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Bitcoins - digital currency Bitcoins - digital currency

07-16-2012 , 08:40 PM
Bitcoin is the near perfect medium of exchange, electronic and eventually fixed supply. Expect further price increases unless it is hacked or there is a technical issue.
Bitcoins - digital currency Quote
07-16-2012 , 09:13 PM
this rally gives me a boner

whats causing it?
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07-16-2012 , 10:18 PM
8.5-->9.4-->7.6-->8
standard 2 hours in the bitcoin markets

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07-17-2012 , 11:49 AM
I have up to 500 bitcoins I want to sell. I have a very solid rep from the HSNL betting thread. I have also sold BTC and 5Dimes (sportsbook) money many times. I can get references.

I guess if you don't have solid references than we can do this:

- we lock in a price
- you mail me a check
- I deposit a check and send the BTC

If there's a better way, let me know.
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07-17-2012 , 02:52 PM
Quote:
Originally Posted by Post-Oak
I have up to 500 bitcoins I want to sell. I have a very solid rep from the HSNL betting thread. I have also sold BTC and 5Dimes (sportsbook) money many times. I can get references.

I guess if you don't have solid references than we can do this:

- we lock in a price
- you mail me a check
- I deposit a check and send the BTC

If there's a better way, let me know.
I'd only do that with someone I trust. Checks can turn out to be bad for some time after you deposit and the funds show in your account.

If you have a major bank you can have someone go to a branch of it with your name and acct number and deposit the cash into your acct. I think if the person has the same bank they can often do an online transfer for free. There might be more risk in that though. Maybe they deposit a bad check into their acct and then transfer you the bad funds or something, I don't know for sure.
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07-17-2012 , 04:05 PM
Quote:
Originally Posted by AlbertoKnox
I'd only do that with someone I trust. Checks can turn out to be bad for some time after you deposit and the funds show in your account.

If you have a major bank you can have someone go to a branch of it with your name and acct number and deposit the cash into your acct. I think if the person has the same bank they can often do an online transfer for free. There might be more risk in that though. Maybe they deposit a bad check into their acct and then transfer you the bad funds or something, I don't know for sure.

Yeah, I thought of that problem with checks. But at least it is a felony to give someone a check in bad faith.

You bring up a good point about depositing cash into a bank account... That is how I did it in the past. I am not sure why I totally forgot, but that is definitely the way to go. Thanks. Can't believe I didn't think of that considering that is what I did last time haha
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07-18-2012 , 08:25 AM
Quote:
Originally Posted by sinner
this rally gives me a boner

whats causing it?
bunch of reasons, this article has a number of plausible explanations: http://www.bitcoinmoney.com/post/262...e-2012-results
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07-21-2012 , 04:33 PM
It's nice to see the sophisticated pro/con discussions in this thread. I'm no expert on currency but I've done some informal surfing of bitcoin websites in the last few days. Looks to me like the distribution of bitcoins is definitely widening over the last 6 months.

The two great generators of bitcoin usage may turn out to be gambling and porn. The Satochi dice website seems real popular. Other similar sites are starting. I would think that any simple lottery site is is going to eventually attract a lot of people. There now also some crude webcam pornsites payable with bitcoins cropping up as well. Gambling and porn may not be the most respected businesses but they are always in demand. Of course, the users of those sites tend to want anonymity and bitcoins do that. So I see bitcoin usage growing well for the next six months at least.

The downside of all this is that gambling and porn are two businesses that attract governmental attention. Governments may already be concerned about the usage of bitcoins to fund serious criminal activity. I imagine that a public announcement by the Western governments that they intend to crack down on bitcoin usage would send the market value of the bitcoin downward even if bitcoins are resilient to elimination.
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07-21-2012 , 05:15 PM
Quote:
Originally Posted by Pokerlogist
It's nice to see the sophisticated pro/con discussions in this thread. I'm no expert on currency but I've done some informal surfing of bitcoin websites in the last few days. Looks to me like the distribution of bitcoins is definitely widening over the last 6 months.

The two great generators of bitcoin usage may turn out to be gambling and porn. The Satochi dice website seems real popular. Other similar sites are starting. I would think that any simple lottery site is is going to eventually attract a lot of people. There now also some crude webcam pornsites payable with bitcoins cropping up as well. Gambling and porn may not be the most respected businesses but they are always in demand. Of course, the users of those sites tend to want anonymity and bitcoins do that. So I see bitcoin usage growing well for the next six months at least.

The downside of all this is that gambling and porn are two businesses that attract governmental attention. Governments may already be concerned about the usage of bitcoins to fund serious criminal activity. I imagine that a public announcement by the Western governments that they intend to crack down on bitcoin usage would send the market value of the bitcoin downward even if bitcoins are resilient to elimination.
Someone cloned SatoshiDice, called it BTCDice and it has lower fees and it motivated SD to lower fees too. MyriadCoins is similar but you don't have to use your own Bitcoin software since you specify the receiving address.

Porn is slow going it seems, but there are the subreddits r/girlsgonebitcon and r/decrypto and cam4btc.

