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BITCOIN

NotoriousREV said...

ShockDiamonds said...

Nothing? Mine a few, sell 'em, check your bank balance. Not saying it's easy, but you may as well call the stock market nothing as it largely exists only electronically doesn't it?

No. The stock market is dealing with the buying and selling of shares in companies that have tangible assets.

Fair point but what I mean is that the movement of money in and around it is purely electronic, and the computing power it consumes to operate is probably immense. It's a tad narrow minded to say it achieves nothing. Boils down to semantics I guess. Bitcon can be used, via the exchange with other currencies, to invest in those companies with tangible assets.

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ShockDiamonds said...

Fair point but what I mean is that the movement of money in and around it is purely electronic, and the computing power it consumes to operate is probably immense. It's a tad narrow minded to say it achieves nothing. Boils down to semantics I guess. Bitcon can be used, via the exchange with other currencies, to invest in those companies with tangible assets.

I think you underestimate the sheer computational crunching power that is used simply to "generate" a new bitcoin. Which might be fine if there was no other way to do it, but is a massive waste of the planet's resources when you consider that it's only hard because someone has decided to MAKE it hard.

Still doesn't mean it results in nothing. I've seen the results. 'Nothing' as a result is far from the truth.

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Excuse my noobness - but i had always assumed the computational effort of mining was being channelled into something useful? Slightly horrified to hear this isnt the case

HUGE missed opportunity. Surely having this sustained global level of computer effort could have done something truly amazing - like completed Tetris or something

The existing monetary system with its states controlled currencies, and the payment means managed by rotten bankers could be very bad, but at least there are some attempts at regulating them - I really cannot figure out how a barely regulated system could be any better... and the idea that some people could make money of this system makes it even more suspicious.

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Pilouil

Well the traditional system makes LOTS of money (see bankers bonuses, banking profits etc etc).

I dont think this is intended to supercede the traditional - just a way to pay for drugs and pron online. (NB: i appreciate the large percentage of traditional money that is spent on these two essential commodities)

Bitcoin has more in common with gold except it has no physical use which makes it easier to transfer exchange etc and anyone can buy it easily.

The biggest threat to bitcoin is bitcoin.2. Or some other electronically mined coin/asset.

If bitcoin is shown to be robust and totally secure then it would be possible for the 21 million to grow exponentially in value.

IMO worth a punt but don't invest if you can't afford to lose 100% of money invested.

We've probably all missed the boat on actual mining unless you've got access to free electricity and free hardware.


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Tax Story .. taxed to death and .. beyond >

Post on topic you fvckin trolls.

http://www.ft.com/cms/s/0/1b9f434e-a209-11e3-87f6-00144feab7de.html#axzz2upKqL75j

This was semi-suggested a few months back, nice that the government actually followed through on it.

Can't read that, may have to register first or something, but too tired to figure it out :)

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Hmmm, weird. It worked when I opened it first, but now it's behind a paywall for me too.

The content is duplicated here:

http://www.reddit.com/r/Bitcoin/comments/1zcvxd/britain_to_scrap_bitcoin_tax/


Any recommendation on
wallets
buying exchanges
and buying via paypal?

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Tax Story .. taxed to death and .. beyond >

Post on topic you fvckin trolls.

the1beard said...

Any recommendation on
wallets
buying exchanges
and buying via paypal?


Buy on bitstamp.net, or localbitcoins.com if you're impatient (you pay a premium on LBC though)

You can't buy with paypal, people are too scared of you complaining and getting the transaction reversed and running off with their bitcoins.

For wallets use a "paper" one for any amount that you plan to keep for a long time (plenty of threads on reddit about the best ways to do this.)

For your spending money a blockchain.info one, get the blockchain android app.

_ said...

the1beard said...

Any recommendation on
wallets
buying exchanges
and buying via paypal?


Buy on bitstamp.net, or localbitcoins.com if you're impatient (you pay a premium on LBC though)

You can't buy with paypal, people are too scared of you complaining and getting the transaction reversed and running off with their bitcoins.

For wallets use a "paper" one for any amount that you plan to keep for a long time (plenty of threads on reddit about the best ways to do this.)

For your spending money a blockchain.info one, get the blockchain android app.

Thanks for the info.

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Tax Story .. taxed to death and .. beyond >

Post on topic you fvckin trolls.

Beard - you might want to reconsider getting involved with Bitcoin...

click

Or you might want to start apologising now for being a paedo....

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Cheers

Rich

Rich B said...

Beard - you might want to reconsider getting involved with Bitcoin...

click

Or you might want to start apologising now for being a paedo....

i demand an apology :evil:

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Existence is pain ...

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WIBBLE

:lol:

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I thought bitcoin was fxxed?

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Si_ said...

I thought bitcoin was fxxed?

Non, it's resilient as fxx.

The only thing that might take bitcoin down would be a better rival virtual currency. Hopefully bitcoin has too much of a head start for that to happen.

Yep that's the real worry bitcoin.2.

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Post on topic you fvckin trolls.

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