Bitcoins anyone?

[falcon]

In other news, I'm up 200% in KARMACOIN.. LOL

[MindBomber]

Originally Posted by falcon

In other news, I'm up 200% in KARMACOIN.. LOL

Why do you support Quark and Karma but not support Doge?

Doge seems little different than Quark and Karma other than that it is more successful.

[falcon]

I'm out of Quark these days, too stagnant for me. I just play for fun, it's a gamble for me. Waiting to get "in" on one of these silly booms on an alt coin and cash in. I'm only in it to make money I'm not going to lie. KARMA has seen a ton of action in the last few days. The way I look at it, and others.. DOGE is based off a MEME and will sooner or later wither and die. KARMA was made to kind of try and take DOGES' place in the "giving and tipping" type of currency. It's climbing the charts on coinmktcap and in the last 20 min I've seen 20BTC of orders filled with another 80BTC sitting on the buy books. There is also talk of it hitting Cryptsy which would help big time. Mind you MintPal.com is a pretty nice and fluid site for trading.

[SkinnyPupp]

That document is confirmed to be legit, but no intended as a final plan.

BTW this is the document

http://www.scribd.com/doc/209050732/...Strategy-Draft

[SkinnyPupp]

Here's a fantastic piece on Bitcoin, but you will need to have some spare time to read it all

The ghost of Bitcoin | Polygon

[Carl Johnson]

Mt. Gox served with U.S. federal subpoena: WSJ


http://www.marketwatch.com/story/mt-...me_latest_news

[SkinnyPupp]

Originally Posted by Carl Johnson

Mt. Gox served with U.S. federal subpoena: WSJ


Mt. Gox served with U.S. federal subpoena: WSJ - MarketWatch

My guess would be that this is completely unrelated

[Ch28]

Served earlier in the month. Probably has more to do with the silk road stuff
Posted via RS Mobile

[SkinnyPupp]

So I wanted to buy BTC for the first time, adding to all that I have mined and won gambling. I signed up for a local exchange, but every step you take is an extra day of processing. I finally just had my deposit credited, and the price is all the way back up to almost $600 again

It could go either way from here, depending on what the news is. Ulic's charts say that it should be at $100 right now, but unfortunately those aren't working out to be true.

I think I'll just pull the trigger and do it again if it goes down again with whatever bad news may come.. because I don't think the Gox saga is over, but I am not sure

[Ch28]

It was down to ~$460 last night

[SkinnyPupp]

yeah I was hoping to buy as low as possible.. Those 2 extra days of waiting cost me. Oh well, at least it will be easier from now on.

[Fafine]

What exchange are you using.
I tried wiring money from Rbc here in Canada. And after I did the wire. Their fraud line called me and basically said no . and that they'll be returning my money to my bank account
Posted via RS Mobile

[SkinnyPupp]

Originally Posted by Fafine

What exchange are you using.
I tried wiring money from Rbc here in Canada. And after I did the wire. Their fraud line called me and basically said no . and that they'll be returning my money to my bank account
Posted via RS Mobile

I used anxbtc. To be able to deposit to their account with cash, they required registration including a scan of my HKID and an invoice to prove my address. If I had an HSBC account, I could have just done a bank transfer instead for free.

They're actually opening a store in 2 days, but the price will be higher than market value. And who knows what the value will be

The fact that they are doing things "by the book" gives me confidence that they won't lose my coin (plus I am only putting enough in to do a trade, and then moving it to my wallet).

BTC-E is now the biggest exchange, but nobody knows who they are. They aren't doing anything "by the book" which may be a good thing, or not... I guess it has some advantages. But I wouldn't keep much funds on there personally. I just use it to transfer some LTC to BTC and get it out of there.

[Ch28]

Originally Posted by Fafine

What exchange are you using.
I tried wiring money from Rbc here in Canada. And after I did the wire. Their fraud line called me and basically said no . and that they'll be returning my money to my bank account
Posted via RS Mobile

Vault of Satoshi gets better reviews than cavirtex, but that's mainly because cavirtex takes longer to verify and they have higher fees.

[edit] Both are based in Canada

[SkinnyPupp]

Originally Posted by Ch28

Vault of Satoshi gets better reviews than cavirtex, but that's mainly because cavirtex takes longer to verify and they have higher fees.

[edit] Both are based in Canada

Best of all, if you want to know who runs it, they fully disclose all their employees' names. They also invite anyone to come down and visit their office in Ontario in their statement regarding the Gox mess.

[SkinnyPupp]

Bitcoin's Shocking Resilience and Achilles' Heel - Yahoo Finance

The reasons for bitcoin crashes like the Silk Road bust, the Chinese regulatory crackdown, the Mt Gox scalability issue, the Mt. Gox denial of service issue, the Mt. Gox DHS fund seizure, or the most current Mt. Gox solvency issue have been caused by actors in the system, not by a bitcoin shortcoming. Bitcoin rebounds because seasoned bitcoin investors recognize nothing has fundamentally changed so they load up on cheap bitcoins or hold tight. While newer investors and swing traders panic sell.

Lastly there are new buyers, people who have been on the fence about buying bitcoin and see the dips as their chance figuring it is now or never.

Anyone who thinks bitcoin is less valuable now than when it was trading at $1,300 / coin in November doesn’t understand the system. Was it fairly valued at $1,300? That is debatable, but bitcoin unquestionably has more utility and less risk today than it did in November.

