Bitcoin

[seeandsee]

Who is the master mind behind this shit, they are using your computer for free and you get some kind of virtual currency that has some floating value... Come on people bring back from dream land...

[Juicy D. Links]

Achmed

-----------

[Serge Litehead]

once it gains wide acceptance it will be so much easier to transact on day to day basis, cheap transactions to anywhere in the world, micro payments, pay your grocery and gas with your smartphone, etc...

and btw running bitcoin client is not using your cpu/gpu cycles so you won't even have to worry about that.

floating value the paper money is the shit - what value it has, where the value of it has gone, how much lower will it go? yeah i rather some floating value than devaluing currency

[chronig]

[seeandsee]

once it gains wide acceptance it will be so much easier to transact on day to day basis, cheap transactions to anywhere in the world, micro payments, pay your grocery and gas with your smartphone, etc...

and btw running bitcoin client is not using your cpu/gpu cycles so you won't even have to worry about that.

floating value the paper money is the shit - what value it has, where the value of it has gone, how much lower will it go? yeah i rather some floating value than devaluing currency

you really think bitcoin will be option to pay your gas and grocery?

and for what is bitcoint client used? explain to understand it, thanks!

and value of bitcoin is based on what (so you have nothing, and you pay for nothing and then you buy something with it, what is with money you make, you used to buy nothing with it, its like piramid lol ), really explain it to me?

you work 8 hours, you made 80$.
somebody mine btc and make 8btc
then you buy 8btc from him for 80$ (just example)
so you payed with your work [80$] for 8btc he mine for free
next day can worth shit or skyrocket just based on people pusing their hard earned money $$$$$$$ into pool ...
SO YOU WANT TO TELL ME ITS SUPER CURRENCY, BUT ITS BACKED BY $ AND OTHER VALUTES, HOW DID YOU CALL THEM, A DEVALUING CURRENCY, YES GREAT JOB!
intredasting

there is nothing great about this, to make that fucking coin have some value, you need to give real $$$$ into pool, it's fucking simple, you can mine 10000000000000 btc but if there is no people to buy it, you have shit, so what do you think, for how long they can build up around this scheme, not so long, you will see... few smart people are pumping $$$$$$$ from this true fees, trading and similar stuff, when new $$$$$ stop entering the pool, this shit will crash hard... its great now, look i made 200% roi etc. but imagine how much people lost $$$$$$ true pumping out...

[Internet Guy]

Why don't you actually read about it Seeandsee?

In the time it took you to make that post you could have actually read about it and answered all your own questions.

[Serge Litehead]

you really think bitcoin will be option to pay your gas and grocery?

and for what is bitcoint client used? explain to understand it, thanks!

and value of bitcoin is based on what (so you have nothing, and you pay for nothing and then you buy something with it, where is going money to make that something you used to buy nothing lol ), really explain it to me?

I'll start from the end.

I'll ask similar question: value of dollar is based on what? how do you attach to or know value of anything? money ultimately do not have any value on their own, except what it costs to print them. they are just made as exchange units so when you sell or buy something you can do that easily based on value of things you are trading them for. What is your paper money backed with? If your country defaults tomorrow do you know what will happen then with the value of your paper money? you could effectively wipe your ass with it. How can you be sure your country is not going to default tomorrow or in the future or that you will get your social security benefits and pension? look at Zimbabwean dollars they inflated so much that no one wanted to accept them anymore and everyone over there carried trillions of those in their pocket, just piece of paper.

