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When Bitcoin Is Not In The Hands Of The Bagholder
If the Bitcoin marketplace is this excited to accept people's fiat - especially those who have not blown up any bailed out banks, traded on SAC-type information, or abused the NAR's exemption from anti-money laundering provisions - one wonders just how is all the buying interest being funded? And also, whatever happened to the no transaction friction pledge surrounding the digital currency? Actually, scratch that: if there are no transactions, there can be no frictions.
Perhaps the delayed response had something to do with a purchase that took place near the bottom of the most recent selloff?
We wonder: is this how Coinbase would feel about selling at the "top" especially if Bitcoin's USD value were to be cut in half in two days, as happened just this past weekend?
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Coinbase always makes good on these trades, you just have to reach out to support.
They give verified users access to an immediate short-term bitcoin loan of $10,000, pretty unreal and I think it says a lot that they've held up so well given the media blitz and rise in public awareness.
Coinbase has always honored transactions for myself, as others said you might have to contact support and get whitelisted.
The issue is not always coinbase, many banks are starting to block anything bitcoin related, and it could very likely be that that person's bank decided to red flag the transaction, not coinbase. Again there are many examples of this.
Oh and for the "frictionless" dig there in the article. Yes bitcoin is 100% frictionless, the example here is outside of the bitcoin network. This is an example of how much friction there exists in the current FRN system.
Tyler: You're getting tedius. One anti-BTC comment after another. Yawn.
As for Coinbase: If people don't like their policies, they can sell some other way - there are dozens.
Hey if you can't buy a $40,000 car via FRN w/o raising suspicions.... hell yeah bitcoin is gonna make the banks bark like wild dogs in heat.
I thought about it, but I'd rather spend the few hundred dollars in fees and take the dealer note, to be paid off by the end of the year, than be subject to unresonable investigation by the modern American Gestapo (aka the IRS).
OK, time for NoDebt to eat some down-arrows.
When I set up my account at MtGox there were no problems. FUNDING it, however, was a bit daunting. When they saw I wanted to do a wire transfer to freaking JAPAN, my "bank" (I won't say which one for obvious reasons) blew their stack. Several phone calls with lengthy dialog before they would allow the transfer to take place.
I was cautioned several times about the potential perils. I was told stories about Nigerian scams (no kidding- that story was offered up).
I will also point out that the costs of transferring the money, once grudgingly approved, were not free. Needless to say, something notably less than the full amount of my money showed up at the BitCoin starting line.
I have no knowelge of Coinbase and have never used them. Don't even know where they are located on the planet. Yet, I suspect that the funding (purchasing) of BitCoins has significant "drag" no matter where you go. Some places more than others. And the more you look like a retail idiot (like me) the more flack you're likely to take to get it done.
So you're saying the Yen deflation is being obfuscated w/ BTC ? Makes sense. If I were an intelligent young japanese person, I'd be really pissed at my government. Really. Pissed. So pissed, I'd invent my own currency and then sell it to drug dealers. Look, did your bank hassel you when you bought $10,000 worth of Tide? No? wtf.
But hey, at least your bank warned you. I would have responded w/ something about Zimbabwe. They're probably upset that you were lowering their liabilities. Although you would think it would be a good thing....
Ummm.... Just get free bitcoins at http://freebitco.in/?r=25727 ???
"Dear Valued Customer"........
Yeah, right.
Well, they simply want to make sure that you (the 'valued customer') really WANTS to be raped of your OWN FREE WILL before they have their way with you.
A means of exchange that inflates and deflates in value by the nanosecond sure sounds like a trustworthy enterprise to get in to...
A transaction medium that only exists in VIRTUAL reality sure will be good, when the electricity suddenly gets cut on your computers...
As you reach for your 'BITCOIN WALLET' at the store, and the only thing they see is a blank screen (and they have to bring up the old people to count out change, because the calculators are 'down'), and they have posted a sign at the register stating, 'cash only, power down', AND, it's about 2 hours before the earthquake/hurricane/typhoon/alien invasion/'time your girlfriend is finally going to give it to you is due', AND you only have some flaky, untrusted, changeable VIRTUAL currency that WON'T WORK; AND, you forgot to buy food/water/gasoline/ammunition/wood/tampons for your VIRTUAL pussies (or condoms for your VIRTUAL cocks), you will be, well, SCREWED.
NO, PLEASE, TAKE MY MONEY, and ELECTRONICALLY TRANSACT the EXCHANGE! I have 7 GRAND in my account! PUH-LEESE! FUUUUCK MEEE SIIIILLLY!
'Oh, well, in that case...' (They smile, and reach out, taking your fiat currency that you have in your hand and exchange it for a fiat currency that you cannot actually touch physically...)
AND...It's GONE!
http://www.youtube.com/watch?v=-DT7bX-B1Mg
I can't BELIEVE it!
