How To Use Bitcoin – The Most Important Creation In The History Of Man

Sounds like a great money making scam to me.

I'm going to sell you an Essan Dollar (E$). Each one is valued at 50c but, because there is a limited supply, the value may increase due to demand. And you can of course sell Essan Dollars amongst yourselves as well.

Not many places accept the E$ yet, but before long everywhere on the internet will be taking them - you may even find some places offer discounts if you use the E$ instead or normal money or credit cards. And and this new exchange system (it's NOT money) is not only safer than gold - because you cannot lose of have your E$s stolen - but will undoubtably show a much greater increase in value in just a few months.

Hurry buy today! When they are gone they are gone!

reply to post by Exuberant1


so I can buy chemicals, including a not yet approved by the fda drug, tee shirts and firearms.

I'll keep my real currency so I can buy food and pay my rent.

reply to post by Crakeur


Most people will do as you will and keep their fed reserve notes.

Times are tough and bitcoin is a risk. That being said, those who bought $10 worth of bitcoin back when this thread started now have $29 worth (roughly). For some people, that sort of increase is worth the risk.

Time will tell whether or not this currency works. As you say, it could be a flop and all that would take is one double-spent bitcoin. Or the IRS (or homeland security) could start tracking it and that would scare people off.

Some guy just got raided for mining bitcoins; they thought he was growing dope with the amount of hydro he was using.

Originally posted by Exuberant1
Times are tough and bitcoin is a risk. That being said, those who bought $10 worth of bitcoin back when this thread started now have $29 worth (roughly). For some people, that sort of increase is worth the risk.

everyone loves a good investment but, as I said, the only real way to unload a large quantity of bitcoins is by buying stuff so it's not really a great investment vehicle unless your real business is selling the things you can buy with bitcoins. Then it's like taking futures out on the yuan to cover the dollar flucutations while you wait on your goods to be manufactured.

Originally posted by Exuberant1
reply to post by Crakeur

 

Most people will do as you will and keep their fed reserve notes.

Times are tough and bitcoin is a risk. That being said, those who bought $10 worth of bitcoin back when this thread started now have $29 worth (roughly). For some people, that sort of increase is worth the risk.

Time will tell whether or not this currency works. As you say, it could be a flop and all that would take is one double-spent bitcoin. Or the IRS (or homeland security) could start tracking it and that would scare people off.

Some guy just got raided for mining bitcoins; they thought he was growing dope with the amount of hydro he was using.

edit on 8-6-2011 by Exuberant1 because: speeling and such

No one is using bitcoins exclusively. No one probably ever will. There are several places you can buy bitcoins and most people buy them not mine them so it stands to reason they can be sold if you have some . It does not cost next to nothing to make bitcoins. You need time. electricity, and equipment to make them and that cost money. You cannot make them on your PC or rather it is not worth it, it would take you years and the cost of electricity would far exceed the worth of the bitcoins,.

They cannot be tracked the encryption is too strong. The IRS and homeland security cannot track them. They have a conundrum, if they label them as not being currency then they can be legally traded. If they label them as currency then they will inadvertently promote them as the next big thing. So they tout them as "being used by criminals" as if criminals don't use dollars or other national currencies.

You might only be able to use them to buy certain internet stuff now but it will not be long before you will be able to buy anything. If we have a solar flare that knocks out power for any significant amount of time then we will have much bigger problems then worrying about bitcoins.

The only reason bitcoins are trading at higher prices is as they become accepted thier price reflects the inflation of the dollar just like silver and gold does. Buying bitcoins as an investment to make money is not a scam it is a risk just like any commodity. They main value is they are a free market, secure and convenient medium of exchange the cannot be controlled and inflated/deflated by central authority solving an age old problem of centrally controlled money. The market decides what thier buying power is without any government intervention protecting certain markets for thier politically connected cronies as they do now.

We can always conjure up some extreme circumstances as to why bitcoins might become worthless, like if a comet hits the earth and kills 9/10s of the earth's populations what will bitcoins be worth then, haha playboy tell me that... ? In reality however as I have said we will have much bigger problems then.

If TPTB go after them and make them illegal then like any commodity they will drive the price up and the commodity underground where it will be even harder to track, but they will never get rid of them like they can never get rid drugs and other illegal commodities. Where ever their is demand there will be a supplier.

