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Old 11-22-2013, 01:23 AM   #21
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Republic Credits are no good out here. I need something more real

LOL - I bet myself .5 bitcoin that you would post this scene...
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Old 11-22-2013, 01:25 AM   #22
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hahaha
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Old 11-22-2013, 01:13 PM   #23
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The purpose of Bitcoin is to actually become a currency that can be used to purchase and sell goods globally, however its volatile nature prevents this from happening; hence eliminating its purpose and desired function.

If people want to earn cash trading bitcoin, they should stop promoting it as a currency and its adoption as a currency, they should instead promote it as an investment instrument. Otherwise its price will get fixed when it goes mainstream and the opportunity for investment will be severely limited.
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Old 11-22-2013, 02:20 PM   #24
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The purpose of Bitcoin is to actually become a currency that can be used to purchase and sell goods globally, however its volatile nature prevents this from happening; hence eliminating its purpose and desired function.

If people want to earn cash trading bitcoin, they should stop promoting it as a currency and its adoption as a currency, they should instead promote it as an investment instrument. Otherwise its price will get fixed when it goes mainstream and the opportunity for investment will be severely limited.
Agreed. I was hoping the price would stabilize around $100 - then we would more or less know what fraction of a BTC it would take to buy a sandwich.

Now - why would anyone spend some BTC today when it may be "worth" 10x that much a few months down the road (or why would anyone sell for BTC if it is crashing and possibly "worth" 10x less down the road?)

In order for bitcoin to go mainstream as a currency, then the price has to remain consistent for several years.

We are still in the innovation/early adoption phase. As more people use it, the better chance it will have at becoming a true, alternative currency instead of a simple place to invest and hold.
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Old 11-22-2013, 05:08 PM   #25
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I had no idea this was an actual thing - I thought it was someone's "brilliant" idea that most people just LOL'd at.
I realized a few months ago that it was a real thing, but I'm still laughing at it.

This just seems like asking for disaster not long down the road.

Those who don't know their history are doomed to repeat it, I guess.
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Old 11-22-2013, 07:56 PM   #26
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They are mined by a huge network of GPU's. These resources solve ever increasingly difficult algorithms and 25 coins are released to the "winner."

Every time coins are released, it gets tougher to mine them. For isntance, last year I could mine with my pc - now, there's no way.

There will only be 21 million coins in existence. Right now there are about 12 million I think.

do you actually believe that

with a system like that there is plenty of room for collusion

the twitter wealth, value is totally speculative and this bit coin is even worse, it is not a true Ponzi scheme, but like a Ponzi scheme it will collapse went it's users simply stop using, speculating in it.
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Old 11-22-2013, 09:30 PM   #27
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do you actually believe that

with a system like that there is plenty of room for collusion

the twitter wealth, value is totally speculative and this bit coin is even worse, it is not a true Ponzi scheme, but like a Ponzi scheme it will collapse went it's users simply stop using, speculating in it.
I was just explaining the technical application of the software. How people use/trade/speculate is up to them.
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Old 11-24-2013, 02:42 PM   #28
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Because I spend a bit of time reading 2 local papers everyday in the last year I have read about a dozen different articles about bit-coin,

This one in today's paper is pretty good. It sums up my feelings.

Bitcoins: Widely known and widely misunderstood - latimes.com
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Old 11-26-2013, 07:45 PM   #29
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Would you consider a different cryptocurrency? Something that is "backed" by gold or another commodity, but has the seamless functionality as bitcoin?
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Old 02-26-2014, 03:35 PM   #30
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Bitcoin virtual currency is on verge of collapse - latimes.com


this may be a little harsh

but I have little to no sympathy for anyone that got hurt in this scam
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Old 02-26-2014, 03:41 PM   #31
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Honestly, if it goes down now, that would be great, in my book. Better now than 15 years down the road after large masses of people/countries switched over to it.
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Old 02-26-2014, 11:12 PM   #32
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Down with Bitcoin. After all, we all know that Dogecoin is such currency of very future much country many adoption wow.
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Old 02-26-2014, 11:13 PM   #33
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Old 02-26-2014, 11:56 PM   #34
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Bitcoin?

I do wish that I had some significant investment money, because I've been saying "I would short Bitcoin if I could" to myself for awhile now. Although I'd probably hold a long position on it now, because I would expect at least a temporary recovery.
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Old 03-01-2014, 01:31 AM   #35
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Mt. Gox started to have problems at the beginning of the Bitcoin boom in April 2013 following the Cyprus bank levy.
It does not seem surprising that they are down today after one year worths of struggles; however, one exchange that closed down does not signify the end for Bitcoin.
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Old 03-03-2014, 01:41 AM   #36
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It's almost as if Mt. Gox meant Magic: The Gathering Online Exchange.

Bitcoin is a libertarian LCD trip.
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Old 03-04-2014, 04:58 PM   #37
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I still think cryptocurrency is the future - with or without bitcoin. Despite the Mt. Gox incident, the currency is actually holding up quite well and gaining more acceptance everyday. I see it more as "project" than as an "investment." Also - I know of only a few cases where people actually went out and "invested" in bitcoin. Most people either mined it (when that was possible) - or spend a few hundred dollars out of curiosity.
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