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Author Topic: Bitcoin  (Read 77750 times)

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Sam Gunn (since nobody got Admiral Naismith)

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Re: Bitcoin
« Reply #165 on: July 07, 2011, 05:28:59 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.
+1 Same reason I don't gamble.




All you pro-bit coin sycophants should listen to the episode of Thinking Liberty where they talk about Bit Coin.  Might open your eyes a little bit about what it really is instead of what some people claim it to be.
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sillyperson

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Re: Bitcoin
« Reply #166 on: July 07, 2011, 08:40:05 PM »

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.
Craps comes pretty close. And if you play right you can make your money last a long time in Craps -- long enough that if you're drinking the free house drinks for gamblers, you can easily come out ahead, basically drinking for free with a few hours of entertainment. Lord knows I have....

dalebert

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Re: Bitcoin
« Reply #167 on: July 07, 2011, 09:10:38 PM »

Yep.  Barring counting cards in BJ, and if you know which bets to play and which to avoid, Craps has the lowest House advantage of all gambling games.  It's close to, but not quite zero.

Turd Ferguson

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Re: Bitcoin
« Reply #168 on: July 07, 2011, 10:09:38 PM »

Yep.  Barring counting cards in BJ, and if you know which bets to play and which to avoid, Craps has the lowest House advantage of all gambling games.  It's close to, but not quite zero.


Even if you're playing with bitcoins? :P
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theodorelogan

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Re: Bitcoin
« Reply #169 on: July 08, 2011, 10:16:36 AM »

Quote
All you pro-bit coin sycophants should listen to the episode of Thinking Liberty where they talk about Bit Coin.

Not sure who is being a sycophant...I see people in this thread who see positive qualities in bitcoin.

I did listen to the podcast you mentioned last night, and the main criticism that I heard is that it isn't anonymous right out of the gate like some in the MSM are saying.  Reading more, it looks like there are measures you can take to make it as anonymous as you want (and not just by using anonymizing services like torr, which they talked about some potential problems with on the show).

I think there are some people here who are transferring their well-earned distrust of fiat money ontp bitcoin.  It seems almost reflexive in this thread.  Yes, this iteration of bitcoin might not be the e-money that ends up winning out.  But people who don't see that transferring wealth with nearly zero transaction cost in a potentially anonymous way HAS VALUE...attributes that gold, though it has many great, well proven qualities, does not have (and that value is proven by the fact that people currently use bitcoin to make these very transactions) have their fiat blinders on, IMO.

Obtaining bitcoins to save IS speculation...it's definitely a risk.  Obtaining them to spend, however, is completely practical, and makes many transactions easier, faster, and cheaper.
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John Shaw

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Re: Bitcoin
« Reply #170 on: July 08, 2011, 12:36:47 PM »

Quote
All you pro-bit coin sycophants should listen to the episode of Thinking Liberty where they talk about Bit Coin.

Not sure who is being a sycophant...I see people in this thread who see positive qualities in bitcoin.

I did listen to the podcast you mentioned last night, and the main criticism that I heard is that it isn't anonymous right out of the gate like some in the MSM are saying.  Reading more, it looks like there are measures you can take to make it as anonymous as you want (and not just by using anonymizing services like torr, which they talked about some potential problems with on the show).

I think there are some people here who are transferring their well-earned distrust of fiat money ontp bitcoin.  It seems almost reflexive in this thread.  Yes, this iteration of bitcoin might not be the e-money that ends up winning out.  But people who don't see that transferring wealth with nearly zero transaction cost in a potentially anonymous way HAS VALUE...attributes that gold, though it has many great, well proven qualities, does not have (and that value is proven by the fact that people currently use bitcoin to make these very transactions) have their fiat blinders on, IMO.

Obtaining bitcoins to save IS speculation...it's definitely a risk.  Obtaining them to spend, however, is completely practical, and makes many transactions easier, faster, and cheaper.

Transactions yes, investment no.
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alaric89

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Re: Bitcoin
« Reply #171 on: July 08, 2011, 04:19:14 PM »

Unless you bought them before they took off.
I see the bitcoin people saying "use" bitcoin not "invest" in bitcoin. Most of the advocates looked a little embarrassed about the bubble. Terror Australia did something anyone would have done and seems very modest about it. If I had invested in something and had so many bust my balls about it, then make a good profit, I would have been cocky as hell. My avatar would be me getting a blowjob from a high class whore with a Cuban smoldering in my shit eating grin and my title would have been HA HA!

