Bitcoin cracks US$100

[PhenoMenal]

Stoner, with all due respect what you're hypothesizing about Bitcoin is not true.

Let's get back to the technicalities that makes Bitcoin the crypto currency it is, such as some of the latest industry-standard cryptography (SHA-256) ... it's not the latest SHA but it's never been truly broken or anywhere near that.

Again, Bitcoin is completely decentralized, and extremely cryptographically secured. If the cryptographic security wasn't there it wouldn't be worth so much $$$, with so many people using it.

Satoshi (who is the initial developer of Bitcoin, for those wondering) can't make any more any quicker than anybody else due to the cryptographic challenge that is the mining of bitcoins, he is just a regular user. If Satoshi could mine Bitcoins faster than anybody else then that would expose a fundamental flaw in the currency and everybody would be FORCED to stop using it.

 

[DreamsofTesla]

I'm sorry, but I must have had my head up my ass when I posted in this thread originally. My apologies to PhenoMenal and everyone else who took offense.

Peace.

No apology required here, but your recollection of Occupy being pro-Democrat or pro-Obama is 180 degrees off from my recollection of it. I recall Occupiers coast to coast telling the establishment Dems to fuck off when they tried to co-opt the movement.

YMMV

 

[PhenoMenal]

mpd, no it's all good

 

[Galactic]

Phenomenal I'm with you here...

It's amusing to me when "intelligent" guys like S4L offer their analysis on economic/financial issues such as this. It's a plague of all "intellectuals".

Who Thinks Anymore?

Simply regurgitating some rhetoric they were presented without any of their own Thinking LOL.

So adamant. So "right" and "logical". Haha. Everyone reads but nobody thinks or comprehends.

The naysayers have no grasp of what the Bitcoin is at all. Just baseless, sheep bickering.

 

[Stoner4Life]

if $375,000 worth of new bitcoin is generated every 24 hours then who gets all the jing???

if I had a single bitcoin in my wallet today would I have more than a single bitcoin in that same wallet 10 yrs from now? not value mind you, I'll accept the currency will go up & down in value but where do new bitcoin enter circulation and who/why are they rewarded the generosity of free money?

I don't find fault w/values going up & down, supply & demand dictate this but there's something about bitcoin that's not right and it's showing itself right now.

it's in a state of extreme manipulation that cannot be denied. there isn't a single reason on gods green earth that bitcoin today is worth 8 times what it was in December.

now if you wanna sit back in wonder and awe of bitcoin that's fine, it's a scam. it's being manipulated. to go 8 times it's value in 3 months would have to mean that suddenly thousands of new vendors are itching for some bitcoin and as many buyers of bitcoin are driving up the price. I didn't see that in the news I read daily.

that currency is NOT stable. (<---in a BAD way).



EDIT:
and hey! it's in the news in a big way now! let's see where that will lead in speculation of bitcoin, it's just like any other currency that people buy & sell. except it's really not.

when my local supermarket in northern minnesota start accepting bitcoin I might invest in the system.

 

[PhenoMenal]

now if you wanna sit back in wonder and awe of bitcoin that's fine, it's a scam.

Yes I do sit and relax in awe of Bitcoin - it makes the returns I've had from both my banks and investments look pathetic by comparison, and shows no sign of slowing down
But again, I still don't understand the "scam" part of your accusation against Bitcoin, when I've got cold hard cash transferred back into my bank account from Bitcoins to AUD$? How exactly is it a scam? And how is it different from say, me converting my AUD$ into CAD$, or USD$, or NZD$, or... ?
It is perfectly legal btw, both here in Australia and in the USA, and I think in just about every other country. North Korea might be an iffy.

 

[GMT]

Those currencies are backed by GDP, at the mercy of international trading yes, but with something underpinning the value. Its like buying shares in an internet only company with no assets v buying something with property and cash in the bank to back it up. The value is only in the speculation.

 

[DreamsofTesla]

Except when the entire global financial system crashes as the giant Ponzi scheme that it actually is. Then the playing field will be at least level.

