bitcoin

[tox]

would you get in on it?

[Xenomit]

Absolutely no way in fucking hell

If you genuinely think that long-term investing in bitcoin is a good idea, you don't deserve any form of currency

[Naruto46346753839262]

At 11/26/13 07:06 PM, tox wrote: would you get in on it?

i heard its a dumb thing 2 do cuz it takes a lot of koins b4 u get nething

[Entice]

Since it fluctuates so fast, how easy would it be to buy low and sell high to make that $$$?

[24901miles]

Ugh, wish I had. Bitcoin has had two major leaps and several dips in the exchange rate since I first heard about it. There are people out there who have millions of dollars worth of bit coin based on an initial investment of just a couple dollars. It's nuts.

But no: at this point there's no way I'm going to touch it.

[Xenomit]

It's digital currency that you have to pay for with real currency

Does no one else fully understand how retarded you would have to be to actually invest in bitcoin

[Xiicubed]

At 11/26/13 07:18 PM, Xenomit wrote: It's digital currency that you have to pay for with real currency

Does no one else fully understand how retarded you would have to be to actually invest in bitcoin

You can mine bitcoins for free

[Xenomit]

At 11/26/13 07:22 PM, Xiicubed wrote:

At 11/26/13 07:18 PM, Xenomit wrote: It's digital currency that you have to pay for with real currency

Does no one else fully understand how retarded you would have to be to actually invest in bitcoin

You can mine bitcoins for free

And what should that tell you about how reliable it is

[tox]

At 11/26/13 07:18 PM, Xenomit wrote: It's digital currency that you have to pay for with real currency

Does no one else fully understand how retarded you would have to be to actually invest in bitcoin

no inflation, noone regulates it,
its the first of its kind

[24901miles]

At 11/26/13 07:18 PM, Xenomit wrote: It's digital currency that you have to pay for with real currency

Does no one else fully understand how retarded you would have to be to actually invest in bitcoin

tell that to this guy

The wallet system is completely secure. All you do it buy some bitcoins, sit on them a couple years, and exchange them for cash after a news corp publishes something that raises public awareness.

I mean, it's like legalized theft. For every person who wins at bit coin, there are a few hundred losers... But whatever.

[Xenomit]

At 11/26/13 07:24 PM, 24901miles wrote: tell that to this guy

The wallet system is completely secure. All you do it buy some bitcoins, sit on them a couple years, and exchange them for cash after a news corp publishes something that raises public awareness.

I mean, it's like legalized theft. For every person who wins at bit coin, there are a few hundred losers... But whatever.

I'm mostly referring to the insane instability of the digital world. Large scale cyber attacks, dramatic blackouts, natural disasters that destroy hardware, and in the worst case scenario, solar flares wiping out all electronics on earth

Trusting something as important as money to the digital world is just dumb

[tox]

At 11/26/13 07:30 PM, Xenomit wrote:

At 11/26/13 07:24 PM, 24901miles wrote:

we do seem to be living our lives on the internet..
our cellphones are our wallets with internet code...
why dont we use digital money?

[Entice]

At 11/26/13 07:30 PM, Xenomit wrote: Trusting something as important as money to the digital world is just dumb

If that's really what you think, you'd better get all your money into cash ASAP because banks are digital.

[MadFedora]

At 11/26/13 07:06 PM, tox wrote: would you get in on it?

I have quite large profits came from saving up in BTC, dated back to 2010, when it was first started.

However I shall not recommend you to invest it today, as BTC currently hits over $900

[Xenomit]

At 11/26/13 07:39 PM, tox wrote:

At 11/26/13 07:30 PM, Xenomit wrote:

At 11/26/13 07:24 PM, 24901miles wrote:

we do seem to be living our lives on the internet..
our cellphones are our wallets with internet code...
why dont we use digital money?

I just told you why, it's too unstable, too many things could screw it all to hell

Maybe sometime in the future when we're technologically advanced enough to guard against those things that I mentioned, then it would be a good idea, but until then, your best bet is to just keep it all in the bank

And I'm terrified of even keeping it in the bank, the only reason I keep it there is because it's so much, it's kinda hard to keep a few hundred thousand dollars safely stored away in your house

[24901miles]

At 11/26/13 07:39 PM, tox wrote: why dont we use digital money?

