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What do you know about Bitcoins





Possum
Hi

I am interested to hear your opinions about bitcoins.

Thank you
badai
for now, if i'm selling something, i will not accept payment in bitcoin because i don't know where i can spend it.

maybe in future if more place accept bitcoin as payment, then i will accept bitcoin too.

also, without the Internet, i will lost all my bitcoin. so not really good. still prefer traditional money where when even it exist only in electronic form, both the authority that hold it and me got a record of it.
loyal
Possum wrote:
Hi

I am interested to hear your opinions about bitcoins.

Thank you


What are bitcoins?

Edit: http://en.wikipedia.org/wiki/Bitcoin
deanhills
Would be awesome if someone could create a Frihost Coin out of this artwork. I tried, but am a dud with removing the shadow and the B-dollar, but maybe someone like Sonam would be good with it? An "F" instead of the "B"? FriCoins? Very Happy

Possum
FriCoins is a great idea.

lol

I bough some Bitcoin off a IRC. Its fun. IM not out to make money with them. Those days are over. BUt its good to be involved.
loyal
I'm not sure if people can trust online money. It could probably be hacked. *Cough* Sony PSN *cough*
Bluedoll
Possum wrote:
FriCoins is a great idea.

lol

I bough some Bitcoin off a IRC. Its fun. IM not out to make money with them. Those days are over. BUt its good to be involved.
Will you sell them for coins? Shocked
spinout
hm, linden dollars.. bitcoins well - > why ? you have paypal etc... for secure trading!

Frih$ 1644 ... can I trade it for bitcoins ?
spring567
Bitcoin will be usefull in the futher.
SonLight
Bitcoins represent an interesting idea, whether they become useful in the present scheme or not. They are a currency that exists only in the computers that network together to create and trade them. There is no outside agency that is involved in any way. Trading portals, etc. are just another player in the game as far as the network is concerned.

In theory, a set of computers with sufficient computing power and connectivity could take over the network and rewrite all of the transaction history, but that is extremely unlikely because so many are active.

I noticed that bitcoin.it, which is supposed to have most of the documentation, does not function. It answers pings, but will not connect. Apparently it insists on a secure (https) connection, but says it cannot connect securely.

Although it sounds flaky, I am convinced that the idea will survive, whether or not this particular currency does. A major exchange was broken into recently, and the price of bitcoins dropped 80% or so. That is not so significant in comparison to the upward trend it has shown since it was created.
rooterf
Possum wrote:
Hi

I am interested to hear your opinions about bitcoins.

Thank you



sorry ,not one single idea
Josso
Well supposedly it's the most anonymous way of spending money on the Internet, the people who pay for, shall we say, slightly less legitimate services it's ideal.

Personally I wouldn't use it mainly because I'm a paranoid type of guy, plus the guy who invented them is supposedly anonymous? Don't know if that's the case anymore but I'd quite like to know who he is just to verify that he isn't some corrupt economist lol.
davidv
I was introduced to bitcoins a few months ago. From what I recall, it's essentially virtual currency stored in a bitcoin wallet. Although it's entirely virtual, bitcoins can be traded in for "real" money. From last hearing about it, 1 bitcoin goes for about $5 US however that amount fluctuates quite frequently.

You can obtain bitcoins by mining or you can buy it. There's a piece of software you download from the official bitcoin website that generates hash codes and from what I recall, if that hash code resembles a bit coin then you've successfully mined a single coin, otherwise a new code is generated and checked. Repeat. I'm not entirely sure how this process works but it's somewhere within that region. Of course the mining process will be faster if you've got a more powerful machine.

So, obtaining these bitcoins is actually really difficult. What I mean by difficult, I really just mean the probability of mining a bitcoin is relatively low and will become lower as more and more people mine. I sadly found out about bitcoins too late. Crying or Very sad
Bluedoll
davidv wrote:
I was introduced to bitcoins a few months ago. From what I recall, it's essentially virtual currency stored in a bitcoin wallet. Although it's entirely virtual, bitcoins can be traded in for "real" money. From last hearing about it, 1 bitcoin goes for about $5 US however that amount fluctuates quite frequently.