Value of Bitcoins is that it is modern exchange/trading vehicle, very secure and effective to transact with. Value for such novice concept as bitcoin is is what people are willing to give them for and what people are willing to part them for same as any other currency (except ultimately it is not devalued by printing more into existence). Sometime last year bitcoins were trading at $0.008/BTC, current rate $13.7/BTC; as demand grows their value increases because it is scarce item and there will be finite number of them ever produced (upto 21M) but the beauty of it is that if demand outgrow available supply, each bitcoin can be fractured up to 8 decimal points 0.00000001 (giving you a possibility of very very large pool of reserve to go around and never be in short supply for at least few hundred if not thousand years in to the future, because it could be possible to have and trade at rates such as 0.0001BTC = $1 or 0.00000001BTC = $1, etc). and if 8 decimals isn't enough it could be extended to 16 decimals or any other number. Good thing that no one can print them more and inject fake bitcoins in to the network - they will be rejected. there is one vulnerability through owning >50% hashing power of the network, then you could fork the chain and pump network with fake bitcoins, but with such power it will be more profitable to mine real btc than trying to attack it plus as network hashing rate grows it is less and less of a threat.


> and for what is bitcoint client used? explain to understand it, thanks!

Bitcoin client is a wallet application where you keep your bitcoins and have ability to send and receive


> you really think bitcoin will be option to pay your gas and grocery?

To be honest I don't think it will be available in immediate future in every grocery and gas station, but things are rapidly developing within bitcoin community, there are already alpha solutions deployed to be able to make transactions from Android based phones. People are looking for ways to send and receive bitcoins from phone to phone and offline - and when I say "looking" i don't mean reading internets but actually are working on finding/developing such solutions. It may take a long time for wide acceptance but it also has a possibility to skyrocket at a very fast pace.

From what i read and learned about Bitcoins, it is brilliant and elegant solution to today's fiat monetary problems.


Hopefully you will read my this reply as it seems you have totally ignored my answers to you in some other threads about bitcoins.

[Serge Litehead]

you work 8 hours, you made 80$.
somebody mine btc and make 8btc
then you buy 8btc from him for 80$ (just example)
so you payed with your work [80$] for 8btc he mine for free
next day can worth shit or skyrocket just based on people pusing their hard earned money $$$$$$$ into pool ...
SO YOU WANT TO TELL ME ITS SUPER CURRENCY, BUT ITS BACKED BY $ AND OTHER VALUTES, HOW DID YOU CALL THEM, A DEVALUING CURRENCY, YES GREAT JOB!
intredasting

there is nothing great about this, to make that fucking coin have some value, you need to give real $$$$ into pool, it's fucking simple, you can mine 10000000000000 btc but if there is no people to buy it, you have shit, so what do you think, for how long they can build up around this scheme, not so long, you will see... few smart people are pumping $$$$$$$ from this true fees, trading and similar stuff, when new $$$$$ stop entering the pool, this shit will crash hard... its great now, look i made 200% roi etc. but imagine how much people lost $$$$$$ true pumping out...

You think any new currency can be instantly injected into the world and gain wide acceptance? If i'm not mistaken, you are from EU, right? where you old enough to remember when Euros were introduced? tell me please didn't you or your parents used to convert back and forth Euros to your native currency because no one knew what the value of Euros was at that time? Once you/your parents started seeing prices in stores in Euros everywhere you got comfortable dealing with Euros without calculating every time what they worth or how much is product worth with them - you started thinking in Euros. It takes time to adjust and see them used commonly for that. Than they can live on their own without comparing with other currencies.

Of course bitcoins will be traded with and compared against dollar and other currencies. It will be happening for a long time because right now they are not widely used, but mostly traded at exchanges with other currencies by traders, like on FOREX. Today even if you receive payment in Bitcoins you will need to convert them to buy things like food or pay your rent, it doesn't mean they don't hold any value on their own even if you don't see it.

[Serge Litehead]

it's just a money.. new form of it. and pretty ingenious one.

you can get paid in it, trade it, buy some things with it and sell some things for it.

[Serge Litehead]

there is nothing great about this, to make that fucking coin have some value, you need to give real $$$$ into pool, it's fucking simple, you can mine 10000000000000 btc but if there is no people to buy it, you have shit, so what do you think, for how long they can build up around this scheme, not so long, you will see... few smart people are pumping $$$$$$$ from this true fees, trading and similar stuff, when new $$$$$ stop entering the pool, this shit will crash hard... its great now, look i made 200% roi etc. but imagine how much people lost $$$$$$ true pumping out...

