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Bitcoin cracks US$100
- Thread starter PhenoMenal
- Start date
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%.
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.
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.
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.
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.
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.
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.
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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.
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.
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..
^This
Is this anecdotal or do you have some facts to share?
^so he's merely into bitcoins to speculate and not necessarily as a viable alternative currency.
He still needs to convert back to a more widely accepted currency to transact.
And this is what the majority of bitcoin users are shooting for. To sell to the higher fool, not to embrace bitcoin as an alternate currency outside of the banking industry.
And because of this...it is likely to come crashing down hard after a rapid climb. Its gambling/speculation straight up. Bitcoin will remain highly unstable as people trade based on fear/emotion/news, etc rather then the fundamentals that bitcoin may be a better alternative then other currencies.
All parabolic moves end in collapse.
He still needs to convert back to a more widely accepted currency to transact.
And this is what the majority of bitcoin users are shooting for. To sell to the higher fool, not to embrace bitcoin as an alternate currency outside of the banking industry.
And because of this...it is likely to come crashing down hard after a rapid climb. Its gambling/speculation straight up. Bitcoin will remain highly unstable as people trade based on fear/emotion/news, etc rather then the fundamentals that bitcoin may be a better alternative then other currencies.
All parabolic moves end in collapse.
bitcoins will become legitimate when they become liquid. I'm in the process of purchasing some now and it is a complete goat fuck that has left the worst possible taste in my mouth for this "currency". Somebody is making a lot of money and it is just another shitbird deal for everyone else.
He used it as a way to make cash not as currency.. I had suggested the same, back when they were 9 bucks. Peace GS
ps. they said at 9 bucks it would crash hard. Apparently "They" say a lotta things. lLOL.
ps. they said at 9 bucks it would crash hard. Apparently "They" say a lotta things. lLOL.
yeah...from 150 to 1000 euro in a half year...this was a good trade....love bitcoins
Did you sell?
Heh. Translation: "I have absolutely no idea how the cryptography behind the Tor network works, and when I read this article how they stumbled upon evidence of Silk Road usage on a pot growers computer after they raided his house after catching him sell pot that must mean they used Silk Road to catch him".
Find me just 1 article where there is PROOF that Silk Road was directly MONITORED to capture anyone. Yes that's MONITORING OF SILK ROAD ITSELF, not "it just so happens that after we searched his computer by chance we found evidence of Silk Road usage".
Lol ok, try this on bud.
They catch your mail, kick your door, find you on silk road. Don't think it happens?
http://weirderweb.com/2013/02/26/florida-man-busted-silk-road-promptly-deletes-all-his-posts/
And, ask yourself, how many of these guys using TOR know you have to properly use TOR.
How hard is it for the Feds to set up an account, build a rep sending petty orders, then make huge offers and just go kick the door of the recipient?
It's an awesome idea, but the anonymity necessarily attracts people who will rip you off.
And if you don't think the Feds could mount a concerted effort utilizing the NSA's full capabilities if they wanted to ya might be craycray.
Your right I couldn't give ya the technical jargon for how TOR works but I have a good general idea, and furthermore it's not TOR I'm worried about, it's silkroad, how the fuck does anyone know it's not straight up CIA(worlds largest drug dealer)? You don't.
They catch your mail, kick your door, find you on silk road. Don't think it happens?
http://weirderweb.com/2013/02/26/florida-man-busted-silk-road-promptly-deletes-all-his-posts/
And, ask yourself, how many of these guys using TOR know you have to properly use TOR.
How hard is it for the Feds to set up an account, build a rep sending petty orders, then make huge offers and just go kick the door of the recipient?
It's an awesome idea, but the anonymity necessarily attracts people who will rip you off.
And if you don't think the Feds could mount a concerted effort utilizing the NSA's full capabilities if they wanted to ya might be craycray.
Your right I couldn't give ya the technical jargon for how TOR works but I have a good general idea, and furthermore it's not TOR I'm worried about, it's silkroad, how the fuck does anyone know it's not straight up CIA(worlds largest drug dealer)? You don't.
I guess you not getting it, if they kick your door while your logged in they can see you transactions, and see where you sent stuff.
The mere fact that is possible makes it only a matter of time before they get lucky.
And as I said above, it's absolutely possible for them touse it to find large buyers. Do you think they are going to publicize that?
I dunno. I just set-up my own account there recently and the security looks good. They have an escrow system to protect you to the degree it is possible, but I don't think the Feds can get through my PGP Key or TOR to find out what I am up to. I think that is a stretch. Even if you are right - are you going to tell me they are going to waste all of those precious law enforcement resources to bust me for wanting to order a zip of meds for my wife who is dying of cancer because I don't know any dealers locally? I don't think so. How would you like to be the prosecutor here in Houston and get handed this turd of a bust to prosecute? Oh and don't forget the part about me being legally insane and writhing in pain every day because of the headaches caused by the voices.
I just don't see it bro'. You could be right, but it seems a great way to me to get ahold of some meds for my girly-girl as quickly as possible. There's a lot bigger fish there to fry and there are so many fish in this school the odds of being picked off are just not there.
I just don't see it bro'. You could be right, but it seems a great way to me to get ahold of some meds for my girly-girl as quickly as possible. There's a lot bigger fish there to fry and there are so many fish in this school the odds of being picked off are just not there.