Government 'doing' something in this case will just lend it legitimacy as a viable thing and also probably spur work on making it even more resilient, secretive and anonymous. The main drawback would be the loss or delay of larger businesses adopting it, but that's just in the country of the particular governments who condemn it. That will make other jurisdictions more attractive for running businesses that use bitcoin. Also it is already true to a small scale that you can't stop businesses from accepting coins indirectly. If you sell giftcards someone will buy them and sell to someone for bitcoins.
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07-26-2012 , 04:41 PM
I've noticed a few small scale bitcoin exchanges (get-bitcoin.com for example) that just take small processing fees and don't actually hold on to user's bitcoins. What type of start up fees and legal complications could you expect with starting a business like this? Is most of your risk just in holding large amounts of bitcoins to process orders?
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07-26-2012 , 06:05 PM
Quote:
Originally Posted by e i pi
I've noticed a few small scale bitcoin exchanges (get-bitcoin.com for example) that just take small processing fees and don't actually hold on to user's bitcoins. What type of start up fees and legal complications could you expect with starting a business like this? Is most of your risk just in holding large amounts of bitcoins to process orders?
Depends on the country. Most of these exchanges are located outside of the US for a reason.
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07-28-2012 , 02:43 PM
Quote:
Originally Posted by bjornb
They are trading at a ridiculous 70 cents USD which is hilarious for a currency that no one uses.
lol'd
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07-28-2012 , 03:21 PM
Some sites:

btcsportsmatch.com - wager in bitcoins with other 2p2-ers. Action picking up heading into NFL.

abugames.com - large MTG store that store accepts bitcoins.

bitzino.com - working on provably fair casino games in HTML5. Blackjack going now with video poker on the way. Great on mobile.

Blockchain.info/wallet - slick alternative to running the standard bitcoin-qt client locally.

sealswithclubs.eu - poker with bitcoins. Be wary of the collusion possibility when not playing HU.

bit-pay.com - merchant services.

bitinstant.com - easy cash-to-bitcoin service available at Wal-Mart, other locations.

I'm hooked. Hope this experiment continues to succeed and grow. Speed and security of large int'l money transfers with bitcoin is unprecedented on an individual level.
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07-29-2012 , 09:59 AM
Be warned, if you are used to stars or ftp, the sealswithclubs software is horrific. But there aren't a lot of games to multi-table anyway.

Still it's a good start.

+1 on btcsportsmatch/btcsportsbet, been around a long time.
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08-02-2012 , 05:05 PM
Just broke the $10 mark.

Also, ASICs for bitcoin mining are on the way. Butterfly Labs is taking preorders for the following
$150 usb-powered = 3.5GH/s
$1299 device = 40GH/s
$29999 device = 1TH/s

These will all be very low power draw as well. Game is changing, if they can actually deliver these...
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08-02-2012 , 08:09 PM
Don't expect those ASICs anytime soon. Going to be a long, long time before they deliver.

Feels like a rally leading up to the December block reward cut, congrats to everyone who has been holding.
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08-02-2012 , 09:22 PM
Quote:
Originally Posted by RickC16
Don't expect those ASICs anytime soon. Going to be a long, long time before they deliver.

Feels like a rally leading up to the December block reward cut, congrats to everyone who has been holding.
If they deliver a single asic by q1 2013 I'll be impressed. Pretty huge leap forward when someone is spending $5M+ and 6-12 mo+ in development on a product that has almost 0 value if btc dies
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08-04-2012 , 05:28 AM
Closing in on a 1 year high if it hits $12.

This bitcoin savings and trust ponzi is pretty amazing. 7% interest each week... what could go wrong? Seems to be millions in that ponzi + its derivatives.
https://bitcointalk.org/index.php?topic=94900.0;all
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08-04-2012 , 06:25 PM
Quote:
Originally Posted by Ponies
Closing in on a 1 year high if it hits $12.

This bitcoin savings and trust ponzi is pretty amazing. 7% interest each week... what could go wrong? Seems to be millions in that ponzi + its derivatives.
https://bitcointalk.org/index.php?topic=94900.0;all
Lol
"If I told you how I can pay 7% a week then I couldn't do it anymore"
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08-04-2012 , 10:20 PM
Quote:
Originally Posted by Freakin
Lol
"If I told you how I can pay 7% a week then I couldn't do it anymore"
Haha, it's true though.
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08-04-2012 , 10:57 PM
i've noticed a few of my friends recently discovering bitcoin/ talking about it - i wish i had bought more originally (obviously). sold most before it dropped below 20.

interesting to follow anyway.

to me, it seemed that something like this currency will be implemented in some form in the future.

do you think there's a higher usage of sr/demand of bitcoins during the summertime?

Last edited by moving shapes; 08-04-2012 at 11:04 PM.
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08-05-2012 , 04:46 AM
Quote:
Originally Posted by Deep

Blockchain.info/wallet - slick alternative to running the standard bitcoin-qt client locally.
blockchain/wallet is a wallet and not a client. There have been several wallets that have been hacked or where your money is stolen. However, seems good for a couple coins for lunchmoney. electrum is supposedly safe and you use a remote blockchain.
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08-05-2012 , 01:51 PM
Quote:
Originally Posted by Ponies
Closing in on a 1 year high if it hits $12.

This bitcoin savings and trust ponzi is pretty amazing. 7% interest each week... what could go wrong? Seems to be millions in that ponzi + its derivatives.
https://bitcointalk.org/index.php?topic=94900.0;all
Another funny thing about this one is some folks are offering pass through bonds for this where they are personally guarenteeing a 25% return of principal in the event of default.
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08-05-2012 , 10:15 PM
Quote:
Originally Posted by maxtower
Another funny thing about this one is some folks are offering pass through bonds for this where they are personally guarenteeing a 25% return of principal in the event of default.
And even 100%, very suspicious imo. I think those are a terrible deal because people re believing that guarantee and bidding the bonds up to a point where you are only getting like 4% and a large chunk of what you have to pay isn't covered by the insurance anyway.

For example, the face value is 1BTC so it pays .07 each week, but since there is supposedly no way to lose people bid it up to 1.7. Now you are really only getting .07 for having 1.7 out there and only 1 of the 1.7 is covered by the issuer if Pirate defaults. So it's more like a 58% insured bond that pays 4.1% interest and that's if you count the insurer as 100% honest.

I stay away from the whole thing.
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08-05-2012 , 10:40 PM
#3 industry on Bitcoin remains scamming dumbasses.
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