In fact the other exchanges are now being pressured by customers to provide radical transparency and entrepreneurs are working on systems that eliminate the need to trust third parties for trading assets. Once implemented those innovations will more effectively prevent large scale losses of customer funds than any laws can.

So many great quotes in that article.. just read the whole thing

[PiuYi]

mt. gox lost 750,000btc and 100,000btc of their own?

for the first time ever, i'm willing to say btc is done (for now)... either it has to revolutionize itself somehow, or another safer currency will take its place

[Vale46Rossi]

This "bug" in Bitcoin has been around for a few years.

To me this is artificial and MT.Gox actually stole them bitcoins....

[Hehe]

Originally Posted by StevenDuang

This "bug" in Bitcoin has been around for a few years.

To me this is artificial and MT.Gox actually stole them bitcoins....

Which is prone to repeat since BTC is not regulated.

BTC is a product based on a great idea for a perfect world similar to what communism was. Unfortunately, it just doesn't really work in real world.

Whatever middle-men out there, it doesn't matter how much credibility they have, there is simply nothing to prevent them from going rogue if there's enough incentive. Why settle for a thousands of $$$ everyday in commission when you can take over hundred of millions at once?

[PiuYi]

To me, the concept of virtual currency itself is a natural evolution of the world economy, it's the next step. BTC is an extremely secure economy that had one tiny vulnerability and was exposed. The next currency (whether it be LTC, karmacoin, quarks, etc.) will be safer, and it will only get safer with each succession. I think virtual currency to the world economy can be compared to what the internet was for computers, a utopia that's still in development

[meme405]

How could you invest in something where you can literally just lose (im talking lose as in it disappears) assets like that?

I mean people comparing BTC to stocks or futures are almost completely off base, assets invested in the stock market don't spontaneously go off the grid. Shares in companies do not simply "disappear" as BTC does.

[shawnly1000]

Stewart: If Bitcoin Wants to Avoid Feds, They Should Normalize Fraud Like the Big Boys | Mediaite

[Hehe]

Originally Posted by PiuYi

To me, the concept of virtual currency itself is a natural evolution of the world economy, it's the next step. BTC is an extremely secure economy that had one tiny vulnerability and was exposed. The next currency (whether it be LTC, karmacoin, quarks, etc.) will be safer, and it will only get safer with each succession. I think virtual currency to the world economy can be compared to what the internet was for computers, a utopia that's still in development

I don't think BTC is the natural evolution... it's barely a wannabe that tries.

Currency as we know it is coming to an end. I predict that in 20yrs from now, *cash* will become something very rare that only a bank would take. All transactions will be digitalized and all government would push toward that direction as it is in their best interest (minimizing costs, while maximizing the security/accountability)

Just think of how credit card changed our way of spending/carrying money. Mobile internet will be the next step.

But this doesn't mean BTC or other crypto-currencies will simply take over. For any currency, fiat (cash) or real (gold) alike, they to have a perceivable value. Real materials with value such as gold generate that from their potential usage. Fiat monies do that with the perceived stability and value of the issuing place/entity.

Unless any government or giant corporation would want to back certain currency, I don't see crypto-currencies become mainstream. However, one possibility is that giant corporations with HUGE market cap such as Apple, Google, Exxonmobil... etc would launch their own currency that serves for their good/service. And as the company itself become the backing entity, it is possible for them to make their own currency work. Just think these companies as a small nation issuing its own currency.

[MindBomber]

Originally Posted by PiuYi

To me, the concept of virtual currency itself is a natural evolution of the world economy, it's the next step. BTC is an extremely secure economy that had one tiny vulnerability and was exposed. The next currency (whether it be LTC, karmacoin, quarks, etc.) will be safer, and it will only get safer with each succession. I think virtual currency to the world economy can be compared to what the internet was for computers, a utopia that's still in development

It is not an extremely secure economy with one tiny vulnerability. It is an economy with serious inherent security issues, as evidenced by the repeated thefts of customers' currency by exchanges, which cannot meaningfully address them without undermining its founding principles. Increased transparency among exchanges does not constitute meaningfully addressing them. An exchange can be honest and transparent for years and that does not preclude the possibility that they could perform a theft.

[SkinnyPupp]

Originally Posted by Hehe

BTC is a product based on a great idea for a perfect world similar to what communism was. Unfortunately, it just doesn't really work in real world.

As much as I want bitcoin to work, stating that it "works" or "doesn't work" this early is just stupid.

Originally Posted by MindBomber

It is not an extremely secure economy with one tiny vulnerability. It is an economy with serious inherent security issues, as evidenced by the repeated thefts of customers' currency by exchanges, which cannot meaningfully address them without undermining its founding principles. Increased transparency among exchanges does not constitute meaningfully addressing them. An exchange can be honest and transparent for years and that does not preclude the possibility that they could perform a theft.

You keep bringing this up, but it only affects people who are buying and selling on the exchanges. If you don't trust the exchanges, or aren't interested in buying and selling, there is absolutely no reason why you need to consider using them.

With Bitcoin, you can do absolutely anything you want with it. If you want to "buy low and sell high" on an exchange to make a quick buck, go for it. If you don't trust ANY of the exchanges but still want to make a quick buck, use localbitcoins or see if someone here wants to buy.

If you want to actually hold or spend your bitcoins, you can completely ignore the exchanges and everyone else, and just control your own wallet. Nobody can take it from you - not a poorly run exchange, not the government which can put limits on bank withdrawals if they want, not anyone.