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Bitcoin And Cryptocurrency


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Even if all of us had bought it back then, we would have probably sold it long ago at what we thought was a great profit...

Yes, I seem to remember bitcoin dropped to like $200+ and a member here was practically begging the members to invest in it. The dude got laughed to scorn. (I wonder if the dude became an art collecto

Shoulda, coulda... Current prediction is for bitcoin to reach a price of $500,000 in few years, this will put its market cap on par with that of gold. I have some money in bitcoin and also in ethereum

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senseless

I use it all of the time. It's amazing.

 

I've got a buyer here locally that deposits cash to my account, I check online, then send him the coins. Allows me to transfer money from US to PH at a fee of about 0.1% (yes, point one percent). The fee is actually flat rate, but for the amounts i transfer that flat rate ends up being 0.1%. You could transfer 10$, 1000$, or 100,000$ all for the same fee. My buyer here locally only buys about 1-2K USD a week though. But, Ridiculous ATM card and bank fees can suck my you know whats.

 

I've got some bitcoin ASIC mining systems setup at a datacenter in the US printing money out of thin air.

 

I've been involved with it for 2-3 years now. Was there something specific you wanted to know?

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I've been involved with it for 2-3 years now. Was there something specific you wanted to know?

 

Well don't stop----spill the beans----- Did you make the big cash in ?

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I've got some bitcoin ASIC mining systems setup at a datacenter in the US printing money out of thin air.

 

Thank you for your reply.

 

 

I'm trying to understand this so bear with me...

 

1. You are dependent upon finding someone prepared to accept Bitcoin as payment?

 

2. The $value of a bitcoin is set by bitcoin central?

 

3. There will only be 21 million bitcoins issued?

 

4. To whom is the tax paid on payment or monetization?

 

5. The intrinsic value of a bitcoin is its uniqueness?

 

All help appreciated

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A_Simple_Man

The general feel of this thread sounds a lot like EGold when it first came out.  I lost a few hundred in EGold when the feds decided it was a form of currency designed to get around the anti money laundering rules and shut it down.  Buyer beware

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senseless

Thank you for your reply.

 

 

I'm trying to understand this so bear with me...

 

1. You are dependent upon finding someone prepared to accept Bitcoin as payment?

 

2. The $value of a bitcoin is set by bitcoin central?

 

3. There will only be 21 million bitcoins issued?

 

4. To whom is the tax paid on payment or monetization?

 

5. The intrinsic value of a bitcoin is its uniqueness?

 

All help appreciated

 

 

1) Yes, or using a currency exchange, but the exchanges will just wire your money to you so you'll still get hit with bank fees.

 

2) The value is set by what people are willing to pay for it. Just like anything else.

 

3) Yes, 21 million, it's an inherently deflationary currency. The value will always rise so your best bet if you get into it is to just hold until it reaches an acceptable value or until you need it.

 

4) Whatever country you came from. You file it as income on your taxes.

 

5) The value of bitcoin comes from people willing to accept it as money. The more things you can buy with it, the more people want it. This question is like asking, Where does the value of USD come from? The only reason the USD has value is because people are willing to accept it in trade for goods. There are plenty of currencies that are printed and distributed from nations where the value is worthless since no one will accept it as a currency. The reason bitcoin is so popular is because it takes printing out of the hands in the government and puts it into the hands of the people.

The general feel of this thread sounds a lot like EGold when it first came out.  I lost a few hundred in EGold when the feds decided it was a form of currency designed to get around the anti money laundering rules and shut it down.  Buyer beware

 

There already are rules surrounding virtual currencies. FinCEN declared virtual currencies as money some time ago. The difference between EGold and bitcoin is that egold is centralized where as bitcoin is not. You see how good the feds got at shutting down torrent sites, and torrents, because no one torrents anymore right? Bitcoin is a P2P currency in the same way that Torrent is a P2P data transmission method. There's no way for it to be shut down, unless they take the worldwide internet offline.

Well don't stop----spill the beans----- Did you make the big cash in ?

 

That depends on your definition of big.

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Monsoon

I use it all of the time. It's amazing.

 

I've got a buyer here locally that deposits cash to my account, I check online, then send him the coins. Allows me to transfer money from US to PH at a fee of about 0.1% (yes, point one percent). The fee is actually flat rate, but for the amounts i transfer that flat rate ends up being 0.1%. You could transfer 10$, 1000$, or 100,000$ all for the same fee. My buyer here locally only buys about 1-2K USD a week though. But, Ridiculous ATM card and bank fees can suck my you know whats.

 

I've got some bitcoin ASIC mining systems setup at a datacenter in the US printing money out of thin air.

 

I've been involved with it for 2-3 years now. Was there something specific you wanted to know?

 

What is your opinion mining hardware? Such as the Monarch 600 GH/s bitcoin mining card? 

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senseless

What is your opinion mining hardware? Such as the Monarch 600 GH/s bitcoin mining card? 

 

Don't ever buy anything from BFL, ever.

 

Small time mining is not really effective any more. That ship has sailed. You're either in it for the long haul with dedicated facilities and low cost electric, or you're just going to be losing money. For the small time miner your best bet is to just buy bitcoins and hold them until they go up in value. I would say, 1,000$ a coin, or even 10,000$ a coin is not an impossibility.

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Small time mining is not really effective any more.

 

 

I've got some bitcoin ASIC mining systems setup at a datacenter in the US

 

What is 'bitcoin mining"?

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Monsoon

What is 'bitcoin mining"?

 

Solutions to extremely complex problems. 

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For the small time miner your best bet is to just buy bitcoins and hold them until they go up in value. I would say, 1,000$ a coin, or even 10,000$ a coin is not an impossibility.

Of course, $10 per coin or $.01 are not impossibilities either. As many commentators have remarked, the currency is extremely volatile. Standard disclaimer really - the value of your investment can go up as well as down.

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Monsoon

Of course, $10 per coin or $.01 are not impossibilities either. As many commentators have remarked, the currency is extremely volatile. Standard disclaimer really - the value of your investment can go up as well as down.

 

If only American monetary policy would follow suit with Bitcoin (i.e. make it harder to produce new ones). If they keep printing money I think it will be more common than toilet paper and have similar value.

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senseless

What is 'bitcoin mining"?

 

The process of finding a resulting hash with a specific "difficulty".

 

http://bitcoin.org/en/

Of course, $10 per coin or $.01 are not impossibilities either. As many commentators have remarked, the currency is extremely volatile. Standard disclaimer really - the value of your investment can go up as well as down.

 

So can the USD. That's a given for any currency. I'm sure we all know all to well how just a few years ago the USD was trading near 60 pesos per $ and now its down to what, 43? 42? How low can it go? zero, under a total financial collapse.

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I was an early BC mover, my email account was like number 2000 or so on the Mt Gox email hacking list from like 3 years ago, didn't make anything as i figured it just wouldn't fly...i was amazed at the concept and the people involved, some really smart dudes in those early days...a lot of nutters in the mix now.

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