Someone down-arrowed my 'SOUTHPARK' financial posting!
SERIOUSLY!
The elixer of TRUTH has a bitter taste to it, I suppose...
what's a Bitcoin?
Its a coin that had a good run, and can double or more in the short run but altcoins leverage up faster and are priced in BTC
45x on the monthly: https://www.cryptsy.com/markets/view/86
Where are all the usual fire-breathing Bitcoin haters? This thread feels very odd.
What is Bitcoin?
Heres one for you:
#73129837129834194392342938429384293847298742398742938749283749287492874982748927349823749823749827498274293847923874928748239742398748239749283742398742938742398742398742938472839472398472389742398472398748239742398742398479238749823742375056090486093809374987439587289356423987492387423987429847892374823974892374893274982374893840923842398423098420398402398430298409238509485093485094385094385094385093484509
I am told it's worth it's weight in yellow and I'd print the other half of the number but the lady at the till told me I got a digit wrong somewhere and the printed paper won't fit in my wallet anyhow. I think the first 9 digits went on cinema tickets as they say it's divisible so scrub them.
What is Bitcoin?
It's got electrolytes.
What's a bitcoin? The latest tulip bulb in a long line of scams, which gullible sheeple constantly fall for.
If you think this story is weird, wait until you read what the squid's parent did today....
The Founding Bank of a Central Bank based Paper Virtual Currency files a Patent for Virtual Currency
That's right! JP Morgan-Chase files for a Bitcoin-style currency patent!?!?!?1 How f'd up is that!!!!!
If I had to guess, I'd say they were too stupid to figure out a bitcoin on their own, and now they will plagerize a real bitcoin. And do like they always do - subsume it completely.
Craw, you now have figured out their business model; albeit 115 years too late, but congrats!
And signed by. . . none other than "the coinbase team".
Hah ! I read it as "Dear Schmuk"
Strangely enough, Madoff used to make people beg him to open an account and invest with him.
Well, we could just go back to the shell currency of the Trobriand Islands. A little tough on a global basis though.
Still, there can be an argument for old style local "currencies" and take your chances on regime changes and whether you are welcome to conduct trade. Gives a lot of control to the chief, lord, or whoever has power.
Not inconceivable.
I have a Puka Shell necklace from my surfer days that would be worth a fortune.
I guess I'll have to just stick with the Rolex.
@NoDebt
Good luck getting cash from them. Imagine going the other way.
Basically i gather one would have to transfer BTC purchased on MtGox to another location and then sold (such as coinbase).
Try buying ltc.
All the fun of a btc purchase, with the added complication of then trying to find an ltc seller, because the only real way I could find to buy ltc, was with btc.
Now I'm looking to trade my ltc for Qarks.
Hi ho, hi ho, la da di da da dum.
If at the other end, I can trade all this happy horseshit for shiny metal, I'll laugh myself into an exhausted sleep.
If not, it's been fun.
In a "trip to the dentist" kind of way.
Next time, I might just fly to Canada and use one of those damn ATM things I keep hearing about.
It's the currency of the future though, so maybe I'll just go buy an electric sports car instead.
Go try a golf cart first. Be sure to drive it until the batteries die (won't take long). Then lift up the sit-upon. View the mighty corroding lead-acid glory. Find the switch marked "FLIP TO TOWING POSITION TO PREVENT FIRE AND EXPLOSION". Push it home. Then go to the dentist, for fun. She don't take bitcoin.
Cryptsy.com
I did one transaction with them. Not horrible.
But bitcoin was about as alt as I am willing to go. I bought one of those other coins and I caught myself...and I was saying to myself, WTF.
But there are places out there.
Cryptsy is the only exchange listing them, so that ought to give you pause. Secondly, they are "pre-mined" in the sense that 95+ percent of the coins already exist. Third, the Bitcoin bashing Commie/Quaker Bill Still is pumping them. Looks like a pump and dump scheme to me.
After I bought my 1 and only BTC from Coinbase the price skyrocketed. Three business days after it cleared my American bank thru an ACH transfer, they reneaged and reversed the charge.
I don't believe in virtual currency foremost because the NSA has backdoors and keys to them. They should only be valued as a speculative play.
Only in the United States. In most countries in Europe, things work smoothly.
Personally, I like my CA$H for BTC method better. Fewer tracks. Have to trust your counterparty though, but he 100% so far, I see no reason why it will not continue.
Most of my BTC through time will get SPENT along the way, so I will miss out on big speculative gains for the most part. You can think of me doing my part to support the BTC community by spending them!
If I ever decide to try BTC, cash is the only way I'd do it.
Go to localbitcoins.com
Create an account with a strong password and enable 2 factor authentication.
Type in your zip code.
Contact seller with good feedback and a 100% rating.