We do. All banks are mostly digital, all transactions are done using secure and encrypted channels on the internet, backed by a very complex financial system that I know little-to-nothing about and would not be able to describe accurately.

[MadFedora]

At 11/26/13 07:18 PM, Xenomit wrote: It's digital currency that you have to pay for with real currency

False. You can invest in Bitcoin like how you invest in paper money. Trading materials will bring you BTC, just like how you do the same for paper currencies.

Does no one else fully understand how retarded you would have to be to actually invest in bitcoin

I triple my profits everyday after nearly 4 years invested (& still investing) in this marvelous currency. Bought nearly $100 worth of BTC back in early 2010. It's going to hit $1000 within weeks, 2 top. It's going explode, like every bubble, but not now.

When it explodes, you can then invest and wait for another bigger bubble to come. It's all patient game, my friend.

[Xenomit]

At 11/26/13 07:39 PM, Entice wrote:

At 11/26/13 07:30 PM, Xenomit wrote: Trusting something as important as money to the digital world is just dumb

If that's really what you think, you'd better get all your money into cash ASAP because banks are digital.

At least with banks you get money insurance in case anything goes wrong, I'm insured up to like, 500k I think, I haven't checked my policy in ages

I do keep as much of it as possible in cash though, I have a pretty decent safe that I keep money and a few other really valuable things in

At 11/26/13 07:46 PM, MadFedora wrote: False. You can invest in Bitcoin like how you invest in paper money. Trading materials will bring you BTC, just like how you do the same for paper currencies.

How do you think they keep up with all that

Digitally

I triple my profits everyday after nearly 4 years invested (& still investing) in this marvelous currency. Bought nearly $100 worth of BTC back in early 2010. It's going to hit $1000 within weeks, 2 top. It's going explode, like every bubble, but not now.

When it explodes, you can then invest and wait for another bigger bubble to come. It's all patient game, my friend.

I'm gonna laugh my ass off when you lose all your money

I'm in too good a mood to actually argue with anyone

[Stereocrisis]

sure

[Entice]

At 11/26/13 07:49 PM, Xenomit wrote: At least with banks you get money insurance in case anything goes wrong, I'm insured up to like, 500k I think, I haven't checked my policy in ages

Well, if the entire computing system did fail you'd be waiting a long-ass time to receive that money. You'd have to make ends meet with the material things you have in the meantime.

I do keep as much of it as possible in cash though, I have a pretty decent safe that I keep money and a few other really valuable things in

I do too but so that I can buy bricks of heroin #fatstacks

[TheRedRooster]

Bitcoin.... Not worth it. I mean people would think at first that it is such a great ideo but, it really isn't. Bitcoin isn't a good investment. I mean if the bitcoin fell you would loose all of the money you had in it and who knows how hackers could get to it and take it all. I think that Bitcoin is not stupid. just isn't a good long-term investment.

[MadFedora]

At 11/26/13 08:20 PM, TheRedRooster wrote: Bitcoin.... Not worth it. I mean people would think at first that it is such a great ideo but, it really isn't. Bitcoin isn't a good investment. I mean if the bitcoin fell you would loose all of the money you had in it and who knows how hackers could get to it and take it all. I think that Bitcoin is not stupid. just isn't a good long-term investment.

First off, sou should fix your spellings. Secondly, do you realise what you are pointing out here is obvious and incompetently suck? As Xenomit argued (which I ignored him due to his incompetency to understand matters), and similar to what you have said above:

who knows how hackers could get to it and take it all

Do you realise everything which's wired to digital can be hacked. I'm saying this as a hacker's point of view. It's completely obvious and so obvious that you should think before speak out to the debate.

I think that Bitcoin is not stupid.

You cannot call something you do not (or never able) to understand as stupid.

just isn't a good long-term investment.

So as any fiat currency. US dollar was once thought to be stable for long time investment. Look at where it is currently. Gold (& silver) used to be stable. Look at where they are after the so-called infamous Gold War between the West, China & Japan.

[poxpower]

Well as I understand it, bitcoin are only volatile right now because of how early in the game it is. If bitcoin became widespread then it would be the most stable currency ever devised ( probably ) which is not entirely a good thing in itself as far as I understand economic theory ( i.e. there are benefits to being able to manipulate inflation ).

