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Bitcoins!

Discussion in 'General Software' started by pantherx12, Feb 17, 2011.

  1. THE_EGG

    THE_EGG

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    I'd hardly say it was one of the bigger losses in history. Just look at the Lehman brothers back in 08 when they filed for bankruptcy with over $600 billion worth of assets. I think another way of looking at bitcoin at this juncture is that it is a useable 'share' that you might find on the ASX or NYSE etc that you can use to purchase goods and services.

    As far as the loss of funds are concerned that is down to Bitcoin still being quite an immature currency. Life is unfair sometimes. For example, I took an $11000AUD loss on my first car after selling it after 4 months due to a faulty DSG gearbox in it (VW Polo TDI DSG - DQ200 gearbox issue). VW would not admit to it being a problem, but just google DQ200 DSG problems and you'll see that it is a worldwide issue. Am I going to get that $11000AUD back? unfortunately no, the class action against VW was pulled as there was no way we could beat a multi-billion if not trillion dollar company in court.

    Although with the Bitcoin MasterCard now available it will be interesting to see how that pans out with fraud and if the banks associated with the card will pay up if fraud occurs to a client/customer. Also I think if people understand the risks (and benefits) associated with the usage of bitcoins, then I see no issue with Bitcoin. You could say that anyone using bitcoin at this juncture are beta testers/early adopters for the currency.

    ---

    I didn't even realise this exists. It is great for the currency though, providing jobs etc.
    http://www.coindesk.com/europes-first-bitcoin-centre-open-france/
     
    Last edited: Apr 25, 2014
  2. MT Alex

    MT Alex

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    That is chump change compared to market crashes, or even day to day trades on Wall Street. You put a lot of faith in things like FDIC, which doesn't guarantee the entirety of a banks investments, because it halfway works for now. The people of Greece and Cyprus wouldn't hold your same high regard to government bailouts. Hell, even in the USA, the only bailouts go to the ultra elite. From your posts you don't seem to fit that category, more likely someone who works for or has a buddy at H & R Block.
     
  3. james888

    james888

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    Isn't this like the third time we have gone through this circle NinkobEie? I think you just like to argue, which typically is trollish behavior.

    We get bitcoin has flaws, we know and understand them better than most because we use bitcoins. RTB and I have both said we don't find its use as a currency to great. In my opinion bitcoin fails to be a good store of value because of its inherent instability. I also think bitcoin will one in a long long while be replaced by something superior. What will it be, we don't know yet.

    I am glad your brought up visa, because that is typically one of my points of what bitcoin is better at. Bitcoin is a really really cool protocol. It does everything that visa and mastercard does. Except instead of being centralized, it is distributed and transparent so everyone can see what address has what money. You can argue whether that is good or bad, but you have made the point that you don't think bitcoin could do it. Currently bitcoin processes about 50,000-100,000 transactions a day. Bitcoin itself is also used significantly less than traditional currencies obviously, but it would scale with the transactions. Bitcoin is the most powerful distributed super computer, and the more popular bitcoin becomes, the more powerful the computing gets. Its all driven by profits.

    I don't think any of us here would say that bitcoin is for everyone, at least not yet. If someone is scared, I would tell them to just ignore bitcoin. If they wanted to get involved in mining or speculation, I would say don't put in more than your willing to lose as with any speculation.
     
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  4. R-T-B

    R-T-B

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    I'm not sure you are aware of this, but cell phones are currently more common than landlines in many (if not most) developing countries. If they can't get a cell phone, it is further arguable there is no way in hell they are worried about getting a visa.

    What happens if VISA's servers get hacked and all credit card accounts wiped clean?

    Even if you have a point on safety, you are dead wrong on every other point. Swipe fees are borderline ridicules. Transaction fees in bitcoin are minimal by comparison, and ease of use of bitcoin is quite simplistic.

    I don't think bitcoin will replace cash. I think of it as an alternative way to transport money. They can and do coexist, this is it's most common use. Not drugs. I think you have a massively bad evaluation of it's technological potential to replace the current card transaction system.