Meet in person.
Have them show you the transaction.
Give them cash.
Shake hands walk away.
If your a virgin make it a threeway with someone who can show you the ropes.
I just got home from a btc purchase using that very method. The seller bought me and my two buddies dinner. We had good conversation. Everyone left happy. I friggen love the free market and people who willingly engage each other in commerce.
So just put $10,000 in a bag, show up at the local McDonalds carpark, meet a stranger, hand them the cash, pray your not murdered, then stand around for 10 - 15 minutes for the blockchain to update and verify the coins they sent you are now in your wallet or just assume the person is legit and head straight home to buy stuff online with your BitCoins.
Why isn't every financial transaction this simple?
The honor system 2.0
As someone who sells bitcoins for cash:
1) Go to a public area. This isn't a drug deal, there's no need to hide.
2) No need to wait for the blockchain to verify. If you follow the Localbitcoins process, the coins are transferred from your wallet to theirs instantly upon receipt of the confirmation code. That is to say, Localbitcoin can guarantee that the funds will be transferred because you transferred it to their escrow service first.
Be easier to just buy the drugs with cash at the same time and cut-out the bitcoin middle man?
I'm sure there's safe ways to do it but you gotta know your town and it's folk rather than assuming every Joe you meet is a top bloke as honest as you are.
There will probably be a correlating emergence of beatups and stabbings as the value of a bitcoin increases. The Wild West didn't start wild, it grew from the organised colonies in which everyone was trying to create a new order out of the chaos they left behind. Eventually it caught up with them and laws were needed, then the creatures used the laws to corner and game the system and now we have bitcoins....
The wheel turns.
ZeroHead strikes again. You people cannot be this dumb, you simply can't. For heaven's sake, this is a currency that can be sent from any PC or phone to any other with no fees. Do you really believe that all the hoop-jumping and reneging has any thing to do with it? Seriously?
The problem is with dollars. The banks are getting hacked so often they are shutting down bank wires every day. They are trying as hard as they possibly can to keep people from getting out of dollars. Get it?
Email - government 2 way communication monopoly destroyed by the internet (Post Office/Telcos)
WWW - government media monopoly destroyed by the internet (Television/Major Media)
Bitcoin - government money monopoly destroyed by the internet (Banks/FED)
The Bitcoin Channel
and of course...
Music & Film Industry - government endorsed cartel destroyed by Bittorrent
Double post.
I got nothing new to add...
Gracias PD - good info.
What a waste of time, energy and effort just in order to buy few flipped bits...
Pretty much nailed it. Go local, fuck the wire transfers. Might I add a further step - back up your bitcoins on another wallet on your computer/offline instead of leaving them on the online wallet, since you never know with hackers these days. Download Electrum, it is the fastest wallet - no need to download the entire blockchain. Send your bitcoins to your wallet, backup the wallet file and enjoy the ride. When you want to sell, just send your bitcoins to your online wallet.
Do you realize all the steps you listed created additional hassles?
"Go to localbitcoins.com.
Create an account with a strong password and enable 2 factor authentication.
Type in your zip code.
Contact seller with good feedback and a 100% rating.
Meet in person.
Have them show you the transaction.
Give them cash.
Shake hands walk away.
If your a virgin make it a threeway with someone who can show you the ropes."
-----------
As opposed to:
Contact seller with good feedback and a 100% rating.
Meet in person.
Have them show you the transaction.
Give them cash or PMs or something to barter.
Shake hands walk away.
No escrow, no record of the transaction. You are kind of asking to get murdered doing that. That's fine if you want to take the risk. I wouldn't, unless I was going to bring some friends with me and meet in a very public place.
Lol, Tyler is mining BTC-haters for pageviews. Coinbase is just one company. If you don't like how they conduct themselves, take your business elsewhere. Coinbase is a store that buys and sells one product: Bitcoin. Their price for selling BTC is consistently higher than Bitstamp.
Yeah, because you three BitCoin tools will make or break Tyler.....
As usual, all that Tyler has ever done is pass along news clips about BitNonsense, and let the stories speak for themselves- true, it's been fun to watch how delusional you tools get about this stuff- jeez, even tulips had more fans at their peak- but Tyler hasn't commentted personally much at all about this comedy.
Also as usual, Tyler is giving you all the facts you need about BitNonsense to get out while you can, but as with every mania, you guys can't see the forest thru the trees- you know he's mocking you, but your pseudo-intellectual pride won't let you push the button-
Sad, but damn funny to watch!
That's "forest FOR the trees" in other words you can't see the big picture because of the details. I have no idea what you mean by "can't see the forest THROUGH the trees". Upon reading the following sentences, I gather you don't know what you mean either.