Sam Gunn (since nobody got Admiral Naismith)

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Re: Bitcoin
« Reply #172 on: July 08, 2011, 05:10:36 PM »

Unless you bought them before they took off.
I see the bitcoin people saying "use" bitcoin not "invest" in bitcoin. Most of the advocates looked a little embarrassed about the bubble. Terror Australia did something anyone would have done and seems very modest about it. If I had invested in something and had so many bust my balls about it, then make a good profit, I would have been cocky as hell. My avatar would be me getting a blowjob from a high class whore with a Cuban smoldering in my shit eating grin and my title would have been HA HA!
I agree, he pulled a good stroke of luck out of that one and took excellent advantage of the situation, but I really don't think Bitcoin is going to last.
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"Do not throw rocks at people with guns." —Hastings' Third Law
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"If you want total security, go to prison. There you're fed, clothed, given medical care and so on. The only thing lacking... is freedom." - Dwight D. Eisenhower

Turd Ferguson

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Re: Bitcoin
« Reply #173 on: July 08, 2011, 07:27:57 PM »

Unless you bought them before they took off.
I see the bitcoin people saying "use" bitcoin not "invest" in bitcoin. Most of the advocates looked a little embarrassed about the bubble. Terror Australia did something anyone would have done and seems very modest about it. If I had invested in something and had so many bust my balls about it, then make a good profit, I would have been cocky as hell. My avatar would be me getting a blowjob from a high class whore with a Cuban smoldering in my shit eating grin and my title would have been HA HA!
I agree, he pulled a good stroke of luck out of that one and took excellent advantage of the situation, but I really don't think Bitcoin is going to last.

So what do you think will happen to all of them?  :P
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Fred

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Re: Bitcoin
« Reply #174 on: July 08, 2011, 07:44:03 PM »


So what do you think will happen to all of them?  Razz


of course, nobody knows.....
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Terror Australis

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Re: Bitcoin
« Reply #175 on: July 10, 2011, 01:48:40 AM »

Bitcoin is a medium of exchange NOT an investment. As such it is unparalleled. Try sending a payment to someone overseas using a bank or western union to see what the difference is.

I didnt cash out all of the bitcoins I picked up I used a fair few to help finance the bounty for the video here http://www.weusecoins.com/

The rest I wasted on hookers and blow  :D

Yes,there is a massage parlour somewhere that accepts them as payment.
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User generated content + bitcoin = http://witcoin.com

Terror Australis

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Re: Bitcoin
« Reply #176 on: July 10, 2011, 01:55:27 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?

Unless you are using a gpu and have more than 1.5 ghash of combined hashing power its not really worth it - unless you dont pay electricity or hosting fees - like this guy http://www.youtube.com/watch?v=eLt8Se3vVNg

Thats what you call porn for bitcoin watchers .  :D

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galets

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Re: Bitcoin
« Reply #177 on: July 27, 2011, 02:56:29 PM »

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

I wouldn't say there's no upside. Bitcoin does not weight as much as silver does, and it can be stored significantly more secure that silver. And you can buy stuff with it significantly easier than with silver: just go to btcbuy.info and exchange it on amazon gift card, it only takes, like half an hour.
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evoorhees

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Re: Bitcoin
« Reply #178 on: November 20, 2011, 12:50:34 AM »

To anyone who heard the Bitcoin discussion on FTL tonight (Sat, Nov 20), if you want to learn more about Bitcoin, a good starting place is WeUseCoins.org.  Also, if you're ready to buy or sell or store them, I recommend CryptoXChange.com

To those in the Free State, I run the Free State Bitcoin Consortium page on Facebook, you're welcome to join! http://www.facebook.com/groups/195492163844669/

The volatility and technical details can be problematic, but Bitcoin is really an amazing new technology for a truly global free market.
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CaptainWhomp

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Re: Bitcoin
« Reply #179 on: November 20, 2011, 02:26:39 PM »

To anyone who heard the Bitcoin discussion on FTL tonight (Sat, Nov 20), if you want to learn more about Bitcoin, a good starting place is WeUseCoins.org.  Also, if you're ready to buy or sell or store them, I recommend CryptoXChange.com

Many things about bitcoin are unclear to me. For example, Crypto requires that you submit your physical address before performing any trades. Can someone explain to me why that is necessary?

Presumably, if someone wants to use Crypto to buy bitcoins, and then use those coins from their wallet account later for anonymous transactions with other vendors, they shouldn't need any physical address (or the person's name, for that matter).

Also, if the vendor can tell someone's physical address information from a bitcoin address, what would prevent any other party from doing the same?

I'm confused about the claims of anonymity.


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