bankers at it again, manipulating alternative currencies to keep their fiat money scam going
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coin all the way down to 89 USD dropped to 54 at one pointComment -
What you should expect with 'virtual' currency that is unregulated. If you're not the guy who makes a 1000% return, you're the guy losing 100%.Comment -
back to 110 nowComment -
Bitcoin just reeks of the scam smell. I don't know that much about it but I everything I have seen or read seems to scream that some type of Bernie Maydoff action is going on here.Comment -
flyingillini on suicide watchComment -
scooby doo and the phantom cyber e-loot mystery
classic shaggy ends up banging daphne after freddie passes out on too much chronic
blows load in twinkie wrapper velma cleans van later etc.Comment -
I've been arbing bitcoin for the last 2 days, its been excellent.
Next couple days are the perfect time to buy. If you actually extrapolate bitcoins "value" with the exception of that crazy spike over the last few weeks, its exactly where it "should" be.
Its not getting "crushed", its up significantly from less then a month ago, people are just crying foul because of the supposed "Crash" where it lost sixty percent of its value yet its up from a month ago.
People panic too quickly about these things.
BUY. BUY. BUY.Comment -
seems to be stabled around 100Comment -
Here's the problems I see with Bitcoin...
Bitcoin is not an effective store of wealth. It's value can be evaporated with a simple stock market correction/crash.
It is not a a useful payments mechanism given how fast it's value can fluctuate. It can take an hour for a bitcoin transaction to clear, meaning that it's value at the time of the clear can be radically different from the value at it's inception.
Bitcoin only works for payments if you can be reasonably sure it's value will be steady for at least the next hour or so.Comment -
This may be dumb, but I've always wondered, they say the value of the dollar is going down so buy gold, but ismt the gold being traded for dollars. And when you sell it won't you get dollars back again???Comment -
once bitcoin get to 21 million, some coins will disappear if people broke their harddrive and forgot to back up using a usb or print it out on paper. in theory it should keep getting more valuable. however, bitcoin is decentralized, you know really know how many coins are out there in reality.Comment -
Could bitcoin get around U.S. laws with banks and gambling sites?
Michael Hajduk had sunk one year and about $20,000 into developing his online poker site, Infiniti Poker, when the U.S. online gambling market imploded. On April 15, 2011, a day now known in the industry as Black Friday, the U.S. Department of Justice shut down the three biggest poker sites accessible to players in the U.S., indicting 11 people on charges of bank fraud, money laundering, and illegal gambling. Player accounts were frozen, leaving thousands of Americans without access to their funds. “It was like a bomb went off,” Hajduk says. To continue gambling, “U.S. players were uprooting their families and moving to Malta. Crazy stuff was happening.”
Hajduk, though, was barely fazed. Calgary-based Infiniti Poker, like several other new online gambling sites, plans to accept Bitcoin when it launches later this month. The online currency may allow American gamblers to avoid running afoul of complex U.S. laws that prevent businesses from knowingly accepting money transfers for Internet gambling purposes. “Because we’re using Bitcoin, we’re not using U.S. banks—it’s all peer-to-peer,” Hajduk says. “I don’t believe we’ll be doing anything wrong.”
Developed in 2009 by a mysterious programmer known as Satoshi Nakamoto, Bitcoins behave much like any currency. Their value—currently about $13 per Bitcoin—is determined by demand. Transactions are handled through a decentralized peer-to-peer network similar to BitTorrent, the protocol for sharing films and music over the Internet. An assortment of merchants around the globe accept Bitcoin; it’s also the currency used on online black markets such as Silk Road, which processes an estimated $1.2 million a month in sales of illegal drugs, according to Nicolas Christin, the associate director of Carnegie Mellon’s Information Networking Institute.
Individuals can buy and sell Bitcoins using global currencies through such online exchanges as Mt. Gox. There’s even a service facilitated by BitInstant, a payment-processing company, that allows you to purchase the virtual currency for cash at 700,000 U.S. locations, including participating Wal-Mart (WMT), Duane Reade, and 7-Eleven stores. Once users have Bitcoins, they store them on their computers or mobile devices in files known as Bitcoin wallets or in cloud-based “e-wallets.”