No, what Tyler is doing is documenting the psychological stages of a financial mania. First, it's euphoria. We're smarter than everyone else and we're all going to get rich. Then, momentum slows down, doubt creeps in. People start looking for the exits and wondering if the Emporer really is naked. That's pretty much where bitcoin is now.
Why do you choose this point to be euphoria? I'd say there's still plenty of room for this mania before it runs it's course.
You didn't read it, or you missed it, Duke.
"We" are now in the 'doubt' phase, according to the post you responded to.
Of course, I have never been a 'we' in any of the phases described. I am one who likes watching intelligently stupid greedy pricks and pussies as they 'glom on' to the next 'get rich quick' scheme.
OOH! BITCOIN UP 500%! OH SHIT! BITCOIN DOWN 50%! NO, WAIT, it's RALLYING...SHIT! It just DROPPED again!
Say, how much did YOU lose on this train ride to hell?
'Don't ask. It's not over yet...'
(cut to ad)
If you have not yet entered the secret world of 'no-money-down' housing, be the FIRST! A SECRET seminar is being held at the Omni Shoreham, in Washington, D.C., on December 19 and 20 only. Only the first 500 people who call this SECRET phone number will be admitted! Learn how to make gold from lead, as the inspirational life-coach guy, TOM VU, a Korean immigrant (god bless him for his patriotism) will teach you the SECRET secrets of getting in for NOTHING., and riding the wave all the way up...
(sarc) (not really, but close, anyway) (some figures, people, and locations are real, but not meant to accuse any particular parties of guilt in the malfeasence and nefarious activities associated with ponzi scemes or other 'get-rich-quick' bullshit, or the funding of the illegal usurping Federal Government od the United States, Incorporated.)
I always wondered if retarded people know they're retarded.
Are you retarded?
I always wondered if schills had a conscience when they speak their lies and obfuscations.
I guess my question was answered.
Take the bag off, and show us who you are, schill.
I've posted the web address to my personal brick and mortar business on this site multiple times. Bag removed already.
I'm still convinced you're tarded.
I know I am in the minority, but this comment really made me laugh. So far the best comment in the thread! +1
You liked him fine when it was article after article pumping the bitcoins. Now that the news has turned against your ponzi, you don't like all the attention.
mmm, guys, could y'all resist the temptation of clicking on that Coinbase site? I seems it can't handle the traffic spike.
Coinbase statistics
You know what they say, any attention is good attention.
Only women say that. Men say "if it hurts, stop it!".
In the the last two weeks I've had lengthy conversations with three developers who have built two of the most significant pieces of infrastucture in the bitcoin ecosystem. Fortunaely, they don't consider bitcoin to be the finished article because they know that the work they started in the last few years is just the first step. They have known since the start what this technolgy is capable of and realise that the work they have done so far has just laid the foundations to build all the additional features that have had to lay dormant while the ground work was done.
The vast majority of what can be built on top of the bitcoin protocol still exists as theory on paper or in people's heads. We discussed some of their plans for next year which, if achieved, will add even more utility to this payment network - and there's way more possibility beyond that.
You would consider these people to be the main beneicaries of this so called "ponzi" - the ones to get in early and get out and dump it all as soon as they see some of those lovely solid dollar bills.
Why is it then that most of these sharks are using their gains to re-invest back into the system to make it even better? You are already seeing a host of inovators that are able to now self-fund their own projects that they passionately believe in. They are already happily turning down the vulture-capitalists' as they circle for a piece of the pie because they don't need thei money.
We are possibly witnessing another first of its kind - the development of global payments networkk that is entirely self funded by those people clever enough to recognise its potential way before anyone else. It is in their interest to make it better.
Most people that get sucked into ponzi schemes do so for one reason - to take as much cash out of it as possible because a ridiculous rate of return was promised by the seller of the scheme from day one.
Who promised such gains when bitcoin was released? I take it you were falling over yourself when promises of substantial gains were dropping into your inbox throughout 2009 when you could have gotten your hands on as many of these things for virtually nothing? It was sooo obviosuly a get rich quick ponzi wasn't it?
No, many of the people that did get involved in those early days have gone on to devote endless hours in develping technology that just might actually change things a little. And none of them did any of that with any certainty that it would lead to anything. They did it because they could see how it might have the potential to provide an alternative system that allows people to choose, if they want, to avoid the taxes forced upon them every time they use the payment networks bestowed upon us by the global banking cartel.
How will these intelligent forward thinking advocates of this system maintain their business model ,without cashing out , unless they desigin within this ecosystem their own own vig?
Or are you saying they are doing it for the good of everyone?
Cashing out? Hey math major, here's some math for you. The first Bitcoin transaction was 10k BTC for a pizza. You can now sell 500 of those BTC for half a million dollars and still have 95% of your BTC stack from your original 20 dollar investment. Get it?