Should I trust the guy with printing press to pump so much money so they can steal all your wealth by devaluing money already printed and then take your property because you won't be able to afford it and then your ass will be owned by the man by the great debt that is laid upon your and your future generations. so tell me what is the value of your so called real money?

[PornMD]

I wish we were in the ST:TNG 24th century so that there wouldn't be such a thing as money. People would pretty much be able to have what they want and there wouldn't be any more dollar or bitcoin threads.

[brassmonkey]

looks like that liberty reserve shit

[Serge Litehead]

looks like that liberty reserve shit

it is nothing like liberty reserve shit

[brassmonkey]

it is nothing like liberty reserve shit

whats that one you download software to do transactions? besides bitcoin

http://www.libertyreserve.com/en/home/downloads

[sponsornetworks]

My best choice Payment method is LR :D

[Serge Litehead]

whats that one you download software to do transactions? besides bitcoin

http://www.libertyreserve.com/en/home/downloads

is that all similarities that you found? how about webmoney? you also need to download software to do the transactions with web money.


Man, look under the hood of LR and Bitcoin. understand how one and how the other operate and work. They are totally in different play fields.

Bitcoin is backed by math. What is liberty reserve backed by?
some guy wanted to come up with digital currency
-did he solve distribution problem?
-did he solve decentralization problem?
-did he solve double-spending problem?
-did he solve proof-of-work problem? (proofing produced new currency and transactions)
-did he solve security problem?
all of these are addressed by Bitcoin, open source project backed by growing supporting community.

Is any of this present in Liberty Reserve except of some guy's wish to push his own currency?

[D Ghost]

I wish we were in the ST:TNG 24th century so that there wouldn't be such a thing as money. People would pretty much be able to have what they want and there wouldn't be any more dollar or bitcoin threads.

[Serge Litehead]

@seeandsee, when you wake up I hope you give a brief moment to explain where do real money get their value from.

[DBS.US]

What's next GFY Bucks?

[mayabong]

Looks like some people are already jumping into the porn arena with bitcoins and making some bucks. http://www.bitcoinxxx.com/main.php

I like the bitcoin idea and think it will be the adult and gambling industry to give it a backbone. no chargebacks, no governments or banks involved the fees are tiny if any. .. great idea. The price is around 13-14 bucks a piece these days, might come down a little more cause its recovering from that media hype bubble

Someone make a webcam site were the girls take bitcoins as tips or something. I would do it but I don't know how. You guys are some of the most innovative people on the planet.

[Serge Litehead]

Looks like some people are already jumping into the porn arena with bitcoins and making some bucks. http://www.bitcoinxxx.com/main.php

I like the bitcoin idea and think it will be the adult and gambling industry to give it a backbone. no chargebacks, no governments or banks involved the fees are tiny if any. .. great idea. The price is around 13-14 bucks a piece these days, might come down a little more cause its recovering from that media hype bubble

Someone make a webcam site were the girls take bitcoins as tips or something. I would do it but I don't know how. You guys are some of the most innovative people on the planet.

In case of Bitcoin adult industry is more scared of thought of gov shutting it down than appeal of new opportunity and smell of money. I don't blame industry though, it's been trained to be scared of the big brother for all its existence. Anything completely new and radical such as Bitcoin must be illegal in its view. But it will slowly convert and give nice push to bitcoin and utilize micro-payments at some point.

What's the latest innovation within adult space? fleshlight?

[PornStarToys]

chickens fed

[Serge Litehead]

On a serious note, adult industry is not ready to work with Bitcoins as bitcoin user base is so tiny it is simply not worth of penetrating it at this moment in general. Plus a lot of newbie misconceptions and ignorant assumptions of this new form of money to overcome still.

[brassmonkey]

is that all similarities that you found? how about webmoney? you also need to download software to do the transactions with web money.


Man, look under the hood of LR and Bitcoin. understand how one and how the other operate and work. They are totally in different play fields.

