[elgreco]

Thanks for the informative answer.

My pleasure

The "difficulty" of solving a "block" is adjusted based on the total computational power of the network. This happens roughly every two weeks.

[gauchojake]

What would it do to the price of bitcoins if some dude stole 50 mil from a bunch of drug dealers and just needed to unload the currency?

[gauchojake]

http://www.reddit.com/r/sheepmarketplace

Oh that really happened?

[tto827]

What would it do to the price of bitcoins if some dude stole 50 mil from a bunch of drug dealers and just needed to unload the currency?

That's my worry a government doing exactly that. There's 21 or 24 million bitcoins that will be in circulation once they are all mined, as of now, a little over 12 million are in circulation.

At $1200 that's roughly $14,400,000,000 to buy EVERY bitcoin on the market. The US government spends that kind of cash every day....


Get ahold of half of 'em, start a selling frenzy and booom... Once word gets out.... Price falls back to $20 faster than you can click your mouse.

[gauchojake]

That's my worry a government doing exactly that. There's 21 or 24 million bitcoins that will be in circulation once they are all mined, as of now, a little over 12 million are in circulation.

At $1200 that's roughly $14,400,000,000 to buy EVERY bitcoin on the market. The US government spends that kind of cash every day....


Get ahold of half of 'em, start a selling frenzy and booom... Once word gets out.... Price falls back to $20 faster than you can click your mouse.

So do the Chinese. They seem to have a very vested interest in bitcoins.

[Git Lo]

Bitcoin went to parity with gold then corrected 13%. I highly doubt it will surpass gold unless it starts to become adapted with society. It only goes down from here IMO.

[ACoochy]

Bitcoin went to parity with gold then corrected 13%. I highly doubt it will surpass gold unless it starts to become adapted with society. It only goes down from here IMO.

If the chinese get their way then you can be well assured it will skyrocket past Gold price.

[Optional]

If the chinese get their way then you can be well assured it will skyrocket past Gold price.

Why are the Chinese in particular interested in bitcoins?

[ACoochy]

Why are the Chinese in particular interested in bitcoins?

Primarily because most of what's owed to China is in a depreciating US currency.

Not many people really want US currency, it's more forced upon us and in short this is china's way of responding to the fact that they will probably never see what you lot owe them. I think it's 2.3 trillion at the moment and rising

[PAULYPOKER]

China plan to quit dollar infuriates US: Analyst

China is dropping the US dollar for other currencies.

The decision by the Central Bank of China to no longer accumulate foreign exchange reserves in dollar has infuriated the United States, an analyst says.


Finian Cunningham made the remark in a Sunday column for Press TV amid escalation of tensions between US and China over Beijing's enforcement of an Air Defense Identification Zone (ADIZ).

“The escalation of military tensions between Washington and Beijing in the East China Sea is superficially over China’s unilateral declaration of an air defense zone. But the real reason for Washington’s ire is the recent Chinese announcement that it is planning to reduce its holdings of the US dollar,” he wrote.

Cunningham said China “move to offload some of its 3.5 trillion in US dollar reserves” poses “a mortal threat to the American petrodollar and the entire American economy.”

“China - the second biggest economy in the world and a top importer of oil - has or is seeking oil trading arrangements with its major suppliers, including Russia, Saudi Arabia, Iran and Venezuela, which will involve the exchange of national currencies,” he wrote, warning that the development threatens “the petrodollar and its global reserve status.”

Cunningham said Beijing’s November 20 notice about plan to “shift its risky foreign exchange holdings” in US dollars for other currencies “is a harbinger that the American economy’s days are numbered.”

“But, in the imperialist, megalomaniac mindset of Washington, the ‘threat’ to the US economy and indebted way of life is perceived as a tacit act of war. That is why Washington is reacting so furiously and desperately to China’s newly declared air corridor. It is a pretext for the US to clench an iron fist,” concluded the analyst.

KA/HGH/SS

[PAULYPOKER]

LocalBitcoinslocalbtcUSD Latest Price 1769.98 6 min ago

[queensryche]

Nice price.

[ByeShea]

Oh, and the price of a bitcoin is in a death spiral.

Nice call Pauly! You're as dumb an investor as you are a gambler.

Self-burial.

[Ralphie Halves]

So do the Chinese. They seem to have a very vested interest in bitcoins.