But many of us early adopters believe in crypto currencies so strongly we ain't coming back. Keep your dollars. We don't want them. Now as for the shiny metals, we may take some more of those from you since they are down 99.99 percent against BTC.
The Bitcoin Channel
Sounds like a Ponzi scheme to me.
Says the retard who would rather use banks for financial transactions.
I'm sure their motivation to do good is no different to Gates, Jobs, Zuckerberg and the like. The point is this model incentivises them to make the whole system better. The more useful they can make it for everyone and the more beenfits they realease for wider use.
I am a long time advocacte of bitcoin but I;m not blinded to its faults. The biggest weakness I see is the narrow distribution with a disproportionate number of coins being held by a very small number of people.
But that distribution may improve as the early adopters cash out, or simply spend their stash on improving overall infrastructure.
Please don't try to reason with the dollar bagholders over here at ZeroHead. Thinking hurts their head.
The Bitcoin Channel
Ahhhh. Goobermint troll extraordinaire xeno pops in to the Bitcoin thread. Time for some early morning profits :-)
@XenoFrog
Seal Troll Rating: -2
Issues: Subject continues to show complete ignorance on the subject of Bitcoin, only choosing to appear and flog the usual pro-government points at random intervals, mostly in articles where the slant is against Bitcoin's viability or short-term market performance.
Subject also has a large knowledge gap in defined terms, "Ponzi" being one of them, and employs the same terms over and over, to reinforce some kind of false confirmation with no actual basis in fact.
Also, on a even more curious note, the avatar picture this individual uses is possibly a theft of someone's identity, as prior postings have shown the subject's avatar engaged in webcam masturbation, and other activities. With such a basis, the misinformation and other outright fabrications seem to fit into the puzzle of a person merely participating to spread a personal agenda, paid by an unknown benefactor.
if you make a deal you honor it otherwise theres something wrong and since he had fiat for ponzicoin sounds like someone was deined access to buy the dip which is a dick move and totally valid for bashing
Now for some down arrows...FUCK BITCOIN and long tulips! I hate FRNs (and continuously trade them for real money) but at least FRNs are "backed" by government taxation and/or a standing army (and we all know what is going into the MIC). Sayin...
Yeah, I hear what you're sayin'... you give passive approval to a system based in violence and bloodshed because you see everyone else doing it.
If you stacked all the brain cells over here at ZeroHead in a line it wouldn't be the length of Satoshi's finger.
I am guessing that you don't pay all of your "bills" with bitcoin, and if not then what do you use? Fucking hypocrite (and passive approver).
Thus spoke a true slave. One who recognizes what freedom is, but still choses to don the shackels of his central bank masters.
Suggest you keep your masochist play behind closed doors, friend.
Yo T, I hate the Fed, I hate central banking and the cartel...all of it, but if you think Bitcoin is your savior from all of that you my friend are the slave to your own ignorance.
Frictionless? It's astrolubed and superconducting, the ultimate levitation and disappearing act all-in-one...
Yeah the high risk thing with coinbase is extremely irritating and I think their business model is pretty ridiculous. They "make good" on their trades, like others say, but you have to email them, wait days for a response to get your account "white listed" (as if signing up isn't enough), then email them AGAIN saying to honor their order. Happened to me a bit over a month ago, and took 2 weeks to correct. Very very standard situation with them. They're one of the reasons I know bitcoin is if it has ANY hope to becoming a "currency" the barriers to entry (and exit I guess) need to be fixed, big time.
I emailed after they reneaged. Got nowhere.
The only thing stopping BTC from being converted to and from fiat at every ATM is the heavy hand of Gov't Regulation.
That or there's simply no demand for it. Sometimes the simple explanation IS the right one.
It must be only the Canadians that want em...
http://www.coindesk.com/robocoin-bitcoin-atm-cad1m-29-days/
ZipZap to Offer Cash-for-Bitcoin Service at 28,000 UK Locations
When I bought my first BTC it was Western Union > Zip Zap > Bitinstant back in April. Guess what that $800 bucks is worth now after some investments in ltc and btc securities along the way. :P
And hence, ‘Occam's Razor’ (1340).
It states that among competing hypotheses, the hypothesis with the fewest assumptions should be selected.
Or stated another way, a person should proceed to simpler theories until simplicity can be traded for greater evidentiary power.
This principle goes back at least as far as Aristotle, who wrote "Nature operates in the shortest way possible."
And often attributed to Einstein, "Everything should be made as simple as possible, but not simpler."
Actually, I believe the proper interpretation of Occam's Razor is "among competing hypotheses, the hypothesis with the fewest assumptions is the most likely to be true". Many people incorrectly chose to interpret this as "the hypothesis which is the most true", or even worse, as "the hypothesis which is the truth".
