Bitcoin

[mikemc]

"There has been a ton of speculation as to what happened in the catastrophic failure of MtGox. The only thing we know for sure is that it somehow “lost” upwards of 750,000 of customer BTC, valued around $450 million. A number of theories have been circulating on the internet. Here I’m going to talk about the one that seems the most plausible to me. H/t to /u/PuffyHerb on Reddit for most of this.

The theory is essentially that the U.S. Government seized MtGox’s cold storage wallet and Karpeles can’t disclose that information due to a gag order."

http://chrispacia.wordpress.com/2014/02 ... -to-mtgox/

Where is "sweet FA" on that chart?

[beats me]

Let’s keep it simple. How can I get bitcoins and what can I use them for right now?

[Bagatell]

How to buy Bitcoins

Over 20,000 businesses and charities accept bitcoin with BitPay.

New to Bitcoin? Start here!

[beats me]

But why the fuck wouldn't I just use the currency I already have? What's the advantage with bitcoin?

[Tarekith]

No banks involved.

[beats me]

Hackers aren’t emptying out your back account frequently and your Bitcoins aren’t insured.

But hey, whatever makes people feel like they are sticking it to The Man I guess.

And don't think for a minute that banks and Wall St won't be involved in this when it becomes viable, if they aren't already off the books.

[Tarekith]

If you're using bitcoin right, you're hopefully storing your keys offline anyway. You don't NEED to use these services that are getting hacked, you and I could have a bitcoin transaction right now not involving a single other entity.

FWIW I agree with you on banks and what not wanting to get in on this. I don't personally think it's going to be the revolution a lot of people think it is, those with money control (banks, etc) won't want to give it up. At the same time, I was curious awhile ago and was able to buy some bitcoin at a rate that doesn't bother me one bit if it doesn't pan out. On the flip side, I stand to make a ton if it does stick around so it's a no lose situation in terms of an investment opportunity. Crazy that people out there are almost able to retire for an investment that was less than a cup of coffee.

I think at this point the rate is too high though for people to be flippant about using this merely for investing. Too much chance of a serious lose now, versus when they were selling for pennies. Not sure I'd have the stomach for that game with today's conversion rates.

[Samuel L. Jizzle]

But why the fuck wouldn't I just use the currency I already have? What's the advantage with bitcoin?

I currency is only as useful as it is accepted, and the hope is that over time, Bitcoins will become more prevalent. For the now, it's primarily an investment decision.

I was working at a very exclusive bank a few years back, and I was stunned by how many of my colleagues were eager to invest in the dollar every time it dipped below crap. They were convinced it was a temporary thing, and that by buying it then ("low"), they could sell it off again a few years down the line ("high") and make a genuine profit.

The number of people not juicing up on history is too damn high!



Of course, if you want to play safe, there's always gold...



At worst, you offset the effects of inflation.

[beats me]

To me it just seems like another scary level of people feeling the only way to get ahead financially is through speculative investment. Scary in that it’s completely pulled out of thin air with no safeties or regulation. Speculative investment is scary enough when there’s usually at least some tangible product tied to it but it’s all about the short term win through market manipulation right now.

[Tarekith]

Oh for sure, no doubt about it. I think the days of bitcoin as any sort of investment or money maker are probably over with at this point, most people missed that boat already. Paying $.20 for a bitcoin and paying $500-800 for one are bit different!

[LoopStationZebra]

Bitcoin is the future. There's no two ways about it.



The implications of it's growing use are staggering:

1. It's based almost purely on market demand. There's no Fed or Gov bullshit involving things like quantitative easing (printing new cash), which is nothing more than market manipulation that rewards and punishes based on a narrow set of parameters at the time.

2. No currency value manipulation. China is China because they manipulate their currency value like a motherfucker. The lower the value the better. All that nonsense ends with growing use of bitcoin.

3. Unregulated, Uninsured. When things go wrong, they'll go wrong in a big way. A new market is expected to emerge that would allow one to 'insure' your bitcoins. Regulations imposed by governments will work at first, but ultimately fail as the Deep Web makes it's way to the surface more and more.

[LoopStationZebra]

I think the days of bitcoin as any sort of investment or money maker are probably over with at this point, most people missed that boat already.

I wouldn't say that... There's a thousand current market forces at work that will change the dynamic of bitcoin. The individual businesses that will crop up - including the first Bitcoin ATM just installed in Boston - will also invite future investing in many different ways. We'll have to wait and see...

The most likely thing is that bitcoin as a 'brand' will not last, but be replaced with a variant. Either way, this is the beginning of a true world currency - one that isn't tied to any nation, military backing, crony capitalist market manipulation, etc.

It's the Libertarian's Dream Currency. (except there's no precious metal to back it up ie. gold standard. )

[beats me]

It's the Libertarian's Dream Currency. (except there's no precious metal to back it up ie. gold standard. )

And the reason it will fail.

It’s cute how your lot thinks only government is capable of corrupting or abusing something.

[stringtapper]

It's the Libertarian's Dream Currency. (except there's no precious metal to back it up ie. gold standard. )

And the reason it will fail.

It’s cute how your lot thinks only government is capable of corrupting or abusing something.

This is why, as a political nihilist, I cut the bullshit and just blame humans. Humans make up governments. Humans make up corporations.

If we didn't have the damn humans everything would be fine. Goddamnit.

[LoopStationZebra]

It's the Libertarian's Dream Currency. (except there's no precious metal to back it up ie. gold standard. )

And the reason it will fail.

It’s cute how your lot thinks only government is capable of corrupting or abusing something.

This is why, as a political nihilist, I cut the bullshit and just blame humans. Humans make up governments. Humans make up corporations.

If we didn't have the damn humans everything would be fine. Goddamnit.

Exactly. It's not that we think only government is corrupt. Not at all. Crony capitalism is right up there in our playbook of things we hate.

Digital currency isn't going to fail. It's just not. It's going to be the norm. Shit, I remember all the myriad of naysayers bitching about PayPal and how it will never work...