BITCON... WHY its totally FLAWED
- Thread starter 1for1
- Start date
I want to buy some, but can't justify it anymore, this is a bubble IMO and I don't want to be the sucker left with some virtual currency worth sweet FA.
pro$pector
New Member
RetardedMonkey said:
Probably right - but how high is the top going to be, bubbles can last a lot longer than expected...
They can, but it would feel like more 'luck' now than anythingpro$pector said:
It will catch the eye of the Fed soon enough and or IMF etc... especially as it is trade able. The Tax man would probably want to know about it as well. I agree some people doing well. I tried was too illiterate to get it to work, so didn't bother. Well done to those that did OK.
Also, where is a reputable place to buy/sell BtC?
pro$pector
New Member
RetardedMonkey said:
Mt Gox for selling, theres not that many other options unless you arrange something privately or use forums etc.
Spendbitcoins Australia doesn't buy back anymore.
Takes forever to get a Mt Gox account verfied at the moment too.
Austacker said:
Going purely from memory, but pretty sure its correct - the IMF (or similar org) has already done a report on BTC, they determined although it shared similarities to Ponzi schemes, it was not actually a Ponzi scheme. They didn't say much else - feel free to research yourself and get the full story.
Ah, fair enough, won't bother too much thenpro$pector said:
Funny to see some of the explosions in LtC:
Date/Open/Close
2013-03-10 0.22200 USD 0.33255 USD
2013-03-11 0.33500 USD 0.43302 USD
2013-03-12 0.42999 USD 0.64900 USD
Date/Open/Close
2013-03-10 0.22200 USD 0.33255 USD
2013-03-11 0.33500 USD 0.43302 USD
2013-03-12 0.42999 USD 0.64900 USD
That's good in a way, the harder it gets the higher it gets. Which means those of us who mined a little earlier make more profit.Noppy said:
Where will you be able to sell these litecoins?
I don't particularly want to trawl through the gazillion pages to see whether this article has been posted before in this or the other Bitcoin threads, but this article that I stumbled across on the Daily Paul discusses why Bitcoin CANNOT be controlled by the Government and is unhackable.
It makes for interesting reading regarding the internal workings.
http://www.dailypaul.com/279171/why-bitcoin-cannot-be-controlled-by-government?sss=1
It makes for interesting reading regarding the internal workings.
http://www.dailypaul.com/279171/why-bitcoin-cannot-be-controlled-by-government?sss=1
Taking down one exchange (or all of them) isn't going to have any effect ultimately. Any exchange can start up in any jurisdiction in the world.
People always talk about "they" and I presume they mean the US government? The US doesn't control the whole world.
People always talk about "they" and I presume they mean the US government? The US doesn't control the whole world.
bordsilver said:
The white paper is the best thing to read for an understanding of it
http://bitcoin.org/bitcoin.pdf
It's not even the take down of an exchange site I would be worried about. It's the amount of Bitcoin's that could be stolen from a site like that.
I think bitcoin's biggest advantage is the ability to send value to someone anywhere, anonymously, securely, and with minimal fees.
It will be the Western Union of the future.
If I want to send someone AUD$10,000 of purchasing power, I buy 10,000 worth of bitcoin + 0.5% fee, send this amount of bitcoin to other party, they cash out their bitcoin for AUD/USD/whatever.
It will be the Western Union of the future.
If I want to send someone AUD$10,000 of purchasing power, I buy 10,000 worth of bitcoin + 0.5% fee, send this amount of bitcoin to other party, they cash out their bitcoin for AUD/USD/whatever.
Just needs a few better ways of buying/selling these.
Bullion Baron said:
AFAIK you are anonymous as long as you don't publically disclose your bitcoin address (e.g. in a forum: "hi, here's my address, send me some bitcoins")
The example of an exchange being hacked (or forced by authorities to disclose) is an interesting one, I'm not sure it is relevant.
transaction 1: person A buys bitcoins from exchange
Transaction 2: person A send bitcoins to person B
Transaction 3: person B sells bitcoins to exchange
Nowhere here does the exchange have any involvement in the bit coins being sent.
Maybe I am misunderstanding?
EDIT: just thinking about it again, if the exchange was hacked/forced to disclose, then there is a record of that bitcoin address making a purchase, another address making a sale, AND the public transaction between address A and B floating around the ether. I think that's what you were getting at. I don't have an answer to that one! Maybe, risks are lessened with multiple exchanges?