Bitcoins As A Medium Of Exchange

[midas]

the real weakness of bitcoins and similar schemes is that their chance to survive is equivalent to a snowball in hell. for a decade the "powers" have woven a net, who's loops are getting tighter by any day that passes, to eradicate/prevent anomymous financial transfers, bank accounts, holdings, etc.; all under the umbrella "terrorist activities, money laundering, drug trade" and last not least "taxes".

it would be utmost naive to assume that any of these schemes will have success, notwithstanding the fact that other schemes like "hawala" still exist but have been reduced considerably.

moreover, bitcoins et al are much more "fiat" than any "fiat" presently existing and the attribute or comparison with "tulip" another tv-member mentioned in this thread does apply.

your comments are noted Naam but somehow i dont think you will

stop market forces

"Turned down by a recording company saying "We don't like their sound and guitar music is on the way out" They were talking about the Beatles "

Edited June 14, 2011 by midas

[Naam]

your comments are noted Naam but somehow i dont think you will stop market forces

yawwwnnn of course i won't and of course i have no plans to do so. but let me tell you a secret but ssshhhhh... don't tell anybody! the secret is... i care a flying fàrt whether bitcoins or similar nonsensical schemes are successful or not. initial success is of course guaranteed as proverbial suckers who lack the ability of complex thinking and evaluating relevant situations and implications are not only born every minute but millions exist already. let them buy and redeem fiat bits thinking their actions can't be traced and let them enjoy their "tulips"; they have my blessings.

those who will definitely stop the "market forces" are those "forces" which stopped banks worldwide to accept IRS slaves as clients, forced EU banks to withhold 35% tax on portfolio gains when the beneficaries are EU citizens residing in the EU, cheated a billion or so taxpayers out of trillions hard earned money, invade remote countries based on lies, false pretenses and blatant misinterpretations of UN resolutions, bomb the living shit out of innocent people in various countries under the disguise of protecting human rights, etc., etc., etc.

[Darrel]

http://www.theregister.co.uk/2011/06/16/bitcoin_theft_claims/

I'll still be sticking to tulips. At least when it all goes belly-up you can admire the blooms.

[Naam]

http://www.theregister.co.uk/2011/06/16/bitcoin_theft_claims/

I'll still be sticking to tulips. At least when it all goes belly-up you can admire the blooms.

"The market just couldn't handle the sale of 25,000 BTC at once," he explained. The true value of the loss "would be more like $300,000 and cause the price to drop to around $10. Also, at the time he acquired the coins they probably were worth only $1000 or less. So the loss is in terms of USD is more a theoretical value. It's not like he put $300,000+ into bitcoins and lost them."

and he still seems to own enough bitcoins to buy a rubber sheet to protect his mattress from the proceeds of his wet dreams

[endure]

Can I use a bitcoin to buy my breakfast yet?

[cloudhopper]

http://www.theregist...n_theft_claims/

I'll still be sticking to tulips. At least when it all goes belly-up you can admire the blooms.

robo bit robbers roaming cyber space - http://www.betanews....ntec/1308345951

"Once stolen, it may be near impossible for the victim to recover his or her funds. Due to the decentralized nature of the peer-to-peer currency, there is little record of the transaction happening. What little data is kept is anonymized, so it would be difficult to track down individual users."

Edited June 18, 2011 by cloudhopper

[Naam]

If you use Bitcoins, you have the option to encrypt your wallet and we recommend that you choose a strong password...

...like this one ↓#↕БГ Д ЕЖữΖζ-nô∟BΣσςaşlΨψgıçta▼sɨˈrɪlɪk

[Darrel]

Malware moves in for the kill ..............

http://www.theregister.co.uk/2011/06/18/bitcoin_stealing_malware/

[Darrel]

Bad to worse....

http://www.theregister.co.uk/2011/06/19/bitcoin_values_collapse_again/

[cloudhopper]

Bad to worse....

http://www.theregist...collapse_again/

"Update: Since I began writing this, it has emerged that details of more than 60,000 users have been stolen from the Mt Gox exchange. The compromised information includes hashed passwords."

[Naam]

The compromised information includes hashed passwords

here we go! DRUGS involved!

