Overproof Posted January 14, 2014 Posted January 14, 2014 I find Bitcoin and many of the other crypto currencies very interesting and innovative. Have any the forum users invested, sold goods, mined or implemented this as a payment method to an online store? Perhaps you like or dislike that it is open source. Interested to hear peoples experience or opinions on the topic. In case people are unsure on what Bitcoin and crypto/digital currency is, here's a link to the wiki.
bogglor Posted January 14, 2014 Posted January 14, 2014 Crypto currency as a concept is an interesting one but I don't know that BitCoin will be "the one" that eventually takes off. It's still far too volatile and unfortunately has too much of a negative stigma associated with it (Silk Road, etc.) -- and until a dominant entity legitimizes it (as Paypal did for electronic transfers) I think it will still remain a fringe payment solution with the general populace. 1
Cohiba Stevie Posted January 14, 2014 Posted January 14, 2014 I have one.... When I say one I mean I have signed up to a bitcoin wallet and I own exactly one bitcoin. My mate who is a programmer runs a discrete mining setup with a few of his mates from work using his company's hardware lol. He gifted it to me back in 2012 and I thought it was the most rediculous thing in the world. It's worth about $1000 now. Having said that I wouldn't know the first thing about turning it in to real money. How about it prez? When will the czar start accepting bitcoin as a currency? Lol 1
bogglor Posted January 14, 2014 Posted January 14, 2014 There is a vendor out there that accepts BitCoin but they are dodgy, IMO. As far as turning it into real money, you should be able to do that on the wallet site, I'd imagine, or sell it on an exchange like Mt. Gox.
sharks Posted January 14, 2014 Posted January 14, 2014 A friend of mine looked into and thought it was a great alternative to paypal. From what I have read the currency can be quite volatile and realistically could disappear overnite? Maybe not worth the risk.
Cohiba Stevie Posted January 14, 2014 Posted January 14, 2014 There is a vendor out there that accepts BitCoin but they are dodgy, IMO. As far as turning it into real money, you should be able to do that on the wallet site, I'd imagine, or sell it on an exchange like Mt. Gox. I thought you have to "sell" the bit coins to an exchange? I don't think the wallet gives you the option to cash them in so to speak. Like I said I'm still very dubious about the whole affair lol.
Overproof Posted January 14, 2014 Author Posted January 14, 2014 Crypto currency as a concept is an interesting one but I don't know that BitCoin will be "the one" that eventually takes off. It's still far too volatile and unfortunately has too much of a negative stigma associated with it (Silk Road, etc.) -- and until a dominant entity legitimizes it (as Paypal did for electronic transfers) I think it will still remain a fringe payment solution with the general populace. Yes, it's interesting. How would it become legitimized you think? go to work with the government...
Newkarian Posted January 14, 2014 Posted January 14, 2014 From what I understand in my research the equipment and resources needed for mining new bitcoins has become increasingly costly with diminishing returns. The calculations become increasingly complex on an exponential scale as more bitcoins come into existence. I think we may have missed the bubble on bitcoin mining but there are others that may be feasible.
Cohiba Stevie Posted January 14, 2014 Posted January 14, 2014 http://m.gizmodo.co.uk/2014/01/bitcoin-fragmentation-is-getting-out-of-hand
bogglor Posted January 14, 2014 Posted January 14, 2014 From what I understand in my research the equipment and resources needed for mining new bitcoins has become increasingly costly with diminishing returns. The calculations become increasingly complex on an exponential scale as more bitcoins come into existence. I think we may have missed the bubble on bitcoin mining but there are others that may be feasible. It takes some considerable resources these days to mine BitCoin. A co-worker of mine at the University that I work at was recently fired for commandeering a piece of a high power multi-node academic computing cluster for his own personal mining enterprise, and I think he may have mined just 1 before being caught, over a period of many months. It's definitely not something a person can do on their own without tons of time and dedicated extremely powerful machines.
bogglor Posted January 14, 2014 Posted January 14, 2014 Yes, it's interesting. How would it become legitimized you think? go to work with the government... I don't think any government would ever sanction or back a crypto currency. Governments don't like secrecy on this level. They don't like citizens having any real autonomy. It would have to be a private company that was spearheaded by someone with the deep pockets of George Soros, the philosophies of Edward Snowden, and the technical / programming genius of John Carmack. I don't know that such a person exists. 1
Ken Gargett Posted January 14, 2014 Posted January 14, 2014 Ken is all over it funny you say that, smartarse. i have actually recently been reading up on it, trying to find out more. to be honest, i remain to be convinced but not yet completely anti.