    Nothing? I'm knowledgable of bitcoins source code and I can tell you they would just be compliled into a rather big block. Actually it wouldn't surprise me if there already are a million transactions per day.

    Actually, I don't even need to demonstrate this, because it's already been done. A DDOS was attempted against source-code-similar litecoin, by sending millions of small "dust transactions." The network barely farted, and went on as usual. Most people don't even remember this part of history, and that was on a far smaller network with a nearly identical source code foundation.

    Jeeze, then I guess all the businesses in my area are drug dealers, eh?

    Like it or not, that point is completely bogus and false. It has all the means and abilities to be an excellent currency transport for the internet, and from what I have seen, this is currently it's primary use. It doesn't have to REPLACE fiat. It's just a bridge. A very good bridge that acts fast. What's wrong with that?

    I for one, have never spent a bitcoin in real life. I accept them though, and I get a lot of online business that way. It turns into USD and everyone is happy. I know this is mind-boggling, but I am neither a drug dealer nor a con artist. So there. It does have the infrastructure to be a lot more than a con-routine, who'd have thunk it?

    Huge percentage? Please. Gox is largely irrelevant now. Only extremely old bitcoin users worked there. Bitcoin hurt more when the silk road was seized and the bitcoins publically auctioned. Actually people lost more money there, but no one cared because it was a drug marketplace...

    In history? No. It is tragic regardless, but this is why you don't put your money in an exchange that stands for Magic The Gathering Online eXchange. It isn't wise... surprising? Not really. If they worked in USD it'd be no different. Actually they did, they were an exchange remember? People actually deposited USD there as well. Where'd they go? Your issue is with poor business practices like Gox, not bitcoin.

    Bitcoin, when properly secured, is safe. The website says it and it's true. If you don't feel up to securing a wallet (most people don't, and that's ok) it's still plenty safe as a money transport... and very useful as such to do business with places visa and mastercard don't operate, or are prohibitively expensive. It also helps to keep them in line economically because people are getting sick of paying someone to use THEIR MONEY every time they swipe a card.


    I really don't see what your issue is, save misunderstanding of what Bitcoin actually is. I'd advise you to reevaluate your position based on the fact that you seem to have very little knowledge about how it actually works, and seem to be taking more issue with poor business practices than the coin around which they are based... there have been plenty of USD ponzis too you know.

    I rest my case. I want to emphasize though, I am not trying to disrespect you. I am only trying to point out where you are quite honestly misunderstanding the concept.

    Oh, and relevant link:

    http://ledracapital.com/blog/2014/2...sed-payment-system-being-rolled-out-worldwide
     
    Last edited: Apr 26, 2014
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  5. Chevalr1c

    Chevalr1c

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    Good news for those in the EU who seek a place for exchanging fiat/cryptos using SEPA bank transfer or iDeal etc., Litebit offers exchanging services starting at €15.

    And those with older SHA-256 ASICs might wish to try mining Continuumcoin (CTM), if you manage to trade them for LTC at a reasonable price it might be more profitable than BTC/PPC mining. The only issue is its somewhat unsure future and the price dips (plus LTC/fiat exchanges are scarce in many regions).[/URL]
     
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  6. NinkobEi

    NinkobEi

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    Interesting article on PLEX vs Bitcoin
    http://www.polygon.com/2014/5/5/5677734/bitcoin-plex-isk-eve-online
     
  7. james888

    james888

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    That was an interesting article. He mentions not knowing the code and trust. I have not looked at the code, and if I was too I am not educated in code so I would not even understand it. I personally do trust that there are enough coders out there as popular as bitcoin is that would of poped up and said something if there was something hidden in there. That is where the trust comes in for bitcoin, it is open source.

    Awhile back there was a guy, at a black hat conference that proved that bitcoin was very very far from anonymous and how easy it was to figure out which individual owned the the address. You should look up that video @NinkobEi
     
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  8. THE_EGG

    THE_EGG

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    I'm not sure if I fully support this but anyway;
    Australian-based company sinks $US30 million into Australia's first bitcoin investment fund
    http://www.arnnet.com.au/article/54...into_australia_first_bitcoin_investment_fund/

    The best part being;
     
  9. R-T-B

    R-T-B

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    Oh, yeah, and not to muddy the waters THE_EGG, but BTC Arbs has been acting exceptionally questionable lately. I'm withdrawing my recommendation to use them.

