Free Money!!!

reply to post by 46ACE


A bitcoin is generated, which can be exchanged (just like any foreign currency) for USD via numerous websites: bitcoincharts.com...

That USD can then be sent to a bank account which allows you to withdraw cash. It might take a couple days for the transfers to go through, but bitcoins have real cash value.

edit:
If bitcoins have no value in the real world, then why did I just give somebody my US currency for bitcoins? The fact that you can buy and sell bitcoins and that there are tons and tons of transactions hourly is proof that bitcoins have value. I use www.mtgox.com for my bitcoin exchanges. There are other sites which allow you to more directly exchange and trade with other individuals who are part of a PGP web of trust, like www.bitcoin-otc.com

reply to post by tetsuo

You are using the idea: the fed note has no value except people's willingness to exchange them.

I have to agree with the validity of that part. It's worth what somebody will give you for it. I believe the treasury takes a dim view of alternate currencies and confiscated a previous bunch of coin attempts.( "liberty dollars or something).
but how perfect a setup to contract out decryption of govt. ( any govt's )communications...
we could break this in about 100 hours with 120,000 tera flops (where are we ever gonna get that kind of power outside ft.meade???)

Originally posted by tetsuo
reply to post by 46ACE

 

A bitcoin is generated, which can be exchanged (just like any foreign currency) for USD via numerous websites: bitcoincharts.com...

That USD can then be sent to a bank account which allows you to withdraw cash. It might take a couple days for the transfers to go through, but bitcoins have real cash value.

edit:
If bitcoins have no value in the real world, then why did I just give somebody my US currency for bitcoins?

I submit: like a "pyramid scheme" the more folks you get involved the better; you plan to eventually make that back plus lots more.

As no product of value is actually generated that additional "return on your investment"; "growth"; "appreciation"; increase in PERCEIVED value or "inflation" of these "bit coins" the additional hard currency (usd) in your pockets will be squeezed from some other poor gullible souls confidence...


itsaclassic con(fidence)game... pure and simple;something for nothing.

Originally posted by tetsuo
The fact that you can buy and sell bitcoins and that there are tons and tons of transactions hourly is proof that bitcoins have value. I use www.mtgox.com for my bitcoin exchanges. There are other sites which allow you to more directly exchange and trade with other individuals who are part of a PGP web of trust, like www.bitcoin-otc.com

edit on 7-6-2011 by tetsuo because: (no reason given)

Those are valid concerns, however the bitcoin software is open-source, so it is pretty much impossible that the encrypted data we are all breaking in to is anything but random, meaningless data. The source code is freely available, and there are many articles out there concerned with methods of cheating the system or exploiting the computing power made available by bitcoin. I haven't read about or heard of any ways to exploit the system, much less exploit it by having the computers all break encryption on something the NSA was having trouble with.

The bitcoin system is far too transparent and public for such exploitation.

edit: regarding the pyramid scheme, yes, I agree. I am participating in bitcoin with a similar expectation of getting back more than I have put in, dependent on greater adoption of bitcoin in the future. However, this pyramid scheme part of bitcoin is not taking into account the fact that bitcoin already has an economy built up around it which is not dependent on the pyramid scheme aspect of things. If anything, bitcoin will experience some troubles when the value of bitcoins rises so fast that NOBODY spends any, but not because too few people get in on the "scheme". I hope that last bit makes sense, not sure I worded it correctly.



another edit: Is not the US dollar's value dependent on how many people are getting in on the action? Just a thought experiment: Pretend that no huge corporations used the USD, and that it was an infant currency. Those who purchased large amounts of the currency (or traded for it, however you want to say it, they acquired it) at the very beginning enjoyed very low exchange rates, acquiring vast reserves of USD while it was cheap. Fast-forward one hundred years, and big corporations are now using USD, and the currency has increased greatly in value. This is a good time for you to spend the USD that you have been sitting on over time. This is all dependent on there being other relatively stable currencies or commodities (and there almost always are), because individual currencies not backed by a physical resource are dependent on relative values of other currencies. OK, that might not make much sense, but I am passing out over here, need some rest. I'll come back tomorrow and rewrite it if it's unintelligible.

reply to post by deesul69


Sign me up. PM me please?

Ihave agreed a few posts above with your last "edit". It is the principle behind the frn which we well know is based on a willingness to accept it.

I am admittedly overly skeptical of "free" anything (energy, money) the crypto-conspiracy thing comes from too many years in the military counter intelligence world. I think that way.

Aren't we dangerously close to "spam" here? this thread is clearly all about recruiting/advocating participation in a money making "scheme"?

Not trying to spam, recruit, or anything. I just came across it, seems like a fun hobby/something to try, and figured I'd see what people's opinions are on the whole bitcoin idea.

I think it's the currency of the future. Think about it. How much money is exchanged online, by using paypal, credit/debit cards or other services that charge a fee? Just in the last 15 years, how much online sales have skyrocketed. Everything is bought/sold online. Bitcoins are used for payment (or will be more widely accepted in the future) because there's no charge!! Paypal charges a certain percentage. My paypal account got hacked once, and somebody stole $20. It got reimbursed, but it still happened. Bitcoins are more secure than any other electronic currency.

Judging by the amount the value has skyrocketed in the last 6 months, it seems like it would be a very wise investment to buy the bitcoins and hang on to them for a while. I'm just doing the mining thing because it's fun and basically free(minus the cost of electricity). I use a computer that I keep on all the time for magic jack anyway, so I'm not spending anything extra, and basically generating free cash.

The software's not hacking anything or doing anything illegal. It's the way that the designers of the system decided to generate new currency. By letting users generate the blocks that the transactions get traced through, and rewarding with bitcoins. It's actually a great idea to get the currency to catch on, if you ask me.

The only bad thing that can happen is if governments crack down and make laws against it, because they aren't getting their cut. We'll have to see, but I don't think that will happen.

Please everybody who is skeptical, do your own research and read into it before jumping to conclusions and thinking it's some type of scam or "ponzi scheme".

And sorry if I started controversy by using the title "Free Money", but it essentially is if you're doing the mining thing.

Just trying to share the info with everybody here on ATS so we can all get rich together!! LOL

reply to post by tetsuo


You are very knowledgeable on the subject, and I thank you for contributing so much to this thread. I completely agree with all of your posts.

Have you bought any bitcoins, or are you just mining?

Unfortunately I'm off work right now with an injury, and don't have the cash flow that I normally do, otherwise I'd be investing in these things.

I'm really frustrated I didn't find out about this earlier. If I would have invested $1000 in January when they were $.50 each, I would have $34,000 worth right now!!

Do you think they're going to continue to gain value at this rate? I kinda hope they level off or drop a few bucks until I can pull some money together to invest. If this really catches on, those of us who got in early can end up very wealthy in the long run.

Well, the value is up around $30 now. Man, I should have bought into these things sooner!

There is an already existing thread on this topic.

Thread Closed.