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Bitcoin - Alternative currency


themanupstairs
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Been hearing loads about this in the aftermath of the recent grand larceny committed by the EU & Germany on tiny little Cyprus.

 

Anyone heard anything about this? Sounds quite interesting.

 

http://lifehacker.com/5991523/what-is-bitcoin-and-what-can-i-do-with-it

 

In short, it's meant to be a decentralized digital currency (open source), traded online and p2p to sell and purchase certain goods or services. You can acquire it by exchanging it with real currency, by selling anything that the buyer will pay for in Bitcoin, or by mining it yourself.

 

Discuss. Or not.

 

 

Edit: I've searched the boards, and seen nothing on it. If this has already been discussed, and I'm 4 years too late or something, please let me know.

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Heard it being talked about as a possible investment option similar to Gold and Silver. Could be a thing for the future. With the euro and the dollar seeming heading down the toilet, it could be worthwhile? I shall be investigating further personally. Been hit hard with the capital controls over here. Fucking thieving IMF and ECB bastards :angry:

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To be honest, I'd stick with investing in gold or whatever over a f***ing digital currency any day.

 

I agree in principle mate. But I've just lost about 40% of my entire life savings, and I'm exploring every possible avenue to make sure whatever I still have I can invest in a variety of ways. No bank on this earth will  see a penny of my money ever again.

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Falkvinge (edit: founder and former leader of swedish pirate party) seems to think it's a big deal and has for some time. 

 

http://falkvinge.net/2011/05/29/why-im-putting-all-my-savings-into-bitcoin/

 

Note the date, 2011-05 ... the bitcoin market crashed a few months after this, going from nearly $30/btc to under $5/btc. To say it's recovered nicely is an understatement. 

 

Also to dismiss it as just currency for Silk Road (drugs) is shortsighted and silly.

 

I've had a few in a wallet stored on mtgox for a while and I bought a lot more when they were ~ $45/btc. In my opinion it hasn't yet peaked and if you can afford a high risk/high return investment you might want to get in now.

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With "mining" as far as I can tell it generates bitcoins and gives you them, albeit at a very slow pace.

 

whats to stop this just devaluing to the point of uselessness where only people with supercomputer farms have any useful amount of bitcoin?

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With "mining" as far as I can tell it generates bitcoins and gives you them, albeit at a very slow pace.

 

whats to stop this just devaluing to the point of uselessness where only people with supercomputer farms have any useful amount of bitcoin?

There's a limit of 21 million bitcoins that can ever be produced.
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To be honest, I'd stick with investing in gold or whatever over a f***ing digital currency any day.

 

I agree in principle mate. But I've just lost about 40% of my entire life savings, and I'm exploring every possible avenue to make sure whatever I still have I can invest in a variety of ways. No bank on this earth will  see a penny of my money ever again.

 

Ah, shit man, forgot you were effected by that.  Gold though, I'd imagine is the safer prospect.  I'd feel as safe as I do with banks with bitcoins. 

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With "mining" as far as I can tell it generates bitcoins and gives you them, albeit at a very slow pace.

 

whats to stop this just devaluing to the point of uselessness where only people with supercomputer farms have any useful amount of bitcoin?

There's a limit of 21 million bitcoins that can ever be produced.

 

Hmm. No Bitcoin billionaires, then. I can assure investors this won't be an issue with B-More Bucks. Invest today.

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Falkvinge (edit: founder and former leader of swedish pirate party) seems to think it's a big deal and has for some time. 

 

http://falkvinge.net/2011/05/29/why-im-putting-all-my-savings-into-bitcoin/

 

Note the date, 2011-05 ... the bitcoin market crashed a few months after this, going from nearly $30/btc to under $5/btc. To say it's recovered nicely is an understatement. 

 

Also to dismiss it as just currency for Silk Road (drugs) is shortsighted and silly.

 

I've had a few in a wallet stored on mtgox for a while and I bought a lot more when they were ~ $45/btc. In my opinion it hasn't yet peaked and if you can afford a high risk/high return investment you might want to get in now.

 

Fair enough, dude, I did not know much about it beyond said use for drugs.  Good info', mon.

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Falkvinge (edit: founder and former leader of swedish pirate party) seems to think it's a big deal and has for some time. 

 

http://falkvinge.net/2011/05/29/why-im-putting-all-my-savings-into-bitcoin/

 

Note the date, 2011-05 ... the bitcoin market crashed a few months after this, going from nearly $30/btc to under $5/btc. To say it's recovered nicely is an understatement. 

 

Also to dismiss it as just currency for Silk Road (drugs) is shortsighted and silly.

 

I've had a few in a wallet stored on mtgox for a while and I bought a lot more when they were ~ $45/btc. In my opinion it hasn't yet peaked and if you can afford a high risk/high return investment you might want to get in now.

 

Fair enough, dude, I did not know much about it beyond said use for drugs.  Good info', mon.

tbh I hadn't read the thread :lol: the whole "people only use it for silk road" thing is something I hear in every bitcoin dicussion so I meant to be preemptive in its defense.  Sorry.
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