Alas to disagree, BUT! For those of us who like playing internet encyclopedia:
http://math.ucr.edu/home/baez/physics/General/occam.html
Occam's (or Ockham's) razor is a principle attributed to the 14th century logician and Franciscan friar William of Ockham. Ockham was the village in the English county of Surrey where he was born.
The principle states that "Entities should not be multiplied unnecessarily." Sometimes it is quoted in one of its original Latin forms to give it an air of authenticity:
"Pluralitas non est ponenda sine neccesitate"
"Frustra fit per plura quod potest fieri per pauciora"
"Entia non sunt multiplicanda praeter necessitatem"
In fact, only the first two of these forms appear in his surviving works and the third was written by a later scholar. William used the principle to justify many conclusions, including the statement that "God's existence cannot be deduced by reason alone." That one didn't make him very popular with the Pope.
Many scientists have adopted or reinvented Occam's Razor, as in Leibniz's "identity of observables" and Isaac Newton stated the rule: "We are to admit no more causes of natural things than such as are both true and sufficient to explain their appearances."
The most useful statement of the principle for scientists is
"when you have two competing theories that make exactly the same predictions, the simpler one is the better."
...Well, the article goes on. Pretty interesting for us word nerds.
Technically, Renfield, you may be correct, but I will stand by my interpretation of Occam's Razor above, in the form which it is usually expressed, and also as opposed to those forms in which it is often incorrectly expressed.
Or too many Americans are simply broke and you can't buy bitcoins wit a credit card.
That's right. Bill Gates released the first version of Windows and the very next day MicroSoft was a multi-billion dollar company. And when Zuckerberg first stuck facebook up on that web server - BANG - it was worth $100bn the very next day and he never wrote a single line of code beyond that first version! Crazy huh?
Xeno, you pathetic goobermint troll idiot. Since when does the government have to work so hard against something with no demand? You are losing this war. The market is voting against you and there is NOTHING you can do to stop it. fiat is leaking into crypto from everywhere around the world, especially China.
Fiatleak
Right, every ATM should offer BTC conversion, since, you know, you can convert every other currency (and I use that word loosely) at ATMs now. ATMs should also dispense beer and other things I want. Idiot.
If you are still using ATMs you have not been following recent events.
Go long love.
I think frictionless is a real plus when you are being cornholed.
@fonestar - that you?
AHAHAHAHAHAHAHA WOOoooo HOooooo LOL !!!!
SHIT COIN !!!!!
Hey Fuckstar......Where's my bag of FREEDOM TECH ????? !!!!
ROTFLMFAO !!!!
-1 for "reach out to". It's an idiotic bit of business jargon that needs to be killed, stat.
Anyone tries to "reach out" to me, I'm defending myself, then calling HR.
The CORNbase team just CORNHOLED you. Thank you for your interest.
"You may have more luck trying again in a few weeks."
"But, then again, you may not. Keep trying though!"
M-I-C-K-E-Y . . .M-O-U-S-E
I'm going to start a new currency called foolsgoldcoin. Once you fund your accounts I'll send you a digital voucher for a gold coin redeemable at your local Chuck E Cheese.
Where do I send my digibits? Credits? Barfcoins? Bytetokens? Dam, you don't take anything I've conjured in my apartment... nutz. Will you take in-game gold from various MMOs? Awe come on man...work with me!
Hey, Dr. Engali, I've got $6,996 in feds to trade!
I really like their pizza, and the kids are getting all exited, thinking about playing 'whack-a-mole'!
It'll give the old lady a chance to do the laundry, and re-arrange the furniture in the trailer, before we git back!
While you're at it, I have this official letter from Publisher's Clearing House, saying that I MIGHT BE A WINNER! How many bitecoins will you give me for it? I didn't even scratch off the scratch-off card yet...sure could use another pitcher of Coca-Cola, to go along with that great pizza, though...
Smile, America. SMILE, AMERICA!
Say 'Chuck E. Cheeze'!
http://www.youtube.com/watch?v=l-CUMLjIYBg&list=PLvUOlFQ4NNXhgUPK1fOEexP...
YAY, the great recession of the 1980's!
YAY, GMO cardboard food-like substance that is round and resembles an Italian food product!
YAY! Your kids won't hate you eternally for bringing them in to the world! THEY are so SMART...IF you take them to Chuck E. Cheese's!
Those who are forced to go to Chuck E Cheese deserve some gold...there's a reason they sell beer at that establishment...it's to keep the suicide rate down.
Install GUIminer on desktop.
Run bitminer
Look away for a month
Come back, BitCoin, sometimes you find a block and get 25 BTC as a lucky shot because you find a block which increases in probability with pooling with other miners. 8 computers running GUIminer = 8 x the speed at building a BTC and striking the 'block load'.
Anyone can setup and run and mine them. So if you don't have a multi national corp, or a bank or an ETF hedge fund. Just mine them. DIY.
