# Bitcoins



## evolutionpep (Dec 11, 2013)

Any brothers own any? Any brothers prefer to pay for their gear with it? i want to hear some feedback from all the brothers on their opinions on the Bitcoin!! If you are not sure what a Bitcoin is click the link below. 

Getting started - Bitcoin


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## SwoleZilla (Dec 11, 2013)

my buddy and i were talking about this!! 

i feel that this form of payment should be accepted. it it is so much safer! for both customer and source. i personally dont have any atm but have been looking into it


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## Animal187 (Dec 11, 2013)

It's pretty volatile.  The value to a 30% hit over the past few weeks. That's the big downfall. Definitely secure though.

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## evolutionpep (Dec 11, 2013)

SwoleZilla said:


> my buddy and i were talking about this!!
> 
> i feel that this form of payment should be accepted. it it is so much safer! for both customer and source. i personally dont have any atm but have been looking into it



We are in the process of making that payment option available to everyone! Looks like we will be the first source offering this form of payment! 

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## evolutionpep (Dec 11, 2013)

Animal187 said:


> It's pretty volatile.  The value to a 30% hit over the past few weeks. That's the big downfall. Definitely secure though.
> 
> Sent from my SPH-L900 using Tapatalk



This is very true. It was as high as $1,200 only 2 weeks ago and went down to 6-7.... now its at $900.

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## KelJu (Dec 11, 2013)

Animal187 said:


> It's pretty volatile.  The value to a 30% hit over the past few weeks. That's the big downfall. Definitely secure though.
> 
> Sent from my SPH-L900 using Tapatalk





This can be a huge problem, but you can get around it by spending your coins as soon as their go into your wallet. I transfer from Mt. Gox the day I make a purchase to avoid losing value.


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## evolutionpep (Dec 11, 2013)

KelJu said:


> This can be a huge problem, but you can get around it by spending your coins as soon as their go into your wallet. I transfer from Mt. Gox the day I make a purchase to avoid losing value.



Smart move brother. Would you be interested in buying your gear with it?

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## KelJu (Dec 11, 2013)

evolutionpep said:


> Smart move brother. Would you be interested in buying your gear with it?
> 
> Sent from my SCH-I545 using Tapatalk



I would prefer Bitcoins over WU anyday. And yes, I am recently in the market for some gear.


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## evolutionpep (Dec 11, 2013)

KelJu said:


> I would prefer Bitcoins over WU anyday. And yes, I am recently in the market for some gear.



Great info. Throw your Bitcoin knowledge in this thread and if you need any peps PM me.

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## sneedham (Dec 11, 2013)

I think this is a great idea,safer for both parties from what I have read so far. 

This message was sent by God


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## Swiper (Dec 11, 2013)




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## KelJu (Dec 11, 2013)

evolutionpep said:


> Great info. Throw your Bitcoin knowledge in this thread and if you need any peps PM me.
> 
> Sent from my SCH-I545 using Tapatalk



Are you guys accepting bitcoin, or just thinking about it?


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## Swfl (Dec 11, 2013)

I Know of one lab that is accepting Bitcoins but there not sponsors here so I wont say who. I also know a broker who can turn your money into coins anonymously.  I plan on doing most of my business in these going forward.


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## KelJu (Dec 11, 2013)

Swfl said:


> I also know a broker who can turn your money into coins anonymously.  I plan on doing most of my business in these going forward.



I would really like to know more about that if you were willing.


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## evolutionpep (Dec 11, 2013)

sneedham said:


> I think this is a great idea,safer for both parties from what I have read so far.
> 
> This message was sent by God



Absolutely bro! 

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## evolutionpep (Dec 11, 2013)

Swiper said:


>



This is awesome!


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## evolutionpep (Dec 11, 2013)

KelJu said:


> Are you guys accepting bitcoin, or just thinking about it?



Our developers are working on it right now!


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## evolutionpep (Dec 11, 2013)

Swfl said:


> I Know of one lab that is accepting Bitcoins but there not sponsors here so I wont say who. I also know a broker who can turn your money into coins anonymously.  I plan on doing most of my business in these going forward.



Sweet stuff bro!


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## Swfl (Dec 11, 2013)

KelJu said:


> I would really like to know more about that if you were willing.



of course! I just sent 'ya a pm


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## evolutionpep (Dec 11, 2013)

KelJu said:


> I would really like to know more about that if you were willing.



Glad everyone is interacting on this!


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## evolutionpep (Dec 12, 2013)

*I want to hear more feedback on this!!!  *


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## LAM (Dec 12, 2013)

bitcoins are not as anonymous as people think, once the money is "spent" then a trail begins starting with an IP address.  I believe there are some tools available to brink the link.


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## evolutionpep (Dec 12, 2013)

LAM said:


> bitcoins are not as anonymous as people think, once the money is "spent" then a trail begins starting with an IP address.  I believe there are some tools available to brink the link.



There absolutely is. Thanks for joining the discussion!


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## evolutionpep (Dec 13, 2013)

*Bump for Bitcoins! *


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## Swfl (Dec 14, 2013)

I found a thread starting up over on ILB check it out there is a broker over there who can answer questions/ 

? Topic: Bitcoins!!


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## evolutionpep (Dec 14, 2013)

Swfl said:


> I found a thread starting up over on ILB check it out there is a broker over there who can answer questions/
> 
> ? Topic: Bitcoins!!



Awesome bro! !!

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## evolutionpep (Dec 16, 2013)

*Bump for bitcoins! *


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## maniclion (Dec 17, 2013)

I'm collecting real "bit" coins from the begone eras, gotta small stash....


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## evolutionpep (Dec 17, 2013)

maniclion said:


> I'm collecting real "bit" coins from the begone eras, gotta small stash....



What do you mean by "real"

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## Swfl (Dec 17, 2013)

I think in the beginning they actually had made real coins  with the B on them...


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## evolutionpep (Dec 17, 2013)

Swfl said:


> I think in the beginning they actually had made real coins  with the B on them...



No shit?? That's cool

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## evolutionpep (Dec 17, 2013)




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## Swfl (Dec 18, 2013)

Here is a good guy to deal with if you want to buy or sell your coins.  Private and a good guy. I have done business with him.
? Topic: Bitcoins!!


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## evolutionpep (Dec 18, 2013)

Swfl said:


> Here is a good guy to deal with if you want to buy or sell your coins.  Private and a good guy. I have done business with him.
> ? Topic: Bitcoins!!



Sweet bro. BTC got crushed the last 24 hours huh?

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## Swfl (Dec 18, 2013)

good time to buy!!!


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## evolutionpep (Dec 18, 2013)

Swfl said:


> good time to buy!!!



Yes sir!

