Bitcoins - can I get rich? ponzi scheme?

[featherboa]

You don't have to keep your bitcoinz on a website. Everyone says you shouldn't actually. No one follows their own advice. You can keep them in a long ass password in your brain, or on a piece of paper, or a usb, or a harddrive... People keep coins on an exchange so they can be day-traders and get rich/lose everything.

But you can't read any reddits or whatever about bitcoin because it is 99% libertarian fedora town

SPOILERSPOILER_SHOW

[Jerrod]

daggum. i hadn't looked today $433. pretty low for nowadays. i should get some more.

Did it really drop that low yesterday, and where were you looking? Lowest I saw was about $530 on Bitstamp. I thought about buying another one at that rate, but didn't. It's at almost $600 again right now.

[featherboa]

it was like 10 or 11pm pacific on coinbase
i bought a little ; i didn't have balls balls balls

[Zerohero]

well... time to invest in CDNPAL$BUX

[featherboa]

I'm really surprised rondot doesn't have his own alt-coin

[Zerohero]

I'm really surprised rondot doesn't have his own alt-coin

could have that bunny rabitt head as heads, and goatsxe as tails...

accepted for gym memberships worldwide

[Thrashmaster Flash]

Nothing valuable to contribute here, but I recently noticed that the Las Vegas Club and the D in downtown Vegas are now accepting Bitcoins for everything except for actual gambling (the irony). So you can pay for your dinner with Bitcoins, if you want.

I suspect that having a good reputation at one of these casinos could possibly enable one to deposit Bitcoins at the cage and have them converted to USD for playing at the tables, but it would take some work, and I'm not sure there's even any value there. Back in the day, you could make a ton of money buying CDN and converting it to USD in casinos in Reno and Vegas, but those days are long gone. I don't know enough about Bitcoin (and it's likely faaaaar too volatile at the moment) to even begin to think about whether or not there's a money making opportunity in this case.

[Krieg]

SPOILERSPOILER_SHOW

+ LOL

But seriously, I knew you should not trust a website that was originally meant for trading Magic cards, mtgox stands for "Magic: The Gath-ering Online eXchange".

Edit: Damn unfunny aliases

[riley-o]

I'm really surprised rondot doesn't have his own alt-coin

It usually takes Kaka at least a few years to nail this shit. He just cloned facebook last year and fucking google the year before that. I wouldn't expect Rondotlars before 2016 at the earliest.

[Necrometer]

ahahaha

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[Geeheeb]

Rondotlars

Genius

[milkmandan]

I have .6 btc in dogecoin can I buy drugs now?

[soiled depends]

fuck, I still want to beat rondot about the head with a spade...

[jews 4 cheez-its]

MtGox Files For Bankruptcy, Nearly $500M Of Bitcoins Lost

http://www.npr.org/blogs/thetwo-way/201 ... coins-lost

[Zap Rowsdower]

Bitcoin somehow managed to mainstream an internet libertarian circlejerk.

"Fedora tipping m'ladies has become a huge hit at fashion week, more at 11."

[Zerohero]

Bitcoin somehow managed to mainstream an internet libertarian circlejerk.

"Fedora tipping m'ladies has become a huge hit at fashion week, more at 11."

Some young shaver was wearing a fedora at the bar getting bombed last friday night as I stopped for a stellar sammich. He didn't have an ounce of hipster in him, but I reckon 65% juggalo and 15% Pantera, 20% low grade hiphop. Fedora hath come home to the great unwashed.

[jews 4 cheez-its]

Bitcoin somehow managed to mainstream an internet libertarian circlejerk.

"Fedora tipping m'ladies has become a huge hit at fashion week, more at 11."

In the long run, decentralized, block chain crypto-currencies are probably here to stay - Max Keiser had a great quote about this particular situation, though. "MtGox is crypto's JP Morgan, except in this case, there will be no government bailout."

[Zap Rowsdower]

I agree that they won't disappear, but I don't see utility extending past internet commerce used in an extremely small amount of transactions. Imposing AML, KYC, and capital regulations on exchanges and service providers will necessitate fees, the kind of which bitcoin advocates say makes their product a better alternative than currencies. However, I do think much the recent bitcoin activity will be revealed to be artificial price increases and/or manipulation by early movers holding substantial positions and dotcom like path dependency and speculation.

[jews 4 cheez-its]

Federal Reserve Chair Janet Yellen: Fed Has No Authority To Regulate Bitcoin

http://techcrunch.com/2014/02/27/federa ... fb&ncid=fb

If you were worried about the Federal Reserve trying to step in to regulate Bitcoin, breathe easy: Its leader doesn’t think that the Fed has the authority to do so.

Federal Reserve Chairwoman Janet Yellen was plain on the matter: “The Federal Reserve simply does not have authority to supervise or regulate itcoin in any way.” She went on to call Bitcoin “a payment innovation that is taking place entirely outside the banking industry.”

Her remarks, made today before the Senate, will help set the tone for potential future regulation of Bitcoin. In Yellen’s view, Congress should work on the issue: “it certainly would be appropriate, I think, for Congress to ask questions about what the right legal structure would be for virtual currencies that involve nontraditional players.”

Bitcoin has recently taken hits following the demise of the Mt.Gox exchange. However, it’s worthwhile to keep in mind that the core abstract for Bitcoin is its lack of government control and regulation.

Recently, Senator Joe Manchin spoke negatively about Bitcoin. Warning that “Americans will be left holding the bag on a valueless currency,” the Senator “is calling for either strict regulation or an outright ban” on Bitcoin. Other countries have taken restrictive measures towards cryptocurrencies, so the option isn’t beyond the pale.

[Zap Rowsdower]

Fed doesn't; CFTC does.

[jews 4 cheez-its]

Fed doesn't; CFTC does.

Uhh, no they don't

[canon.docre]

What's the hope here with these kinds of currency? That it becomes big enough to lower the value of our current currency? Isn't any Bitcoin type of currency necessarily backed by American currency since it is inherently worthless aside from the amount of American Dollars it represents? Or am I missing something. Are they actually made of real gold?

what do you mean "backed" by American currency? Its worth whatever people will pay for it, in any currency, or whatever people will give you for it in trades/services.

[Krieg]

What's the hope here with these kinds of currency? That it becomes big enough to lower the value of our current currency? Isn't any Bitcoin type of currency necessarily backed by American currency since it is inherently worthless aside from the amount of American Dollars it represents? Or am I missing something. Are they actually made of real gold?

BTCs are backed by the electricity and computer hardware costs you invested into mining them. I am not joking.

[james]

What's the hope here with these kinds of currency? That it becomes big enough to lower the value of our current currency? Isn't any Bitcoin type of currency necessarily backed by American currency since it is inherently worthless aside from the amount of American Dollars it represents? Or am I missing something. Are they actually made of real gold?

>http://www.youtube.com/watch?v=a-X2C0n4ECo<

[Jerrod]

Bitcoin value is surging, again. It's up above $660 right now. I'm planning on selling a few today.