Windows 7
http://techcrunch.com/2013/04/08/how-to-mine-bitcoins/
Apple
http://www.zdnet.com/how-to-mine-bitcoin-with-your-mac-7000023620/
Linux
https://bitcointalk.org/index.php?topic=77648.0
Android Phone
https://play.google.com/store/apps/details?id=com.fiftyminer.free
iPhone
http://www.macrumors.com/2013/11/01/new-plugin-allows-developers-to-turn...
Your computer is on and doing nothing anyways. Make it pay rent.
Yo this was a good idea when itwas $30 abtc. This is hella idea now even more so.... go out an plunk down $10k on a miner and then watch the BTC rack up... just don't bitch about the electric bill...worst case: you have one amazing gaming system!
You don't have to mine BTC. You can mine any of the other 100 cryptos and trade them for BTC. IXC is very cheap right now and is gaining on BTC. Trying to help dimwits at ZeroHead get rich is like pulling teeth. LOL.
The Bitcoin Channel
So why is it "alarming" that a single Bitcoin costs $188 when they're currently valued so much higher? That part escapes me.
Sounds like an arbitrage opportunity. Where can I get Bitcoins for $188?! :D
Please don't.
Please install rosetta@home instead.
You will lose money trying to mine bitcoins with your home computer. Through electricity bills, and wear upon your machine. Don't waste your time. Even the specialty bitcoin ASIC mining computers are rapidly becoming inefficient.
I can't believe I'm saying this but xeno is correct. ON THIS ONE ONLY!
The keyboard letters are almost unreadable now, as I strike and type furiously, trying to understand the 'wear on your machine' part of your comment.
Since my computer is basically ON all the time, I am trying to ALSO grasp the 'electricity bill' rise, through which I shall lose money. Does 'mining bitcoins' use MORE POWER, somehow?
Of course, I can buy a keyboard for, what, $11.00 (plus or minus). Can you tell me where to buy one using 'BITCOIN'?
Excuse me, I have to sneeze...(ho...Ho...HO...HOrseheshit)! Ah. All better now.
Yes, imagine redlining your computer rig 100% of the time. Power supply so hot it is heating the house, fans howling. "Mining" means running crypto algos, which increases wear and tear on your rig.
No, I have an old POS ML HP Series Server with a dual power supply.
Specs of the server are Coppermine processor, 1 gig of ram, 30Gb SCSI Raid set, dual power supply. As I said, piece of shit. You can take them from people. As in you could trade a beer for one now. Then you spend 4600 bucks on one of these which does all the work @ 600 GH/s.
http://www.butterflylabs.com/monarch/
In a 3 month time frame using the following varibles.
Difficulty 908,350,862.00
Mining Factor 100 0.04 USD/24h@100MHash/s as in these charts
Average generation time for a block (solo) 75 days, 6 hours (can vary greatly depending on your luck)
Hardware break even 18 days
Net profit first time frame 18054.59 USD
Coins per 24h at these conditions 0.3322 BTC
Power cost per 24h 1.26 USD
Revenue per day 265.08 USD
Less power costs 263.82 USD
System efficiency 1714.29 MH/s/W
Mining Factor 100 at the end of the time frame 0.04 USD/24h@100MHash/s
Average Mining Factor 100 0.04 USD/24h@100MHash/s
Power cost per time frame 115.05 USD
Revenue per time frame 22769.65 USD
Less power costs 22654.59 USD
I used to scalp x3 ETF's during 10-15% swing days. This is a cake walk to model, map and if you aren't thinking about the solution and stuck on the problem. Then too bad, sounds like you need to crack a book and learn math and how it applies to business.
That's the system running at the food bank btw. I fronted the costs of the gear and setup, pay off of the system is 18 days. Profit per day is enough for them to hire more volunteers and get better marketing. Got my money back from the investment. Job done, on to the next on the list. The food bank in my area now will not require public funding because they are now self funded. Does anyone see how this is going to work yet?
Avalanche is coming, as promised. Ski, get out of the way or be buried.
Bullshit.
LOL. I mine and am in the top 500 list on btcguild.
A desktop with the fastest current graphics card mines at about 1 GH/s. At that rate the odds of that desktop finding a block are 50/50 after 75 years.
I like the sounds of btcguild. It gives a Luddite like my self a feeling that the bitcoins are lovingly handcrafted, by artisans, perhaps in a quaint little workshop.
Unlike those mass produced bitcoins that come out of China.
Do not be discouraged Seek all things of quality take time.
Coinbase is a company based in San Fran and as such they have to register with FinCEN as money service providers and/or a money transmission businesses.
http://blog.bitpay.com/2013/03/how-fincen-guidelines-affect-bitpay.html
https://coinbase.com/about
Plus I would bet one of the Tyler(s) or a contributer made this transaction and are being less than truthful about the banking account and setup they used to test to see if coinbase would violate FinCEN rules.
