Bitcoins - fad or trend?

Discussion of all things crypto and blockchain.
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mnymgr1
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btc....

Postby mnymgr1 » Mon Nov 18, 2013

hit over $1000 this evening, on a Chinese adjusted price, translated to US dollars.
If I had any btc, and I don't, I'd be thinking a sale was of immediate concern.
the price then plunged 30%....in minutes/hours?

http://www.zerohedge.com/news/2013-11-1 ... thereafter

I like volatility, just not that much :lol:
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Silver&Gold2013
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Re: Bitcoins - fad or trend?

Postby Silver&Gold2013 » Mon Nov 18, 2013

just the start of the many scams that BTC will breed

http://www.24hgold.com/english/news-gol ... son+Hamlin

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Fusion
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Re: Bitcoins - fad or trend?

Postby Fusion » Tue Nov 19, 2013

Silver&Gold2013 wrote:just the start of the many scams that BTC will breed

http://www.24hgold.com/english/news-gol ... son+Hamlin


I think its fascinating, both the volatility and the notion that bitcoins creates scams.
I'm not pumping the currency but simply following it. Its in its infancy stages so I'd expect some volatility but what were seeing is a bit scary, I'd agree.

When it comes to scams, or drug trade or guns or whatever taboo you want to associate. Long before btc these deals were completed using USD, gold, RMB...whatever currency was acceptable. This notion that btc will bring out the scary people is funny. The scary people are there already and aren't waiting for a virtual currency to come along and double their business. If bad people want bad things sold, they'll find a way. To some extent the anonymity factor does enable all virtual currencies (not just btc) to facilitate these types of transactions, but not solely due to the existence of virtual currencies. If you read the transcript or listened to the Senate hearing the first part was law enforcement. And each witness today, to the person, felt confident that the open source code does allow the ability to track the bad guys, hence no more a Silk Road. And they felt their respective agencies could stay one step ahead bc they understand the technology.

We read about scams daily especially in PM's. But now I expect we will hear about them more thanks to btc. :? DYODD has never been more appropriate.
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carssman
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Re: Bitcoins - fad or trend?

Postby carssman » Tue Nov 19, 2013

It makes me sick to think there were nerds who used to give these away in their communities like buying a drink for someone and if one had a couple grand worth of BTC at 3 bucks a pop, they would be a millionaire today.

I bet the hardest part was hanging onto them for this parabolic rise. I think many sold off on the last run.

Might be the lesson we all need to see for the PM bull. Clearly BTC has out paced even the most bullish analyst on them. If this can provide us any clue as to what can happen in a herd like frenzy for Pm's. Don't sell even when you think the top is in because I thought the top of BTC was 200.

Shows how much I know

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mnymgr1
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Re: Bitcoins - fad or trend?

Postby mnymgr1 » Tue Nov 19, 2013

I still highly doubt any government anywhere will truly be able to track these crypto currencies.
While the NSA seems to be able to read anything and everything it wants, I doubt even they will be able to track a currency where the code can be downloaded to a thumb drive and given to Jane Doe down the street.

The interest in these currencies by govt is to end the illegal activities and to tax the gains on sales. I really don't understand how they will get around to taxing the gains on sales, but figure they can always just shutdown websites like SilkRoad#2.

Saying all this, it is obvious anyone playing in the crypto pool today has to accept both the good and bad that comes along with a new playground like this. I personally don't care for websites like SilkRoad but don't mind the anonymity that these crypto's provide. One of the many reasons we stack metal, isn't it ?? As for scams, I think the key here is to not swap your full wallet of crypto coins with a single retailer but to spread it around (time or retailer) when purchases need to be made.

If I ever figure out the whole tech structure behind all of this (a big if !), open my wallets, etc, etc, and I want to own the crypto's, I believe there will be a day when I will accept them as payment for physical metal purchases here at BS.
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Re: Bitcoins - fad or trend?

Postby Fusion » Tue Nov 19, 2013

carssman wrote:I bet the hardest part was hanging onto them for this parabolic rise. I think many sold off on the last run.


I read last night about a guy who literally forgot he had over 100,000 btc. He was an early miner. So he cashed out yesterday with a cool $12M+.

