[ZoSo]

I looked at these a couple weeks ago and they were like 75. wtf

Question: If you're planning on making a purchase from SR in the future would it be prudent to purchase the bitcoins as early as possible? Just make the SR purchase before they crash right?

[bombadil.360]

Originally Posted by PhenoMenal

Unlike any other currency out there it's making a lot of people a lot of money-for-nothing, and fast...

that's exactly the definition of a scam.

it is creating a bubble, empty of value.

this is exactly what created the recession.

you have people betting on whether a stock would go up or down... where is the value in that? real value that is.

how is wealth being produced?

it's not.

you cannot make real value out of thin air, and if someone tells you that you can, it's a scam 100%.

[TheArchitect]

Ok first off, silk road has been left open as it is a huge data collection center for the alphabet soup agencies. They have already used it to make busts.

Because of the anonymity you would never know if the ten thousand acid hits were going to be delivered, or if your door was going to be kicked or w/e.

I personally know people who have been ripped on sr before too, I mean how hard is it to just build a rep and then pull a huge rip, disappear and reappear with a new name to do it again.


As for bitcoin, it's a speculation. A transactional currency with no government ties (that we know of) and no underlying unit of value other than faith.

At least the us dollar is tangible, and has the might of the us military to back it up(for now).

Gold is a store of value, and a money.

Btw, the creator of this crypto currency is still unknown. The name associated with bitcoin is a dead end. We have no idea if the guy even exists.


Interesting that it is completely traceable, and digital. Sounds close to the idea of the united nations, or BIS. They would love a traceable digital currency.


Oh btw, a deflationary currency can never work. What happens when you are making ten bitcoins a day,and your mortgage is 140 bitcoins a month, but then because of the deflationary nature of the currency you have to take pay cuts because the owner cant afford to pay your salary. Now your screwed, you signed that contract with your mortgage holder, and now you have to hope they are going to adjust your payment. More layers of complexity are not good.

What's needed is a currency that grows and shrinks with the population and it's productive capacity.



Save in physical assets and real money, complete transactions with currency.

[FlowerFarmer]

And I'd suspect that the recent rapid rise in bitcoins is not due to people seeking an alternative currency (real fundamentals), but rather those looking to cash in on its rapidly increasing value.

Some will make out, some will get burnt when the bubble pops. Somebody still has to be the bigger fool.



I'm all for alternative currencies.. and I do believe bitcoin serves a good purpose. (anonymous transactions, international transactions, without fee, etc, etc), but I certainly wouldn't be holding a lot of money in it in hopes to accrue wealth.

I'm not too versed in everything bitcoins, but another more hacking attempt, stolen bitcoins, etc, etc, or any news worthy negatives against bitcoins (which you can assure some entities will most definitely run with), and you've got a loss of confidence which will send bitcoins in free fall.


Not saying that isnt inherent of all fiat currencies, but a loss of confidence in bitcoins would come on quick and fast.



Bitcoins have their place if you'd like to transact digitally. But keeping the majority of your wealth in this currency is a huge gamble. Then again.. currency isnt a store of wealth anyways. One should stick to real money for that... gold, silver, and the alike.

[Harry Gypsna]

It is amazing how fast it has shot up, when I 1st started looking into it, so I could do some "Shopping", it was £8:50 a coin, when I checked last night it was £69 a coin. There was a lot of speculation on a forum connected to a certain onion site, that once it hit $100, there would be a rush of selling and that the price would tumble.
Right now I don't think it is going anywhere but up as a long term trend.
Don't invest in bitcoin though, buy em and spend em, just to be safe. Having said that, I wish I'd bought £100 worth in October and kept em in my account.
Also, SR has not been used for busts. A few people have got caught getting things in the mail, and some dealers have been caught with large amounts, due to their supply chain being the normal supply chain and coming onto police radar by being associated with wholesale drug dealers. One pillock had his SR name as his number plate on his car. The best UK hash dealer got caugt with kilos in the boot of his car, coming back from his supplier. In terms of the retail end, SR is as secure as it could possibly be. It is not the farmers market, where they were using paypal.
The people running SR have got their shit together. I can certainly believe it is the CIA, but everybody knows the CIA are the biggest drug dealers in the world anyway.
The main risk, is a, you get ripped off (which happens IRL), and b, if the vendor gets busted, and gives up his encryption key allowing them to get your addy, but unless you are buying acid 100 squares at a time, or weed by the kilo, you are not worth the effort.

[TheArchitect]

Another inherent problem with bitcoin is, to verify your bits, you have to verify and update the block chain, which is also why the currency is transparent, the entire block chain is public record, and you can follow all transactions to the source and receiving ip address.

Anyway, back to the real problem I see. What happens when the block chain is 100 terabytes, 1) that makes it a prohibitively long process even with a fast Internet connection and huge bandwidth. 2) how do you store it? Every time you update your wallet it's saved, who makes a 100 terabyte flash drive? Doesn't seem it'll be all that portable.

[STRAINZ]

Ponzi Schemes, they work well until they don't work!

[lost in a sea]

Originally Posted by PhenoMenal

lost in a sea: you say "i wont ever trust bitcoin either personally" ...... by any chance do you have USD?

no i have nothing.. what i do have has some chimp's face on



reason i say i'm not sure i'll ever trust bitcoin is as much as i like max keiser for some of the things he says i'm also suspicious of him and of bitcoin..

[mpd]

Originally Posted by Stoner4Life

problem here is that anything bitcoin can buy, I can live without.

btw, if it rises that fast it can fall just as quickly (FACT!) and your dollars worth of bitcoin today might be worth all of 4 cents tomorrow.

here's a quote from Wiki:
Currently, 25 new bitcoins are generated with every 10-minute block. This will be halved to 12.5 BTC during the year 2017 and halved continuously every 4 years after until a hard limit of 21 million bitcoins is reached during the year 2140.

25 new bitcoins every 10 minutes and unless they're giving them away only one entity is getting ridiculously fucking filthy rich from this scam. let's see 25 x $104 = $2600; Satoshi Nakamoto is making out like a bandit.

if the price of a bitcoin remains stable for 24 hours Satoshi Nakamoto will make $375,000, and he will make that amount every single 24 hour period bitcoins remain @ $104.

it's good to be the king.

^This

[mpd]

Originally Posted by TheArchitect

"...Ok first off, silk road has been left open as it is a huge data collection center for the alphabet soup agencies. They have already used it to make busts.

Because of the anonymity you would never know if the ten thousand acid hits were going to be delivered, or if your door was going to be kicked or w/e.

I personally know people who have been ripped on sr before too, I mean how hard is it to just build a rep and then pull a huge rip, disappear and reappear with a new name to do it again..."

Is this anecdotal or do you have some facts to share?