Bit Coins

Unicorn · November 29, 2013, 11:21:49 AM

.... people accidently throw them out and they even end up in landfill .....
http://www.news.com.au/money/money-matters/landfill-search-for-75-mn-bitcoin-fortune-in-britain/story-e6frfmd9-1226770932955

Fulvio · November 29, 2013, 01:09:10 PM

Quote from: 'Unicorn' pid='35683' dateline='1385686309'.... people accidently throw them out and they even end up in landfill .....

Yup. You move them onto your hardware then lose the hardware, they're as gone as if Goldy were to drop his coins over the side on his upcoming cruise. People need to learn to treat valuables as valuable, eh?

czark · November 29, 2013, 07:51:01 PM

I think its fantastic. Whilst I don't own any coins (Wish I was on the bandwagon years ago) I've been following it very closely.
Fulvio what do you think Litecoin is going to do over the next few months?

Fulvio · November 29, 2013, 11:07:15 PM

Quote from: 'czark' pid='35764' dateline='1385716861'Fulvio what do you think Litecoin is going to do over the next few months?

LTC has certain advantages over BTC, and I think its got a firm hold on the #2 spot. Its easier to mine, so more people have a shot at it, and as the hype blows BTC into the stratosphere, I think more people will climb aboard. It won't reach the same valuations, but it will make early holders a little richer, for sure.

Long term, I really don't think it matters which cryptocurrency people use. Anyone who is aboard will accept any of them, and anyone who doesn't get it won't. So they're functionally interchangeable I think. What will be needed is a universal wallet though, which will hold everything in one place and make them easier to manage.

runway · November 29, 2013, 11:55:28 PM

....move on .... nothing to see here ....

Fulvio · November 30, 2013, 12:06:33 AM

Quote from: 'runway' pid='35799' dateline='1385731528'....move on .... nothing to see here ....

True... just snide one-liners like that one.

Ozcoins · November 30, 2013, 06:57:36 AM

A friend sent me something a few days ago:

"@Asher_Wolf: In the last 24 hours, Bitcoin was used to transfer more money than Paypal:
$418m vs $397m for Paypal http://t.co/897I47b1Jv"

If that is true and legitimate (I can see that figure being open to manipulation by just shuffling bitcoins from one holder to another), then it really does seem to have some traction.

A couple of the problems I see are that with bitcoin being so volatile people won't 'get' how many bitcoins is a fair price for something.
Also (assuming they keep going up in value, which they are supposed to do) you would end up, for example, paying 0.00001 bitcoins for a loaf of bread keeping track of where the decimal point belongs in a transaction like that is too hard for people.

I only had a quick look at the link I was sent and I will look more closely to see what stands out to me. I would be interested in other peoples views of the data presented.

nealeffendi · November 30, 2013, 11:30:03 AM

Quote from: 'Fulvio' pid='35652' dateline='1385659027'
Quote from: 'trout' pid='35644' dateline='1385630656'NO check or balances and any clown can become a Miner.

The blockchain itself provides the ultimate check and balance. Have a look at http://blockchain.info/

Can you tell exactly where that dollar in your pocket has been? Can you even tell if its a chinese fake? No. But you can tell EXACTLY where your bitcoin, or anybody else's, for that matter, has been, because every transaction is permanently logged.

Cryptocurrencies are decentralised, self-controlling systems, not subject to corruption or political hanky-panky. As such, they're not going away anytime soon, regardless of what may or may not happen with BitCoin.

When every transaction is permanently logged it means you have ZERO privacy. I like paying cash for a reason, anonymity, I like stacking Gold and Silver (intrinsic value, not tied to any country and perfectly fungible as I can melt it into any shape I like and an ounce is still an ounce ).
Bit coins have no intrinsic value, they are beanie babies. Fiat money is not much better, the current debt of the US government would require them to run the presses for over 500 years just to print enough, they are creating "money" out of thin air (or electrons and keystrokes via QE). Any electronic money is suspect and insecure, only takes an EMP to take down the system and wipe the data (and your savings). Also the US government recently siezed a bunch of Bit coins as proceeds of crime (drug money), not very secure.
The only bit coins I have are the ones I peeled the foil off to get to the chocolate.

Nevol · November 30, 2013, 01:33:38 PM

QuoteThe only bit coins I have are the ones I peeled the foil off to get to the chocolate.

:laugh2: :laughingneqw: :haha: Me too!

Fulvio · November 30, 2013, 02:50:42 PM

Quote from: 'nealeffendi' pid='35819' dateline='1385773203'The only bit coins I have are the ones I peeled the foil off to get to the chocolate.

There's a lot to be said for chocolate money... for starters its the only one you can eat if your life depends on it.

I think there are underlying problems with all money, regardless of its physical or virtual form. Remember in the Hitchhikers Guide, when they set the leaf as their currency, then burnt the forests to stop runaway inflation?

Money is an abstract concept, and subject to manipulation and risk. Your notes can burn, your coins stolen, your bank accounts siezed or hacked, and governments can at a whim destroy your life savings... nothing is safe. Even precious metals have no intrinsic value, as we've seen with their ups and downs.

Its ALL smoke and mirrors, and always will be. So does the form really matter in the end?

czark · November 30, 2013, 11:38:29 PM

Quote from: 'runway' pid='35799' dateline='1385731528'....move on .... nothing to see here ....

http://www.youtube.com/watch?v=5NNOrp_83RU

runway · December 01, 2013, 12:02:40 AM

Quote from: 'czark' pid='35891' dateline='1385816909'
Quote from: 'runway' pid='35799' dateline='1385731528'....move on .... nothing to see here ....

http://www.youtube.com/watch?v=5NNOrp_83RU

That's the one :wavemulticolor::wavemulticolor::yahoo:

JeffH · January 26, 2014, 05:03:39 AM

The rise and rise of dogecoin
START USING DOGECOIN TODAY

Pronounced "dodgy coin"! Says it all really.

ausjack · March 07, 2014, 02:45:38 PM

so any more news on this bit coin thing as the last I heard a few weeks ago it looked like it was belly up or heading that way.

Fulvio · March 07, 2014, 05:54:30 PM

Quote from: 'ausjack' pid='43276' dateline='1394165738'so any more news on this bit coin thing as the last I heard a few weeks ago it looked like it was belly up or heading that way.

Bitcoins aren't at risk. Its Mt Gox that went belly up.

Kinda like saying the Aussie dollar is going belly up because the CBA got robbed...

And no, no real news. There's nothing anyone can do to catch the crooks it seems. The CEO fell on his sword, and they'll try and rebuild, but I doubt anyone will have much faith in him or his company in future.

I really can't comprehend why anyone would leave their entire fortune in the hands of a third party anyway... wondered the same thing when those coin dealers went belly up and took investors down with them, actually.

And I say that as a former victim myself... I had a stash with a company that went down about 30 years ago... took 15 years, but I got every penny back, plus interest. Then I lost about a quarter mil (Lindens, which were worth a couple grand US$ at the time) when Ginko went down in Second Life. Didn't really hurt, since all the money was earned in the game anyway, but still...

Basically, don't hand over anything to anyone that you can't afford to lose. Same goes for banks, too. No institution is invulnerable, ever.