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## fastcashforcoins (Dec 18, 2013)

for all your bitcoin needs, feel free to check out my site. i offer a 100% anonymous, secured buying process. website is invite only, you will need an access code to gain entry. look forward to working with you guys 

Access Code 
send me a message for the access code if you are interested in seeing what kind of service i provide


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## Swiper (Dec 18, 2013)

Bitcoin tumbles after China crackdown

The price of a Bitcoin slumped Wednesday after China's largest exchange for the virtual currency said it would stop accepting deposits in yuan ? China's local currency.

The much-ballyhooed Bitcoin currency has lost more than half its value since hitting records above $1,100 at the end of November. On Wednesday, the price of a Bitcoin fell 18% to $558 and traded as low as $422.50 earlier in the day, according to an index run by CoinDesk, a website focused on digital currencies.
http://www.usatoday.com/story/money/markets/2013/12/18/bitcoin-price/4107831/


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## evolutionpep (Dec 18, 2013)

Swiper said:


> Bitcoin tumbles after China crackdown
> 
> The price of a Bitcoin slumped Wednesday after China's largest exchange for the virtual currency said it would stop accepting deposits in yuan ? China's local currency.
> 
> ...



Good time to buy or run for the hills??

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## Swfl (Dec 18, 2013)

Id say thisbis a short term blip in the big picture. There not shutting this thing down any time soon.  People see real value in this. Mostly because governments cant create more of it. 

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## evolutionpep (Dec 18, 2013)

Swfl said:


> Id say thisbis a short term blip in the big picture. There not shutting this thing down any time soon.  People see real value in this. Mostly because governments cant create more of it.
> 
> Sent from my SAMSUNG-SGH-I337 using Tapatalk



I agree

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## Hefe (Dec 18, 2013)

I'm having trouble understanding how and where a 'bitcoin' is created in the virtual universe. 

How is a bitcoin mined? I feel like I understand business and finance, but I'm lost here.


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## evolutionpep (Dec 18, 2013)

Hefe said:


> I'm having trouble understanding how and where a 'bitcoin' is created in the virtual universe.
> 
> How is a bitcoin mined? I feel like I understand business and finance, but I'm lost here.



Click on my link in the first post. Pretty much breaks everything down brother! 

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## Swfl (Dec 18, 2013)

Hefe said:


> I'm having trouble understanding how and where a 'bitcoin' is created in the virtual universe.
> 
> How is a bitcoin mined? I feel like I understand business and finance, but I'm lost here.



 Where is real money made? In the mind! Thats where...

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## evolutionpep (Dec 18, 2013)

Swfl said:


> Where is real money made? In the mind! Thats where...
> 
> Sent from my SAMSUNG-SGH-I337 using Tapatalk



That's awesome! 

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## Hefe (Dec 18, 2013)

evolutionpep said:


> Click on my link in the first post. Pretty much breaks everything down brother!
> 
> Sent from my SCH-I545 using Tapatalk



I read through most of the site. I understand how bitcoins are used as a currency. But I don't understand where they come from or how they are created. 

I understand that I can obtain bc by accepting them or paying for or exchanging for them. But what if I want to create or mine my own. How does this happen? I know there are mining machines and mining pools, but where do they come from? How are they mined from the cyber-universe?

lol, I want in. I want some bc. Only, I don't want to buy them, I want to be the one issuing them or collecting a fee on the exchange.


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## evolutionpep (Dec 18, 2013)

Hefe said:


> I read through most of the site. I understand how bitcoins are used as a currency. But I don't understand where they come from or how they are created.
> 
> I understand that I can obtain bc by accepting them or paying for or exchanging for them. But what if I want to create or mine my own. How does this happen? I know there are mining machines and mining pools, but where do they come from? How are they mined from the cyber-universe?
> 
> lol, I want in. I want some bc. Only, I don't want to buy them, I want to be the one issuing them or collecting a fee on the exchange.



My boy SWFL can take care of you

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## Swiper (Dec 18, 2013)

it seems it fluctuates in value so much and fast it's going to be hard keeping at viable currency.


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## evolutionpep (Dec 18, 2013)

Swiper said:


> it seems it fluctuates in value so much and fast it's going to be hard keeping at viable currency.



You are absolutely right.  Until it finds a true value it's going to be hard to become a currency. However money can still be made. Nows the time to buy!

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## Swfl (Dec 19, 2013)

I think this is a "bandwagon" situation. When something new is introduced to the market it is met with resistance. . Then yoy have early adoptors. Then influencers. When they get onboard the masses start jumping on and you get crazy runups. Like what happened recently.  It will calm down once the speculators get off the cart.

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## fastcashforcoins (Dec 19, 2013)

Hefe said:


> I read through most of the site. I understand how bitcoins are used as a currency. But I don't understand where they come from or how they are created.
> 
> I understand that I can obtain bc by accepting them or paying for or exchanging for them. But what if I want to create or mine my own. How does this happen? I know there are mining machines and mining pools, but where do they come from? How are they mined from the cyber-universe?
> 
> lol, I want in. I want some bc. Only, I don't want to buy them, I want to be the one issuing them or collecting a fee on the exchange.



so basically "mining" is the process of a computer (or more commonly now, multiple computers aka mining pools) creating and solving increasingly difficult math algorithms.

the entire bitcoin infrastructure basically is nothing more than letters and numbers in very complex math equations. everytime a bitcoin transaction takes place it is added into that equation, and verified by other computers and users.

bitcoins are rewarded to miners under an equation equating out to the efficiency of which the miners computer is able to create and solve those math algorithms, and confirm purchases made by other users.

it used to be 1 computer with a powerful processor and video card could mine several coins per day. but now that the bitcoin community has grown so exponentially, the equations being created and solved and the number of transactions being confirmed requires way more computing power than any one or 2 computers can provide.. at least wih any productivity or profit that is.

there are sites u can buy dedicated mining computers from, if you want to mine your own coins. but by yourself only expect to be harvesting .00000000000001 coins per day or sometjing crazy like that. joining a mining pool or investing in several super computers is a more lucrative approach.

dont quote me on the specifics, but i just tried giving u a general picture of the bitcoin experience. feel free to ask me any questions u might have


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## evolutionpep (Dec 19, 2013)

Swfl said:


> I think this is a "bandwagon" situation. When something new is introduced to the market it is met with resistance. . Then yoy have early adoptors. Then influencers. When they get onboard the masses start jumping on and you get crazy runups. Like what happened recently.  It will calm down once the speculators get off the cart.
> 
> Sent from my SAMSUNG-SGH-I337 using Tapatalk



Great point


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## evolutionpep (Dec 19, 2013)

fastcashforcoins said:


> so basically "mining" is the process of a computer (or more commonly now, multiple computers aka mining pools) creating and solving increasingly difficult math algorithms.
> 
> the entire bitcoin infrastructure basically is nothing more than letters and numbers in very complex math equations. everytime a bitcoin transaction takes place it is added into that equation, and verified by other computers and users.
> 
> ...



