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Old 11-23-2013, 01:20 PM   #21
Duken4evr
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A friend of mine bought a few hundred dollars worth of bitcoins when they first came out. Evidently they are worth 30K now. He is selling most of his holdings. It seems unclear if the gain is taxable, as the rules have not caught up with the game yet.

@jdc - gold has taken quite a beating lately, especially the miners, which are at multi year lows. Sucks for me, as I hold some mining stocks via ETFs. Might not be a bad place to put some cash though. I can't see how PMs will stay down for long, and the miners are selling for a song right now. Lots of year end tax loss selling going on.
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Old 11-27-2013, 08:33 AM   #22
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Originally Posted by Ham'n'eggs View Post
Lets see... on 5/4/12 Bitcoins were worth a high of $5.04 USD

On 5/14/13 Bitcoins were worth a high of $116.40 USD

And today's high is already up to $477 USD

Hang on to all the dollars you can. You're going to need them to trade for Bitcoins.
And in less than two weeks BTC have gone up to over $1,000.00 each, trading on MtGox at a daily high of $1,044.00 today as of the time I'm posting this.

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Good luck, and let me know how it works out for you...
Um, pretty fvcking well so far.

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It's a racket. You would be much better off buying American Gold and Silver Eagles AGEs & ASEs. Stack them and put away for a rainy day.
The 'racket' is that you continue to put faith in money which has a value that is so easily manipulated by those in control of it instead of value which is determined by the free market. And it's pouring out today and I'm giddy thinking of just how much my meager investment in crypto currencies has already paid off. FWIW though, I do hold some silver & gold as well as brass, lead & steel. I like shiny things and things that go 'click BOOM!' as much as the next guy.

Guys... it's not too late. Litecoin (LTC) is the second most widely traded & accepted crypto currency out there and could very easily trade at 10% or more of the value of BTC. I could post some numbers on LTC for you and would be happy to answer questions if I can, but you really ought to look into it for yourselves. Or laugh at something you clearly don't understand and keep letting the jackasses in control of the dollar suck wealth out of you. Your choice.
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Old 11-27-2013, 11:24 AM   #23
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My admittedly un-informed opinion is that the people that want Bitcoin to succeed are money launderers and people that have a large distrust of government.
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Old 11-27-2013, 12:37 PM   #24
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My admittedly un-informed opinion is that the people that want Bitcoin to succeed are money launderers and people that have a large distrust of government.
It also worked pretty well for people conducting illicit business on the web via silk road and other deep web sites. I'm dubious about a non valuable unit of trade not backed by a government but hey, folks are making money.
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Old 11-27-2013, 01:18 PM   #25
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My admittedly un-informed opinion is that the people that want Bitcoin to succeed are money launderers and people that have a large distrust of government.
Get informed and learn otherwise. I'm not chastising you, I'm just encouraging you to read up on it and think about it a bit more logically.

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It also worked pretty well for people conducting illicit business on the web via silk road and other deep web sites. I'm dubious about a non valuable unit of trade not backed by a government but hey, folks are making money.
Because no one has ever conducted illicit and illegal business using US Dollars, right? And there's far more illicit business conducted in Bitcoin than there ever would be or has been in US Dollars, right?

As for who is making money and believes in this, because it's quite obvious most of you are quite skeptical, as you ought to be, are you as skeptical of Sir Richard Branson as you are of me? Because we all know what a dubious and poorly informed guy he is, right? Virgin Galactic now accepts Bitcoin

BTW... I'm not trying to make anything off of any of you here, I'm just trying to get the word out about crypto currencies to as many people as I can. Adopt them, don't adopt them, your choice. But I'm not here posting this for those of you who won't, I'm posting it for those of you who will.
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Old 11-28-2013, 12:05 PM   #26
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$7.5 million tossed