Bitcoin is backed by math. What is liberty reserve backed by?
some guy wanted to come up with digital currency
-did he solve distribution problem?
-did he solve decentralization problem?
-did he solve double-spending problem?
-did he solve proof-of-work problem? (proofing produced new currency and transactions)
-did he solve security problem?
all of these are addressed by Bitcoin, open source project backed by growing supporting community.

Is any of this present in Liberty Reserve except of some guy's wish to push his own currency?

im not sure i dont trust none of that stuff.

[Serge Litehead]

im not sure i dont trust none of that stuff.

it is a good sober approach. never trust something you don't understand especially with monetary technology.

all other digital currencies are centralized systems just like paypal and such. bitcoin in this regard is very unique and solves issues others had failed to solve.
but like anything new it should be approached with caution and good research before jumping on a bandwagon if it peaks interest.

[halfpint]

How much is 0.00005192 BTC worth in usd ?

I have been trying this out a few of my sites and thats what it has generated in 2 days

It says this: 0.00002596 BTC generated on Jul 17, 2011 10:24 AM BST and 0.00002596 BTC Jul 17, 2011 2:47 AM BST

The exchange rate for USD is confusing the hell out of me

Your total hash rate is 1.19 Mhashes per second (1193046 hashes per second).
This will result in 1.00000 payouts per hour, or 0.00065256 BTC per day.

[halfpint]

For the bitcoin savy people which exchanges are you using ?

https://mtgox.com/

https://www.bitcoin7.com

https://www.bitcoinmarket.com/

https://britcoin.co.uk/

https://intersango.com/

https://bitmarket.eu/ ( this one claims they will start to exchange bitcoins for paypal) Dont know if its been implemented yet

Any more that people use or know off ?

[moeloubani]

How much is 0.00005192 BTC worth in usd ?

I have been trying this out a few of my sites and thats what it has generated in 2 days

It says this: 0.00002596 BTC generated on Jul 17, 2011 10:24 AM BST and 0.00002596 BTC Jul 17, 2011 2:47 AM BST

The exchange rate for USD is confusing the hell out of me

Your total hash rate is 1.19 Mhashes per second (1193046 hashes per second).
This will result in 1.00000 payouts per hour, or 0.00065256 BTC per day.

You're doing it wrong I think you're using your CPU instead of GPU.

[seeandsee]

I'll start from the end.

I'll ask similar question: value of dollar is based on what? how do you attach to or know value of anything? money ultimately do not have any value on their own, except what it costs to print them. they are just made as exchange units so when you sell or buy something you can do that easily based on value of things you are trading them for. What is your paper money backed with? If your country defaults tomorrow do you know what will happen then with the value of your paper money? you could effectively wipe your ass with it. How can you be sure your country is not going to default tomorrow or in the future or that you will get your social security benefits and pension? look at Zimbabwean dollars they inflated so much that no one wanted to accept them anymore and everyone over there carried trillions of those in their pocket, just piece of paper.

Value of Bitcoins is that it is modern exchange/trading vehicle, very secure and effective to transact with. Value for such novice concept as bitcoin is is what people are willing to give them for and what people are willing to part them for same as any other currency (except ultimately it is not devalued by printing more into existence). Sometime last year bitcoins were trading at $0.008/BTC, current rate $13.7/BTC; as demand grows their value increases because it is scarce item and there will be finite number of them ever produced (upto 21M) but the beauty of it is that if demand outgrow available supply, each bitcoin can be fractured up to 8 decimal points 0.00000001 (giving you a possibility of very very large pool of reserve to go around and never be in short supply for at least few hundred if not thousand years in to the future, because it could be possible to have and trade at rates such as 0.0001BTC = $1 or 0.00000001BTC = $1, etc). and if 8 decimals isn't enough it could be extended to 16 decimals or any other number. Good thing that no one can print them more and inject fake bitcoins in to the network - they will be rejected. there is one vulnerability through owning >50% hashing power of the network, then you could fork the chain and pump network with fake bitcoins, but with such power it will be more profitable to mine real btc than trying to attack it plus as network hashing rate grows it is less and less of a threat.


