Bitcoin? WTF is that and does anyone use it? I bit coin is worth $120 USD?

[747planes]

Anyone have experience with bitcoin?

[Smoke]

PM flyingillini

[Eejit]

Anyone have experience with bitcoin?

Jump on the bandwagon now its still not too late

eBay is getting ready to implement its use which will make the price rise before stabilizing again

Germany just recognized it as a form of currency

[SBR_John]

I've been nibbling and trying to learn more about them. I'm using Coinebase for no good reason.

It's a bit of a process to get setup and started.

Have no idea where bitcoins go. I did buy 10 at 113 and sold them at 129 so my first experience has been good. Bought back at 122 and they are 118 right now.

[747planes]

How do i find him. I just want to know what it is and how it works. 5dimes accepts bitcoin. I googled bitcoin and read the wikipedia and few other stuff and still don't get the whole picture. Am i stupid or is it vague? Bitcoin fluctuates....1 bit coin was worth $2 a while back and before that it was around $100 and now it is back again at $120. How can such a volatile currency accepted by reputable businesses?

[747planes]

I've been nibbling and trying to learn more about them. I'm using Coinebase for no good reason.

It's a bit of a process to get setup and started.

Have no idea where bitcoins go. I did buy 10 at 113 and sold them at 129 so my first experience has been good. Bought back at 122 and they are 118 right now.

John i was checking the rate and in a span of 15 mins it fluctuated from $122 to $117. How quickly are the trades initiated? Any good resources to learn about them?

What is this currency based out of? No economy, no goods, nothing...this currency is based out of some computer program? Doesn't make sense. Defies all laws of economy.

Please elaborate the process that you speak of. thanks.

[SBR_John]

http://preev.com/

Best site for getting the spot price.

This is the blind leading the blind. So take into account I have no fugging idea what I'm talking about.

Bitcoins are a virtual currency that trade like a stock. In fact, you set up what amounts to a brokerage account to trade them.

What makes them valuable is the fact they are setup to be a legit currency and can not expand past 21 million coins until the year 2140. Similar to gold which is somewhat finite and derives value from being finite and not tied to the debt ridden currencies which also have no real value if you think about it.

[GunShard]

BitCoin is the same as an Air Bet.

I wouldn't invest in it.

Investing in BitCoins is the same as investing in Lakerboy's air bets.

Boondoggle just went full retard. Never go full retard.

[Russian Rocket]

waste of money/time...the currency does not represent anything and is not backed by anything at all.
the price fluctuations on any, and I mean any rumor that they're about to go down would destroy investors.

this is nothing but a big bubble that will eventually burst.

...if you're in a hunt for a 10-20 point moves, there are plenty of large cap stocks out there that would give you just that.

[ACoochy]

waste of money/time...the currency does not represent anything and is not backed by anything at all.
the price fluctuations one any, and I mean any rumor that they're about to go down would destroy investors.

lol some ppl have short memories...

2008 ring a bell??

Also, BTC is far more traceable than cash, contrary to what most of the uninformed will tell you.

[ACoochy]

BitCoin is the same as an Air Bet.

I wouldn't invest in it.

I did late last year and got out couple months back.

Paid +900...

This IS the future. Deal with it

[Russian Rocket]

I did late last year and got out couple months back.

Paid +900...

This IS the future. Deal with it

so if this is the future, tell me why in the world did it drop from 200s to 100s not that long ago?

[ACoochy]

so if this is the future, tell me why in the world did it drop for 200s to 100s not that long ago?

Price was massively inflated during the hypefest a few months back when the wider public 1st started realising what it was and jumped on.

Corrections were (rightfully) made but imo price is still over inflated by around 35-40%...

Supply and demand pal. Read a article last week where the FBI and CIA met with the founders of BTC to discuss ways the currency could be monitored for wider use, which tells me they have given up trying to monitor it as a illegal form of currency and are looking at ways to monitor going-ons for a eventual legalisation...

YOu cant stop progress pal, even if you are the US government

[Darkside Magick]

I did late last year and got out couple months back.

Paid +900...

