cryptocoin

LOL, So you claim you are no expert but all the while you trade in billions per day. Or do you not trade in Billions per day but were implying that you do? Are you like an ASIC miner and can only think about one thing? I could quote all the times you have told people how they should trade their portfolio also... I ill not. I do not want to get in an argument on whether or not you are an expert. I was simply pointing out that you have implied your expertise in this thread. It does not take an expert to see that the global financial system is failing. You just need to understand it a little. Right at the heart of the global economy is a Central bank that is just blowing the candles out on it's 100th birthday cake while is issuing billions of dollars from a bank account with a zero balance. The majority of the people simply do not know how the banking system works. If they did there would be trouble

Sure I read the citation. ASIC have been developed to do the job more efficiently with less energy. My GPU machine is powerful enough but uses more energy and is less efficient than an ASIC style machine. Mine can be used for other things though and once ASIC farms make GPU mining obsolete I can sell mine to a gamer for a reasonable amount of money. In fact GPU mining bitcoin is already obsolete pretty much, I am mining altcoins and auto selling them. Since when is solving mathematical algorithms not considered thinking? You claim that 'the government' ( I assume you mean 'Murica) has farms of computers greater than what I can ever imagine... The last I heard the Chinese have the most powerful single machine at a whopping 33petraflops... Knocking the good old US of A off the power throne of computing power. Well right now I am imagining 113483.35 petraflops of hashrate power into the bitcoin network at this minute. Now you show me something that is even 1/100th of that? http://www.bitcoincharts.com/bitcoin/ :)

http://www.forbes.com/sites/reuvencohen/2013/11/28/global-bitcoin-computing-power-now-256-times-faster-than-top-500-supercomputers-combined/ I don't need to do the maths when the 'finance guys' are already doing it for me. Bitcoins themselves do not think, but the network surely does. Unlike the NSA or the Federal Reserve etc... The Bitcoin Network is completely transparent... No lies, no bullshit.

But now you are playing like one... The Federal Reserve is 100 years old today or at least the legislation that bought it into existence is. In that time the value of the dollar has decreased by well over 90%, the gold that backed it to begin with is gone. And the United States is approaching 10 trillion dollars in debt. At this moment more is being spent on 'air conditioning' in wasteful wars by the US than the entire NASA budget... Heck the money loaned to the USA by the federal reserve to fund world war 2 has not even been paid back. How can you ever suggest that such a system is going to succeed? It is propped up by hope, lies and corruption, nothing else. Take a step back and anyone can see. Maybe being so involved, it is hard for you to see the forest from the trees. Now look at bitcoin. 4 years old, has about 4,500 times the computing power of the United States government’s mightiest supercomputer and is already traded the world around. If you are going to play chess like a pigeon and claim superior knowledge, why not at least explain how I am so incredibly wrong. I make no claim of being a financial expert. Though I am almost certain the USD will fail soon (2-20 years), I am certainly not the only one to suggest that. In the meantime we already have an alternative. :)

Good point... when this thread was started, people were using PC1000 and HC cameras for handcam... Now gopro is common. Some go pro handcam set ups are more snag happy than older style and some are very snagproof. but as Toronto_bill says, an altimeter can pose just as much if a snag hazard.

I am not the religious type, but that is a cool story.

LOL, Touche! I like to read the paper though, usually at a cafe over a nice meal and drink. Your comment above did come to mind when I stumbled across this article today... http://www.newsweek.com/clifford-stoll-why-web-wont-be-nirvana-185306 It reminds me a lot of some of the comments in this thread and in the many hit piece articles you read on Bitcoin. This was written when the internet was already more than two decades old. Bitcoin is only 4.

Please explain, I am simply suggesting that bitcoin is a good investment if you watch the markets. That finance markets are inherently corrupt and that the us financial system is on the verge of collapse. I would like you to explain yourself. broad comments about me with no real explanation are simply ad hominem. If you are so educated on the financial system and my comments are so 'humorous' then please educate us. I would like to believe that the future if the USD is sound... I cannot because printing billions and billions and billions of dollars can only cause inflation... If you hide that inflation then that can only cause a crash. Bitcoin is not subject to such inflation. It does have it's own concerns but hyper inflation is not one of them. You mentioned earlier that you refute that fact that the USD is backed by debt... I would have thought you would understand that. You understand how USD are issued right, of course you do. So explain just this fact that I have wrong. Please!

So if I put $4k into it 2 months ago and took $4k out 2 weeks ago and still have like $20k in it to trade with... is that bad? I don't really understand this stuff so well... Megacoin was like $0.015 when I got like $200 worth and now it is only $0.58 after correcting from $2.80 a couple of weeks or so ago... I am buying it today for over $0.50 at bargain prices. Look at the graphs. I chose a great time to get in. I thought I missed the boat. I guess not.

