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Author Topic: Bitcoin  (Read 77612 times)

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sillyperson

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Re: Bitcoin
« Reply #150 on: June 22, 2011, 01:42:49 PM »

Bitcoin just seems to be someone's attempt to be clever at complicating something which is already being done. 
Engineers in general are the worst people for that kind of thing.
Software Engineers in particular are the worst of the worst.

anarchir

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Re: Bitcoin
« Reply #151 on: June 22, 2011, 07:12:38 PM »

People lose cash. Thieves steal it. Same with bitcoins.
But cash is universally accepted. And if instead of FRNs you use Silver (or convenient Shire Silver cards) as cash, you also have a store of value, which Bitcoint ain't.

Bitcoin: many downsides, no upside

If it was started by a FSP politico you would be singing a different tune.
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Terror Australis

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Re: Bitcoin
« Reply #152 on: June 27, 2011, 06:34:12 AM »

http://www.pasadenastarnews.com/news/ci_16988452

Quote
"The Pasadena Police Department would like to inform the public that buying gold is against the law unless you are licensed by the California Department of Justice," the statement said.

In addition, police added, "Gold buyers are required by law to ask for identification from whoever they buy from and maintain a description of the items they are buying. This information is then reported to law enforcement."

"Business operators that buy or sell gold without a license are subject to arrest, a $1,500 fines and accusations of dealing in stolen property, police added."


The people calling for regulation are pissing against the wind. As soon as that happened bitcoin agorist version would spring up  :lol:

I think no matter how much they have wet dreams about statist bitcoin policies there is nothing they can do to prevent anyone else starting their own block chain and everyone migrating to a non regulated version.

tl;dr they are telling the sheep what they want to hear as the truth is fucking scary to the control freaks.

welcome to the wikipedia of money.

Think of a version of bitcoin running over freenet...and able to still function over sneakernet with no internet needed at all. Ive seen the future and the end of the nation state is closer than you realise.


This article by economist Jon Matonis explains all the libertarian hating on bitcoin - he refutes it better than I can

http://themonetaryfuture.blogspot.com/2011/06/why-are-libertarians-against-bitcoin.html


« Last Edit: June 27, 2011, 06:54:30 AM by Terror Australis »
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Terror Australis

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Re: Bitcoin
« Reply #153 on: June 27, 2011, 07:04:53 AM »

From 15 July 2011 it will be illegal to do over the counter trading of metal currency at forex retail providers for all US citizens in terms of the recently enacted Dodd–Frank Wall Street Reform and Consumer Protection Act.
 

https://www.kitcomm.com/showthread.php?p=1408112
http://www.forexfactory.com/showthread.php?p=4721826
http://www.forexfactory.com/showthread.php?p=4725167

Meanwhile people on #bitcoin-otc network on freenode are selling gold and silver for bitcoins....  :D

It will be ironic when the only way you can buy silver and gold in the us is to buy and sell it over the internet with people from other countries - using bitcoin. Now you might understand why we use it.
« Last Edit: June 27, 2011, 07:07:16 AM by Terror Australis »
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blackie

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Re: Bitcoin
« Reply #154 on: June 27, 2011, 07:22:34 AM »

It will be ironic when the only way you can buy silver and gold in the us is to buy and sell it over the internet with people from other countries - using bitcoin. Now you might understand why we use it.
That isn't how the black market works.

For the right price, I can get pretty much anything I want in the US. That won't change because a law is passed.
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alaric89

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Re: Bitcoin
« Reply #155 on: June 27, 2011, 01:13:39 PM »

http://www.pasadenastarnews.com/news/ci_16988452

Quote
"The Pasadena Police Department would like to inform the public that buying gold is against the law unless you are licensed by the California Department of Justice," the statement said.

In addition, police added, "Gold buyers are required by law to ask for identification from whoever they buy from and maintain a description of the items they are buying. This information is then reported to law enforcement."

"Business operators that buy or sell gold without a license are subject to arrest, a $1,500 fines and accusations of dealing in stolen property, police added."


The people calling for regulation are pissing against the wind. As soon as that happened bitcoin agorist version would spring up  :lol:

I think no matter how much they have wet dreams about statist bitcoin policies there is nothing they can do to prevent anyone else starting their own block chain and everyone migrating to a non regulated version.

tl;dr they are telling the sheep what they want to hear as the truth is fucking scary to the control freaks.

welcome to the wikipedia of money.

Think of a version of bitcoin running over freenet...and able to still function over sneakernet with no internet needed at all. Ive seen the future and the end of the nation state is closer than you realise.


This article by economist Jon Matonis explains all the libertarian hating on bitcoin - he refutes it better than I can

http://themonetaryfuture.blogspot.com/2011/06/why-are-libertarians-against-bitcoin.html




Dude! Where the hell have you been? Did you liquidate at $40.00?

Terror Australis

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Re: Bitcoin
« Reply #156 on: June 27, 2011, 10:22:27 PM »

http://www.pasadenastarnews.com/news/ci_16988452

Quote
"The Pasadena Police Department would like to inform the public that buying gold is against the law unless you are licensed by the California Department of Justice," the statement said.

In addition, police added, "Gold buyers are required by law to ask for identification from whoever they buy from and maintain a description of the items they are buying. This information is then reported to law enforcement."

"Business operators that buy or sell gold without a license are subject to arrest, a $1,500 fines and accusations of dealing in stolen property, police added."


The people calling for regulation are pissing against the wind. As soon as that happened bitcoin agorist version would spring up  :lol:

I think no matter how much they have wet dreams about statist bitcoin policies there is nothing they can do to prevent anyone else starting their own block chain and everyone migrating to a non regulated version.

tl;dr they are telling the sheep what they want to hear as the truth is fucking scary to the control freaks.

welcome to the wikipedia of money.