Here is where btc worries me. Yes, there is a finite amount (21M) that can ever be in existence so once that amount is reached, no printing unlike fiat. But this model requires velocity. Meaning, if no one spends them or puts them to work then the price will crash. Market cap being a function of price versus the other way around. If China continues its quest to control btc (and I'm hearing ltc as well) and China buying them bc they are "savers", well "saving" is not a good use for btc. Btc is for spending. Gold is for saving. ;)

Good luck buying btc. Coinbase can't fill new orders until Friday so don't bother. There was a guy here who was an early adopter iirc. Where is he? Probably on a yacht somewhere. :lol:
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Re: Bitcoins - fad or trend?

Postby Leprechaun gold » Tue Nov 19, 2013

From what I have read in the last couple of months, this on the face of things is a good idea , trading without charges or bank manipulation , only problem is , they will close it down or try to regulate it, you can guarantee right now that government computer experts are trying to break the codes , they will have any number of people working just on this project , money no object, every government will be involved with bringing it down, good news is that when they do ,people will flood back into P.M The idea is good , too good for the scam bankers , who can't make or manipulate money from it
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Re: Bitcoins - fad or trend?

Postby carssman » Tue Nov 19, 2013

Fusion wrote:
carssman wrote:I bet the hardest part was hanging onto them for this parabolic rise. I think many sold off on the last run.


I read last night about a guy who literally forgot he had over 100,000 btc. He was an early miner. So he cashed out yesterday with a cool $12M+.Here is where btc worries me. Yes, there is a finite amount (21M) that can ever be in existence so once that amount is reached, no printing unlike fiat. But this model requires velocity. Meaning, if no one spends them or puts them to work then the price will crash. Market cap being a function of price versus the other way around. If China continues its quest to control btc (and I'm hearing ltc as well) and China buying them bc they are "savers", well "saving" is not a good use for btc. Btc is for spending. Gold is for saving. ;)

Good luck buying btc. Coinbase can't fill new orders until Friday so don't bother. There was a guy here who was an early adopter iirc. Where is he? Probably on a yacht somewhere. :lol:



That Makes me sick to my stomach :sick:

Anyone ready to do a group Litecoin buy?

Maybe have BS as the escrow wallet :mrgreen:

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Re: Bitcoins - fad or trend?

Postby AGorBust » Tue Nov 19, 2013

carssman wrote:
Fusion wrote:
carssman wrote:I bet the hardest part was hanging onto them for this parabolic rise. I think many sold off on the last run.


I read last night about a guy who literally forgot he had over 100,000 btc. He was an early miner. So he cashed out yesterday with a cool $12M+.Here is where btc worries me. Yes, there is a finite amount (21M) that can ever be in existence so once that amount is reached, no printing unlike fiat. But this model requires velocity. Meaning, if no one spends them or puts them to work then the price will crash. Market cap being a function of price versus the other way around. If China continues its quest to control btc (and I'm hearing ltc as well) and China buying them bc they are "savers", well "saving" is not a good use for btc. Btc is for spending. Gold is for saving. ;)

Good luck buying btc. Coinbase can't fill new orders until Friday so don't bother. There was a guy here who was an early adopter iirc. Where is he? Probably on a yacht somewhere. :lol:



That Makes me sick to my stomach :sick:

Anyone ready to do a group Litecoin buy?

Maybe have BS as the escrow wallet :mrgreen:


The problem with bubbles is you can never get out. It becomes a psychological trap. No one is on a yacht yet because no one is selling.
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mnymgr1
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Re: Bitcoins - fad or trend?

Postby mnymgr1 » Tue Nov 19, 2013

I think many people are selling.
If I own 1000 shares of company X and it goes up 10 times from my original cost, I am definitely selling at least 10% to eliminate my total investment cost. Then I'm playing with house money.
These early miners who have thousands of BTC, betting they are all cashing some out right now if they haven't already. Just my 2 cents of course.
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Fusion
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Re: Bitcoins - fad or trend?

Postby Fusion » Tue Nov 19, 2013

^^^^. Yes. But they're not selling as much as they are spending bc these are the early adopters who want it to work more so than investors of today. Spending is more important than selling when trying to stabilize a currency. The more people that touch it the better and when traded for goods/services it keeps "circulation".
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carssman
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Re: Bitcoins - fad or trend?

Postby carssman » Wed Nov 20, 2013

Look, physical BTC might surpass an oz of gold..

Absolute horseshit :shifty:


http://www.ebay.com/itm/2011-Casascius- ... 710wt_1133


When will people learn

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Brades
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Re: Bitcoins - fad or trend?