LOL you will see. lets come back ina few months time. lets put a hypothetical $5000 on BTC, and a further $5000 on MEC (my favourite). You pick $10k in the next 24hours on something you will trade in on a daily basis and see what that $2k is worth. just for shits and giggles... We put a date like March 15th ( I expect a large correction/opportunity at Chinese new year so lets avoid the end of January) to see who's hypothetical investment has grown the most in that time. you in?

wildly up and down... from $60 > $120 > $260 > $130 > $260 > $500 > $800 > $1200 > $700... That is this year. look at this chart... http://bitcoinwisdom.com/markets/mtgox/btcusd Click the 1d button to change the candles to one day terms and see that only those that have bough in this last month have risked losing anything at this stage... I have bought in the last month and still made profit. Heck I bought 2 btc at almost $1100 and traded it in cryptsy for a bunch of different shitcoins and turned that 2btc into 4 btc... the corrections have only happened because of Bad News... china freaking out on it... etc. corrections are quite normal everyone keep saying bitcoin crashed today. I don't know how many times I have heard that but each time it continues to grow. If growth from $109 in October to $700 at Christmas is bad then blow me down... I am an idiot.

it seems you are a finance guy... prices are manipulated all over the place, corruption is rife. for example; http://finance.yahoo.com/blogs/daily-ticker/wall-street-culture-corruption-forex-markets-manipulated-too-175027801.html then you have companies lying about their profit to make their shares more attractive. Bitcoin is different to what you are used to. I do not pretend to know finance but what I do know is that it is corrupt. 'The finance guys' that I speak of are the merryl lynch mob that screwed over the irish economy selling them sub prime mortgages etc... the Bank executives that used the bailout money to give themselves large bonuses, instead of liquidating the bad debt... Instead the mess is swept under the carpet and the result is going to be an even bigger crash then what was seen late last decade. You cannot pick up a newspaper without bitcoin being mentioned now. It is only 4 years old. It is not going to be next week that it will go mainstream but over the coming years it will. I never said it was a threat to wall st... I said wall st is about to jump on board, and in a big way. You can laugh all you want, but when that bandwagon starts, you just might look back and go. I should have done this much earlier. You might want to see BTC hit $1500 first even $10k... will that be too late? who knows even $100k? Some are forecasting that and even more... it I not a threat to wall st. it is an opportunity. When cyprus banks started pinching money from peoples bank accounts... guess what happened to bitcoin prices. Did gold go up? no, I bought gold at this time as in such times it is usually a good investment... not that time. Bitcoin is looking more and more attractive everyday. If you are a 'finance guy' lol, then playing with the crypto markets should be like a pro poker player on the cash tables on a Friday night. Don't miss out.

HI, LOL, no everyone is not making money. Some people are losing for sure but more are winning than losing. There are definitely people that are not making anything and those are the ones that have not invested anything. The finance guys have been laughing at bitcoin since it started... Not any more. This is not like normal finance, no central bank issuing money or company board making decisions for your investment. It is pure free-market, something the people in finance have not been used to... for a long time.

Lol. If the IRS want in on the action. Then that legitimises the whole thing even further pushing prices through the roof. I am exempt from tax in my location so I could care less. Remember this is just as much of an innovation (such as email an cell phones were) as it is a currency or commodity. Look at the growth curve of the auto-mobile, television, personal computer, cell phone or email and consider how growth could go.

The difference being that EVERYONE that has held bitcoin for the past year has increased their investment by a 1000%. Yes some people have lost money, but that is because they were latecomers and jumped on the bandwagon during the peak. This happens in every market. It fluctuates because it is new and the distribution is low compared to those that are interested in it. Each time a drop, a peak and a correction happens... the price seems to go up and they become more distributed. It will take a couple of years but eventually these fluctuations will mellow out and then it can be used as a currency in a broader fashion.

Yes I had to laugh when I was in the united states of how prehistoric some of the banking systems were.... Cheques? gee who has used those in the last couple of decades. It is American cashiers cheques that are used in a lot of fraud including many many scams in the classifieds of this website. It is the american system that allows many of these people to be scammed. Because the banks protect the purchaser and not the seller. Because you can reverse the transaction. A nice bounce back in the crypto market last night (west asia time) I hope some of you managed to use the low point to your advantage, I sure did. I see you can buy luxury real estate in the US and Dubai now using bitcoin, luxury cars, food, beer and clothes... All the essentials for a bitcoin tycoon. You know, those little kids that were mining these in 2009 when most of these guys here bashing it were too busy being correct on a different political subject to... An investment of $1000 dollars back then or a few months mining could have you living in a luxury house now... but is is just a fad, right? http://news.cnet.com/8301-17938_105-57615866-1/buy-this-$7.85-million-mansion-with-bitcoin/

That is the question for sure... Who knows, the fed and the powers that be have done a pretty darned good job of propping it all up so far, but prolonging the inevitable... Remember the dollar as we know it is only 100 years old and has lost well over 90% of it's value... Time will only tell.