Bitcoin getting destroyed again (after recovering from the earlier fall) after People's Bank of China bans financial companies from using Bitcoin transactions.

http://www.bloomberg.com/news/2013-1...nsactions.html

[Optional]

Bitcoin getting destroyed again (after recovering from the earlier fall) after People's Bank of China bans financial companies from using Bitcoin transactions.

http://www.bloomberg.com/news/2013-1...nsactions.html

Good article.

Interesting to see just how far out of touch Greenspan is happy to be seen as publicly.


Bitcoin prices are unsustainably high and the virtual money isn’t currency, Greenspan said in a Bloomberg Television interview from Washington yesterday.

“It’s a bubble,” said Greenspan. “It has to have intrinsic value. You have to really stretch your imagination to infer what the intrinsic value of Bitcoin is. I haven’t been able to do it. Maybe somebody else can.”


You have a way bigger stretch to imagine value in a currency people like Greenspan choose to print more of whenever they like... and you know that Greenspan must know that too.

[Smoke]

So do the Chinese. They seem to have a very vested interest in bitcoins.

Just ask deemers parents. They love the bitcoin!

[PAULYPOKER]

Greenspan is the most deceitful motherfukker on this planet...........

I wouldn't even trust him to bag groceries...

[PhillyFlyers]

Greenspan is the most deceitful motherfukker on this planet...........

I wouldn't even trust him to bag groceries...

Can't ever trust a jew.

[Rangers901]

No one will know what Bitcoins are 5-10 years from now. Do people not understand that if the powers that be want to abolish it, they will. If they can't physically remove it, they will simply buy enough to destroy the market.

[PAULYPOKER]

No one will know what Bitcoins are 5-10 years from now. Do people not understand that if the powers that be want to abolish it, they will. If they can't physically remove it, they will simply buy enough to destroy the market.

Nope.you can only BUY what is MINED...........

NEXT.........

[PAULYPOKER]

think of it liken to HARLEY DAVIDSON

[Git Lo]

BC getting slaughtered

[PAULYPOKER]

If you like a pull your hair out adrenaline rush = equal to base jumping.

Well LocalBitcoins is the BC market for you.........

This shit is volatile as it gets..

The 30 day low is 136.........

The 30 day high is 20 fukkin 3 hundo 76/100!

Right now they are trading 842..

5 minutes ago it was a thousand fukkin 24!

[PAULYPOKER]

[Git Lo]

The BTC market is not liquid enough, if your buying now you are purely buying on speculation.

[tb1984]

So do the Chinese. They seem to have a very vested interest in bitcoins.

Sure, they do.

http://money.cnn.com/gallery/technol.../bitcoin-mine/

[zacher]

as long as the silk road keeps takin it

THIS IS IT!! Bitcoin isn't going anywhere and nether is the black market its funds…..Log onto Tor for two minutes and watch what type of shit bitcoin can buy you...

[Optional]

THIS IS IT!! Bitcoin isn't going anywhere and nether is the black market its funds…..Log onto Tor for two minutes and watch what type of shit bitcoin can buy you...

Spoken like someone who doesnt even know what TOR is.

Go on, log on and tell us what you see in the first 2 minutes.

[warbux]

bitcoins tankin if you want in now buy buy buy!

[greenhippo]

If I had the knowhow on how to do it I'd buy a little right now, could easily go from 500 to 750 in a day.

[warbux]

what do you need to know im here you can ask away.

[Russian Rocket]

If I had the knowhow on how to do it I'd buy a little right now, could easily go from 500 to 750 in a day.

don't try to catch a falling knife...that's the worst thing you can do as an investor...wait for the price to stabilize a little - looking at the daily volatility of this trade, I don't believe it will ever happen though...maybe only when people lose interest in it or something

[PAULYPOKER]

If I had the knowhow on how to do it I'd buy a little right now, could easily go from 500 to 750 in a day.

https://localbitcoins.com/

[zacher]

Spoken like someone who doesnt even know what TOR is.

Go on, log on and tell us what you see in the first 2 minutes.

your an idiot. What I see is much different than what you can see. You just need the right address….would be the same for this website or all that kiddie porn you watch.

Its not hard to log onto silk road or sell shit on silk road.

Shit for all you know Im handing you over counterfeits when I pay your ass after losing bets. Its not hard. you can get anything you want if you know how to find it. and with a plate of code longer than your fking bankroll I would think I could find it.

[warbux]

Go to coinbase it links straight to your bank account so you can easily buy and use the quick buy feature so you get your coins in seconds, otherwise wait like 2-3 days.