However if that happens it is not inconceivable we may eventually be seeing raids on shows like Cops where they see excess electrical use or heat signature on a home or building and raid bitcoin miners. As if it is not absurd enough that they arrest people for growing plants. Those that think this is just a fad and will die just need to look at the drug trade and file sharing among other things.

reply to post by Crakeur


I have 2 people that will trade gold and silver for bitcoins. If you look on the bitcoin forums people are trading lots of things for them not just t shirts.

reply to post by mayabong


And I know two kids that will mow my lawn for $15 worth of bitcoin.

They are learning a valuable lesson, having refused 1 bitcoin between them yesterday but willing to accept $15 worth of bitcoin today. This is good. Once the kids become hip to this, it will take off.

Say, I wonder if donating some to a charity might help accelerate this process of making the currency more acceptable. What do you think?

reply to post by Exuberant1


Oh yes the charity thing is talked about alot. There are lots of ideas that float around on the bitcoin forums, if it takes off (with apps and stuff like that) the growth will be amazing. Or a solar flare can hit an all my backups get fried. Well not my cd maybe. lol.

looks like Max Kaiser is on board.

reply to post by mayabong


trade it with them. good deal.

great read here:
www.quora.com...

There's already a thread about Bitcoins, maybe this one should be closed?

Mine was!!

www.abovetopsecret.com...

apologies.

There was a large increase in value today. One reason I am hearing is after the initial gawker article buzz many people signed up. Mostly these people are using Western Union - > LR. - > MtGox

The theory continues as it takes about 5 or so days total for bitcoin to make this entire transfer into the account. So essentially the market got flooded with buy orders today from that certain point in time due to high demand.

Just about $30 = 1 bitcoin. Yikes!

Originally posted by MischeviousElf

Well to be honest those sites are a fraction of when I first saw them come out.



Torrent is a shadow of its former self.

What? You must be going to the wrong sites.

Bittorrent is alive and thriving.

10 Bitcoins sold for $1000 on eBay last night, that's $100 each. I guess the buyer was either somebody who could not buy them via any other method, or will scam through Paypal. I think neither eBay or Paypal will be happy with the auction outcome, surely they will try to void it somehow (as I think it violates eBay rules or being a virtual sale, not a physical object).
There is a big drawback if you're trading with Paypal in that you have to trade with trustworthy sellers, some people have already been scammed from chargebacks etc.

Personally I am very interested in Bitcoin. I am also weary that it could go one way or the other, but I am taking the risk of buying a small amount and mining when my computer is on. I bought a new graphics card today, it cost less than the ones I used to buy when I was PC gaming so I thought of it as a treat! It will be 52* faster than what I previously had. I think as long as you keep everything in perspective and don't panic buy/sell, you won't be disappointed.

Just came across this:

Man claims to have been hacked and lost 25,000 bitcoins.

Perhaps the vaunted securty and "unhackability" of the bitcoin system is akin to the unsinkabilty of the Titanic or eternally rising real estate prices ...

reply to post by silent thunder


He didn't encrypt his wallet.

Let that be a lesson to us all.

Originally posted by mnemeth1

Originally posted by MischeviousElf

Na to dangerous, very easily destroyed by a stroke of a pen in Government.

Because government sure shut down those bittorrents and file sharing programs.

This can not be stopped short of pulling the plug on the entire internet.

I like the idea but it can very easily be stopped. The US Government controls the backbone of the internet. It controls all the major players. These players can and will filter this traffic if required to. It can also seize sites and companies. You do not want to be the one holding a big stack in this when the crackdown happens. Look at what happened to all the poker sites recently.

reply to post by BillfromCovina


It cannot be stopped.

Trying to stop it only legitimizes it.

Apart from torturing and imprisoning bitcoin users, one of the few things the government can do now is adopt bitcoin and use their existing computing power to mine the majority of remaining coins and spend them into the market, and benefit that way.

But once again, this action would only further legitimize the new currency.

How to use BitCoins.

Step One, open your browser.

Step Two, close your browser.

Over two decades online have taught me that nothing, and I mean absolutely nothing, is un-hackable, un-crackable, un-scammable or secure no matter how many SSH's you throw in the description.

I'm currently looking for a new video card for my PC and came across this:

cgi.ebay.nl...

Looks like this person accepts bitcoin for ebay sales. That's the first time I've seen this myself and wouldn't be surprised if we start seeing a lot more of it.

EDIT: It seems that I misread it. Apparently, this card is being advertised as being ready for bitcoin mining. The sale links to a list of graphics cards and their bitcoin mining performance.

So..as ever, it looks as though you need to spend money to make money.