Home | Blog | Software | Reviews and Features | Forum | Help | Donate | About us
topbanner_forum
  *

avatar image

Welcome, Guest. Please login or register.
Did you miss your activation email?

Login with username, password and session length
  • December 11, 2016, 02:02:28 AM
  • Proudly celebrating 10 years online.
  • Donate now to become a lifetime supporting member of the site and get a non-expiring license key for all of our programs.
  • donate

Last post Author Topic: Does anyone here use Bitcoins?  (Read 185367 times)

Arizona Hot

  • Supporting Member
  • Joined in 2007
  • **
  • Posts: 1,797
    • View Profile
    • Donate to Member
Re: Does anyone here use Bitcoins?
« Reply #200 on: April 13, 2013, 02:16:15 PM »
Here's another Bitcoin article, this time in USA Today:

Bitcoin virtual money draws investments, skepticism

Bitcoin.jpg

Arizona Hot

  • Supporting Member
  • Joined in 2007
  • **
  • Posts: 1,797
    • View Profile
    • Donate to Member
Re: Does anyone here use Bitcoins?
« Reply #201 on: April 15, 2013, 01:24:33 PM »

app103

  • That scary taskbar girl
  • Global Moderator
  • Joined in 2006
  • *****
  • Posts: 5,666
    • View Profile
    • App's Apps
    • Read more about this member.
    • Donate to Member
Re: Does anyone here use Bitcoins?
« Reply #202 on: April 15, 2013, 04:20:59 PM »
I wouldn't say it's more of an "environmental disaster" than the combo of Flash and Facebook games.

At least the massive power consumption with Bitcoin will stop once the max number of BTC has been generated.

There doesn't seem to be an end planned or in sight, to the Flash games.  :P

rgdot

  • Supporting Member
  • Joined in 2009
  • **
  • Posts: 1,882
    • View Profile
    • Donate to Member
Re: Does anyone here use Bitcoins?
« Reply #203 on: April 15, 2013, 05:15:37 PM »
And you need flash to mine bitcoins?  :P

40hz

  • Supporting Member
  • Joined in 2007
  • **
  • Posts: 11,768
    • View Profile
    • Donate to Member
Re: Does anyone here use Bitcoins?
« Reply #204 on: April 15, 2013, 11:37:36 PM »
It would seem that reality has finally raised her pretty but unwelcome little head in the investment world...

death.jpg

Bitcoin drops below $70 on April 15th 2013. Chart here.

Gold is not doing much better as a "safe haven." Story here.

What a surprise! :huh:
« Last Edit: April 16, 2013, 11:42:48 AM by 40hz »

tomos

  • Charter Member
  • Joined in 2006
  • ***
  • Posts: 10,341
    • View Profile
    • Donate to Member
Re: Does anyone here use Bitcoins?
« Reply #205 on: April 16, 2013, 03:23:04 AM »
^maybe we can actually use it as a currency now (if it's stabilises)
Tom

40hz

  • Supporting Member
  • Joined in 2007
  • **
  • Posts: 11,768
    • View Profile
    • Donate to Member
Re: Does anyone here use Bitcoins?
« Reply #206 on: April 16, 2013, 06:38:16 AM »
^maybe we can actually use it as a currency now (if it's stabilises)

Some could. I wouldn't willingly. Would you?  ;)

tomos

  • Charter Member
  • Joined in 2006
  • ***
  • Posts: 10,341
    • View Profile
    • Donate to Member
Re: Does anyone here use Bitcoins?
« Reply #207 on: April 16, 2013, 07:21:51 AM »
^maybe we can actually use it as a currency now (if it's stabilises)

Some could. I wouldn't willingly. Would you?  ;)

well, for example, if it stabilised, and I was buying from a trusted supplier, and it meant I could buy something a few percentage points cheaper - yes, I would.
I feel fairly neutral towards Bitcoin myself . . .
Tom

wraith808

  • Supporting Member
  • Joined in 2006
  • **
  • Posts: 8,408
  • "In my dreams, I always do it right."
    • View Profile
    • Donate to Member
Re: Does anyone here use Bitcoins?
« Reply #208 on: April 16, 2013, 08:56:54 AM »
I wouldn't say it's more of an "environmental disaster" than the combo of Flash and Facebook games.