This IS the future. Deal with it

All these finance experts on the forum.......bitcoin is not the future

[747planes]

If i buy $10000 worth of coints...lets say 100 at $100 and if i want to sell it at $125 points, how long till i see the actual money? I mean how long does it take to convert bitcoin to dollars...are there any hidden fees that will eat up the profit?

Russian...it dropped from $50 to $2 then climbed all the way up to $200 then down to $100 now. Never know what will happen. What does government say about bitcoin....what are the chances of uncle sam banning bitcoin just like they banned online betting?

[Russian Rocket]

Price was massively inflated during the hypefest a few months back when the wider public 1st started realising what it was and jumped on.

Corrections were (rightfully) made but imo price is still over inflated by around 35-40%...

Supply and demand pal. Read a article last week where the FBI and CIA met with the founders of BTC to discuss ways the currency could be monitored for wider use, which tells me they have given up trying to monitor it as a illegal form of currency and are looking at ways to monitor going-ons for a eventual legalisation...

YOu cant stop progress pal, even if you are the US government

two questions:
1. Did you sell some/all when they were at 200s or you're still holding the bag?
2. Now that it settled (if this "currency" can ever settle) around 120s and you're saying that in your opinion it's still overpriced by about 30-40%, are you planning on selling now or you're still going to continue to hold the bag?

[747planes]

What makes them valuable is the fact they are setup to be a legit currency and can not expand past 21 million coins until the year 2140. Similar to gold which is somewhat finite and derives value from being finite and not tied to the debt ridden currencies which also have no real value if you think about it.

If it is just a program, all they have to do is edit the program. Gold exists. Bitcoin is just a program. How are you sure that they won't change the 21 million by 2140 to 50 million or whatever the number causing bitcoin inflation........

[Russian Rocket]

If i buy $10000 worth of coints...lets say 100 at $100 and if i want to sell it at $125 points, how long till i see the actual money? I mean how long does it take to convert bitcoin to dollars...are there any hidden fees that will eat up the profit?

Russian...it dropped from $50 to $2 then climbed all the way up to $200 then down to $100 now. Never know what will happen. What does government say about bitcoin....what are the chances of uncle sam banning bitcoin just like they banned online betting?

planes I invest into stock market and forex for living...when I see this type of price bounces, that brings nothing but fear to me....not an excitement.

[ACoochy]

All these finance experts on the forum.......bitcoin is not the future

I said i was a expert?? Show me where please...

Go look outside of the enclosure of your 1 single nation and tell me btc isnt being utilised (in 1 way or another) throughout the majority of the world (ESP europe)??

To deny this would be willfully ignorant...

[Russian Rocket]

bitcoin is nothing more but a trade...not an investment, but a trade...a very dangerous one

[ACoochy]

If i buy $10000 worth of coints...lets say 100 at $100 and if i want to sell it at $125 points, how long till i see the actual money? I mean how long does it take to convert bitcoin to dollars...are there any hidden fees that will eat up the profit?

Russian...it dropped from $50 to $2 then climbed all the way up to $200 then down to $100 now. Never know what will happen. What does government say about bitcoin....what are the chances of uncle sam banning bitcoin just like they banned online betting?

Planer BTC transactions and transfers are instant. No waiting period like at a bank and the average "fee" (if you can call it that) is around 1cent per transaction.

In short, the unending greed of the banks are making more and more people seek alternative places to place their money imo...GL

[ACoochy]

two questions:
1. Did you sell some/all when they were at 200s or you're still holding the bag?
2. Now that it settled (if this "currency" can ever settle) around 120s and you're saying that in your opinion it's still overpriced by about 30-40%, are you planning on selling now or you're still going to continue to hold the bag?

Got out couple of months back as the laws in the country surrounding BTC are becoming less clear and i want to do the right thing.

Will get back in once lawmakers are able to find a way to regulate a cryptic currency based on algorithms that become exponentially more difficult to acquire with each subsequent mining of a coin ...GL

[Russian Rocket]

Got out couple of months back as the laws in the country surrounding BTC are becoming less clear and i want to do the right thing.