Postby Brades » Wed Nov 20, 2013

carssman wrote:
mnymgr1 wrote:kinda ridiculous how the govt has been nice enough to tell us they have no plans to regulate bitcoins :lol: As a decentralized, free world currency, just how exactly would they do that if they wanted to ????

I didn't know Fabio was big into BTC. Good for him! Many of us are kicking ourselves for not putting even a token few hundred bucks into these a few years back. I have to see if I can search that far back here at BS, know I started a BTC thread of some sort a long time ago.



No it was my bad, it was Brades the whole time... How are making out on these Brades??

Wanna buy some Litecoins for me? I can Pay PP or EMT


I sold a bunch in April when they peaked then... wish I had of waited until this week to sell :lol: I still re-bought some though when it crashed shortly after its peak in April. I do still have some bitcoins and litecoins(paper wallets) sitting in my safe...

btw, I bought 36 1oz Canada wolves from a member here in June for 10 bitcoins :shock: :shock: :shock: :shh: I sent an extra 30 litecoins also, since i felt bad that the price of bitcoin dropped after we agreed on price... D'oh!

Maybe I will become a millionaire in a few years... :pop:

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Re: Bitcoins - fad or trend?

Postby 300Braveheart » Wed Nov 20, 2013

carssman wrote:Look, physical BTC might surpass an oz of gold..

Absolute horseshit :shifty:


http://www.ebay.com/itm/2011-Casascius- ... 710wt_1133


As of now it has. Wow.
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Re: Bitcoins - fad or trend?

Postby eventurer » Wed Nov 20, 2013

300Braveheart wrote:
carssman wrote:Look, physical BTC might surpass an oz of gold..

Absolute horseshit :shifty:


http://www.ebay.com/itm/2011-Casascius- ... 710wt_1133


As of now it has. Wow.


Wow 2k... :shock:
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mnymgr1
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Re: Bitcoins - fad or trend?

Postby mnymgr1 » Wed Nov 20, 2013

Brades wrote:
carssman wrote:
mnymgr1 wrote:kinda ridiculous how the govt has been nice enough to tell us they have no plans to regulate bitcoins :lol: As a decentralized, free world currency, just how exactly would they do that if they wanted to ????

I didn't know Fabio was big into BTC. Good for him! Many of us are kicking ourselves for not putting even a token few hundred bucks into these a few years back. I have to see if I can search that far back here at BS, know I started a BTC thread of some sort a long time ago.



No it was my bad, it was Brades the whole time... How are making out on these Brades??

Wanna buy some Litecoins for me? I can Pay PP or EMT


I sold a bunch in April when they peaked then... wish I had of waited until this week to sell :lol: I still re-bought some though when it crashed shortly after its peak in April. I do still have some bitcoins and litecoins(paper wallets) sitting in my safe...

btw, I bought 36 1oz Canada wolves from a member here in June for 10 bitcoins :shock: :shock: :shock: :shh: I sent an extra 30 litecoins also, since i felt bad that the price of bitcoin dropped after we agreed on price... D'oh!

Maybe I will become a millionaire in a few years... :pop:


Brades....I'm looking for those BTC's you sent and can't find them. Can you send me another 40 if you have too many lying around :lol: :lol: :lol:
(no, I don't have any BTC, wasn't me damnit :evil: )
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skylersfriend
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Re: Bitcoins - fad or trend?

Postby skylersfriend » Thu Nov 21, 2013

Bill Bonner writes an interesting free column daily as a tease for his financial info. His How I Explained Bitcoin to My 94-Year-Old Mother caught my eye.


http://www.bonnerandpartners.com/how-i- ... o5ViLrTku4
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Re: Bitcoins - fad or trend?

Postby The Bonehead » Thu Nov 21, 2013

Add bitcoin to another long list of things I wish I bought into.
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mnymgr1
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Going to space, paying with bitcoins :-)

Postby mnymgr1 » Fri Nov 22, 2013

http://www.zerohedge.com/news/2013-11-2 ... oing-space

Richard Branson will discuss on tv later today I guess.
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Re: Bitcoins - fad or trend?

Postby lucky43113 » Fri Nov 22, 2013

reads this on another forum Someone in Germany just bought 194000 bitcoins

https://blockchain.info/tx/1c12443203a4 ... fafb0cd204
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