This.  I'd say its more of a sensationalist headline than anything else.  :-\

40hz

  • Supporting Member
  • Joined in 2007
  • **
  • Posts: 11,768
    • View Profile
    • Donate to Member
Re: Does anyone here use Bitcoins?
« Reply #209 on: April 16, 2013, 09:49:07 AM »
I wouldn't say it's more of an "environmental disaster" than the combo of Flash and Facebook games.

This.  I'd say its more of a sensationalist headline than anything else.  :-\

Agree. Looks like someone late to the party is looking to "break" a new angle on a story everybody is already getting tired of. Especially now that the recent bubble on bitcoins has burst.

Articles like the above remind me of the maliciously petty city prosecutor who couldn't but help adding a charge of 'littering' against an Occupy Wall Street protester originally only charged with "disturbing the peace."

Apparently when the police grabbed this protester from behind (without warning) he was so startled he dropped the pile of information leaflets he was carrying - and the police video footage of his arrest showed him dropping them.
 :-\

wraith808

  • Supporting Member
  • Joined in 2006
  • **
  • Posts: 8,408
  • "In my dreams, I always do it right."
    • View Profile
    • Donate to Member
Re: Does anyone here use Bitcoins?
« Reply #210 on: April 16, 2013, 11:03:50 AM »
Bitcoin drops below $70 on April 15th 2013. Chart here.

Gold is not doing much better as a "safe haven." Story here.

What a surprise!

I'm pretty sure it will start trending up again... at a more reasonable pace this time.  These kind of adjustments happen... which is a big reason why investing is such a crap shoot over the short term.

(oh... and something I always forget; remove the tracking crap from the urls if you remember... :))

40hz

  • Supporting Member
  • Joined in 2007
  • **
  • Posts: 11,768
    • View Profile
    • Donate to Member
Re: Does anyone here use Bitcoins?
« Reply #211 on: April 16, 2013, 11:38:05 AM »
(oh... and something I always forget; remove the tracking crap from the urls if you remember... :))

Apologies. Those links were because I went to them through my RSS reader. :-[

Fixed now! :Thmbsup:
« Last Edit: April 16, 2013, 11:43:16 AM by 40hz »

40hz

  • Supporting Member
  • Joined in 2007
  • **
  • Posts: 11,768
    • View Profile
    • Donate to Member
Re: Does anyone here use Bitcoins?
« Reply #212 on: April 17, 2013, 07:44:14 AM »
Investopedia has posted a good article on currency speculation and regulation (or lack thereof) which outlines some of the unique risks this investment strategy brings to the table.

In that 'investing' in bitcoins or any other form of cryptocurrency is essentially a form of foreign exchange speculation, what's in the article is worth reading if you're either curious or tempted to put a hand in the game.

One of the points in the article is that regulation (so often denounced by bitcoin and libertarian economics diehards) actually does have a point and a benefit. And some regulation is not necessarily the automatic evil (and government/Illuminati/freemason/UFO sponsored conspiracy  ::)) that a few people will argue any and every financial regulation must be.

It's a good read. Read it here.:Thmbsup:

Quote
Why It's Important To Regulate Foreign Exchange
April 16 2013| Filed Under » Forex Economics, Forex History, Government Regulation

The foreign exchange (forex) market is the world's biggest financial market by far. According to the Bank for International Settlements (BIS)'s triennial survey, global forex turnover in April 2010 averaged a staggering $4.0 trillion daily, an increase of 20% from $3.3 trillion three years earlier. In an increasingly globalized economy, the significance of the foreign exchange marketplace to the average consumer cannot be underestimated. The rate at which our domestic currency can be exchanged in the global forex market determines the price we pay for an increasing number of products, the price-tag for our vacations, the rate of return on our investments (ROI), and even the interest rate on our loans and deposits.