My point is that it is no different to the dollar in terms of support. There is nothing but debt holding the worth of the dollar. In fact by rights the dollar should already have crashed and only the signatures of OPEC stop that from happening. Now that Saudi have had to start drilling offshore who knows when Russia will start exploiting the reserves they are sitting on... Personally I do not believe bitcoin will become the global reserve currency. There are too few of them and it is basically an experiment. This experiment is really working and who knows what the future holds. One thing is for sure though, the US$ and the fractional banking system is failing and they can only prop it up for so long...

The USD will crash, that is inevitable, you cannot go on printing money like that (QE1, QE2 etc...) without suffering the consequences. You cannot continue to invade every nation that tries to sell oil in something other than the dollar either... this further increases the chances of the dollar crashing. The US is going through a vicious circle at the moment. The sale of Oil is the only thing keeping it going. How well off is the US financially at the moment? Would you care to remind me? No the dollar is not worth the cost of the paper it is printed on. but the penny is worth less than the copper it takes to make one. Bitcoin is not only worth the energy and equipment it takes to mine one either... It is worth much more. With Bitcoin being finite and decentralised you do not have to worry about hyper inflation. Gold's price is being heavily suppressed at present also. I also have gold and silver in my portfolio. You do not have to lecture me on that, but it has lost 10% of its value on the past 4 months. While Bitcoin has increased by 600-700%. you see why Wall St. are starting to get interested now? That % is taking into account it's very low current price. It is only the panic sellers that are dumping because they are scared of government and bank smear campaigns... All this does is distribute the currency even further. It has happened before. I created this account because I am a skydiver. Not to evangelise. I happen to be very interested in crypto currency and this was the first thing I searched for here to see what people were saying about it. Like all forums there seems to be the few outspoken ones that want to bash it, while the majority seem to agree that bitcoin is a good thing.... Fortunately for me I have profited considerably from crypto, to the point where it is earning me more than my usual job (at present) that is also well paid. Even with the current lows... But what do I know...lol

Says the guy that obviously does not know what he is talking about. Firstly, you pay for computing power to secure the network and mine. This energy and equipment is just as real as it is in any other sector of finance or industry. Websites and photos etc. are 'just code' too, I suppose they are not worth anything either? And furthermore, bitcoin is completely transparent, the blockchain holds all the information of every transaction that has ever been made. One can study all the code (if they know how) and many have. The FBI like bitcoin. As anonymous as it is in terms of not needing to have bank accounts etc., the transactions can actually be traced with the right equipment and know how. Implementations like zerocoin or coinjoin would be unnecessary if bitcoin was actually completely anonymous. Before you go bashing something please ensure you understand it. Heck why not slap couple of hundy into it now while the prices are low... Then you might not feel so bitter.

https://twitter.com/Heineken/status/412582896038580224/photo/1 There are a bunch of bars that already accept bitcoin but heineken look like they will sell you a sixpack for BTC soon enough by the looks...

Bingo. No matter how much bad talk there is on bitcoin and other cryptos by the mainstream, there will never be scam artists in the classifieds asking to by your rig with 3x as many bitcoins as you are asking for. Then asking you to send the remainder back afterwards... Cashiers cheques, credit cards and pay-pal on the other hand... The scam artists that are far too common these days are utilising the weaknesses in the current financial markets along with human gullibility. Bitcoin transactions eliminate many of these weak loopholes.

There are heaps of different crypto currencies. One does not need to invest a great deal to get into this. You just watch the values and the market cap of each coin and trade between them on the likes of cryptsy or BTC-e and make your money that way. You can also lose you money that way, just like the share market. Wall St. is about to get into crypto currency in a big way in the coming months and my advice is to get some of a reputable coin and sit on it. BTC, LTC, QRK and MEC are my picks... I trade between the other shitcoins to make money, you can double an investment in a matter of hours if you now how to watch it... coinmarketcap.com is a good place to start watching... Once you get familiar with the math... then cryptsy.com is a good trading site that is easy to use. They have had some server issues lately with a massive influx of new accounts and trades being made but that should be relatively short term. India and China are warming up very quickly to crypto as well... I like some of the comments earlier in this thread. The typical know it all's should have chucked a hundred bucks in, instead of hating... Yep, now between $850 and $900 after it crashed from $1250 the other day. Prices are very volatile for sure, but one bitcon was worth more than an ounce of gold a couple of weeks back... and lots of people making money off them, some losing for sure, but you tell me a marketplace where this does not happen and where such money can be made in such a short period of time. One coin in my portfolio has increased over 100x in the past 2 months. I have taken my investment out... the rest is free money, really idiotic . I am willing to bet that one bitcoin will surpass an ounce of gold and leave it for dust in the coming year... This is a nice website to watch Mt.Gox with... http://bitcoinwisdom.com/markets/mtgox/btcusd Lets see what a click of this tells us at Christmas 2014, shall we. Currently - Bitcoin $ 10,521,251,108 $ 867.58 12,127,125 BTC -0.77 %