Will get back in once lawmakers are able to find a way to regulate a cryptic currency based on algorithms that become exponentially more difficult to acquire with each subsequent mining of a coin ...GL

stay safe with this bet cooch

[ACoochy]

bitcoin is nothing more but a trade...not an investment, but a trade...a very dangerous one

Do you even know about the longterm aim of bitcoin??

Go do a google search if you really want to learn here Rocket...

[Darkside Magick]

Look I was a former analyst at bear sterns...I have a mba in finance .....right now there is 3 places where people should invest in
1. Gold and/or gold coins
2. Treasury notes and/or strips
3. Small amount in out of market futures

Bitcoin is not one of these 3

[Russian Rocket]

Do you even know about the longterm aim of bitcoin??

Go do a google search if you really want to learn here Rocket...

read a few articles about bitcoins back a few years ago...that was more than enough for me cooch

[ACoochy]

Look I was a former analyst at bear sterns...I have a mba in finance .....right now there is 3 places where people should invest in
1. Gold and/or gold coins
2. Treasury notes and/or strips
3. Small amount in out of market futures

Bitcoin is not one of these 3

And classic cars which have outperformed any of the above mentioned by a considerable margin.

Magick, your a books kind of guy, what do you actually know about the longterm aim of this currency??

GL

[747planes]

Planer BTC transactions and transfers are instant. No waiting period like at a bank and the average "fee" (if you can call it that) is around 1cent per transaction.

Yes but what about when i want this bitcoin currency as USD in my bank account. How long does it take to conver the bitcoin in my bitcoing account to usd in my bank account...and what fees are we talking about?

[ACoochy]

Yes but what about when i want this bitcoin currency as USD in my bank account. How long does it take to conver the bitcoin in my bitcoing account to usd in my bank account...and what fees are we talking about?

localbitcoins.com

The rest you gotta do yourself like i had to...GL

[Darkside Magick]

And classic cars which have outperformed any of the above mentioned by a considerable margin.

Magick, your a books kind of guy, what do you actually know about the longterm aim of this currency??

GL

The aim from the beginning was to be decentralized form of currency....but they getting in bed with the people who they say they didn't want to become.

Bitcoin is basically a shell game like the stock market where there is a lot of market manipulation and will not be able to store value over time

[byronbb]

so if this is the future, tell me why in the world did it drop from 200s to 100s not that long ago?

Because it's in its infancy, try thinking Apple Computers in 1982.

[byronbb]

Some bitcoin sportsbooks btw.

http://www.bitcoinsports.eu/

https://bitbook.biz/ 3k limits/pinny lines
http://www.betcoinsports.com/how-it-works converts yout bitcoin deposit to USD.

Very easy to get payouts from these, usually you get your coins sent to you once the game is graded.
But of course, be wary.

[SamDiamond]

You may as well invest in Beanie Babies if you are going go invest in Bitcoin.

If you don't think the Winklevoss twins are manipulating the Bitcoin market now, then let me sell you some swamp land I have in Phoenix.

They have such a large position in Bitcoin, and the easiest way for them to get some "safe" money back is to create that retarded ETF that they did.

And Germany did NOT recognize bitcoin as a "currency" but rather a financial unit of account.

Let's see----what can I invest in? Oh I know-- a cryptocurrency that has inflexible supply, high rate of volatility, and high risk of loss.

I want my PET ROCK DAMNIT!

[Darkside Magick]

You may as well invest in Beanie Babies if you are going go invest in Bitcoin.

If you don't think the Winklevoss twins are manipulating the Bitcoin market now, then let me sell you some swamp land I have in Phoenix.

They have such a large position in Bitcoin, and the easiest way for them to get some "safe" money back is to create that retarded ETF that they did.

And Germany did NOT recognize bitcoin as a "currency" but rather a financial unit of account.

Let's see----what can I invest in? Oh I know-- a cryptocurrency that has inflexible supply, high rate of volatility, and high risk of loss.


I want my PET ROCK DAMNIT!

This.

We had a name for etf...easy theft of funds

[manny24]