wrote: I thought libertarians were all about barter, trade, and private property?
Anarcho-capitalists and minarchists in the US have taken that label. The main brain here really seems to be Rothbard. They are all about barter, trade and private property, yes. But the term has its origin and a long history of use (and is still used) by anarchists, who are also historically mostly "socialist" in the sense that they do not believe that someone can legitimately claim part of the work of someone else through enforced property rights like rent or "wage-slavery". They consider it to be an act of force similar to taxation. You have someone claim ownership of land and demand tribute from those simply existing there or else. It's the main difference between the two ideas, but it pretty much changes the entire philosophy. This leads to quarrels about who the "real" anarchists / libertarians are.

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jennypenny
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Re: Trading bitcoins?

Post by jennypenny »

Is this a sign that bitcoins have jumped the shark?

"Coinye West is your newest Bitcoin-inspired cryptocurrency"
http://www.washingtonpost.com/blogs/sty ... ocurrency/

Dragline
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Re: Trading bitcoins?

Post by Dragline »

In the future, we'll all have our own currency. For fifteen minutes. ;-)

Felix
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Re: Trading bitcoins?

Post by Felix »

Too bad that the name Dogecoin is already taken ... :D

Maybe in line with recent news events we can start BeliebERECoin?

Ozymandias
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Re: Trading bitcoins?

Post by Ozymandias »

This is an interesting development...the transparency and trust behind bitcoin depends in part of how well distributed the miners are

http://www.businessinsider.com/bitcoin- ... old-2014-1

"Below the 50% threshold, there are enough independent miners who can separately confirm whether your transaction is legit.

But a collective that breaks the 50% threshold would have the ability to confirm all Bitcoin transactions on their own — and thus the capacity to start messing with the transactions' reliability. For instance, they could send out false confirmations, reverse the direction of transactions, or block them from occurring entirely. And you wouldn't even know it was happening."

Dragline
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Re: Trading bitcoins?

Post by Dragline »

Great discussion of Bitcoin by someone near the center: http://www.youtube.com/watch?v=BgFUAhz7 ... ubs_digest

He bought 10,000 bitcoins for $50 and gave most of them away!

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jennypenny
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Re: Trading bitcoins?

Post by jennypenny »

Mt. Gox went dark ... http://www.forbes.com/sites/andygreenbe ... k-rumored/

So who's hacking the exchanges to try and bring bitcoins down? Banks or governments? :P

Dragline
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Re: Trading bitcoins?

Post by Dragline »

I don't know -- but lot of people are getting screwed: http://www.reddit.com/r/Bitcoin/comment ... _you_lose/

There's a reason "caveat emptor" is such a timeless phrase.

Felix
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Re: Trading bitcoins?

Post by Felix »

I've heard it said that bitcoin is actually an interactive teaching assignment so people can learn about the value of financial regulations. :D

Chad
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Re: Trading bitcoins?

Post by Chad »

Everyone* is making a big deal about Mt. Gox going down...it is, but, yet, it isn't. It's not like banks haven't failed before and taken everyone's money with them. It's not like banks, stock exchanges, armored cars, stores, etc. haven't been robbed (physically and electronically) before. It's not like every single currency on this planet that has ever existed hasn't been counterfeited, stolen, conned, failed, etc. at some point.

All that matters for a currency is what people are willing to believe about a currency. This will be interesting.

On a side note, it will be interesting to find out who actually hacked Mt. Gox. Government? Or, Private? Government is more interesting.

*Not meaning everyone on here.

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jennypenny
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Re: Trading bitcoins?

Post by jennypenny »

That reddit thread is a tough read. I can't believe that guy lost $2M.

This story has traders spooked. My inbox is lit up today.

Scott 2
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Re: Trading bitcoins?

Post by Scott 2 »

I have to assume most of the reddit users posting massive losses are trolls. Who would be smart enough to accumulate 2 million dollars, but dumb enough to put it in bitcoins?

George the original one
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Re: Trading bitcoins?

Post by George the original one »

They're the kind of people that believe it will be worth 8 million next year.

5to9
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Re: Trading bitcoins?

Post by 5to9 »

Scott 2 wrote:I have to assume most of the reddit users posting massive losses are trolls. Who would be smart enough to accumulate 2 million dollars, but dumb enough to put it in bitcoins?
Apparently anyone who had $100 in 2009 and took a gamble?

http://planetbtc.com/26-worth-of-forgot ... th-886000/

Scott 2
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Re: Trading bitcoins?

Post by Scott 2 »

Wow, lucky guy. Hope he got it all out!

tzxn3
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Re: Trading bitcoins?

Post by tzxn3 »

It's a gamble I nearly took.
I would have probably cashed out long before prices rocketed to their current heights though.

Chad
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Re: Trading bitcoins?

Post by Chad »

If this doesn't crush Bitcoin, it might be time to buy a nice chunk for a currency play.

nawor
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Re: Trading bitcoins?

Post by nawor »

I bought in with 1.3 BTC. It's very speculative but I think crypto currencies are here to stay. Bitcoin has many problems that need to be sorted out and I wouldn't be surprised to see bitcoin die off one day and another crypto currency become dominant. My 'investment' is small enough where if I lose it it I won't cry + I'm a tech head so having lots of fun learning about bitcoin and using it.

The Gox fiasco hasn't shifted price greatly. It is bad news but there has been worse.
Security is proving to be a big issue. You can't trust others but without good knowledge you shouldn't be trusting yourself either.

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