1. #36
    Coachep
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    Quote Originally Posted by Gonz312 View Post
    Cashing out/buying into bitcoin is easier than depositing into most books, probably even easier than depositing a check from a book into most banks. So that comment really makes no sense to me. If your in the US that is...

    I had a couple mining computers back in 2010-11 when they were like 20-30 bucks a pop, cashed out early (I believe it was at 24 when I did) because it was a pain in the ass to maintain. Might go down as one of the biggest mistakes of my life
    Tell that to the people who used the biggest Bitcoin exchange MTGOX.

  2. #37
    ACoochy
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    Biggest theft in bitcoin history:
    http://www.abc.net.au/am/content/2013/s3886606.htm
    Massive bitcoin robbery hits Australian website, raises questions over regulations

    TONY EASTLEY: A young Australian entrepreneur says his bitcoin website has been hacked and thieves have stolen more than a million dollars of virtual currency.

    Unlike old currencies, Bitcoin is digital, traded computer-to-computer, has no central authority or government based backing.

    The bitcoin theft is one of the largest in the currency's history and raises questions about digital money and its future.

    Will Ockenden reports.

    WILL OCKENDEN: Bitcoins are a virtual currency, often used to pay for goods and services on the internet.

    TRADEFORTRESS: Bitcoin is something like email but it's money.

    WILL OCKENDEN: A bitcoin user who calls himself TradeFortress says thousands of bitcoins have been robbed from his virtual wallet.

    (Question to TradeFortress) How many bitcoins are we talking about?

    TRADEFORTRESS: A bit over 4,000 and a hundred.

    WILL OCKENDEN: And how much is that worth in real money?

    TRADEFORTRESS: $1.1 million.

    WILL OCKENDEN: The stolen bitcoins are owned by the users of his website, who'd trusted their bitcoins to him. TradeFortress doesn't want to be identified because he's worried about his personal safety.

    It's one of the largest known robberies in the virtual currency's four year history. TradeFortress and his users know the chances of getting their bitcoins back are extremely unlikely because bitcoin transactions can't be reversed.

    (Question to TradeFortress) What's it like writing off $1 million?

    TRADEFORTRESS: It's hard to describe.

    WILL OCKENDEN: Because you don't sound very old either?

    TRADEFORTRESS: Yeah, I'm quite young.

    WILL OCKENDEN: Are you over or under 18?

    TRADEFORTRESS: I'm over 18 but not much over.

    WILL OCKENDEN: The bitcoin transaction trail is designed to be anonymous. It's led to speculation that this was an inside job and that TradeFortress took the coins for himself. But when asked by AM, he strenuously denied those accusations.

    But he says despite his $1 million loss, he's unlikely to report the theft to police.

    TRADEFORTRESS: The police don't have access to any more information than any user does when it comes to bitcoin. Some say it gives them control of their money.

    WILL OCKENDEN: A spokesman for the Australian Federal Police says to his knowledge a theft of bitcoins has never been investigated at either a federal or state level. But he says if it was reported it would be treated like any other theft.

    STILGHERRIAN: The appeal of stealing bitcoin as opposed to stocks and bonds or physical goods is that untraceability.

    WILL OCKENDEN: Stilgherrian is a technology commentator.

    STILGHERRIAN: We're talking about roughly a million dollars worth of bitcoin gone. That puts it up there with some of the biggest bank robberies in history.

    WILL OCKENDEN: He says bitcoins are already raising big questions over regulations, policing and even taxation.

    STILGHERRIAN: Once you've got the bitcoin, there's no way, well no easy way, of telling where you got that from, so from a money laundering point of view it's very attractive.

    WILL OCKENDEN: At today's exchange rates each bitcoin is worth about $275. At the beginning of the year, they were worth about $30 each.

    The quick and massive rise in the value of bitcoins has given the currency a higher profile, but Stilgherrian says it's also attracting more criminals.

    STILGHERRIAN: People rob banks because that's where the money is. Your bitcoin wallet, which is really just a digital file sitting on your computer, can be just as vulnerable and just as attractive and the more that it's out there, the more thieves will be drawn to it.

    TONY EASTLEY: Technology commentator Stilgherrian ending Will Ockenden's report. Keep a hand on your virtual wallet.

  3. #38
    ACoochy
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    Quote Originally Posted by eidolon View Post
    So correct me if I'm wrong, but this is how I see it:

    A person or group of ppl wanted to start their own trade of goods market.
    They started it and used the name bitcoin as a value. Each bitcoin came originally from, lets say, 1million of them (total 1 milllion bitcoins).
    For people to join this market they had to purchase bitcoins with other currencies (yen, dollar, etc.).
    The original owner(s) of the coins would slowly let people buy in. They would buy from the 1million bitcoin.

    So if this is the case, does the value go up because of the demand of wanting to be part of this market? How is determined what the value is of each bitcoin?

    I'm not trying to say this is crap, I'm just intrigued by this market.
    Thanks Eidolon.

    The forecasted number of produced Bitcoins is 21 million with an expected completion date of 2040. From there every 1 coin would be broken down into 8 million Satoshi's (name after the apparent founder of bitcoin. Again don't quote me 100%, this is from memory). This is the planned platform by which it would eventually be traded as...

    The fact that there is only limited supply is what drives the demand here. Value of each coin is multifactorial for every new coin would require more processing power to mine (thus costing more to produce) which in turn also increases their value.

    China also made legal bitcoin as of yesterday. They are VERY interested in this currency which also increases the value as demand has suddenly skyrocketed.

    Definite bubble here. Will wait til it pops then getting back in. GL mate
    Last edited by ACoochy; 11-08-13 at 05:08 PM.

  4. #39
    jjgold
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    Its very confusing, like anything else in the financial world the insiders make the money

  5. #40
    ACoochy
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    Quote Originally Posted by jjgold View Post
    Its very confusing, like anything else in the financial world the insiders make the money
    Coach you need to get into Walkers ear and tell him to get onto some bitcoin sponsored books.

    Chinese are into this now. Its much bigger than just you or I.

  6. #41
    jjgold
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    Again I think USA markets are staying away from bit coin

    Offshore gambling is highly illegal in the United States

    I think more non-USA books should use bit coin

  7. #42
    bigboydan
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    Quote Originally Posted by tto827 View Post

    Next to your SBR founder badge they should give you a "resident bitcoin retard" badge.
    Thank you for the compliment and remember... "Villify" because reality sucks because you know I'm right.

  8. #43
    bigboydan
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    Quote Originally Posted by jjgold View Post
    Again I think USA markets are staying away from bit coin

    Offshore gambling is highly illegal in the United States

    I think more non-USA books should use bit coin
    It's not even safe using it with non-US books coach.

    Remember, I used TOR while working here at SBR before and my computer got hacked into. Now grant it I wasn't doing anything illegal but never the less it proves TOR is 100% hackable. Sorry but their was no way I was gonna put this company in bad spot knowing full well my computer was compromised.


    Just ask Mr.Dozer because he can confirm this to be a 100% true story.

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