    And bitcoin has never really been anonymous unless using a mixer of some kind, sorta the same as dollars TBH.
     
    Last edited: May 6, 2014
  10. THE_EGG

    THE_EGG

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    The waters have been muddied! :O
    On a serious note though, wouldn't the behaviour of investment funds vary ? Or are they all run by one central fund?
     
  11. james888

    james888

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    I remember when that guy pirate was running something similar where he was providing some really obscene amount of interest if you left money with him. Bitcoin has already some really high returns but I put that to its volatility and lack central bank. A friend of mine put some money in for a month and pulled out. He made money. It was not two months later though that pirate stopped paying people out and ran away with all the money.

    RTB might be able to put more details in there, but that is about the best my memory provides.

    I support bitcoin but these arbitrage people could so easily be scammy.
     
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  12. R-T-B

    R-T-B

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    Their most recent issues are really really frickin' slow withdrawals to the point some people have been waiting weeks without access to their money, they claim it's because they are "merging" with another company and they need to audit their books.

    I call shenanigans.
     
  13. R-T-B

    R-T-B

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    Just FYI, the fact no one has noticed newegg now accepting bitcoins is very dissapointing. ;)
     
  14. RCoon

    RCoon Gaming Moderator Staff Member

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    Most technical related etailers are now!
     
  15. mauriek

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    yup..another billion dollars company accepting bitcoins, good news for the bitcoin community, i'm sure company this size have enough resource to calculate and help them when they decide to accept it, but like Overstock the Newegg still only big in the US, most of the world only know them by name.
     
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  16. Easy Rhino

    Easy Rhino Linux Advocate

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    It is simple. Charge twice the dollar amount in bitcoins. Take the bitcoins and resell them immediately for market price.
     
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  17. R-T-B

    R-T-B

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    Generally doesn't happen. Besides the drama it would cause of bitcoin users boycotting, almost all retailers don't ACTUALLY deal in bitcoins, but use a plugin from coinbase that converts them instantly and pays them at current market rate (not double) in USD. There are equivalents for other currencies too... though I don't know the names. Regardless, they don't even touch the bitcoins in most cases. I don't think a single retailer that is major is doing otherwise, nor should they.
     
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  18. Chevalr1c

    Chevalr1c

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    The IRS rules make it hard to do otherwise for businesses.
     
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  19. CrAsHnBuRnXp

    CrAsHnBuRnXp

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    I dont get the hype over all this bitcoin stuff. I remember when the inventor posted here explaining what it was and how to set it up and we were all skeptical as shit. :laugh:
     
  20. james888

    james888

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    The inventor was never on this forum.
     
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  21. Norton

    Norton WCG-TPU Team Captain

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  22. james888

    james888

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  23. R-T-B

    R-T-B

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    The hype is I can finally pay for my purchases with a total fee that amounts to usually less than a dime.

    It's pretty nice in that regard... especially considering you usually pay for CC swipe fees in item costs, whether you realize it or not.

    Oh, and of course there are people like me who were fairly early investors who just want to see it succeed so we can be even more filthy rich. But that's not the majority, lol.
     
    Last edited: Jul 11, 2014
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  24. THE_EGG

    THE_EGG

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    Agreed AND it makes for far cheaper purchases internationally due to being one currency so there is no exchange fee on top of the CC fee when buying things in a foreign currency. On my last holiday I counted that I lost about ~$78AUD in exchange fees looking at my CC statement. I'd much prefer to have that $78 than having to have paid it for some stupid fees. And that doesn't include exchange transaction fees for accommodation purchases either as I stayed with a friend.
     
  25. Darkrealms

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    There is at least one company keeping all the BTC from sales but I can't find that link (sorry its been a while). But I can link overstock.com's statement about them keeping 10% of all the BTC that comes in.
    https://coinreport.net/overstock-holds-earned-bitcoins/
     

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