Awesome stuff right here!


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## Hefe (Dec 19, 2013)

I like the idea, it's very intriguing and has lots of potential. But there also appears to be a lot of risk. 

The issue I'm struggling with is the originating supply. From what I understand, the person or group 'Satoshi Nakamoto' created this system and decided to only release 21 mil bitcoins. If what I've read is correct, about 12 mil have been mined, released or created thus far. 

All of this is fine. But I don't like that I don't know who this guy or group is. Supposedly he holds over 1 mil bitcoins. What stops this guy/group from releasing 21 Billion bitcoins instead of 21 million. What stops him from cashing out with in insane amount of money after this takes off and crashes the market, or the market is later proven to be diluted. 

The above makes this very risky and volatile.


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## fastcashforcoins (Dec 19, 2013)

LAM said:


> bitcoins are not as anonymous as people think, once the money is "spent" then a trail begins starting with an IP address.  I believe there are some tools available to brink the link.



well you are right, that technically bitcoins leave a trail. 'technically...' but heres the thing, the only actual information that is available, is that Bitcoin Address A sent bitcoins to Bitcoin Address B. there is no way of telling who address A is, or who address B is. and actually, thats where the benefit of purchasing bitcoins from a third party (such as myself) is. you are not Address A. you dont have an Address. do you get what im saying? i welcome every bit of skepticism, and would be shocked if people didnt have doubts moving forward into still such an uncharted and unprecedented part of the interenet. 

would be more than happy to talk to you in PM if you have any questions. im here to keep you guys safe, and answer any question


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## fastcashforcoins (Dec 19, 2013)

evolutionpep said:


> Good time to buy or run for the hills??



my personal opinion, now is a great time to buy. and ill tell you why, when the price went from just over $100, to nearly $1500 in little over 30 days it was because it hit the news finally. in a way not associated with the Silke road or money laundering or the 'deep web' etc. it was presented in a way that shows the advantage of using bitcoins as a means of transactions. 

then the US senate approved of it. then the Chinese gov't approved.

but when the chinese gov't started regulating the SHIT out of bitcoins what happend was all the people in china who bought (lots of people in china by the way lol) decided to sell. so the market was flooded with bitcoins. its a supply and demand market. 

now the situation we find ourselves in is the cost per coin has droppped. but think about this too, its time for christmas. tax season is approaching. the majority of the population doesnt have loads of extra money. so a lot of people are 'cutting their losses' and cashihng out their coins. calling it a year so to speak. but after the holidays, and the beginning of the new fiscal year... people are going to invest, and they are going to invest alot. this is my prediction.


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## fastcashforcoins (Dec 19, 2013)

Hefe said:


> I like the idea, it's very intriguing and has lots of potential. But there also appears to be a lot of risk.
> 
> The issue I'm struggling with is the originating supply. From what I understand, the person or group 'Satoshi Nakamoto' created this system and decided to only release 21 mil bitcoins. If what I've read is correct, about 12 mil have been mined, released or created thus far.
> 
> ...



by nature of design, Satoshi would only have been able to accumulate bitcoins legitimately and in the same process as everyone else. there is no way to manipulate the process. every transaction is verified by the network, and actually this is a peice of information people dont usually know... but in order for my bitcoins to be sent to you (for example) the transfer is checked, rechecked, and checked again hundreds of times. this ensures there are no double spendings, no counterfeits, etc etc. (for the actual bitcoins to arrive tho, the network only requires 3 to 5 confirmations. but they all get confirmed eventually by all relevant nodes aka computers)

lets say hypothetically speaking Satoshi does infact have over 1 million bitcoins. which is completely possible, since he was the first to know about this. he can not single handedly do anything to the market except for sell all his coins. which weould do nothing but make a sudden drop in value due to the immediate flow of coins. (supply and demand) here's why he cant effect the actual structure... for any change to be made to the system, or any new features added or removed, the modification has to be approved by 51% of bitcoin holders. meaning for 1 person to have any effect on bitcoins he would need to own over 6million bitcoins if there are 12 million already in circulation. impossible.


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## Hefe (Dec 20, 2013)

Is there some sort of central computer system or massive pool of bitcoin servers that everyone (and their mining computers) are connecting or interacting with? I mean, for anything to be connected with or transferred to/from remotely is has to exist somewhere for the system/users/miners/etc to access. 

What happens when this system crashes and there are no records or trails to point to or prove ones ownership of said bitcoins that now seemingly don't exist, can't be verified or are invisible. I understand that you can safely store bitcoins offline in a digital wallet. But without a system to interact with and verify coins, they don't exist. 

So it seems there would HAVE to be some primary or centralized equipment involved here. AND, if there are guys smart enough to design this system, they're certainly smart enough to mess with, crash, or corrupt it. 

Once again, I'm interested in bitcoins, but still need a better 'virtual' grasp.


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## Swfl (Dec 20, 2013)

Hefe said:


> Is there some sort of central computer system or massive pool of bitcoin servers that everyone (and their mining computers) are connecting or interacting with? I mean, for anything to be connected with or transferred to/from remotely is has to exist somewhere for the system/users/miners/etc to access.
> 
> What happens when this system crashes and there are no records or trails to point to or prove ones ownership of said bitcoins that now seemingly don't exist, can't be verified or are invisible. I understand that you can safely store bitcoins offline in a digital wallet. But without a system to interact with and verify coins, they don't exist.
> 
> ...



 I see where you're coming from let me play devils advocate for a second how is that different than our current monitary System? If you keep most of your money in the bank in the bank accidentally delete your account records where does your money go? I think it's better to look at this like investing in gold, you want to diversify your money in case something happens I would never suggest you put your money into bitcoins  that would be foolish.

Sent from my SAMSUNG-SGH-I337 using Tapatalk


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## evolutionpep (Dec 20, 2013)

Hefe said:


> I like the idea, it's very intriguing and has lots of potential. But there also appears to be a lot of risk.
> 
> The issue I'm struggling with is the originating supply. From what I understand, the person or group 'Satoshi Nakamoto' created this system and decided to only release 21 mil bitcoins. If what I've read is correct, about 12 mil have been mined, released or created thus far.
> 
> ...



I love a good game of Risk!


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## evolutionpep (Dec 20, 2013)

fastcashforcoins said:


> well you are right, that technically bitcoins leave a trail. 'technically...' but heres the thing, the only actual information that is available, is that Bitcoin Address A sent bitcoins to Bitcoin Address B. there is no way of telling who address A is, or who address B is. and actually, thats where the benefit of purchasing bitcoins from a third party (such as myself) is. you are not Address A. you dont have an Address. do you get what im saying? i welcome every bit of skepticism, and would be shocked if people didnt have doubts moving forward into still such an uncharted and unprecedented part of the interenet.
> 
> would be more than happy to talk to you in PM if you have any questions. im here to keep you guys safe, and answer any question




Great Stuff bro!


