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Thread: Bitcoin

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    Default Bitcoin

    By now you must have heard about Bitcoin and you've also probably heard how it is dying. Personally I've heard that it had died at least 3 times.
    Still, here we are, Bitcoin is undeniably still one of the best investments of the year.



    @hkkmr, you once said that my Bitcoin investing friends are like bankers. I was kinda curious whether you meant anything by that or was it just some inane observation.
    “I tell you, freedom and human rights in America are doomed. The U.S. government will lead the American people in — and the West in general — into an unbearable hell and a choking life. - Osama bin Laden

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    It is by far the most unstable currency there is. In fact, it doesn't even exist. It is just a bubble. So feel free to invest in the "best investment". LUL!

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    both sides, now wacey's Avatar
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    Bitcoin will not die. Its just going through growing pains. *Looks over at his 1000.00 bitcoin investment………"*

    Edit: I wish.
    Last edited by wacey; 03-15-2014 at 07:26 PM.
    "If this to end in fire, then we should all burn together. Watch the flames climb higher into the night."

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    Isn't it just an elaborate ponzi scheme, pushed by paranoid tinfoil hat types?

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    Silly Alphas can't deal in material things.

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    No, although it looks like a ponzi scheme. There is only 21,000,000 bitcoins total. The price of the coins increases as demand increases. Demand for them will go up, because they are a anon form of currency that cannot be traced (if used correctly). The need for an untraceable form of currency will also exist, because black markets will always exist. Unfortunately, bitcoins are so unstable because the markets that use them have zero accountability, unlike a state currency which is legally acountable. People can and do steal bitcoins. Only about 15 people seem to own the majority of bitcoins. So in this sense, bitcoins seems super shady. And they are. But what are people using them for? Money laundering, purchasing illegal contra-band, doing illegal activities, ect.. Do these things not seem shady? They would be even more dangerous to attempt if you where doing them with real money, money that is always traceable online. Bitcoins are simply "electronic money", used in an electronic medium. You need a certain amount of prior knowledge even to properly handle them.

    In the big scale, are bitcoins susceptible to abuse? Absolutely, but the pros far outweigh the cons here. Bitcoins leave the buyer and sellers anon, which is the whole point, and at this stage they are the only available option.
    "If this to end in fire, then we should all burn together. Watch the flames climb higher into the night."

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    Quote Originally Posted by Absurd View Post
    Silly Alphas can't deal in material things.
    So you are implying knowledge of bitcoins, bitcoin discussion, bitcoin use ect. is an activity that only a one of the four personalities from the alpha quadra in socionics would perform? And that bitcoins are not material and therfore not worthy of other quadras consideration? And because they are immaterial, then only an Alpha has the propensity to participate in bitcoin related activities, because as we all know, only alphas can be that "money clueless".

    Oh wait, wait, you are just trolling I see, carry on.

    "If this to end in fire, then we should all burn together. Watch the flames climb higher into the night."

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    Quote Originally Posted by HereticWacey View Post
    So you are implying knowledge of bitcoins, bitcoin discussion, bitcoin use ect. is an activity that only a one of the four personalities from the alpha quadra in socionics would perform?
    Sure, bitcoin is total speculation bubble used mostly by none other than speculators. Anyhow, I don't know what "knowledge of bitcoins, bitcoin discussion, bitcoin use" means. First off, it is just an algorithm (this covers the vast "knowledge" of bitcoin users).

    Secondly, you can engage in discussions akin to the one two persons I know, have had. Namely: "is there oxygen on the Moon?"

    And that bitcoins are not material and therfore not worthy of other quadras consideration?
    You figured it out, for I would have to be braindead to invest in bitcoin.

    And because they are immaterial, then only an Alpha has the propensity to participate in bitcoin related activities, because as we all know, only alphas can be that "money clueless".
    Glad you proved them wrong.

    Oh wait, wait, you are just trolling I see, carry on.
    Oh wait, you wouldn't even know what trolling is if it hit you in the face.

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    Gah, you need some Ne in your life dude. I would never personally invest in bitcoins, but I guess the subtly of my sense of humour escaped you. :\

    Also, just because something is new, different, speculative, does not mean it is a bad thing that should not be touched, or that only the cognition of an Alpha type would discuss them. Oh, okay, your're one of those socionists that likes to paint by numbers: Bitcoins are electronic and immaterial, and as an LSE I only deal with material, so they must not be anything else other then Alpha. Alpha are computer nerds who talk about air in the moon, so bitcoins are Alpha!…….Sometimes topics go are outside the scope of socionics. What if I was looking to buy something illegal, don't you think I would find out how to do that best by NOT getting caught?

    Bitcoins started 5 years ago, its gonna take some time, champ, to get of the ground.

    Knowledge of bitcoins goes beyond what they are. Do you know how to use them to buy stuff? What does bitcoin wash mean?

    "If this to end in fire, then we should all burn together. Watch the flames climb higher into the night."