> and for what is bitcoint client used? explain to understand it, thanks!

Bitcoin client is a wallet application where you keep your bitcoins and have ability to send and receive


> you really think bitcoin will be option to pay your gas and grocery?

To be honest I don't think it will be available in immediate future in every grocery and gas station, but things are rapidly developing within bitcoin community, there are already alpha solutions deployed to be able to make transactions from Android based phones. People are looking for ways to send and receive bitcoins from phone to phone and offline - and when I say "looking" i don't mean reading internets but actually are working on finding/developing such solutions. It may take a long time for wide acceptance but it also has a possibility to skyrocket at a very fast pace.

From what i read and learned about Bitcoins, it is brilliant and elegant solution to today's fiat monetary problems.


Hopefully you will read my this reply as it seems you have totally ignored my answers to you in some other threads about bitcoins.

First i trust more cash backed by any country, then to trust virtual currency backed by some software that could have vulnerability of all kind. And where is all Bitcoin data stored secured? What if that storage one day is crashed? Or you want to say there is no central database for bitcoins, explain it that for god sake to me?

You think any new currency can be instantly injected into the world and gain wide acceptance? If i'm not mistaken, you are from EU, right? where you old enough to remember when Euros were introduced? tell me please didn't you or your parents used to convert back and forth Euros to your native currency because no one knew what the value of Euros was at that time? Once you/your parents started seeing prices in stores in Euros everywhere you got comfortable dealing with Euros without calculating every time what they worth or how much is product worth with them - you started thinking in Euros. It takes time to adjust and see them used commonly for that. Than they can live on their own without comparing with other currencies.

Of course bitcoins will be traded with and compared against dollar and other currencies. It will be happening for a long time because right now they are not widely used, but mostly traded at exchanges with other currencies by traders, like on FOREX. Today even if you receive payment in Bitcoins you will need to convert them to buy things like food or pay your rent, it doesn't mean they don't hold any value on their own even if you don't see it.

you compare bitcoions and euros, come on it's like comparing new aircraft and some old car...

Should I trust the guy with printing press to pump so much money so they can steal all your wealth by devaluing money already printed and then take your property because you won't be able to afford it and then your ass will be owned by the man by the great debt that is laid upon your and your future generations. so tell me what is the value of your so called real money?

Yes, i trust them more, i know the risk, and still i trust them more, is't that clear. If you trust more bitcoins, why dont you convert all your money form savings into bitcoins?

@seeandsee, when you wake up I hope you give a brief moment to explain where do real money get their value from.

I ANSWERED it to you, now please without writing about other stuff, answer my questions, thanks!

[halfpint]

You're doing it wrong I think you're using your CPU instead of GPU.

This is done through a pool on my websites and not my own pc so I dont know if they are using the surfers CPU'S or GPU's

[seeandsee]

My biggest concern is not bitcoins people buy (you give $$$, you get virtual curency , similar like tokens etc, then somebody pay for that same "tokens" from you, and well knows system is here, somebody will be fucked, somebody will be rich...),

but concern about this, you get coins for free digging it up, that have no sense at all, if there is vulnerability in system that will let somebody make BTC for him on easy scale, somebody will be rich collecting $$$ from people. How can you say system is 100% safe?!?

[Caligari]

My biggest concern is not bitcoins people buy (you give $$$, you get virtual curency , similar like tokens etc, then somebody pay for that same "tokens" from you, and well knows system is here, somebody will be fucked, somebody will be rich...),

In every currency people are always getting fucked and people are always getting rich based upon perceived values of the given currency, real or virtual.

but concern about this, you get coins for free digging it up, that have no sense at all, if there is vulnerability in system that will let somebody make BTC for him on easy scale, somebody will be rich collecting $$$ from people. How can you say system is 100% safe?!?

There is no currency on earth that is 100% safe. Consider value fluctuation and counterfitting of currencies in every country.
It is my understanding that the way bitcoin is set up it cannot be counterfitted. If I am wrong in this assumption please someone explain how it could be.

