BITCON... WHY its totally FLAWED

Ha - I like these tips on BitLaundry....

Tips:

Send Bitcoins to yourself to obscure their history.

Use multiple recipient addresses and/or spread the transactions over a number of days to thwart correlation attacks!
 
XB said:
Ha - I like these tips on BitLaundry....

Tips:

Send Bitcoins to yourself to obscure their history.

Use multiple recipient addresses and/or spread the transactions over a number of days to thwart correlation attacks!
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... And ...

"Not approved for use in Oceania."

Wtf?
 
rbaggio said:
Bullion Baron said:
I think it's in a bubble (short term at least).
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Agree with this. And not owning a single bitcoin, I am a very interested bystander atm.
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I'm in your boat.

I'm mining the Litecoins whilst they're easier to get and have more upward potential if this 'virtual currency' thing takes off, but buying into Bitcoin is a little too risky.
 
Bullion Baron said:
How do they cash out their $10,000 anonymously?
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There's a few ways - if you are truly interested in learning how to stay completely anonymous with BTC, the Silk Road forums holds a treasure trove of information (you need to be able to access TOR websites to view).

There's reason's 99% of the sellers there aren't getting busted.
 
A store of value meets a strong magnetic field at 200 degrees Celsius...my preference would not be for value stored in Bitcoin.
 
I think it will become more useful to more people once the "mining stage" is over.. then the price will stablise and it will primarily be a means of wealth transfer and short term cash holding..

At this time it is highly speculative and risky.. congrats to those in, to those that are not, it is a risk which may pay big dividends.. you decide. ... i am looking at it daily at the moment so very short term trading outlook compared to my view on gold/silver

1for1
 
Bullion Baron said:
hawkeye said:
Taking down one exchange (or all of them) isn't going to have any effect ultimately.
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Disagree. Bitcoin is a peer to peer currency, but if you disrupt the platform on which most transactions take place then you are going to severely disadvantage those holding Bitcoins to speculate, which I would suggest is a growing number given the recent parabolic rise.

Bitcoin has no intrinsic value, it has no regional value for day to day transactions or to pay taxes, it is what I would consider a "luxury" currency and has value while there is demand, take away the ease of transaction and you are going to greatly reduce the demand and with it price, IMO.

Sure they could start up new exchanges (if Mt Gox was taken down), but it would not be an easy recovery after the inevitable crash in price.
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Only temporarily. The only way it can ultimately be shut down is if everybody stops using bitcoins and that will be a choice of the market itself. As for the value, yes, I've always said it is going to be very volatile until it gains any sort of traction.

The intention really is to be able to trade goods over the wires with bitcoins. Yes, I am speculating with them because I think they will be used more widely in the future. It's a gamble in the short-term but one I'm willing to take.

With a greater more stable number of users will come a more stable price, whatever that happens to be. Saying that it's hard to get into atm and not being used much is the ideal time to speculate on them. With a more stable price and more outlets, exchanges etc, will come a transition away from speculation as speculators go looking for other more volatile instruments and you get more trade instead.
 
I'd love to see bit coin take off but can't understand how a virtual currency can be going to such crazy prices and and PMs get hammered down day after day.
 
i bought 10 bitcoin for sh!ts and giggles months ago at about $250, and i just bought, and tonight it was worth about 900$, so i went and bought 30oz of silver. not bad hey?
 
MassiveOni said:
i bought 10 bitcoin for sh!ts and giggles months ago at about $250, and i just bought, and tonight it was worth about 900$, so i went and bought 30oz of silver. not bad hey?
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Crazy! Not crazy for buying PMs but nothing makes sense! I'm a true believer in the physical PM market but its friggin hard to make any sense of this. Markets up = PMs down. Markets down = PMs down. bit coins up = PMs down. Everything down = gold/silver stocks at the bottom of the barrel!
Can it get any worse for PMs? No wonder ther is no 'average joe' to be seen. Any average person I've spoken too with any 'knowledge' of the markets laughs at me when I mention the demise of fiat paper. I really can't argue with a lot of the logic.
 
doomsday surprise said:
Can it get any worse for PMs? No wonder ther is no 'average joe' to be seen. Any average person I've spoken too with any 'knowledge' of the markets laughs at me when I mention the demise of fiat paper. I really can't argue with a lot of the logic.
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I know right :\

Everything the markets do, silver drops.

It's hard making a case to people if you can't back it up even when shit hits the fan lol
 
doomsday surprise said:
I'd love to see bit coin take off but can't understand how a virtual currency can be going to such crazy prices and and PMs get hammered down day after day.
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Some will say PMs are manipulated and there is no doubt they are to some extend, but the actual extend of the manipulation is anyone's guess.
Bitcoins are also not a classic investment as it is very new and I suspect there is a lot of speculation going on right now. With the price rise, Bitcoin becomes more heard of and more people jump on the bandwagon, and this helps to push the prices up - something not seen in PMs.

I sometimes also think that some investors do like electronic investing - by opposition to physical assets like PMs.

Interesting times nevertheless! We are all trying to position ourselves on the right side of the multiple trades going on and soon enough to go on.
That's already a lot more than your average joe out there :)

Presently kicking myself for not buying BTC last month when I was considering it!
 
RetardedMonkey said:
doomsday surprise said:
Can it get any worse for PMs? No wonder ther is no 'average joe' to be seen. Any average person I've spoken too with any 'knowledge' of the markets laughs at me when I mention the demise of fiat paper. I really can't argue with a lot of the logic.
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I know right :\

Everything the markets do, silver drops.

It's hard making a case to people if you can't back it up even when shit hits the fan lol
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Exactly!
I think this sparks some sense of capitulation among the weaker hands stackers... Keep on holding
 
BTW guys I meant to ask: Anyone knows an australian bitcoin exchange?
Still waiting on my MtGox approval... over 2000 people ahead of me though!

Also I meant to put that out there: I have 2 x 2oz snakes I would consider swapping for BTC, just to try my hand at it and play a bit with the different concepts of cold storage etc.

If anyone is interested, please PM.

Cheers
 
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