You can obtain bitcoins by mining or you can buy it. There's a piece of software you download from the official bitcoin website that generates hash codes and from what I recall, if that hash code resembles a bit coin then you've successfully mined a single coin, otherwise a new code is generated and checked. Repeat. I'm not entirely sure how this process works but it's somewhere within that region. Of course the mining process will be faster if you've got a more powerful machine.

So, obtaining these bitcoins is actually really difficult. What I mean by difficult, I really just mean the probability of mining a bitcoin is relatively low and will become lower as more and more people mine. I sadly found out about bitcoins too late. Crying or Very sad
Guess it is dead then except for the ones that have them. Seems a lot of online $ is like that.
itianda
Sorry, I didn't hear about that...
deanhills
OK. Here is some great information on bitcoins. Think I'm going to Google the Websites mentioned in the show, particularly one where you can get some free bitcoins to play with. One of the sentences I really liked in the show was: No need for PayPal .... Twisted Evil
Very Happy


Here is a link for an overview and tutorial
lzsaver
Josso wrote:
Personally I wouldn't use it mainly because I'm a paranoid type of guy
But Bitcoin is designed for paranoid type of guys. Cool

Josso wrote:
plus the guy who invented them is supposedly anonymous?
Yes, absolutely.
deanhills
lzsaver wrote:
Josso wrote:
Personally I wouldn't use it mainly because I'm a paranoid type of guy
But Bitcoin is designed for paranoid type of guys. Cool

Josso wrote:
plus the guy who invented them is supposedly anonymous?
Yes, absolutely.
Aha ..... maybe we have a Bitcoin expert on our hands. So perhaps you could give us some background on Bitcoins? I tried to do research but still don't have a clue where a person is supposed to start with collecting Bitcoins. What is the modus operandi? Very Happy
netprofit
Here's where you can find the latest about bitcoins:
http://www.bitcoinnews.com/

There's a forum dedicated to bitcoins:
http://bitcointalk.org

You can sign up for Google Alerts to keep yourself updated on bitcoins.
IceCreamTruck
deanhills wrote:
Would be awesome if someone could create a Frihost Coin out of this artwork. I tried, but am a dud with removing the shadow and the B-dollar, but maybe someone like Sonam would be good with it? An "F" instead of the "B"? FriCoins? Very Happy



This is for you DeanHills! I just threw this together cause I don't have much time, but it might inspire someone to do better.

deanhills
Thanks ICT. It's pretty awesome. Cool
IceCreamTruck
I do know this about bitcoins: As with any money these days they only have as much value as people assume they have. Bitcoins needs to be applicable to more of our lives or it's in serious trouble. I know that it came on strong as an alternative currency, but it will not last, and hasn't, as long is there continues to be not much wide acceptance of bitcoins.

DO NOT BUY bitcoins is the simplest advice I can give. People who are bought in have lost a lot of money, and are trying to ride out the storm to another high point at which they can sell. Was it a 60% drop I think? This officially makes bitcoins a bad buy, as they will never likely rise to their former glory.

There could be a turn around for bitcoins, but I wouldn't count on it, as it's officially a bad bet. It's much more likely that they will close down, and something else will rise.

A lot of companies are coming up with their own currencies, and many of them have a better track record than bitcoins.