And the idea of somebody getting rich collecting $$$ from people...heh I will point you to your own govt or any govt for the answer to that one!

[seeandsee]

And the idea of somebody getting rich collecting $$$ from people...heh I will point you to your own govt or any govt for the answer to that one!

Come on, if there is "shortcut" for creating BTC (you sad it's not 100% safe), and somebody using it, and then selling BTC to the people, and collecting $$$ from people that way, you really think there is government that will jump in there? how will they do it, they need to prove a shit load of stuff, even then who knows from where is he, probably Nigeria... So you want me to trust that system?

So do you really trust bitcoins so much, would you put your life savings into it, instead keeping it in $$$?

[Caligari]

Come on, if there is "shortcut" for creating BTC (you sad it's not 100% safe), and somebody using it, and then selling BTC to the people, and collecting $$$ from people that way, you really think there is government that will jump in there? how will they do it, they need to prove a shit load of stuff, even then who knows from where is he, probably Nigeria... So you want me to trust that system?

So do you really trust bitcoins so much, would you put your life savings into it, instead keeping it in $$$?

Yes, i am going to put my life savings into bitcoin...

I would never put all my money into one asset or currency. The idea is to diversify so you're not fucked if one of your assets takes a big shit!

[Serge Litehead]

Regarding currency value

> seeandsee: I ANSWERED it to you, now please without writing about other stuff, answer my questions, thanks!

You did not answer it! You only said that you fully trust any currency backed by any country.
You did not explain where value of any of such currencies come from. If you ask to explain value of bitcoins and jump on it with wild machete, I at the very least expect you to have a decent explanation on the value of any other currency. Backed by country argument is simply pulled out of your ass. FIRST: it does not give immediate value to it simply by issuing it SECOND as history has proven to us that no currency backed by country. If country has a problem currency inflates through the roof, you life savings become useless there are plenty examples in the world. look at your south neighbors now, USSR money defaulted and Zimbabvean dollars defaulted and no fiat currency is protected from this once shit hits the fan.
Once you begin to understand that real value of ANY CURRENCY comes from people using it you will realize that Bitcoin in this respect is no different than any other currency. Money in any way shape or form are simply tools of exchange. And participants of exchange ultimately decide what's it worth is by backing up with pairing it with anything tangibles/services/other currencies


> Yes, i trust them more, i know the risk, and still i trust them more, is't that clear. If you trust more bitcoins, why dont you convert all your money form savings into bitcoins?

How do you know what I have invested and what I have not invested into it? I will be stupid for putting all my eggs in one basket and not weighting the risks of something very very new such as Bitcoin. I read, I research, I like the idea, I see global benefits for such thing, and I move with market but not running ahead of it. As i said numerous times before, Bitcoin can go either way, could go down or it could go up.It will be rigorously tested and either accepted or put down. Even if Bitcoin will fail - it ignited something that I doubt could be stopped so new solutions will spring in this case. People want to have control of their money and people have the right to personal privacy including financial one. Bitcoin or its future incarnations solve this problem.

> you compare bitcoions and euros, come on it's like comparing new aircraft and some old car...
Dude I was explaining "VALUE" and why people convert from one thing to another. We can remove Bitcoin and Euro from there, replace them with apples and oranges as currencies and those arguments will still be applicable.

> First i trust more cash backed by any country, then to trust virtual currency backed by some software that could have vulnerability of all kind. And where is all Bitcoin data stored secured? What if that storage one day is crashed? Or you want to say there is no central database for bitcoins, explain it that for god sake to me?

Do you understand meaning of words such as DISTRIBUTED & DECENTRALIZED now apply that to digital currency and you might begin to realize its beauty. Whole system is very transparent. All transaction data is stored in a blockchain shared among by all peers THERE IS NO CENTRAL STORAGE SPACE, there is no single point of failure in the Bitcoin network! Educate your self http://en.wikipedia.org/wiki/Bitcoin all your questions are addressed there.

[CaptainHowdy]

Just wandering in this chaos ...

[mayabong]

How much is 0.00005192 BTC worth in usd ?