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## evolutionpep (Dec 20, 2013)

fastcashforcoins said:


> my personal opinion, now is a great time to buy. and ill tell you why, when the price went from just over $100, to nearly $1500 in little over 30 days it was because it hit the news finally. in a way not associated with the Silke road or money laundering or the 'deep web' etc. it was presented in a way that shows the advantage of using bitcoins as a means of transactions.
> 
> then the US senate approved of it. then the Chinese gov't approved.
> 
> ...



How high do you see this thing going by summer 2014?


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## evolutionpep (Dec 20, 2013)

fastcashforcoins said:


> by nature of design, Satoshi would only have been able to accumulate bitcoins legitimately and in the same process as everyone else. there is no way to manipulate the process. every transaction is verified by the network, and actually this is a peice of information people dont usually know... but in order for my bitcoins to be sent to you (for example) the transfer is checked, rechecked, and checked again hundreds of times. this ensures there are no double spendings, no counterfeits, etc etc. (for the actual bitcoins to arrive tho, the network only requires 3 to 5 confirmations. but they all get confirmed eventually by all relevant nodes aka computers)
> 
> lets say hypothetically speaking Satoshi does infact have over 1 million bitcoins. which is completely possible, since he was the first to know about this. he can not single handedly do anything to the market except for sell all his coins. which weould do nothing but make a sudden drop in value due to the immediate flow of coins. (supply and demand) here's why he cant effect the actual structure... for any change to be made to the system, or any new features added or removed, the modification has to be approved by 51% of bitcoin holders. meaning for 1 person to have any effect on bitcoins he would need to own over 6million bitcoins if there are 12 million already in circulation. impossible.



I did not know this, that is pretty reassuring.


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## evolutionpep (Dec 20, 2013)

Hefe said:


> Is there some sort of central computer system or massive pool of bitcoin servers that everyone (and their mining computers) are connecting or interacting with? I mean, for anything to be connected with or transferred to/from remotely is has to exist somewhere for the system/users/miners/etc to access.
> 
> What happens when this system crashes and there are no records or trails to point to or prove ones ownership of said bitcoins that now seemingly don't exist, can't be verified or are invisible. I understand that you can safely store bitcoins offline in a digital wallet. But without a system to interact with and verify coins, they don't exist.
> 
> ...



Great questions bro! We need more guys like you getting involved like this!


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## evolutionpep (Dec 20, 2013)

Swfl said:


> I see where you're coming from let me play devils advocate for a second how is that different than our current monitary System? If you keep most of your money in the bank in the bank accidentally delete your account records where does your money go? I think it's better to look at this like investing in gold, you want to diversify your money in case something happens I would never suggest you put your money into bitcoins  that would be foolish.
> 
> Sent from my SAMSUNG-SGH-I337 using Tapatalk


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## Hefe (Dec 20, 2013)

Swfl said:


> I see where you're coming from let me play devils advocate for a second how is that different than our current monitary System? If you keep most of your money in the bank in the bank accidentally delete your account records where does your money go? I think it's better to look at this like investing in gold, you want to diversify your money in case something happens I would never suggest you put your money into bitcoins  that would be foolish.
> 
> Sent from my SAMSUNG-SGH-I337 using Tapatalk



I agree. Our current currency systems are corrupt and have some vulnerability. But the difference is there's more regulation and safeguards. Now, I'm not much of a regulation guy. In fact, in most cases it hurts. But a little oversight has some benefit. 

The real difference is the very small size of this pool. With the dollar (or any other popular currency) a bank could go down, computers can crash, accounts erased, money floods the system, massive amounts withheld or removed from the market, etc. but all of these thinks would only make a very, very small ripple in the very, very large pool.

This pool is sooo small and volatile.


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## Swfl (Dec 20, 2013)

True! And good points. We see things the same way I looks.

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## fastcashforcoins (Dec 20, 2013)

Hefe said:


> Is there some sort of central computer system or massive pool   of bitcoin servers that everyone (and their mining computers) are connecting or interacting with? I mean, for anything to be connected with or transferred to/from remotely is has to exist somewhere for the system/users/miners/etc to access.
> 
> What happens when this system crashes and there are no records or trails to point to or prove ones ownership of said bitcoins that now seemingly don't exist, can't be verified or are invisible. I understand that you can safely store bitcoins offline in a digital wallet. But without a system to interact with and verify coins, they don't exist.
> 
> ...



great question. and a very simple answer actually. every transaction, purchase, and bitcoin is recorded into something called the "blockchain" 

(which is what every computer linked to mining is building and adding to. the system could never crash)

" A block chain is a transaction database shared by all nodes participating in a system based on the Bitcoin protocol. A full copy of a currency's block chain contains every transaction ever executed in the currency. With this information, one can find out how much value belonged to each address at any point in history.
Every block contains a hash of the previous block. This has the effect of creating a chain of blocks from the genesis block to the current block. Each block is guaranteed to come after the previous block chronologically because the previous block's hash would otherwise not be known. Each block is also computationally impractical to modify once it has been in the chain for a while because every block after it would also have to be regenerated. These properties are what make double-spending of bitcoins very difficult. The block chain is the main innovation of Bitcoin."


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## fastcashforcoins (Dec 20, 2013)

Hefe said:


> The real difference is the very small size of this pool. With the dollar (or any other popular currency) a bank could go down, computers can crash, accounts erased, money floods the system, massive amounts withheld or removed from the market, etc. but all of these thinks would only make a very, very small ripple in the very, very large pool.
> 
> This pool is sooo small and volatile.



do you know what gives BTC their value? we do. as long as there are people who value the anonymous nature of sending/receiving money then bitcoins will flourish.

and even more importantly, as long as people want to be able to send money from one side of the world to the other instantly and for free... the bitcoin market will flourish

lf course there are risks, and concerns, and valid reasons to doubt the revolution. but also take a step back and think about what this could do for the world... a global currency? this could single handedly be the biggest step forward into a global utopia. brb :dream:


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## FUZO (Dec 21, 2013)

Bitcoins are a wste imo after the website bust


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## evolutionpep (Dec 21, 2013)

Awesome stuff guys

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## fastcashforcoins (Dec 21, 2013)

FUZO said:


> Bitcoins are a wste imo after the website bust



you talkin about Silke road? cuz they're back. Tor FTW


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## evolutionpep (Dec 21, 2013)

fastcashforcoins said:


> you talkin about Silke road? cuz they're back. Tor FTW



Lol!

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## KelJu (Dec 21, 2013)

FUZO said:


> Bitcoins are a wste imo after the website bust



Waste? Such as your time spent in elementary education.


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## evolutionpep (Dec 21, 2013)

KelJu said:


> Waste? Such as your time spent in elementary education.