And yet, despite the importance of this market, where currency gyrations can dictate the fortunes of everyone from the largest nation to the smallest consumer, foreign exchange remains a largely unregulated business. Although foreign exchange has traditionally been regarded as the exclusive domain of the biggest banks and corporations - recent trends have dispelled this notion, making it increasingly important for foreign exchange to come under the ambit of regulation...
8)

40hz

  • Supporting Member
  • Joined in 2007
  • **
  • Posts: 11,768
    • View Profile
    • Donate to Member
Bitfloor - 4th largest bitcoin exchange shutting down indefinitely?
« Reply #213 on: April 18, 2013, 01:10:31 PM »
Odd bit of news this morning.  Bitfloor, fourth largest of public bitcoin exchanges (but which represents only 4% of all bitcoins trading) has announced an immediate cessation of operation. Bitfloor has announced it will also be returning all funds to all it's account holders, which seems to indicate this won't be a temporary state of affairs.

Details as to exactly what happened are still sketchy so far. ArsTechnica covered it briefly.

Here's the announcement on Bitfloor's website:

Screenshot - 4_18_2013 , 1_56_27 PM.jpg

Be interesting to see what went down that prompted this decision.

Some may remember that Bitfloor was the exchange that got taken for 25,000 bicoins last year in a theft that would be worth approximately $2 million at today's exchange rates.
« Last Edit: April 18, 2013, 03:25:53 PM by 40hz »

Arizona Hot

  • Supporting Member
  • Joined in 2007
  • **
  • Posts: 1,797
    • View Profile
    • Donate to Member

Tinman57

  • Charter Member
  • Joined in 2006
  • ***
  • Posts: 1,702
    • View Profile
    • Donate to Member
Re: Bitfloor - 4th largest bitcoin exchange shutting down indefinitely?
« Reply #215 on: April 18, 2013, 08:20:01 PM »

  Well as long as they don't declare bankruptcy and screw thousands out of millions....

40hz

  • Supporting Member
  • Joined in 2007
  • **
  • Posts: 11,768
    • View Profile
    • Donate to Member
Re: Does anyone here use Bitcoins?
« Reply #216 on: April 18, 2013, 08:37:11 PM »
^Of course the US government could just outlaw bitcoins and cryptocurrencies for US citizens in much the same way it once outlawed individual possession of gold coins and bullion. That wouldn't be enough to stop some people - although it would certainly up the consequences rather drastically for those people unfortunate enough to get caught.


If things like bitcoins are going to succeed, they're going to have to make some attempt to reach an accommodation with current government backed currencies. If they're presented primarily as a way of evading regulation, or creating an underground economy, they're going to get stepped on pretty severely.

The one big problem with would-be Libertarian economic revolutionaries (from what I've seen) is their tendency to be overly romantic and somewhat naive. Direct confrontation is the one thing most global powers are well equipped to deal with. So while direct confrontation and nose thumbing may be cathartic, they don't do much to further social change - unless the target institution is already weakened and has lost the bulk of its own public's support. None of the major world governments are in that position yet - and likely won't be any time soon.

If cryptocurriencies are the wave of the future, those pushing for them are going to need to take a longer view, and play a much more mature political, economic, and social 'game' than they have so far.

I wish them well. But I don't hold out much hope because of the way so many of their advocates have been conducting themselves lately...
 :-\

40hz

  • Supporting Member
  • Joined in 2007
  • **
  • Posts: 11,768
    • View Profile
    • Donate to Member
Re: Bitfloor - 4th largest bitcoin exchange shutting down indefinitely?
« Reply #217 on: April 18, 2013, 08:42:00 PM »
I'm still wondering about that cryptic remark about how their US bank account is "scheduled to be closed."

I can't say I've ever heard of anything like that before. Closed or shutdown? Yes. That can happen for a variety of reasons. But scheduled to be closed? That's really odd. Almost sounds like they've been served with a 'cease & desist' order and have been given a short grace period to cash out their bitcoin account holders before shutting down.