I have been trying this out a few of my sites and thats what it has generated in 2 days

It says this: 0.00002596 BTC generated on Jul 17, 2011 10:24 AM BST and 0.00002596 BTC Jul 17, 2011 2:47 AM BST

The exchange rate for USD is confusing the hell out of me

Your total hash rate is 1.19 Mhashes per second (1193046 hashes per second).
This will result in 1.00000 payouts per hour, or 0.00065256 BTC per day.

Yeah they are definitely using the CPU's. As far as exchanges I use trade hill, mt. gox is just run by 2 guys and it was a hobby then the popularity shot to the moon and they were caught with their pants down. They still have first mover advantage so they have the biggest volume. Campbx.com also just opened in Atlanta. They have lots of other options and might lead the way someday, but as of now they have little volume.

Not many people trust bitcoin 7 cause they were caught ripping off tradehill's website in many area's word for word.

I'm not sure where you are in the world. Tradehill doesn't take EU yet, but gox does. Bitmarket.eu is a good one and requires you to verify that you are trustworthy. Britcoin supposed to be pretty good if your in england.

Hope my random typings help.

BTW 1 bitcoin is around 13 - 13.50 therefore .0006 bitcoins isn't worth all that much. lol

[seeandsee]

Regarding currency value

> seeandsee: I ANSWERED it to you, now please without writing about other stuff, answer my questions, thanks!

You did not answer it! You only said that you fully trust any currency backed by any country.
You did not explain where value of any of such currencies come from. If you ask to explain value of bitcoins and jump on it with wild machete, I at the very least expect you to have a decent explanation on the value of any other currency. Backed by country argument is simply pulled out of your ass. FIRST: it does not give immediate value to it simply by issuing it SECOND as history has proven to us that no currency backed by country. If country has a problem currency inflates through the roof, you life savings become useless there are plenty examples in the world. look at your south neighbors now, USSR money defaulted and Zimbabvean dollars defaulted and no fiat currency is protected from this once shit hits the fan.
Once you begin to understand that real value of ANY CURRENCY comes from people using it you will realize that Bitcoin in this respect is no different than any other currency. Money in any way shape or form are simply tools of exchange. And participants of exchange ultimately decide what's it worth is by backing up with pairing it with anything tangibles/services/other currencies


> Yes, i trust them more, i know the risk, and still i trust them more, is't that clear. If you trust more bitcoins, why dont you convert all your money form savings into bitcoins?

How do you know what I have invested and what I have not invested into it? I will be stupid for putting all my eggs in one basket and not weighting the risks of something very very new such as Bitcoin. I read, I research, I like the idea, I see global benefits for such thing, and I move with market but not running ahead of it. As i said numerous times before, Bitcoin can go either way, could go down or it could go up.It will be rigorously tested and either accepted or put down. Even if Bitcoin will fail - it ignited something that I doubt could be stopped so new solutions will spring in this case. People want to have control of their money and people have the right to personal privacy including financial one. Bitcoin or its future incarnations solve this problem.

> you compare bitcoions and euros, come on it's like comparing new aircraft and some old car...
Dude I was explaining "VALUE" and why people convert from one thing to another. We can remove Bitcoin and Euro from there, replace them with apples and oranges as currencies and those arguments will still be applicable.

> First i trust more cash backed by any country, then to trust virtual currency backed by some software that could have vulnerability of all kind. And where is all Bitcoin data stored secured? What if that storage one day is crashed? Or you want to say there is no central database for bitcoins, explain it that for god sake to me?

Do you understand meaning of words such as DISTRIBUTED & DECENTRALIZED now apply that to digital currency and you might begin to realize its beauty. Whole system is very transparent. All transaction data is stored in a blockchain shared among by all peers THERE IS NO CENTRAL STORAGE SPACE, there is no single point of failure in the Bitcoin network! Educate your self http://en.wikipedia.org/wiki/Bitcoin all your questions are addressed there.

come on, you dont really have idea how bitcoin works don't ya (pointing to wikipedia is nothing, explaint to me, how is safe, where is all stored etc. help me understand?), come on put your life savings into it, confirm and i am fool!