This coinbase thing is so standard issue is kind of unbelivable anybody is doing business with them. At this point I think its just some part of the signing up process. And even then I heard it still happens even after you've been using them for awhile.
Don't give me the fincen bullshit because not a single other bitcoin related company does this.
You can also buy and sell your coins from someone besides coinbase that isn't regulated by FinCEN also. Just sayin'.
Getting harder and harder. Online fees are as high as income taxes for places that pretend online anonymity - no such thing. You can take your chances with a stranger in person but he'll probably want something for the time.
How will coinbase save the Bitcoin holders during a coronal mass ejection?
Don't be retarded.
Coronal Mass Ejections aren't sufficiently strong to wipe out electronics. Only an air-burst nuke will get the job done.
Stop spreading false info.
Coronal mass ejections, along with solar flares of other origin, can disrupt radio transmissions and cause damage to satellites and electrical transmission line facilities, resulting in potentially massive and long-lasting power outages.
Naw, this won't stop 'electronics' though.
Say, why do you still have a 'bag' avatar, anyway? Afraid to show yourself?
Talk about 'DISINFO'...
Another Carrington Event would really screw up the world.
Don't mention to them with the new EPA regulations that lots of capacity is being pulled from the market through plant closures. The already vulnerable system is getting weaker.
one was strong enough to blow up telegraph terminals back in the day.
That one would be strong enough to knock out city grids facing the sun at that moment.
Mr. Technologically Challenged wants to know, how do you "mine" bitcoins? You can't just buy them?
You can buy them...from me... I'll just charge you a hefty fee... oh and we have to meet in an alley...
That makes Bitcoin sound like Craigslist.
That's where I saw it... two guys in my area are 'discreet' and will meet 'in person' .... 'bring cash' .... 'no cops'.... you get the picture.
Hey dumbfuck, could you at least provide an answer along with that down arrow? Sheesh.
God, you're stupid.
'Can't you just 'buy' them?'
NO, you CAN'T.
Say, if you want to get in on this, I can sell you some. REALLY. I have a 'vrtual wallet' FULL of bitecoinz. Of course, rooster, I have to make a SMALL profit, and I'm sure you understand. Let me give you my restricted 'PAYPAL' account, and you can transfer your funds...
Mining should really be called auditing because of the role the "mining" computers play. However because auditing is rewarded with bitcoins according to the pre-determined inflation rate, the community adopted the term mining, as it is supposed to reflect the rate at which gold comes out of the ground.
I suggest you go to bitcointalk.org and type mining into the search bar. Then just read. Any question you have on the topic of bitcoin can be found there at bitcointalk.org.
Sorry I cant answer more here but your question is broad. And people much smarter than I have answered your question more eloquently there.
You can buy them locally via a service like localbitcoin, or you can buy it from an exchange like MtGox (hard apparently), or Coinbase (which I have done, and isn't hard, but don't put a bunch of money in a single transaction lest you get hosed because they are shady and I suspect they are actually a mining operation due to the nature of their policies).
Be careful, as it is the Wild West at the moment. But early settlers in the west profited the most. Risk=reward if you make the right trade. Landholders in Haiti didn't fare so well.
Actually, the ones who profited the most during the gold rush were the one's selling the tools.... ATI FTW.
ie: The ASIC mining computer manufacturers who used the machines to mine their own coins, then delivered them to customers weeks or months later after they lost their edge.
Testing the machines, Xeno. Testing. Not "using". Just like the guys mining on the bosses computers at work are borrowing electricity. Borrowing. Not "stealing".
All three of you nailed that one perfectly.
You ought to see my localbitcoin prices right now. $1018 to $1202. Most all of them using the big banks for transactions too, TD, RBC, CIBC, BMO.
Always hundreds of dollars difference in the spread as well. Why is that? Oh, that's right volatility and risk.
i know you are trying say "please beleive in bitcoin its is great it can be great" but all i hear is a bunch of promises like the obamacare site please gather your forces fonestar brigade the culling of the bittrolls begins
http://evoorhees.blogspot.com/2012/04/bitcoin-libertarian-introduction.html
More than just promises. A lil bit of truth and logic in there for you. Go ahead and read it.
Or are you a statist that hates libertarians and open discourse?
Thar's gold in them hills
And yet this person could have used any of the EXCHANGES to put in instant buy/sell orders. Coinbase is not an exchange. downvote plz
I ordered a couple ounces of gold a couple years ago when it was around $900 an oz and the same thing happened. It was an off-brand dealer, I can't remember who, but they called me to verify the order, and just basically didn't trust me. We mutually agreed to just cancel.
Had the same thing happen in 2008.
The Fonestar Brigade will be out in force tonight to spin this one around.