Of course at any point in time, a competing coin mining system could be set in place by a large organization that isn't a neckbearded nerd and forced upon the public, which would make bitcoin completely worthless.

I think that's the downfall of bitcoin vs, say, gold. You can't create your own "gold" as a currency equal to existing Gold in rarity / quality but you can create an identical mining system to bitcoin and only slightly tweak it and as long as people adopt that, then bitcoin collapses, though I'd imagine there would be exchange rates between coins? I have no idea.

I'd have to watch economists debate on bitcoin to know more. It's a really interesting idea they had though. Also not sure if quantum computing would break bitcoin wipe open, creating a massive boon in mining production... though that'd probably happen over the span of a few years so you could prepare.
Anyway, all pretty complicated.

[Entice]

At 11/26/13 09:02 PM, poxpower wrote: I think that's the downfall of bitcoin vs, say, gold. You can't create your own "gold" as a currency equal to existing Gold in rarity / quality but you can create an identical mining system to bitcoin and only slightly tweak it and as long as people adopt that, then bitcoin collapses, though I'd imagine there would be exchange rates between coins? I have no idea.

What would be the incentive to go through the trouble are starting a new system though, assuming that bitcoins did take off? I think you'd have a hard time getting enough people to move away from bitcoins to your currency.

[yurgenburgen]

it is a pyramid scheme

[24901miles]

At 11/26/13 09:02 PM, poxpower wrote: I think that's the downfall of bitcoin vs, say, gold. You can't create your own "gold" as a currency equal to existing Gold in rarity / quality but you can create an identical mining system to bitcoin and only slightly tweak it and as long as people adopt that, then bitcoin collapses, though I'd imagine there would be exchange rates between coins? I have no idea. [removed some] Also not sure if quantum computing would break bitcoin wipe open, creating a massive boon in mining production... though that'd probably happen over the span of a few years so you could prepare.

You kind of replied to a large idea here, but I think I got a sense of one aspect of Bitcoin which you might not be aware of.

There is a limit to the number of new bitcoins which are created, and new bitcoins are only created when a "mining operation" cracks encryption. Every time the encryption is cracked, it gets tougher to crack the next hash. So even if we had a huge mining operation, it would just make bitcoin more secure. You would spend a lot of money to outperform existing mining operations, making it tougher to make any money.

ignore this:

[note to future self: deleted something about quantum computing and PvNP here]

[MadFedora]

CuriousInventor has a totally unbiased and easy to gasp video on bitcoin concept.

[Halberd]

Its excellent for buying drugs online but besides that it doesn't have a whole lot of practical use.

[kazumazkan]

At 11/26/13 07:06 PM, tox wrote: would you get in on it?

Exactly what is this and whats it for

[poxpower]

At 11/26/13 09:09 PM, Entice wrote:

What would be the incentive to go through the trouble are starting a new system though, assuming that bitcoins did take off? I think you'd have a hard time getting enough people to move away from bitcoins to your currency.

Who knows, it depends entirely on how the new system works. If it offered some benefits that Bitcoin didn't then it could replace Bitcoins, but I imagine there would be a rate of exchange between the two currencies instead of bitcoin totally losing value...

But anyway, for instance what could happen is that we decide that Bitcoin having a set limit of currency was a bad idea so now we need a new mining system that is exponential but limitless. Who knows, I'm not a computer wizard.

At 11/26/13 09:16 PM, 24901miles wrote:

There is a limit to the number of new bitcoins which are created, and new bitcoins are only created when a "mining operation" cracks encryption. Every time the encryption is cracked, it gets tougher to crack the next hash. So even if we had a huge mining operation, it would just make bitcoin more secure. You would spend a lot of money to outperform existing mining operations, making it tougher to make any money.

Well if I understood correctly, there is a predicted total number of bitcoins to be mined and then there won't be any more "released". So this means that if by some miracle you could figure out how to mine the rest really fast, you could make a huge bunch of cash and devalue the currency ( for a while ) as well as throw a wrench into the whole plan of having the coins come out at a steadily decreasing rate.

Of course I don't even know that quantum computing ( or the highly theoretical/experimental biological computing stuff ) can be used this way.