El Presidente Posted January 14, 2014 Posted January 14, 2014 funny you say that, smartarse. i have actually recently been reading up on it, trying to find out more. to be honest, i remain to be convinced but not yet completely anti. I have a bridge......
Ken Gargett Posted January 14, 2014 Posted January 14, 2014 I have a bridge...... you probably paid bitcoin. i should add that even if completely convinced, i can't imagine using it.
Overproof Posted January 14, 2014 Author Posted January 14, 2014 It's only a matter of time but I'm sure the government will find some way to regulate and tax sellers for using it, having to declare their amounts made etc...They tax the arse through everything else. I think It's here to stay...Swipe you Bitcoin ATM card and draw out you digital currency soon Ken
Jeremy Festa Posted January 14, 2014 Posted January 14, 2014 It is really interesting stuff. First came across it last year via TWBE. Great entry level presentation here --> http://www.businessinsider.com.au/presentation-what-is-bitcoin-2013-3?op=1#lets-begin-1 Then wrap your head around this --> http://qz.com/154877/by-reading-this-page-you-are-mining-bitcoins/ And finally, I am sure there are numerous stories like this... but this is cool --> http://www.theworldsbestever.com/2013/10/30/phenomenal/
Overproof Posted January 14, 2014 Author Posted January 14, 2014 It is really interesting stuff. First came across it last year via TWBE. Great entry level presentation here --> http://www.businessi...=1#lets-begin-1 Then wrap your head around this --> http://qz.com/154877...ining-bitcoins/ And finally, I am sure there are numerous stories like this... but this is cool --> http://www.theworlds.../30/phenomenal/ I remember hearing about this guy.
Orion21 Posted January 14, 2014 Posted January 14, 2014 THE Winklevoss twins are involved . . . only a matter of time until Mark Zuckerberg comes out with a completely original copy that will be much better
dafrey23 Posted January 14, 2014 Posted January 14, 2014 While I find cryptocurrency intriguing, I have a hard time getting on board with a currency that can be created out of thin air without any semblance of regulation or transparency in the process. What's to prevent the originators of the bitcoin from creating an extra 100 for themselves any time they want? While traditional currency can also be created out of thin air, at least there's a public forum in how it happens and why and you also have competing currencies that prevent someone from manipulating the market. Bitcoin sounds like Chinese Yuan to me in that the government makes however it wants and also manipulates the price in relation to other currencies all without any public knowledge of what's really going on.
Orion21 Posted January 14, 2014 Posted January 14, 2014 I refer you to QE, QE II and QE Infinity. Currency can be created out of thin air without ANY form of public debate. In the USA it's called the FED and they can do basically anything they want at anytime. 1
bogglor Posted January 15, 2014 Posted January 15, 2014 I refer you to QE, QE II and QE Infinity. Currency can be created out of thin air without ANY form of public debate. In the USA it's called the FED and they can do basically anything they want at anytime. QFT. While I find cryptocurrency intriguing, I have a hard time getting on board with a currency that can be created out of thin air without any semblance of regulation or transparency in the process. What's to prevent the originators of the bitcoin from creating an extra 100 for themselves any time they want? While traditional currency can also be created out of thin air, at least there's a public forum in how it happens and why and you also have competing currencies that prevent someone from manipulating the market. Bitcoin sounds like Chinese Yuan to me in that the government makes however it wants and also manipulates the price in relation to other currencies all without any public knowledge of what's really going on. No, the originators of BitCoin can't just drum up 100 for themselves any time they want to - that's not how it works. There is a finite amount of BitCoin available. See: http://bitcoin.org/en/faq#how-are-bitcoins-created
SteveGriff Posted January 15, 2014 Posted January 15, 2014 If someone tried to edit their copy of Bitcoin or whatever to try and introduce 10,000 coins for themselves, the global Bitcoin network will automatically reject their system. This is one of the beauties of the network, it's self regulating.
Maritimer Posted January 15, 2014 Posted January 15, 2014 It is evolving... http://business.financialpost.com/2013/09/19/canadian-mint-pushes-ahead-in-murky-world-of-crypto-currency-with-mintchip-project/ http://www.itbusiness.ca/news/royal-canadian-mint-readies-its-version-of-bitcoin-mintchip/46113
Orion21 Posted January 15, 2014 Posted January 15, 2014 My worry would be hacking. If it's a virtual system and the NSA wants it shut down, BOOM bye bye bitcoin
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