[manarak]

Midas, Midas, hello?

where are you?

[churchill]

Bitcoin value plummets as main exchange is hacked

http://www.newscientist.com/blogs/onepercent/2011/06/bitcoin-value-plummets-as-main.html

[midas]

" What's interesting about the coverage of the Bitcoin is its rapid decent from clear and sunny to treacherously cloudy in the blink of an eye. Well, more like three weeks, but breathtakingly fast nonetheless."

Malware Theft of Bitcoins a False Flag to Discredit Revolutionary Currency?

http://www.activistpost.com/2011/06/malware-theft-of-bitcoins-false-flag-to.html

[TyGrr]

i would like to say i use www.bahtcoin.com to turn my bitcoins into baht and buy phone credit. also, this is a very very cheep way to send money from the usa to thailand with out banks getting involved. no 150 atm baht fees and the like.

i use bitcoins to transfer money but i also mine inside of thailand. at 11$ now its still very profitable.

[cloudhopper]

at 11$ now its still very profitable.

I guess that depends if you got them 2 weeks ago at 8 or 2 weeks before that at 14.

But saving 150 baht certainly makes enduring that sort of volatility worthwhile I imagine.

[TyGrr]

at 11$ now its still very profitable.

I guess that depends if you got them 2 weeks ago at 8 or 2 weeks before that at 14.

But saving 150 baht certainly makes enduring that sort of volatility worthwhile I imagine.

to get from the money into bitcoins and back out takes less than 5 mins. the volatility is not a while lot in that time frame. sure is better than waiting a week for a bank wire.

the network is almost instant. i know you dont understand how this works but it really is cool. no fees no wait. im not saying bitcoins is a great investment but it does have some useful ways to use it.

edit: also at 11$ mining is profitable. mining is using your computer to make bitcoins. thats not the same as buying them.

Edited August 23, 2011 by TyGrr

[cloudhopper]

mining is using your computer to make bitcoins. thats not the same as buying them.

Yes you're quite right I don't understand how that works. Just another painful reminder that I am old school now.

[midas]

Financial Controls Stepped Up in Belarus as Internet Connections are Locked Down

" On the 31st of October, last year, I reported on the disproportionate number of people in Belarus and Ukraine that were using Bitcoin, postulating that it may have had something to do with the precariousness of their currencies."

http://www.thebitcointrader.com/2012/01/financial-controls-stepped-up-in.html

[churchill]

Interesting 2nd half about bitcoin use .... Perhaps it will catch on

[Naam]

Bitcoin... the wet dream

http://www.google.co.uk/search?hl=en&as_q=bitcoin+fraud&as_epq=&as_oq=&as_eq=&as_nlo=&as_nhi=&lr=&cr=&as_qdr=all&as_sitesearch=&as_occt=any&safe=images&tbs=&as_filetype=&as_rights=

[churchill]

Bitcoin... the wet dream

http://www.google.co...ype=&as_rights=

I don't suppose you listened .. ? but it discussed Bitcoin use in Argentina ...

see also

The Blue Market: Bitcoin, Dollars and Pot-Banging Protests in Argentina

http://www.dgcmagazine.com/the-blue-market-bitcoin-dollars-and-pot-banging-protests-in-argentina/#more-583

and

ECB: "Roots Of Bitcoin Can Be Found In The Austrian School Of Economics"

http://www.forbes.com/sites/jonmatonis/2012/11/03/ecb-roots-of-bitcoin-can-be-found-in-the-austrian-school-of-economics/

[Naam]

Bitcoin = BS... period!

[Naam]

"Islamic" gold coins =- BS... period!

[churchill]

Blackmail,Romney , Bitcoins .....

'There have been some new twists in the strange case of an alleged attempt to blackmail Mitt Romney for $1 million in bitcoins, raising additional legal questions about the digital currency.'

http://www.americanbanker.com/bankthink/plot-thickens-in-bizarre-bitcoin-blackmail-caper-1054312-1.html

[Tywais]

Closed as the government has made trading in bitcoins illegal in Thailand now.

http://www.thaivisa.com/forum/topic/657170-bitcoins-banned-in-thailand/