What's wrong with Bitcoins?

[Xenland]

It seems like a cool idea. Basically its like Bittorrent (You know how you download your pornz and your cracked games) and it works by keeping account of all Bitcoins by everyone (not just by sneeky banks that will skrew you over). When you want to send your Bitcoins you have to write out a message that gets encrypted with your signature(All done with a click of a button, no manual or actually writing of a message is involved). This signature is sent out to the Bitcoins network which is verified by Bitcoin Verifying machines(aka Miners). When your signature has been verified that you sent out those bitcoins it tells everyone else that is participating in Bitcoins that you sent those Bitcoins. That way everyone is constantly updated with where and when the Bitcoins were sent.

So its basically like a currency that you can't counterfeit, can't go in the negatives, nobody can freeze your account or charge you transaction fees -- All major problems in todays society that prevents a free market and drives inflation and bad economies up the wall.

Looking at www.Blockchain.info and setting the curreny setting to "United States" it claims well over $300,000 was sent across the network in just the passed hour. This happens every hour.... It seems legit if people are sending this much money in binary 1's and 0's....

May be this video can explain it better then I can: http://www.weusecoins.com/

But it seems pretty legit I checked out the Bitcoin source code my self and there isn't anything malicious and the encryption seems pretty legit.

[tox]

illegal activity
read the rules
http://www.newgrounds.com/wiki/help-information/forums/forum -rules

[nameistaken1]

SOUNDS LEGIT SIGN ME UP PLZ

[SKHM]

the fact that they exist is what is wrong with bitcoins

[Xenland]

At 4/29/12 03:20 AM, tox wrote: illegal activity
read the rules
http://www.newgrounds.com/wiki/help-information/forums/forum -rules

Bitcoin is only illegal if for some reason your little head confuses Binary with United states dollars

[Nor]

Hey guys look at me guys! LOKK AT ME GUYS!
LOOOK AT BITCOins GUIZE!
LOOK AT ALL MA ALTS GUIZE!

[Sanch]

they are pretty much only useful for buying drugs

[Xenland]

At 4/29/12 03:22 AM, NightOwlRoost wrote: Hey guys look at me guys! LOKK AT ME GUYS!
LOOOK AT BITCOins GUIZE!
LOOK AT ALL MA ALTS GUIZE!

I got a crack outta that :D

[Xenland]

At 4/29/12 03:23 AM, Sanch wrote: they are pretty much only useful for buying drugs

What about the reasons I've listed above?
For instance like you can't get slammed with overcharge fees or chargebacks, go in the negatives ,etc

Why does it have to be for drugs?

[Nor]

At 4/29/12 03:25 AM, Xenland wrote:

At 4/29/12 03:23 AM, Sanch wrote: they are pretty much only useful for buying drugs

What about the reasons I've listed above?
For instance like you can't get slammed with overcharge fees or chargebacks, go in the negatives ,etc

Why does it have to be for drugs?

Hey, bro seriously no one gives one fuck about your shit. Look at the rules, no spam threads, no being gay either.

[tox]

on second review, i love how they publish the number of coins you have right under your name, just so you know who to hack and take over...

again relating to illegal activities,
there will be hundreds of scam artists in this, again illegal...
and there is a abundance of similarities between the idea of game to game money and game to life money...
again made illegal by many major online corporations like blizard, wow and runescape

so thats already a 4/0 illegal count on my end
what you got

[Transisto]

At 4/29/12 03:29 AM, tox wrote: on second review, i love how they publish the number of coins you have right under your name, just so you know who to hack and take over...

again relating to illegal activities,
there will be hundreds of scam artists in this, again illegal...
and there is a abundance of similarities between the idea of game to game money and game to life money...
again made illegal by many major online corporations like blizard, wow and runescape

so thats already a 4/0 illegal count on my end
what you got

It's not deemed illegal it's just that they don't want to lose money to it.

And they're simply too big bother.

[Sanch]

At 4/29/12 03:26 AM, NightOwlRoost wrote: Hey, bro seriously no one gives one fuck about your shit. Look at the rules, no spam threads, no being gay either.

if you think a thread is shit don't contribute to the shit. just dont post.