Play nice guys! All opinions are welcomed and respected! 

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## evolutionpep (Dec 23, 2013)

Bump for BTC!!!!  Has anyone ever heard of Ripple coins?


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## maniclion (Dec 23, 2013)

evolutionpep said:


> What do you mean by "real"
> 
> Sent from my SCH-I545 using Tapatalk



Gold and silver coins, people used to bite them to see if they are real, also used to break pieces off to make smaller payments making them look bitten...


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## Arnold (Dec 23, 2013)

To me bitcoins are like being in the USA with pesos, wtf can u do with bitcoins?


www.IronMagLabs.com


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## fastcashforcoins (Dec 23, 2013)

what can you do with bitcoins? how about selling and purchasing things online anonymously. just to start....


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## evolutionpep (Dec 23, 2013)

maniclion said:


> Gold and silver coins, people used to bite them to see if they are real, also used to break pieces off to make smaller payments making them look bitten...




Ahhhh I gotcha lol

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## evolutionpep (Dec 23, 2013)

Prince said:


> To me bitcoins are like being in the USA with pesos, wtf can u do with bitcoins?
> 
> 
> www.IronMagLabs.com



Porsche is excepting BTC as payment for their vehicles now. So all those people that took a chance and bought in when they were $10-$20 a coin are sitting real pretty. I would buy a car and just sell it to another dealership. Take a little loss on the sale but atleast I converted my "digital money" into real cash.

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## evolutionpep (Dec 23, 2013)

fastcashforcoins said:


> what can you do with bitcoins? how about selling and purchasing things online anonymously. just to start....



That's a start.  Reading alot more places are accepting it

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## Arnold (Dec 23, 2013)

Once it gets popular enough our government will find away in the name of "terrorism" to abolish bitcoins internationally. Part of the new world order is the US $ being the international currency. That is why OPEC deals only in the US dollar.


www.IronMagLabs.com


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## fastcashforcoins (Dec 23, 2013)

bitcoins cant be abolished tho. and the US Senate already gave bitcoins their seal of approval.


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## Arnold (Dec 23, 2013)

fastcashforcoins said:


> bitcoins cant be abolished tho. and the US Senate already gave bitcoins their seal of approval.



Ok lol


www.IronMagLabs.com


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## evolutionpep (Dec 23, 2013)

Prince said:


> Once it gets popular enough our government will find away in the name of "terrorism" to abolish bitcoins internationally. Part of the new world order is the US $ being the international currency. That is why OPEC deals only in the US dollar.
> 
> 
> www.IronMagLabs.com



Good view. I'm more interested in seeing what the IRS is going to do. All these early birds nailed a great investment but what about capital gains?

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## fastcashforcoins (Dec 23, 2013)

they cant beat us, so they gonna join us....


and find a way to tax the shit out of us at the same time lol


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## evolutionpep (Dec 23, 2013)

fastcashforcoins said:


> bitcoins cant be abolished tho. and the US Senate already gave bitcoins their seal of approval.



Can't be abolished but could lose value. Correct? 

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## Arnold (Dec 23, 2013)

evolutionpep said:


> Good view. I'm more interested in seeing what the IRS is going to do. All these early birds nailed a great investment but what about capital gains?
> 
> Sent from my SCH-I545 using Tapatalk



Exactly, that is why an offshore bank account is a nice little asset. 


www.IronMagLabs.com


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## Arnold (Dec 23, 2013)

fastcashforcoins said:


> they cant beat us, so they gonna join us....
> 
> 
> and find a way to tax the shit out of us at the same time lol



That I could see happening.


www.IronMagLabs.com


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## evolutionpep (Dec 23, 2013)

Prince said:


> Exactly, that is why an offshore bank account is a nice little asset.
> 
> 
> www.IronMagLabs.com



Need one of those. Suggestions? 

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## Arnold (Dec 23, 2013)

As of Jan. 1 weed is legal to purchase in CO without a med card. Our state government is putting a 25% tax on it. Fuckers.


www.IronMagLabs.com


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## Arnold (Dec 23, 2013)

evolutionpep said:


> Need one of those. Suggestions?
> 
> Sent from my SCH-I545 using Tapatalk



What do u think? 


www.IronMagLabs.com


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## fastcashforcoins (Dec 23, 2013)

evolutionpep said:


> Can't be abolished but could lose value. Correct?
> 
> Sent from my SCH-I545 using Tapatalk



bitcoins will hold their value for as long as the people value the ability to send and receive money, instantly, from around the world.

think of bitcoins not so much as a "coin" but a service. bitcoins are a method of moving money around. faster, safer, and cheaper than any conventional method.


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## evolutionpep (Dec 23, 2013)

Prince said:


> As of Jan. 1 weed is legal to purchase in CO without a med card. Our state government is putting a 25% tax on it. Fuckers.
> 
> 
> www.IronMagLabs.com



25% ??? What a joke! That's terrible

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## evolutionpep (Dec 23, 2013)

Prince said:


> What do u think?
> 
> 
> www.IronMagLabs.com



Lol! Gotcha bro

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## evolutionpep (Dec 23, 2013)

fastcashforcoins said:


> bitcoins will hold their value for as long as the people value the ability to send and receive money, instantly, from around the world.
> 
> think of bitcoins not so much as a "coin" but a service. bitcoins are a method of moving money around. faster, safer, and cheaper than any conventional method.



Will the other digital currencies deflate BTC in any way?

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## Arnold (Dec 23, 2013)

evolutionpep said:


> 25% ??? What a joke! That's terrible
> 
> Sent from my SCH-I545 using Tapatalk



Our entire government is a joke.


www.IronMagLabs.com


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## Arnold (Dec 23, 2013)

I love the idea of bitcoins, I just don't see governments allowing it, banks run the world, if they start losing "money" due to bitcoins it's over.


www.IronMagLabs.com


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## evolutionpep (Dec 23, 2013)

Prince said:


> Our entire government is a joke.
> 
> 
> www.IronMagLabs.com



I agree. That's kinda why BTC interest me. Just in case to have a few for when shit hits the fan.

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## evolutionpep (Dec 23, 2013)

Prince said:


> I love the idea of bitcoins, I just don't see governments allowing it, banks run the world, if they start losing "money" due to bitcoins it's over.
> 
> 
> www.IronMagLabs.com



The losing money part is already happening. I have a associate that owns 6 figures worth. Went to BOA to send a wire for more and they literally kicked him out. He is with Wells Fargo now lol.

