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Bitcoins

fastcashforcoins said:
well you are right, that technically bitcoins leave a trail. 'technically...' but heres the thing, the only actual information that is available, is that Bitcoin Address A sent bitcoins to Bitcoin Address B. there is no way of telling who address A is, or who address B is. and actually, thats where the benefit of purchasing bitcoins from a third party (such as myself) is. you are not Address A. you dont have an Address. do you get what im saying? i welcome every bit of skepticism, and would be shocked if people didnt have doubts moving forward into still such an uncharted and unprecedented part of the interenet.

would be more than happy to talk to you in PM if you have any questions. im here to keep you guys safe, and answer any question
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Great Stuff bro!
 
fastcashforcoins said:
my personal opinion, now is a great time to buy. and ill tell you why, when the price went from just over $100, to nearly $1500 in little over 30 days it was because it hit the news finally. in a way not associated with the Silke road or money laundering or the 'deep web' etc. it was presented in a way that shows the advantage of using bitcoins as a means of transactions.

then the US senate approved of it. then the Chinese gov't approved.

but when the chinese gov't started regulating the SHIT out of bitcoins what happend was all the people in china who bought (lots of people in china by the way lol) decided to sell. so the market was flooded with bitcoins. its a supply and demand market.

now the situation we find ourselves in is the cost per coin has droppped. but think about this too, its time for christmas. tax season is approaching. the majority of the population doesnt have loads of extra money. so a lot of people are 'cutting their losses' and cashihng out their coins. calling it a year so to speak. but after the holidays, and the beginning of the new fiscal year... people are going to invest, and they are going to invest alot. this is my prediction.
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How high do you see this thing going by summer 2014?
 
fastcashforcoins said:
by nature of design, Satoshi would only have been able to accumulate bitcoins legitimately and in the same process as everyone else. there is no way to manipulate the process. every transaction is verified by the network, and actually this is a peice of information people dont usually know... but in order for my bitcoins to be sent to you (for example) the transfer is checked, rechecked, and checked again hundreds of times. this ensures there are no double spendings, no counterfeits, etc etc. (for the actual bitcoins to arrive tho, the network only requires 3 to 5 confirmations. but they all get confirmed eventually by all relevant nodes aka computers)

lets say hypothetically speaking Satoshi does infact have over 1 million bitcoins. which is completely possible, since he was the first to know about this. he can not single handedly do anything to the market except for sell all his coins. which weould do nothing but make a sudden drop in value due to the immediate flow of coins. (supply and demand) here's why he cant effect the actual structure... for any change to be made to the system, or any new features added or removed, the modification has to be approved by 51% of bitcoin holders. meaning for 1 person to have any effect on bitcoins he would need to own over 6million bitcoins if there are 12 million already in circulation. impossible.
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I did not know this, that is pretty reassuring.
 
Hefe said:
Is there some sort of central computer system or massive pool of bitcoin servers that everyone (and their mining computers) are connecting or interacting with? I mean, for anything to be connected with or transferred to/from remotely is has to exist somewhere for the system/users/miners/etc to access.

What happens when this system crashes and there are no records or trails to point to or prove ones ownership of said bitcoins that now seemingly don't exist, can't be verified or are invisible. I understand that you can safely store bitcoins offline in a digital wallet. But without a system to interact with and verify coins, they don't exist.

So it seems there would HAVE to be some primary or centralized equipment involved here. AND, if there are guys smart enough to design this system, they're certainly smart enough to mess with, crash, or corrupt it.

Once again, I'm interested in bitcoins, but still need a better 'virtual' grasp.
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Great questions bro! We need more guys like you getting involved like this!
 
Swfl said:
I see where you're coming from let me play devils advocate for a second how is that different than our current monitary System? If you keep most of your money in the bank in the bank accidentally delete your account records where does your money go? I think it's better to look at this like investing in gold, you want to diversify your money in case something happens I would never suggest you put your money into bitcoins that would be foolish.

Sent from my SAMSUNG-SGH-I337 using Tapatalk
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give-a-man-a-gun-and-he-can-rob-a-bank.jpg
 
Swfl said:
I see where you're coming from let me play devils advocate for a second how is that different than our current monitary System? If you keep most of your money in the bank in the bank accidentally delete your account records where does your money go? I think it's better to look at this like investing in gold, you want to diversify your money in case something happens I would never suggest you put your money into bitcoins that would be foolish.