 

[Stoner4Life]

I'm just wondering how, where, to whom the $375,000 gets distributed to every day the currency remains @ its current level.

a slow and easy rise in their use and acceptance would certainly explain a similar rise in their value even though 3600 Bitcoins are added to the system every day.

who is splitting $375,00 a day and why bro? that's one hell of a reward for being a bitcoin server if you ask me, I know it doesn't go to a single server (miner) but at the rate of $375K p/d there are going to be temptations amongst those in the gravy end of the business.

this sudden unexplained rise in their value is being manipulated like any other currency or stock market, and with NOTHING to back it up with at all I have to consider it a scam. it might have started out as a good idea but it's evolved into more than that for some.

when I asked if I'd still have that single Bitcoin in my wallet (bitcoin file) I wasn't being a wise ass, I asked you that in all sincerity. Even if it were 10,00 bitcoin in my wallet would I have more 10 years later?

I had a stroke several yrs ago & it takes me forever to type this much. I'm retiring from this thread for now.

I bought silver many years ago, maybe should have sold when prices rocketed in 2011 but it's a solid investment I've already borrowed against (& repaid) getting excellent rates for its liquidity to the bank. good old boys, lending $$$ @ the best rates to those who need it least.

 

[DreamsofTesla]

Sorry about your stroke, man. God bless.

 

[GMT]

DoT, the diff is, even when the markets fall, or the currencies lose value, there are still people somewhere working to generate wealth. With bitcoins, no one is generating any wealth, the only value it will ever have is what someone else is willing to gamble on it being worth more in the future. When the faith in it continuing to rise, vanishes, its value falls to 0.

 

[DreamsofTesla]

I don't see really any difference. Bitcoin is worth the shrooms, hash, or DMT they give you in exchange. What you're describing is the normal ups and downs of a going concern. I'm talking about after the whole thing crashes down like the house of cards it is. They just print money now with nothing whatsoever backing it up.

Unless they do a massive debt jubilee, which they don't seem to be inclined to do (ref. Cyprus) it's virtually guaranteed. I say bring it on, what a load of bullshit the financial system is.

 

[Stoner4Life]

Sorry about your stroke, man. God bless.

thnx Tessy, the thing that bothers me most is that when I think about the keyboard it's like I face I don't recognize. all my typing skills are gone & I'm damn near a hunt n' peck kinda guy now.

the other thing is that I'll never know whether the limitations in my right leg are due to the stroke (on my right side obviously) or the back injury I sustained the year before my stroke which affected my back & right leg.

 

[GMT]

bitcoins arent a going concern, they are a hand in a poker game. Currency may not be backed by gold anymore, but it is backed by the labour of the population in that country.

 

[DreamsofTesla]

thnx Tessy, the thing that bothers me most is that when I think about the keyboard it's like I face I don't recognize. all my typing skills are gone & I'm damn near a hunt n' peck kinda guy now.

the other thing is that I'll never know whether the limitations in my right leg are due to the stroke (on my right side obviously) or the back injury I sustained the year before my stroke which affected my back & right leg.

I saw a book written by a neurologist who realized she was having a stroke right as it was beginning. I read portions of it, really interesting. She obviously has a huge amount of insight into the process, first being a neurologist and then having one herself and being fully conscious while it was happening. Wish I could remember the name of the book.

 

[lost in a sea]

silk road must be a cia front or something or it surely would have been taken down by now..

i wont ever trust bitcoin either personally..

 

[PhenoMenal]

SR has been running successfully for years without being taken down because 1) it is cryptographically protected, and 2) their operators seemingly havent made any of the common n00b fuckups that would get similar sites taken down. Cryptography is only as strong as the weakest link in the chain, and it's pretty obvious the SR operators know that.

 

[noyd666]

my two cents.lol.

 

[PhenoMenal]

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

 

[BrnCow]

We have had scam after scam perpetrated on us so now everything seems like a scam. Enron, oil scams, insurance scams, government over taxing and charging us rent in the form of property taxes on land we do not really own, other taxes on every goddamn thing in the universe that can be moved, hauled off, sold, or bought until these slave masters get it all in the form of their one world government scheme. Our own people are scamming on us 24/7 with no ethics nor conscious what so ever. Like financial hit men. And even if a person gets into Bitcoin, the goddamn money police might just pick you as the person to audit for participating in it since it is against their fucked up money system. It is against the law for us to retaliate against someone but the government does so on a daily basis for political reasons and to gain media time to sell their minions that they are actually getting off their collective lazy asses and working. But in reality, they pick the low flying fruit that falls in their laps. That's what is wrong with any idea that concerns money or assets. The Borg doesn't like competition for the food it eats and eats - money...