[woj]

Anyone trusted on here exchange bitcoins?
bitcoins -> paypal I mean

[Serge Litehead]

come on, you dont really have idea how bitcoin works don't ya (pointing to wikipedia is nothing, explaint to me, how is safe, where is all stored etc. help me understand?), come on put your life savings into it, confirm and i am fool!

you are just trolling, it's not worth wasting my time, thanks for trying.

[Serge Litehead]

Anyone trusted on here exchange bitcoins?
bitcoins -> paypal I mean

Hit me up with how many you want to offload, I may get some.

[ZeroHero]

bitcoin is awesome !

[mayabong]

Anyone trusted on here exchange bitcoins?
bitcoins -> paypal I mean

Yeah just make sure you know the person when dealing with paypal. Alot of people have been scammed when selling bitcoins. The people get their bitcoins then reverse the payment and the seller is screwed. .

Once bitcoin becomes more localized you wont have to rely on your internet to do the dealings and you can just find someone locally. BTCNEARME.COM is pretty cool for that kinda thing.

[Serge Litehead]

Yeah just make sure you know the person when dealing with paypal. Alot of people have been scammed when selling bitcoins. The people get their bitcoins then reverse the payment and the seller is screwed. .

It's true especially around btc community, but many people within this industry conduct business through paypal without issues. It is safer exchanging btc<>paypal with someone reputable around here than look elsewhere for this type of trades.

[mayabong]

It's true especially around btc community, but many people within this industry conduct business through paypal without issues. It is safer exchanging btc<>paypal with someone reputable around here than look elsewhere for this type of trades.

I know, I wasn't saying you were untrustworthy or anything. I know everyone here trusts eachother for the most part.

[mayabong]

Fetish Fortress takes bitcoins.

http://www.fortressnyc.com/forum/topic/3306-bitcoin/

[seeandsee]

you are just trolling, it's not worth wasting my time, thanks for trying.

Why don't you give honest answer, would you put your life savings into it?!?

and are you sure you know 100% how does BTC works and how muich is safe?

Don't point me to wikipedia, i know to google, i want to hear it from you, i see you are all into Bitcoins, they are holy currency looks like.

[mayabong]

Come on, if there is "shortcut" for creating BTC (you sad it's not 100% safe), and somebody using it, and then selling BTC to the people, and collecting $$$ from people that way, you really think there is government that will jump in there? how will they do it, they need to prove a shit load of stuff, even then who knows from where is he, probably Nigeria... So you want me to trust that system?

So do you really trust bitcoins so much, would you put your life savings into it, instead keeping it in $$$?

You obviously have no idea how bitcoin works. Mining isn't "free" the rigs cost alot of $$ and also so does the electricity usage. A few 1000 watts running 24/7 isn't cheap. Miners are actually securing the network so it can't be attacked. They are also verifying the transactions that happen through the network since there is no central place doing the processing.

Just cause I think its cool doesn't mean I'm gonna put my life savings into it. Its stupid to put your eggs in one basket.

[seeandsee]

You obviously have no idea how bitcoin works. Mining isn't "free" the rigs cost alot of $$ and also so does the electricity usage. A few 1000 watts running 24/7 isn't cheap. Miners are actually securing the network so it can't be attacked. They are also verifying the transactions that happen through the network since there is no central place doing the processing.

Just cause I think its cool doesn't mean I'm gonna put my life savings into it. Its stupid to put your eggs in one basket.

i mean you get them for free for "securing and verifying" oh really. I know you need to pay even for power bills, i don't see nothing free for anybody in this scheme expect for some people making money from this.

Would you like to explain how do you make network secured?
And do you really understand "verifying transaction" part?
Or you just think yeah that sound nice? That sound like: "I must be doing something good like securing network and verifying transaction that way... that is great, that is so cool"

And yes all eggs in one basket, but then how much % of life savings are you will to put in that basket?

[seeandsee]

50 fake bitcoins