Sent from my SAMSUNG-SGH-I337 using Tapatalk
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I agree. Our current currency systems are corrupt and have some vulnerability. But the difference is there's more regulation and safeguards. Now, I'm not much of a regulation guy. In fact, in most cases it hurts. But a little oversight has some benefit.

The real difference is the very small size of this pool. With the dollar (or any other popular currency) a bank could go down, computers can crash, accounts erased, money floods the system, massive amounts withheld or removed from the market, etc. but all of these thinks would only make a very, very small ripple in the very, very large pool.

This pool is sooo small and volatile.
 
True! And good points. We see things the same way I looks.

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Hefe said:
Is there some sort of central computer system or massive pool of bitcoin servers that everyone (and their mining computers) are connecting or interacting with? I mean, for anything to be connected with or transferred to/from remotely is has to exist somewhere for the system/users/miners/etc to access.

What happens when this system crashes and there are no records or trails to point to or prove ones ownership of said bitcoins that now seemingly don't exist, can't be verified or are invisible. I understand that you can safely store bitcoins offline in a digital wallet. But without a system to interact with and verify coins, they don't exist.

So it seems there would HAVE to be some primary or centralized equipment involved here. AND, if there are guys smart enough to design this system, they're certainly smart enough to mess with, crash, or corrupt it.

Once again, I'm interested in bitcoins, but still need a better 'virtual' grasp.
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great question. and a very simple answer actually. every transaction, purchase, and bitcoin is recorded into something called the "blockchain"

(which is what every computer linked to mining is building and adding to. the system could never crash)

" A block chain is a transaction database shared by all nodes participating in a system based on the Bitcoin protocol. A full copy of a currency's block chain contains every transaction ever executed in the currency. With this information, one can find out how much value belonged to each address at any point in history.
Every block contains a hash of the previous block. This has the effect of creating a chain of blocks from the genesis block to the current block. Each block is guaranteed to come after the previous block chronologically because the previous block's hash would otherwise not be known. Each block is also computationally impractical to modify once it has been in the chain for a while because every block after it would also have to be regenerated. These properties are what make double-spending of bitcoins very difficult. The block chain is the main innovation of Bitcoin."
 
Hefe said:
The real difference is the very small size of this pool. With the dollar (or any other popular currency) a bank could go down, computers can crash, accounts erased, money floods the system, massive amounts withheld or removed from the market, etc. but all of these thinks would only make a very, very small ripple in the very, very large pool.

This pool is sooo small and volatile.
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do you know what gives BTC their value? we do. as long as there are people who value the anonymous nature of sending/receiving money then bitcoins will flourish.

and even more importantly, as long as people want to be able to send money from one side of the world to the other instantly and for free... the bitcoin market will flourish

lf course there are risks, and concerns, and valid reasons to doubt the revolution. but also take a step back and think about what this could do for the world... a global currency? this could single handedly be the biggest step forward into a global utopia. brb :dream:
 
Bitcoins are a wste imo after the website bust
 
evolutionpep said:
What do you mean by "real"

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Gold and silver coins, people used to bite them to see if they are real, also used to break pieces off to make smaller payments making them look bitten...
 
what can you do with bitcoins? how about selling and purchasing things online anonymously. just to start....
 
Prince said:
To me bitcoins are like being in the USA with pesos, wtf can u do with bitcoins?


www.IronMagLabs.com
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Porsche is excepting BTC as payment for their vehicles now. So all those people that took a chance and bought in when they were $10-$20 a coin are sitting real pretty. I would buy a car and just sell it to another dealership. Take a little loss on the sale but atleast I converted my "digital money" into real cash.

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Once it gets popular enough our government will find away in the name of "terrorism" to abolish bitcoins internationally. Part of the new world order is the US $ being the international currency. That is why OPEC deals only in the US dollar.


www.IronMagLabs.com
 
bitcoins cant be abolished tho. and the US Senate already gave bitcoins their seal of approval.
 
Prince said:
Once it gets popular enough our government will find away in the name of "terrorism" to abolish bitcoins internationally. Part of the new world order is the US $ being the international currency. That is why OPEC deals only in the US dollar.


www.IronMagLabs.com
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Good view. I'm more interested in seeing what the IRS is going to do. All these early birds nailed a great investment but what about capital gains?

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they cant beat us, so they gonna join us....


and find a way to tax the shit out of us at the same time lol
 
evolutionpep said:
Good view. I'm more interested in seeing what the IRS is going to do. All these early birds nailed a great investment but what about capital gains?

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Exactly, that is why an offshore bank account is a nice little asset.


www.IronMagLabs.com
 
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