Currency based on people's perception of value makes for very volatile markets, and allows for things like a huge drop in the DOW just on the news that the white house had been bombed and that was fake information.
deanhills
IceCreamTruck wrote:
DO NOT BUY bitcoins is the simplest advice I can give. People who are bought in have lost a lot of money, and are trying to ride out the storm to another high point at which they can sell. Was it a 60% drop I think? This officially makes bitcoins a bad buy, as they will never likely rise to their former glory.
Thanks ICT. I guess if it looks too good to be true, it IS too good to be true. Darn! Wonder how one could invest these days. Not good to have one's money in the Bank as the Bank promptly takes custody of it with very little or zero interest in return. Investment brokers are getting pretty much the same. This is a serious head scratch for me. Think
IceCreamTruck
deanhills wrote:
IceCreamTruck wrote:
DO NOT BUY bitcoins is the simplest advice I can give. People who are bought in have lost a lot of money, and are trying to ride out the storm to another high point at which they can sell. Was it a 60% drop I think? This officially makes bitcoins a bad buy, as they will never likely rise to their former glory.
Thanks ICT. I guess if it looks too good to be true, it IS too good to be true. Darn! Wonder how one could invest these days. Not good to have one's money in the Bank as the Bank promptly takes custody of it with very little or zero interest in return. Investment brokers are getting pretty much the same. This is a serious head scratch for me. Think


I agree. It's becoming increasingly difficult to find good investments. It's also hard to look at starting your own business. Profits are negligible at best, which is really hard on small business and small time investors.
sark
It's nice to have online money.

It's not nice when nothing uses it and you can't convert it to real money.

Let's face it: Bitcoins are an utopia. They're a fictional money that no one will use because they simply can't safely use it. It's based on peer-to-peer, but if someone has really powerful computers, he can just change the entire network. Plus, its value lowers a lot over time. It's not worth investing in.
IceCreamTruck
http://money.cnn.com/2013/05/16/technology/innovation/bitcoin-sales/index.html?iid=obnetwork

I've got things to do, but I figured this would be a good home for this article. I'm going to read it later.
Pande


deanhills Wink
deanhills
Pande wrote:


deanhills Wink
COOL .... thanks Pande! Cool
IceCreamTruck
Pande wrote:


deanhills Wink


Good work! I skipped all the transitions cause I wanted to keep it short.
rjraaz
First of all Bitcoins is really new term for me. I have never heard about it ever before.

Secondly if I earn or purchased it anyhow, how can I use it ?
twotrophy
Bitcoin is an untraceable currency which has a very high value compared to the US dollar. No personal information is required to create an account. One legal concern is that is it legal for bitcoins to be used for trade because it is probably not legal tender?
jmraker
twotrophy wrote:
Bitcoin is an untraceable currency which has a very high value compared to the US dollar. No personal information is required to create an account. One legal concern is that is it legal for bitcoins to be used for trade because it is probably not legal tender?


From what I've read about it is that bitcoins aren't untracable. You can see a ticker of other people's transactions, with sender/sendee/amount info
http://blockchain.info/
http://www.listentobitcoin.com/
and that info sticks around like it did for the person who lived on bitcoins for a week a few months ago
https://blockchain.info/address/1EoUJadqQWyuNwgs9ez1hsGewNkK7BrmpF

http://www.forbes.com/sites/kashmirhill/2013/05/01/living-on-bitcoin-for-a-week-the-journey-begins/

The state of California has some interest in trying to tax and regulate bitcoins
http://www.coindesk.com/california-issues-cease-and-desist-letter-to-bitcoin-foundation/
apparently on their belief that bitcoins are money and it's theirs to foolishly waste I guess. Smile
ratanegra
I would like them more if they had not just been regulated by some American institutions. I don't live in the United States and for that reason I don't want to live under their laws. Bitcoins are supposed to be a universal virtual currency. Anarchic by definition, controlled by the individuals. That is why there are nods and not centralized command centers.
tonberry
They are not regulated by the American government, quite the opposite Smile The government wants to get rid of it, because it stands against everything that governments are based on. Not that there is much transparency in the way politics and economics are sometimes working, but this is complete anonymous ride.

It has as many pluses as it has minutes. The idea is fascinating, but the two smartest people I know both say with high confidence that Bitcoin is a scam so I prefer to keep out of it.
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