At 4/29/12 03:25 AM, Xenland wrote: What about the reasons I've listed above?
For instance like you can't get slammed with overcharge fees or chargebacks, go in the negatives ,etc

Why does it have to be for drugs?

i actually just explained that in another topic about bitcoins so i copied and pasted someone who explains better

They aren't designed to last for years, the mining rigs only need to keep going long enough for them to get rich. It was a gold rush. For the guys that bought their rigs when bitcoins were $20 and climbing the goal was to get as many "cheap" bitcoins as possible right now, before the difficulty increases and the value spikes to hundreds of dollars per bitcoin. If you had a fixed amount of money to spend, in the short term the best investment was to buy as many graphics cards as possible, along with the minimum hardware needed to run those cards. They spent thousands with the premise that they would recoup their investment in a month or two, and then it would be pure profit. Then the price cratered at the same time as the difficulty skyrocketed, and now bitcoins are barely above the break-even point if you pay for your own electricity.

All the guys that have jumped on the dedicated mining rig bandwagon since then are by definition idiots, so they build their rigs like that because that is the way rigs are built in the pictures. They aren't considering that at current values it could take years to break even so their rigs should be built to last. Nope, they are desperately hoping for another spike to magically make bitcoins wildly profitable again. Ron Paul 2012!!!

bitcoins history in chart form

the internet has decreed that bitcoins are bad, don't go there.

[Zanthas]

We've been over this man. There's nothing wrong about them they are just not stable.

[TheAcidisTurningOnMe]

At 4/29/12 03:29 AM, tox wrote: on second review, i love how they publish the number of coins you have right under your name, just so you know who to hack and take over...

again relating to illegal activities,
there will be hundreds of scam artists in this, again illegal...
and there is a abundance of similarities between the idea of game to game money and game to life money...
again made illegal by many major online corporations like blizard, wow and runescape

so thats already a 4/0 illegal count on my end
what you got

If everyone used Bitcoins then their would be no requiring of converting to "Life" money as you call it(If that is such as a thing). If your referring to United States dollars or <insert your local currency here> then my point still stands that If everything was purchase able with Bitcoins as it was as this "Life" money as you speak of then no one would have to worry about jail time becuase their is no conversion involved.

The reason why blizzard or runescape money doesn't work because those are owned by a company... do you think microsoft or some joe blow retail store is going to allow the decisions of blizzard handle how their money is valued I think not.

Bitcoins puts that power into the people, not any one entity can control Bitcoins economy...

[Zanthas]

At 4/29/12 03:41 AM, TheAcidisTurningOnMe wrote:

If everyone used Bitcoins then their would be no requiring of converting to "Life" money as you call it(If that is such as a

the world is not ready for digital currency

[TheAcidisTurningOnMe]

At 4/29/12 03:38 AM, Sanch wrote:

At 4/29/12 03:26 AM, NightOwlRoost wrote: Hey, bro seriously no one gives one fuck about your shit. Look at the rules, no spam threads, no being gay either.

if you think a thread is shit don't contribute to the shit. just dont post.

At 4/29/12 03:25 AM, Xenland wrote: What about the reasons I've listed above?
For instance like you can't get slammed with overcharge fees or chargebacks, go in the negatives ,etc

Why does it have to be for drugs?

i actually just explained that in another topic about bitcoins so i copied and pasted someone who explains better

They aren't designed to last for years, the mining rigs only need to keep going long enough for them to get rich. It was a gold rush. For the guys that bought their rigs when bitcoins were $20 and climbing the goal was to get as many "cheap" bitcoins as possible right now, before the difficulty increases and the value spikes to hundreds of dollars per bitcoin. If you had a fixed amount of money to spend, in the short term the best investment was to buy as many graphics cards as possible, along with the minimum hardware needed to run those cards. They spent thousands with the premise that they would recoup their investment in a month or two, and then it would be pure profit. Then the price cratered at the same time as the difficulty skyrocketed, and now bitcoins are barely above the break-even point if you pay for your own electricity.

All the guys that have jumped on the dedicated mining rig bandwagon since then are by definition idiots, so they build their rigs like that because that is the way rigs are built in the pictures. They aren't considering that at current values it could take years to break even so their rigs should be built to last. Nope, they are desperately hoping for another spike to magically make bitcoins wildly profitable again. Ron Paul 2012!!!

bitcoins history in chart form

the internet has decreed that bitcoins are bad, don't go there.

I'm just appauled how they are not designed to last for years... why does everyone compare United states dollars to Bitcoins? its like USA dollars are inflating and the feds are printing more every year... Trust me bitcoiners don't want anything to do with making a profit. Anyone that was in it for the profit from mining was just a pump and dump operation and shouldn't be considered a part of the Bitcoin philosophy. If everyone used Bitcoins, the value wouldn't depend on fiat currency or exchange rate it would depend on what your selling it for it would be its own currency... Jeez is everyone like 12 on this forum or just fell asleep during economics...

[stinkychops]

So we can pay money to pirate things? What the fuck is this shit.