Some poor guy tossed a hard drive worth $7.5 million in a land fill.
http://mashable.com/2013/11/27/man-t...ns-of-bitcoin/
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Old 11-28-2013, 01:00 PM   #27
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What stops the originator from simply issuing more when prices rise?
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Old 11-28-2013, 02:03 PM   #28
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What stops the originator from simply issuing more when prices rise?
In the case of Bitcoin & Litecoin, the total units of currency are hard coded and capped at 21 million and 84 million respectively. One of the problems with existing currencies that the creators of these particular two, BTC & LTC, wanted to and did address was the loss of value caused by inflation.
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Old 11-28-2013, 02:13 PM   #29
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Originally Posted by Ham'n'eggs View Post
In the case of Bitcoin & Litecoin, the total units of currency are hard coded and capped at 21 million and 84 million respectively. One of the problems with existing currencies that the creators of these particular two, BTC & LTC, wanted to and did address was the loss of value caused by inflation.
Capped by who or whom?
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Old 11-28-2013, 03:32 PM   #30
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the un-regulators.
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Old 11-28-2013, 04:29 PM   #31
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Capped by who or whom?
Whomever created the software/currency. Read up on Bitcoin here, and Litecoin here.
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Old 11-28-2013, 04:34 PM   #32
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the un-regulators.
So clever. I know it's hard to wrap your head around, but I'm not against regulations, I'm against regulations imposed on people against their will.
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Old 11-28-2013, 04:51 PM   #33
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don't start compromising now, someone will pull out a slippery-slope argument and that'll be the end of you.
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Old 11-28-2013, 06:47 PM   #34
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My admittedly un-informed opinion is that the people that want Bitcoin to succeed are money launderers and people that have a large distrust of government.
I really had not heard much about Bitcoin, until the recent Cryptolocker ransomware virus surfaced...

http://www.securelist.com/en/blog/20...nts_Your_Money
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Old 11-28-2013, 08:50 PM   #35
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I'm not sure what to make of Bitcoins ... as a currency the price seems very unstable.

As an investment, especially if you took the risk as an early adopter, it seems to have paid off. Of course it's not clear to me how you convert them to cash again as well as how much that'll cost you.

Haven't look into mining them but I'd guess you'd need substantial CPU power to generate any reasonable income from it.
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Old 11-28-2013, 09:09 PM   #36
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Virgin Galactic is accepting bit coin for a space flight so if you have $250K worth of bitcoin you're in. Found out their going to have a drawing for 12 lucky people who work at TSC to go up in some of the test flights. I know with my luck I won't be one of the lucky few
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Old 11-28-2013, 09:40 PM   #37
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This article on the ultra-wealthy's movements in non-traditional currencies belongs in this thread:

http://www.economist.com/news/briefi...re?frsc=dg%7Cd
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Old 11-29-2013, 11:17 AM   #38
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I'm not sure what to make of Bitcoins ... as a currency the price seems very unstable.

As an investment, especially if you took the risk as an early adopter, it seems to have paid off. Of course it's not clear to me how you convert them to cash again as well as how much that'll cost you.

Haven't look into mining them but I'd guess you'd need substantial CPU power to generate any reasonable income from it.
At this point, unless you have access to a VERY large server farm that you can use for free or a big GPU based farm with free power the most economical way to mine Bitcoin is with an ASIC based machine such as those produced by Butterfly Labs (not an endorsement, BTW). Litecoin and other crypto currencies are still economical to mine using GPU's.
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Old 12-03-2013, 12:28 PM   #39
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FWIW... I read something somewhere and felt compelled to post this here for those of you who might be interested.

Right now today there are about 12,030,000 or so Bitcoins (BTC) in existence. There will only ever be 21,000,000 of them. They are currently worth about $1,150 or so each. The combined GDP of both the USA & China, the source of most BTC purchases so far, is about 24,050,000,000,000 in US Dollars. The total market cap of BTC today is about 13,345,000,000 in USD, and that's only about .05% of the GDP of the USA & China. Now, I'd like to point out that the Gross World Product, or GWP, was about 71,830,000,000,000 in USD in 2012. What do you suppose is going to happen to the market cap of BTC, and thus the price in US dollars, when BTC hits 10x (0.5%) or 20x (1.0%), or....we can only hope...100x(5.0%) of it's current level of penetration in the US & China? What do you suppose is going to happen to it when it becomes more widely adopted in other places, and possibly captures 0.05% of the GWP? 0.1% of the GWP? 1.0%? More? If BTC is able to capture even only 0.1% of the GWP, given the current numbers that would place the relative value of just 1 BTC somewhere near the $5,900,000.00 mark. Even if all 21,000,000 BTC had already been mined, and even if they were mined right now and it were able to capture just 0.1% of the GWP today, they would still be worth about $3.7 Million USD each. There will only ever be 21,000,000 Bitcoins, and you know that there's no government out there prepared to stop printing money. More people learn about Bitcoin every day. Everyone knows that popular adoption only takes about 10% of the population to accept an idea as mainstream, and once they do, there's no stopping that idea. Suddenly, $1,150.00 for a Bitcoin seems pretty cheap.
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Last edited by Ham'n'eggs; 12-03-2013 at 12:32 PM. Reason: it was sloppy
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Old 12-18-2013, 08:00 AM   #40
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I'll just leave this here.

http://www.theguardian.com/technolog...cryptocurrency
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