Think of a version of bitcoin running over freenet...and able to still function over sneakernet with no internet needed at all. Ive seen the future and the end of the nation state is closer than you realise.


This article by economist Jon Matonis explains all the libertarian hating on bitcoin - he refutes it better than I can

http://themonetaryfuture.blogspot.com/2011/06/why-are-libertarians-against-bitcoin.html




Dude! Where the hell have you been? Did you liquidate at $40.00?


I sold 10 000 btc at $30 and paid my house and debt off.



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alaric89

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Re: Bitcoin
« Reply #157 on: June 28, 2011, 03:00:20 AM »

High-fucking-five.  :D

alaric89

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Re: Bitcoin
« Reply #158 on: July 06, 2011, 06:12:36 PM »

So, have any of the dudes poo pooing on bitcoin cleared 300 000 investing in the more solid stuff.....?

sillyperson

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Re: Bitcoin
« Reply #159 on: July 06, 2011, 11:19:28 PM »

So, have any of the dudes poo pooing on bitcoin cleared 300 000 investing in the more solid stuff.....?
Depends on what you mean by "solid"
Anyway, I suspect the ROI you got would be damn hard to match -- it's great to get out of a bubble before it bursts. Some of my original ORCL shares had that benefit. The ones that vested in 2000. Not the ones that vested in 2001. Dig?

Turd Ferguson

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Re: Bitcoin
« Reply #160 on: July 07, 2011, 10:11:33 AM »

So, have any of the dudes poo pooing on bitcoin cleared 300 000 investing in the more solid stuff.....?

I once put a $20 bill in a slot machine. It payed out $6,500.00 net profit after they took out federal  taxes.

Thats a 32,500.00% return on investment.

I wouldn't recommend it as an investment strategy though.

Same with bitcoins.
« Last Edit: July 07, 2011, 10:19:38 AM by quickmike »
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sandm000

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Re: Bitcoin
« Reply #161 on: July 07, 2011, 10:39:00 AM »

Just earned ฿0.01 in a mining pool, took 6 computers x 5 days. Not worth it really.

Also, since it's an internet currency, I think the Ascii version of Bitcoin should be /b/. Problem?
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alaric89

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Re: Bitcoin
« Reply #162 on: July 07, 2011, 03:51:30 PM »

So, have any of the dudes poo pooing on bitcoin cleared 300 000 investing in the more solid stuff.....?

I once put a $20 bill in a slot machine. It payed out $6,500.00 net profit after they took out federal  taxes.

Thats a 32,500.00% return on investment.

I wouldn't recommend it as an investment strategy though.

Same with bitcoins.
You have to calculate the total cost of being at the location of the slot machine plus the total cost of the money you invested in gambling on the trip divided into the total return you had in pocket upon return home. So even if you were in Vegas on business and invested a $20 in a slot on a whim on the way through the casino to the strip burlesque transvestite ABBA tribute show, (all I like to see when I am in Vegas) you would have had a 3250% return I believe.
Still, congrats.
So, have any of the dudes poo pooing on bitcoin cleared 300 000 investing in the more solid stuff.....?
Depends on what you mean by "solid"
Anyway, I suspect the ROI you got would be damn hard to match -- it's great to get out of a bubble before it bursts. Some of my original ORCL shares had that benefit. The ones that vested in 2000. Not the ones that vested in 2001. Dig?


My point being if we would have taken Terror Australia's advice when he tried to get people interested, we all would have payed for houses.

As it is, you are right, there was a bubble. However I think once the bitcoin to FRN ratio settles down I think the concept will prove to be useful. It got too high to be used for trading which is it's primary use/ value (as opposed to silver which has commodity value as well as trade) so there was indeed a need for a correction which it uh....did.
If It gets under $5 I'll invest in some. I will be using the things on my next international sale no matter what.

Turd Ferguson

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Re: Bitcoin
« Reply #163 on: July 07, 2011, 04:43:28 PM »

Just earned ฿0.01 in a mining pool, took 6 computers x 5 days. Not worth it really.



Assuming these were averaged priced laptops used to do the number crunching, it would take you 4,109 years to make enough to pay for the laptops and break even on your investment, assuming that the laptops did nothing but number crunch 100% of the time, running 24 hrs a day. Not even figuring the cost of electricity to run the things.

Drinking your own piss would be a better return on investment than this.
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Turd Ferguson

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Re: Bitcoin
« Reply #164 on: July 07, 2011, 04:54:51 PM »

So, have any of the dudes poo pooing on bitcoin cleared 300 000 investing in the more solid stuff.....?

I once put a $20 bill in a slot machine. It payed out $6,500.00 net profit after they took out federal  taxes.

Thats a 32,500.00% return on investment.

I wouldn't recommend it as an investment strategy though.

Same with bitcoins.
You have to calculate the total cost of being at the location of the slot machine plus the total cost of the money you invested in gambling on the trip divided into the total return you had in pocket upon return home. So even if you were in Vegas on business and invested a $20 in a slot on a whim on the way through the casino to the strip burlesque transvestite ABBA tribute show, (all I like to see when I am in Vegas) you would have had a 3250% return I believe.
Still, congrats.



It was at a riverboat casino about an hour drive from here. I went to play blackjack, but the tables were all full, so im there sitting on a stool like a dumbass waiting for a spot to open and stuck 20 bucks in a slot machine. Like the 4th pull, it hit the jackpot. fuckers took like $2,000 in fed taxes out of it right off the top.  :evil: I dont even play slot machines and stuff like that really. Odds are all in the house favor, by far. Blackjack is the only game where you can get even odds with the house if you play perfect basic strategy and know how to keep track of a deck that is heavy in cards with a 10 face value.
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