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## fastcashforcoins (Dec 23, 2013)

Prince said:


> Our entire government is a joke.
> 
> 
> www.IronMagLabs.com



would rather be here than any where else. 

i dont agree with our gov't on the majority of things. but who in history has?

besides. nothing Obama can do will effect my day to day life. im self sufficient, and self employed in an industry that cant be touched.

they only have power if we think they have power


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## fastcashforcoins (Dec 23, 2013)

Prince said:


> I love the idea of bitcoins, I just don't see governments allowing it, banks run the world, if they start losing "money" due to bitcoins it's over.
> 
> 
> www.IronMagLabs.com



but since they cant end bitcoins, they only have one option. to get their piece of the pie. give it a couple years, but we will see banks trying to gett in on the action and bein facilitating bitcoin to USD conversions.


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## evolutionpep (Dec 23, 2013)

fastcashforcoins said:


> but since they cant end bitcoins, they only have one option. to get their piece of the pie. give it a couple years, but we will see banks trying to gett in on the action and bein facilitating bitcoin to USD conversions.



That would be interesting. 

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## LAM (Dec 24, 2013)

evolutionpep said:


> I agree. That's kinda why BTC interest me. Just in case to have a few for when shit hits the fan.
> 
> Sent from my SCH-I545 using Tapatalk




your 100x better off buying hard assets and having some gold, silver or precious gems in hand.  When the US economy does collapse most likely there will be outages in the Internet which means those bitcoins will be worthless.


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## jrock00123 (Dec 24, 2013)

LAM said:


> your 100x better off buying hard assets and having some gold, silver or precious gems in hand.  When the US economy does collapse most likely there will be outages in the Internet which means those bitcoins will be worthless.



There is nothing like having a real gold coin in your hand.  Buy just one.  Put it somewhere safe -- in your house not in a bank.  Take it out occasionally and you'll start to appreciate the value of real money.  You'll soon feel like Gollum.


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## evolutionpep (Dec 24, 2013)

LAM said:


> your 100x better off buying hard assets and having some gold, silver or precious gems in hand.  When the US economy does collapse most likely there will be outages in the Internet which means those bitcoins will be worthless.



I would obviously like gold, silver, and precious gems but having a little safe net nest egg of digital currency is not a bad idea. We don't know witch way the pendulum is going to swing.


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## evolutionpep (Dec 24, 2013)

jrock00123 said:


> There is nothing like having a real gold coin in your hand.  Buy just one.  Put it somewhere safe -- in your house not in a bank.  Take it out occasionally and you'll start to appreciate the value of real money.  You'll soon feel like Gollum.



Agree on this also!


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## LAM (Dec 24, 2013)

jrock00123 said:


> There is nothing like having a real gold coin in your hand.  Buy just one.  Put it somewhere safe -- in your house not in a bank.  Take it out occasionally and you'll start to appreciate the value of real money.  You'll soon feel like Gollum.


 
even keeping at least a couple grand in cash is a good idea in a home safe, buried, etc.  Anything except having all of your money tied up in the electronic form, which is bank deposits.

The 10K daily cash withdraw limit will prevent bank runs in case of another major loss in confidence like during the Great Depression.  IMO having the safety of having cash in hand far outweighs the miniscule returns in interest that banks are paying depositors which is only a fraction of the real rate of inflation anyway.


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## evolutionpep (Dec 24, 2013)

LAM said:


> even keeping at least a couple grand in cash is a good idea in a home safe, buried, etc.  Anything except having all of your money tied up in the electronic form, which is bank deposits.
> 
> The 10K daily cash withdraw limit will prevent bank runs in case of another major loss in confidence like during the Great Depression.  IMO having the safety of having cash in hand far outweighs the miniscule returns in interest that banks are paying depositors which is only a fraction of the real rate of inflation anyway.



Great view!

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## evolutionpep (Dec 24, 2013)

Anyone heard of Ripple coin? Supposed to rise in value. Right now at 2 cents per coin.

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## LAM (Dec 25, 2013)

evolutionpep said:


> Anyone heard of Ripple coin? Supposed to rise in value. Right now at 2 cents per coin.
> 
> Sent from my SCH-I545 using Tapatalk



the problem with all these new forms of payment/money being created is that they are all still 100% fiat.


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## evolutionpep (Dec 25, 2013)

LAM said:


> the problem with all these new forms of payment/money being created is that they are all still 100% fiat.



That doesn't matter to me if I can take something worth a dollar and it turns into something worth a thousand. Buy something with it. Like a car. 

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## LAM (Dec 26, 2013)

evolutionpep said:


> That doesn't matter to me if I can take something worth a dollar and it turns into something worth a thousand. Buy something with it. Like a car.
> 
> Sent from my SCH-I545 using Tapatalk



any type of currency not directly tied to a commodity is open to devaluation, but that's not how money is supposed to work in theory.  Dating back to the Romans every single fiat currency in the world has failed.


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## evolutionpep (Dec 26, 2013)

LAM said:


> any type of currency not directly tied to a commodity is open to devaluation, but that's not how money is supposed to work in theory.  Dating back to the Romans every single fiat currency in the world has failed.



I by no means argue that statement. But someone that bought in early and sold at its peak is a winner no matter how you look at it and no matter what happens to that currency. BTC could be worth a dollar in a month, the people that bought early and sold at peak made money and were smart. 
Now if you held onto it and it eventually dies than thats the risk you take. 
But there is some value in these digital currencies

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## evolutionpep (Dec 30, 2013)

*Bump for Bitcoins!*


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## fastcashforcoins (Dec 30, 2013)

i think we should focus more on the service bitcoins would provide our community and communities like ours...

is the market volatile? yes. is it risky to buy and hold onto coins? of course. no arguing that.

but the ability to purchase bitcoins and send them off immediately to transfer money or to pay for merchandise is a great opportunity for our community because regardless of what the bitcoin market is doing, we will be unaffected.

buy coins, send immediately. receive coins, sell immediately. 100% safe.


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## evolutionpep (Dec 30, 2013)

fastcashforcoins said:


> i think we should focus more on the service bitcoins would provide our community and communities like ours...
> 
> is the market volatile? yes. is it risky to buy and hold onto coins? of course. no arguing that.
> 
> ...