Which sounds like the government has stepped in with an ultimatum to either stop or face prosecution.
« Last Edit: April 18, 2013, 08:48:23 PM by 40hz »

Stephen66515

  • Animated Giffer in Chief
  • Honorary Member
  • Joined in 2010
  • **
  • Posts: 3,131
    • View Profile
    • Donate to Member
Re: Bitfloor - 4th largest bitcoin exchange shutting down indefinitely?
« Reply #218 on: April 18, 2013, 08:44:19 PM »
Seems to me to be a case of "We can't be bothered anymore...BitCoins are fluctuating to goddamn badly to make us enough money...that...and the taxman is becoming more and more aware of huge amounts of money moving between our accounts, and is now looking for  ways to take as much of it as possible"

40hz

  • Supporting Member
  • Joined in 2007
  • **
  • Posts: 11,768
    • View Profile
    • Donate to Member
Re: Bitfloor - 4th largest bitcoin exchange shutting down indefinitely?
« Reply #219 on: April 18, 2013, 08:53:09 PM »
^Taxes are the least of your worries if there's concerns about possible money laundering or wire fraud. Which opens you up to such fun things as racketeering charges and RICO. And visits from nicely dressed (and sometimes heavily armed) postal inspectors and federal marshals.

That sort of legal heat makes an IRS tax enforcement action seem like a love tap. :tellme:

Edvard

  • Coding Snacks Author
  • Charter Honorary Member
  • Joined in 2005
  • ***
  • Posts: 2,888
    • View Profile
    • Donate to Member
Re: Bitfloor - 4th largest bitcoin exchange shutting down indefinitely?
« Reply #220 on: April 18, 2013, 09:57:01 PM »
Ask anybody who's tried minting their own stable-resource-backed money, like the banks used to do in the good/bad old days.  I can't remember the name of the book, but I used to have one that detailed the trials and tribulations of people with the best of intentions and great ideas on how to rebuild our economy with a monetary system that gave actual value to it's currency, but ended up eventually running afoul of their greatest competition, the Federal Reserve.  :-\

When I first heard of BitCoins, I said to myself that this was eventually going to happen.
It always does... :(

mouser

  • First Author
  • Administrator
  • Joined in 2005
  • *****
  • Posts: 36,435
    • View Profile
    • Mouser's Software Zone on DonationCoder.com
    • Read more about this member.
    • Donate to Member
Re: Bitfloor - 4th largest bitcoin exchange shutting down indefinitely?
« Reply #221 on: April 18, 2013, 11:44:56 PM »
Quote
I can't remember the name of the book, but I used to have one that detailed the trials and tribulations of people with the best of intentions and great ideas on how to rebuild our economy with a monetary system that gave actual value to it's currency,

If you can remember the name of it, let us know, sounds like an interesting read!

Edvard

  • Coding Snacks Author
  • Charter Honorary Member
  • Joined in 2005
  • ***
  • Posts: 2,888
    • View Profile
    • Donate to Member
Re: Bitfloor - 4th largest bitcoin exchange shutting down indefinitely?
« Reply #222 on: April 19, 2013, 12:35:19 AM »
I seem to recall it was a chapter in one of the many books offered by Loompanics or Paladin Press, but I can't find the title I'm looking for.  It may have been touched on in "How To Start Your Own Country" by Erwin Strauss, but I'm not quite sure.

Relevant Wikipedia pages:
http://en.wikipedia....Alternative_currency
http://en.wikipedia..../wiki/Local_currency

Also read:
http://www.ratical.o...s/cc/NMfHC/chp8.html
(the rest of the work is not my cup of tea, but that chapter is informative).

Stephen66515

  • Animated Giffer in Chief
  • Honorary Member
  • Joined in 2010
  • **
  • Posts: 3,131
    • View Profile
    • Donate to Member
Re: Does anyone here use Bitcoins?
« Reply #223 on: April 19, 2013, 06:13:51 AM »
much the same way it once outlawed individual possession of gold coins and bullion.

wait...what?  You guys can't own gold?!  Since when? o.0

40hz

  • Supporting Member
  • Joined in 2007
  • **
  • Posts: 11,768
    • View Profile
    • Donate to Member
Re: Does anyone here use Bitcoins?
« Reply #224 on: April 19, 2013, 07:01:25 AM »
much the same way it once outlawed individual possession of gold coins and bullion.

wait...what?  You guys can't own gold?!  Since when? o.0

@Stephen - we can now. Couldn't for a good number of years starting in 1933 and ending in 1975. See here.

Remember, this is the land of the "free" and the home of the brave.

3.jpg