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    Quote Originally Posted by HereticWacey View Post
    Gah, you need some Ne in your life dude. I would never personally invest in bitcoins, but I guess the subtly of my sense of humour escaped you. :\
    Well, if you stop telling lies about me, I'll stop telling the truth about you...

    Also, just because something is new, different, speculative, does not mean it is a bad thing that should not be touched. Bitcoins started 5 years ago, its gonna take some time, champ, to get of the ground.
    I prefer new old gold and silver. I am sorry very much (not), but bitcoin has no value and is, well, useless.

    Do you know how to use them to buy stuff? What does bitcoin wash mean?
    How could I? I've never bought any. Hahaha.

    ...

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    Lies about you? When and where? Absurd, you haven't talked the truth about me in a long time.

    Bitcoins are the only way to buy stuff anon online. They are a means to an end. If you don't buy stuff online that you need to anon for, then yes, they would be useless to you.
    "If this to end in fire, then we should all burn together. Watch the flames climb higher into the night."

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    There goes the myth of subtle humour. Anyway, any one can use what they want. Tree branches, bitcoin, rocks, none of my god damn business I just realised. Time for a beer.

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    Get 'er done.

    I just want to be richer.
    "If this to end in fire, then we should all burn together. Watch the flames climb higher into the night."

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    You will after investing in nothing. That I promise you.

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    Quote Originally Posted by Ainfigur View Post
    Isn't it just an elaborate ponzi scheme, pushed by paranoid tinfoil hat types?
    Nope, I don't think so. Bitcoin might not be the optimal currency for the markets in the future but it has already paved the way and there will be competitors. Internet has made everything great and if money wouldn't be one of those things, I'd be surprised.


    PS: INVEST IN DOGECOIN!
    “I tell you, freedom and human rights in America are doomed. The U.S. government will lead the American people in — and the West in general — into an unbearable hell and a choking life. - Osama bin Laden

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    Forget about Bitcoin - Invest in Absurdcoin.

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    Now THIS I can back


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    Quote Originally Posted by Ainfigur View Post
    Now THIS I can back

    We should support this just to create a world that is absurd. I want this to be part of the front that will dethrone the dollar.

    I fucking love the internets.
    “I tell you, freedom and human rights in America are doomed. The U.S. government will lead the American people in — and the West in general — into an unbearable hell and a choking life. - Osama bin Laden

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    dogecoin is pretty sweet. i got some friends in other corners of the internet that are miners.

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    The hype around bitcoin is enough to sustain its prices for the forseeable future, but the level of security is not. It is no good investing in something that could burst at any minute.

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    Quote Originally Posted by Enter Laughing View Post
    The hype around bitcoin is enough to sustain its prices for the forseeable future, but the level of security is not. It is no good investing in something that could burst at any minute.
    What could burst BTC "at any minute"?

    Major countries banning BTC? Bitcoin user not affected.
    Major exchange services failing, hacked and stealing? Bitcoin user affected.. for a week.

    Petrodollar on the other hand though...
    “I tell you, freedom and human rights in America are doomed. The U.S. government will lead the American people in — and the West in general — into an unbearable hell and a choking life. - Osama bin Laden

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    the flying pig Capitalist Pig's Avatar
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    Mt. Gox is facing charges from an Austrian school chap in Canada that it's been operating as a fractional reserve bank, rather than a 100% reserve bank. There's also this document that seems to implicate Mt. Gox into some kind of conspiracy for the sake of saving Bitcoin's reputation. It's not confirmed, however, and could just be a hoax or a misdirection.

    Either way, the collapse of Mt. Gox is by no means an end to Bitcoin. The benefit of these digital currencies is the lack of regulation and government oversight. With no sanction to keep Mt. Gox in operation, the collapse was immediate and severe. Yet that leaves a void that budding entrepreneurs are ready and anxious to compete for.

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    Jimmy Wales shared his own BTC account and got over 22 BTC (13700 USD) and then donated that to Wikipedia. He is going to bring up opening up a BTC account for Wikipedia in the next meeting with the board members.

    Few weeks ago Newsweek claimed that they found the creator of BTC. The man is very reluctant and concerned about his privacy and also probably not the Satoshi Nakamoto (very common Japanese name) who created Bitcoin. Because of the overwhelming press bothering him, BTC owners donated 45 BTC to console this man. If he doesn't accept it, they go to EFF, an organization fighting for online privacy.

    A streetful of stores adopt Bitcoin payment option in Netherlands. There is already a similar block in Berlin.

    Bitcoin won the Linux New Media Awards as the "most innvotive open source project" for 2014.

    Dogecoin charity bought two wells to Kenya raising 40 million Dogecoins (33500 USD).


    And here's Conan:
    “I tell you, freedom and human rights in America are doomed. The U.S. government will lead the American people in — and the West in general — into an unbearable hell and a choking life. - Osama bin Laden

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