Bitcoin & Other Crypto Currencies

I am pretty sure the government will implement some kind of tax for buying and selling these, I would imagine around 10-15%.

 

No thanks.. as BMOC said these can be pennies or millions.. and with someone stealing $100 million worth of these I wouldn't wanna see that happen again.. it seems like these are just like precious metals and I'd rather not invest.

As awesome as these could be the fad could also end soon and people step away

 

They did a show on Diane Rehm about Bit Coin. I think you are right about a taxation coming soon on these. They are concerned as it's very unregulated right now. Meaning it's a currently a great way for terrorist to transfer money. Was one of the arguments on the show.

 

Bitcoin is a lot like Enron stock, or any stock. It's definitely interesting but I can see longer term problems, such as regulation, controlling the currency to protect its value and so on. Also, what happens in the world market? Do you treat Bitcoin like Euros?

Seems like a risky investment for the long term.

 

The ~$100 million heist is not what everyone thinks. The guy didn't just hack everyone and take their money. This is what people do not understand.


This is what happened. - Silk road was shut down by the 'fedz' - that left an open hole for a similar market place .

The way Silk Road worked was an escarow service for the vendors and clients. Meaning, I want to buy DRUGS (in SR's case, or another black market item) from you. I Buy from you and my money goes to the SR escarow service. When my product is shipped or I get it. The money is released, minus a fee, to the vendor.

So what happened here is this. A guy saw an opening. Coded a market place/ forum in the same manner as SR. Let it run for a little while, then said, fuck you guys. Took all the money that was already IN HIS WALLET FROM BEING THE MIDDLE MAN. Let me repeat that, IN HIS WALLET FROM BEING THE MIDDLE MAN.

Think like when someone leaves a site, they can delete all their content for the most part right? Same thing in the instance of how this 'HEIST' took place. He was ALREADY IN CONTROL OF THE BITCOIN. Similar to the way a Banker could hypothetically start stealing money if you gave it to him and he never deposited it into your account.

Then he closed shop, and left everyone in the wind.

So basically, a bunch of drug dealers, and a bunch of users got robbed for using a middle man. The markets were not solely drugs, fake ids, hits, etc.

 

Based on where it is at now, I made another ~$100/ BTC.

Might wait a little longger and see where she goes. At this rate, in ~10 days, I might be at the ~$2k/ BTC

 

Something's value is only worth what a buyer is willing to pay for it. Way too hard to find someone willing to buy, but good luck to you. Hope it pays off. Too bad you didn't buy 10k of these things when they were less than $1.

 

I picked up what I was able to. Over time, used them to get software/ hardware and a few other things. Samich or two. Plenty of legal vendors.

You are correct. Only what people are willing to pay.


Years ago people would have chuckled at the thought of paying over $50 each, or $500, let alone $1k.

In china, some people are buying houses with BTC..

Thank you by the way.

 

So I assume Vendors much change their prices a few times a day to keep up with the value? LIke if I want a coke for 1 bitcoin one day, that would change the next day if the value of the bitcoin changes right? I'm intrigued, I won't invest, but it's interesting to read about.

 

Some of the vendors have it setup so that it is $200 USD. Then it would take the items $ worth out of the BTC. Or whatever the currency was they were dealing with. Lots of the vendors are very proactive in the manner that they are constantly online dealing with the client base.

 

If you have $1 million / current value of Bit coin. , why aren't you cashing in $500,000 into USD ?

 

Some of the STRONG points in the 40 min video are this.

Credit card fraud is a minuite to minuite issue. People, banks and businesses loose out. Identity theft for financial gain also.

CC's were implimented in the 50's. Were NOT designed for the internet age.

With bitcoin, it WAS designed for internet use. There is NO fraud with it. You can keep your wallet RSA secured online or offline. They never expire. Currently they have been going through the roof for the past few YEARS.

You can sign a transaction with notes and even encrypt data to a transaction. You can script a transaction so that when both party's are satisfied with a service, they can sign the coin and it would become released to the proper party.

Many other great points. Those are just a couple.

 

Is this hypothetical? I never stated I had 1 million.

 

Oh , my bad , I thought that's what It showed on that image you posted , I think I mistook the decimal for a comma and thought you were showing a balance

 

I'm sorry but saying there is no fraud with Bitcoin is deceiving. You cited an example where someone did manage to defraud others. Playing the float or attempting to influence the market price also borders on fraudulent.

 

Yes, I did cite that. That was, again, a bunch of people looking to do illicit things. Someone who was also doing illegal things, acting as an escarow, decided to rip and leave. Most people and sites just go peer to peer similar to a file transfer.

It is not like a credit card whee someone can pull all your info and steal your money. Or use you identity to get more crypto for free.

The instance I did cite, is the only way someone could really loose their coin. BUT Those people did willingly and knowingly give the coin to another party. Not like it was done or taken without knowledge.

 

Anyone pay attention to the graph?



Also I might have mentioned, I use an OTP Card or Google Authenticator on most of my accounts. PayPal included. What that does is add another layer of security to all my accounts. OTP = One Time Password - Some are key fobs.

 

The only problem I had with Bitcoin was the requirements most exchanges had to start. I didn't want to have to verify my address just to spend money on some bit coins. I am kicking myself over that lately.

 

Um, there are day traders that are local. You can show up to a coffee shop local to you, meet, hand them a wad of cash and they transfer on the spot.

I know plenty of exchangers on IRC that will just sell you coin for Moneypacks, or Westernunion, Moneygram, etc.