Hajduk says Infiniti Poker will accept ************, wire transfers, and other payment options, but players in the U.S. will be able to play only using Bitcoins. He originally included the currency not to get around U.S. law but to reduce the time it takes to cash players out. Bank transactions can take up to 12 weeks; players who use Bitcoin can get a payout in a matter of hours, he says.
GamblingCompliance, which tracks the global gaming industry, says most estimates value the U.S. online gambling market at $4 billion to $6 billion. On Black Friday, gamblers in the U.S. had more than $100 million in online accounts frozen. Nearly two years later, the U.S. government is still working to reimburse the players, who were not targeted in the crackdown.
Hajduk says the ability to store Bitcoins on players’ computers is appealing. “At the end of the day, [the government] cannot freeze your account because they cannot kick down the door to Bitcoin,” he says.
It’s unclear whether the government will go after Bitcoin gambling sites. “Bitcoin poses some new legal challenges for financial authorities,” says Martin Williams, the Asia editor of GamblingCompliance. “I suspect that much of it will involve playing catch-up, as with so many other things relating to the Internet.” The Justice Department declined to comment.
There are other risks as well. In recent months hackers have pulled off several Bitcoin heists, and this summer Bitcoin Savings & Trust, billed as a “Bitcoin hedge fund,” made off with more than $5 million entrusted to the site by investors, in what appears to be a Ponzi scheme. Also, Bitcoin wallets can vanish as a result of hard-drive crashes or other computer problems. That’s how at least one user lost 50,000 Bitcoins, according to Peter Vessenes, chairman of Bitcoin Foundation, an organization that helps develop and promote the virtual currency.
“It’s still a pretty raw technology,” says Gavin Andresen, chief scientist at Bitcoin Foundation. “It’s pretty obvious that it’s been designed by geeks for geeks. It’s not easy to use yet, but it’s getting easier to use all the time.”
Bitcoin gaming sites keep popping up. Erik Voorhees, director of marketing and communications at BitInstant, helped design SatoshiDice, a gambling site hosted in Ireland and owned by an anonymous investor. Since launching in April, the site has taken in about $15 million in bets, Voorhees says. SatoshiDice is careful to keep everything in Bitcoin; until it’s clear how the site will be treated legally, “it’s better to keep it completely separate from real life,” he says.
When it comes to letting Americans gamble with Bitcoins, not everyone is as bold as Hajduk and SatoshiDice. Josh Strike, who in 2011 launched the Costa Rica-based Bitcoin casino site Strike Sapphire, says he makes sure Americans can’t access his games. “I’m an American, and the guys who help me with this—lawyers, part-owners, guys I’ve known since high school—they’re American,” he says. “I don’t want to get anyone in trouble.”
The bottom line: Bitcoins may help satisfy Americans’ appetite for online gambling—if using the online currency to place bets remains legal.Comment -
Don't Forget Your Password!
WARNING: Forgotten passwords are UNRECOVERABLE and will results in LOSS of ALL of your bitcoins!Comment -
This gold fluctuation is driving me crazy. I don't have the stomach to keep watching these falling prices. Off 5% on Friday, WTF??? Gimmie a bounce on Monday and/or Tuesday and I'm dumping half my shiit.
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Bitcoins can be manipulated. A group get together and by low...Joe Blow jumps in and starts buying, causes prices to rise..Original group sells, causing prices to fall...Then they do it again.Comment -
Bitcoins
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For the record, it turned out about a 300 percent return, but I was in my teens when I started buying gold, unfortunately did not have enough capital at the time to dump into it to create a significant enough return.Comment -
Also, anyone who invests in anything for three decades without selling out after a better investment introduces itself is a moron.Comment -
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Silver down 10% this morningComment -
damn. gold is at 1398 now
penetrate. gold is going to hit 1000 in few days if people start to panic sellComment