Great stuff bro

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## evolutionpep (Dec 31, 2013)

Like it or love it, bitcoin has been a constant theme of headlines for the past year, as 2013 marked its coming of age.
Last year?s nerd money fad has become this year?s most talked about product.
Ultimately, nature abhors a vacuum and with western political leadership an increasingly distant memory, citizens are becoming increasingly restive about the parlous state of financial governance. Throughout the West, the ravages of quantitative easing [QE] have helped the wealthiest prosper, while ordinary citizens have struggled through a grinding economic plight, which has left voters feeling increasingly abandoned by government.
Into this void has stepped something which had been mooted for many years: a popular electronic currency. Bitcoin is filling a gap self-interested central bankers are keen to suggest doesn?t need filling. Establishment media has been wrong-footed as the Copernican Revolution in finance creates not just bitcoin but a series of parallel financial universes where independent money is at the center of commerce, as opposed to government manipulated fiat currency.
Meanwhile, bitcoin may not be the cryptocurrency the world uses in a decade and the biannual obituaries may yet prove right! As 2013 concluded, BTC?s value had multiplied albeit off its highs after the Bank of China endeavored to close the door to the threat of a backdoor floatation of the renminbi.
In reality, BTC is still remarkably small - growing exponentially from about 142 million dollars to circa 8 billion by Christmas. In other words, the total value of bitcoin amounts to the annual GDP of the Bahamas. Clearly bitcoin isn?t economically significant, yet. However, it now has its first ATM and many have bought beers, lattes and even homes with BTC this past year.
Naturally bankers of all shades are scared of losing their monopolist grip on money, yet given the vast inefficiency of their decrepit systems, it is probably already too late. Decentralized money is an idea whose time has come. Bitcoin is the breakthrough currency creating a widespread consciousness that there is an alternative to holding greenbacks, or lugging a trunk full of gold around.







Photo from www.casascius.com

Perhaps the most surprising thing about bitcoin is, in essence, the banality of the arguments. When all else fails, skeptics just cry tulipmania. Indeed, bitcoin bubbled and almost halved in value before the year?s end, but then again, thanks to the idiocy of the banker-government nexus in the last decade, just about every asset bubbled then and a great deal are bubbling now, like art and classic cars, thanks to QE [quantitative easing].
Yes, people steal bitcoins and these thefts are techno-mythologized by scaremongering media. Yet stealing bitcoin is just a virtual variant of traditional pickpocketing. Indeed BTC has been used to finance crime, just like the dear old anonymous bearer bond dollar is beloved of drug cartels. Some American security agencies have expressed concern about their lack of control over bitcoin, but they had an annus horribilis, during which, despite their vast overarching eavesdropping capacity, they still failed to see their own currency woes coming.
While price inflation is the first thing everybody recalls about bitcoin in 2013, what really defines its incredible year was how it slipped out of nerds? virtual wallets into the mainstream. An 8 billion dollar asset leveraged its value to dominate the headlines and gain widespread recognition. Germany legalized it and many nations acknowledged it - even the US courts. That Norway called it an asset was seen as a dreadful slight; rather it was a splendid incremental step to wider appreciation. In the end, China and Thailand pushed back against the bitcoin juggernaut. The latter is hardly of global economic significance, while the former maintains a closed currency regime.
The year of bitcoin began with the currency on the fringes of digital society, but by the end of the year it was clearly _?merging with the mainstream?_. Decentralized crytocurrency is still in its infancy but the argument against central bankers? follies is being won across the globe. After all, you can?t ?clip? bitcoin to degrade its value, nor can you inflate its value with QE or other flawed government policies.
2013 ended with citizens increasingly alienated from government as a monetary ally and edging closer to _?In Bitcoin we Trust?_. Bitcoin itself may only be the first stage of a revolution, similar perhaps to the Netscape browser at the birth of the web, or the Ford Model T which popularized automobile transport. Ultimately, however you look at it, this was the year when bitcoin made its irrevocable mark on history.


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## evolutionpep (Jan 6, 2014)

Bump for BTC!


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## colochine (Jan 6, 2014)

I bought 300 of them when they first showed up on the scene. I'm e-rich dawg!!


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## evolutionpep (Jan 6, 2014)

colochine said:


> I bought 300 of them when they first showed up on the scene. I'm e-rich dawg!!



Nice!  We except them as payment. 

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## colochine (Jan 6, 2014)

evolutionpep said:


> Nice!  We except them as payment.
> 
> Sent from my SCH-I545 using Tapatalk



nice! you take litecoin or dodgecoin?


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## evolutionpep (Jan 6, 2014)

colochine said:


> nice! you take litecoin or dodgecoin?



Yes

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## KelJu (Jan 6, 2014)

Holy Fuck, I have 2 bit-coins! I thought I was broke, but this thread made me curious of what I had in Mt Gox. I just checked. I have almost two grand in bitcoins. Woofuckingwhoooo!

I am going to buy some shit!


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## evolutionpep (Jan 6, 2014)

KelJu said:


> Holy Fuck, I have 2 bit-coins! I thought I was broke, but this thread made me curious of what I had in Mt Gox. I just checked. I have almost two grand in bitcoins. Woofuckingwhoooo!
> 
> I am going to buy some shit!



We accept! 

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## KelJu (Jan 6, 2014)

evolutionpep said:


> We accept!
> 
> Sent from my SCH-I545 using Tapatalk




Mt Gox is confirming my account. I had to send them pictures, ID, and a utility bill. They say it takes 20 days. Then, it is quite possible that I might get some peps from you guys.


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## evolutionpep (Jan 6, 2014)

KelJu said:


> Mt Gox is confirming my account. I had to send them pictures, ID, and a utility bill. They say it takes 20 days. Then, it is quite possible that I might get some peps from you guys.



PM when your ready bro!

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## KelJu (Jan 6, 2014)

By the way, why the fuck does MT Gox require a fucking utility bill now? I have been using them for years. I have over 20 transactions. I don't like having to send shit like utility bills to a money exchange just to have access to MY FUCKING MONEY that has been in that exchange for years.


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## evolutionpep (Jan 6, 2014)

KelJu said:


> By the way, why the fuck does MT Gox require a fucking utility bill now? I have been using them for years. I have over 20 transactions. I don't like having to send shit like utility bills to a money exchange just to have access to MY FUCKING MONEY that has been in that exchange for years.



That's interesting. Fastcashforcoins could probably answer that

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## fastcashforcoins (Jan 6, 2014)

KelJu said:


> Mt Gox is confirming my account. I had to send them pictures, ID, and a utility bill. They say it takes 20 days. Then, it is quite possible that I might get some peps from you guys.



i can put coins in your pocket right now. and i dont need or want any ID, utility bills, etc etc etc


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## evolutionpep (Jan 6, 2014)

fastcashforcoins said:


> i can put coins in your pocket right now. and i dont need or want any ID, utility bills, etc etc etc



Hes the man

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## fastcashforcoins (Jan 6, 2014)

evolutionpep said:


> That's interesting. Fastcashforcoins could probably answer that
> 
> Sent from my SCH-I545 using Tapatalk



its all about the anti-money laundering act. 

this, and lengthy transaction times,  are the problems you will run into with the major bitcoin exchanges like mtgox

its infinitely easier, safer, and more anonymous to just purchase bitcoins from an individual

such as myself, plug plug lol


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## evolutionpep (Jan 6, 2014)

fastcashforcoins said:


> its all about the anti-money laundering act.
> 
> this, and lengthy transaction times,  are the problems you will run into with the major bitcoin exchanges like mtgox
> 
> ...



