Thread: Bitcoin BTC Talk and Discussion

Not just for shady purposes.
Bitcoins are a decentralized internet commodity.

http://bitcoincharts.com/
http://en.wikipedia.org/wiki/Bitcoin

Appears that most of the risk coming from BTC is in the exchange process from USD, etc into BTC. The culprit is mostly people buying using paypal or credit cards who then do a chargeback and the seller of the BTCs are out.

It is a tad bit like the Wild Wild West. I just saw someone sell a Bitcoin Bank recently out of US hands to a Canadian. Wow! Try selling a bank with USD, hell try starting a bank for that matter.

I don't trust the exchange mechanism.

transactions are public and you can follow them easily

the exchanges are run by companies and individuals.

there is also a forum where members are trading amongst themselves.

I wouldn't put my retirement in Bitcoins though.

bitcoins are fucking retarded and anyone who uses them is an idiot. I heard buttcoins are the new thing though:

http://buttcoin.org/

Bitcoins are blowing up ....


http://bitcoincharts.com/charts/mtgo...zm1g10zm2g25zv

http://www.economist.com/blogs/graph...daily-chart-12

heard this on the news the other day. there's a guy in alberta trying to sell his house via bitcoin....should be interesting.

http://www.forsalebyowner.ca/listing...pass-AB/124988

Well, the first time I heard about Bitcoins was from a 20 year old college slacker kid who was trying to show me how I could run a bot to turn multiple computers into 'Zombies' so that you could "solve the algorithm", according to him, and this would somehow generate one BitCoin every 24-36 hours or so.

Uh, yeah, seems like a super legit system....

Originally Posted by Hott Butt Mud

Well, the first time I heard about Bitcoins was from a 20 year old college slacker kid who was trying to show me how I could run a bot to turn multiple computers into 'Zombies' so that you could "solve the algorithm", according to him, and this would somehow generate one BitCoin every 24-36 hours or so.

Uh, yeah, seems like a super legit system....

Read the Economist article.

Originally Posted by neufox47

Read the Economist article.

I did.......

Originally Posted by Hott Butt Mud

Well, the first time I heard about Bitcoins was from a 20 year old college slacker kid who was trying to show me how I could run a bot to turn multiple computers into 'Zombies' so that you could "solve the algorithm", according to him, and this would somehow generate one BitCoin every 24-36 hours or so.

Uh, yeah, seems like a super legit system....

Not to mention that turning out a bitcoin currently valued at $90 every 30 hours yields an average income of $72 per day. Minimum wage seems a little low to be solving increasingly complex algorithms

The whole idea is doomed to failure. The near-anonymity of bitcoin transactions and possible chance to dodge taxes is way offset by the risk from hackers and ripoff artists out there. The opportunity for "forgery" is huge. Then theres the big swings in valuation because so little is in circulation -even after this latest runup the total supply is worth less than $1billion.