Interesting

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## maniclion (Jan 6, 2014)

fastcashforcoins said:


> its all about the anti-money laundering act.
> 
> this, and lengthy transaction times,  are the problems you will run into with the major bitcoin exchanges like mtgox
> 
> ...



Do they have different rules for Bitcoins?  I thought the laundering act was for transactions over $10,000...


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## evolutionpep (Jan 6, 2014)

maniclion said:


> Do they have different rules for Bitcoins?  I thought the laundering act was for transactions over $10,000...



Great question

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## fastcashforcoins (Jan 6, 2014)

maniclion said:


> Do they have different rules for Bitcoins?  I thought the laundering act was for transactions over $10,000...



basically the anti-laundering act requires currency exchanges and money services (like ace cash express, moneygram, western union, paypal, etc) to verify the identity of their customers.


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## evolutionpep (Jan 6, 2014)

fastcashforcoins said:


> basically the anti-laundering act requires currency exchanges and money services (like ace cash express, moneygram, western union, paypal, etc) to verify the identity of their customers.



Interesting

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## colochine (Jan 6, 2014)

evolutionpep said:


> Interesting
> 
> Sent from my SCH-I545 using Tapatalk



Interesting thread is interesting!!


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## evolutionpep (Jan 6, 2014)

colochine said:


> Interesting thread is interesting!!



Lol!

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## maniclion (Jan 6, 2014)

fastcashforcoins said:


> basically the anti-laundering act requires currency exchanges and money services (like ace cash express, moneygram, western union, paypal, etc) to verify the identity of their customers.



Western Union doesn't require a utility bill though, how is that even an ID?  I could spoof a utility bill easily, and what if you live off-grid with no utility bill...fuck them that's just stupid hoops to jump through....they act like they are verifying credit or making a payday loan....

Someone should castrate them and make them choke on their own balls....


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## fastcashforcoins (Jan 6, 2014)

maniclion said:


> Western Union doesn't require a utility bill though, how is that even an ID?  I could spoof a utility bill easily, and what if you live off-grid with no utility bill...fuck them that's just stupid hoops to jump through....they act like they are verifying credit or making a payday loan....
> 
> Someone should castrate them and make them choke on their own balls....



its nothing more than the government cracking down on mt.gox

mtgox themselves didnt decide to begin that shit lol they were forced into under threat of another legal battle


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## evolutionpep (Jan 6, 2014)

fastcashforcoins said:


> its nothing more than the government cracking down on mt.gox
> 
> mtgox themselves didnt decide to begin that shit lol they were forced into under threat of another legal battle



And so it begins

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## fastcashforcoins (Jan 6, 2014)

evolutionpep said:


> And so it begins
> 
> Sent from my SCH-I545 using Tapatalk



this had begun ages ago. mt.gox already got fucked by the gov't once for not having the proper licensing


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## evolutionpep (Jan 6, 2014)

fastcashforcoins said:


> this had begun ages ago. mt.gox already got fucked by the gov't once for not having the proper licensing



Didn't they get hacked not to long ago

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## evolutionpep (Jan 15, 2014)

*Article*

In Bitcoin I trust | Fox News

The big online retailer Overstock.com now accepts payment in Bitcoin. That's good news for lovers of liberty because Bitcoins give us an alternative to government-controlled money. Bitcoins are a currency created by anonymous, private tech nerds, not by government.
Governments don't like competition, and our government sometimes bans competing currencies. But as more of us use Bitcoins, and more businesses accept payment in Bitcoin, it becomes harder for government to dismiss the currency as illegitimate, or ban it.
'Bitcoins are not controlled by anybody.'​_- Mercatus Center senior research fellow Jerry Brito_

There are two advantages to Bitcoin.
First, it's harder to trace transactions back to people who make trades. I don't particularly care about that, because at the moment, I don't hide anything from my government. But I do fear government destroying the value of my dollars by printing more of them, the way governments in Germany before World War II and in Zimbabwe in recent decades did, forcing people to make trades using wheelbarrows of nearly worthless bills.
Given how my government spends money, and the way the Fed enables this by buying trillions in government bonds, I fear my dollars may someday be worth pennies. So I bought Bitcoins. Bitcoins are digitally created -- or "mined" -- at a slow, fairly predictable rate. An incomprehensible (incomprehensible to me, anyway) computer algorithm limits their number.
"Bitcoins are not controlled by anybody," explained Mercatus Center senior research fellow Jerry Brito on my TV show. "It's a new Internet protocol, like email or the Web ... a digital, decentralized currency that allows you to exchange money with anybody in the world fast and cheaply without the use of a third party like PayPal or Visa or MasterCard."
I bought Bitcoins even though I don't understand how Bitcoin mining works. I also worry that someone will hack into my Bitcoin account and steal my money, or maybe hack into the whole system and devalue Bitcoins by creating millions of new ones.
But risky as this new currency may be, I still trust it more than I trust politicians. When my fellow baby boomers demand our promised Medicare payments and discover that government promised trillions more in benefits than it can ever pay for, I assume politicians will print dollars until they are nearly worthless.
So, I put my savings into Bitcoins when they sold for $140 each. I was late to buy -- smarter people bought for much less. But today each Bitcoin is worth more than $800. So, yippee for me! I'm so glad I put all my savings into Bitcoins. OK, I didn't really. It's just _part of my savings -- but it's good to hedge against political venality!_
_The biggest risk to private currencies may be that governments will become jealous of how well these upstart forms of money work. If people all over the world decide to trade in digital currencies, it will become more obvious than ever that government isn't what makes economic activity happen._
_It will also be harder to trace -- and tax -- people's economic activity. Government doesn't like to get sidelined. To its credit, the German government announced that it recognizes Bitcoin as a legal alternate currency._
_The U.S. government flexed its muscles by warning that it has the right to regulate Bitcoin transactions. The FBI already shut down a website called Silk Road that accepted Bitcoins as pay for services both legal and illegal (like drugs). Sen. Chuck Schumer, D-N.Y., called Bitcoin "money laundering" and demanded a crackdown. That's not surprising, since Schumer wants to ban lots of useful things, like energy drinks, high-frequency stock trading, free-market wages and 3-D printers that can make guns._
_So I'm glad Overstock.com and other businesses are out there, reminding people that law-abiding citizens use Bitcoins to buy legal things. Last month, I used them to buy Christmas gifts. But Bitcoin's legitimacy shouldn't depend on whether people do things with it that politicians consider wholesome._
_When government restricts drugs, online gambling and other popular activities, it just makes anonymous, hard-to-trace currencies more popular._

_John Stossel joined Fox Business Network (FBN) in 2009. He is the host of "Stossel" (Thursdays at 9 PM/ET), a weekly program highlighting current consumer issues with a libertarian viewpoint. Stossel also appears regularly on Fox News Channel (FNC) providing signature analysis.





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## evolutionpep (Jan 19, 2014)

Bump

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