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Bitcoin

9K views 58 replies 28 participants last post by  ZombieKiller 
#1 ·
I've never been a fan. Right now I'm certainly not interested in dropping $500 on one either. With all the negativity though I am impressed it's holding $500-550. I would have thought with the $500 million loss of mt.gox that it'd be dead but it's showing an odd resilience. I would say if it fell back to a drop in the bucket I might be willing to fill the bucket up.
 
#3 ·
Scam be warned in the end they have no value
 
#4 ·
Oh but Ripon, bitcoin is a great investment, probably better than gold right...
cause if we ever lose the majority of internet/electric grid, or if government seizes digital currency for interest of national security, I am sure it will do everyone a lot of good.

I can't wait till we are required to get our barcodes for Obamacare.
 
#8 ·
That is just too much like saying, "Well, it can't get any worse." just before it does. You do know they are lying about the interplanetary aliens, right? :)
 
#11 ·
I have 10,000 in bitcoins yea all right ,wait were did they go? Remember Obama's trick with VA medical records just hit the delete key.
 
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#17 ·
Just because it is made of paper and you can hold it in your hand does not mean it is real. I am not a fan of bitcoin and expect a massive con is being played on a bunch of people. As for the heists and questionable deaths, the US government would gain the most from destroying any potential challenger to the US dollar (which also does not really exist)
 
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#14 ·
#15 ·
Joke or not people are turning up dead. Suicide ? ok if you say so.
"Ratke’s death brings the number of questionable financial sector deaths this year to eight"
 
#19 ·
Who would invest in something like Bitcoin. Some kind of "online funds'.. I just don't get it personally.. I just read yesterday where someone hacked them and stole like 6-$900,000 worth of funds.. Where does it get its value anyway?? Really, what is backing it????
 
#20 ·
Nothing backs it cowboy. The premise is you can't forge it's notes so it is a sustainable currency that cannot be effected by overprint type inflation. That's it... no backing otherwise and it obviously is susceptible to hacks and transaction spoofs. Looks like a failed nerds dream to me. When I am at my pic I'll post a link to its origins. The original programmer was an alias no one knows the true identity except he imply he is a 30 something oriental. If so why was it coded in english? Kinda interesting that it took flight with such a wondrous start. The guy behind the alias is suspected of owning 9 billion or so coins... since each is worth 650 bucks atm.. If that is true then people need to rethink the investment. I'll post a link soon.... posting with phone now.
 
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#22 ·
Hi!
I just want to clear up some misconceptions about Bitcoin. Bitcoin is a digital, decentralized currency that is not controlled by any government or single entity. It has a supply cap of 21 million Bitcoins that will ever be produced so it is long term deflationary. Those 21M Bitcoins will take 140 years to be created at a rate of 25 BTC every 10 minutes which will cut in half in about 2016, and every 4 years after that. Bitcoin can not be counterfeited, is pseudo-anonymous, and cannot be charged back like a check or credit card (so recourse is difficult). You can send it anywhere in the world for little or no fees, so it makes transferring wealth cheap, easy, and difficult to tie to a name.
There is a public ledger of every Bitcoin transaction that takes place, so every coin is accounted for, and for processing these transactions (mining), the miner is paid for verifying/validating the transaction with the 25BTC block reward + fees, if any.

So you see, there are some pretty attractive traits to Bitcoin and the protocol behind it. Of course, there are also some downsides to it...
It is indeed believed that Satoshi Nakamoto controls around 1M Bitcoins. There has also been a lot of bad press surrounding the closing of MtGox (a Bitcoin exchange) and the customer funds locked away in the mess. These are not "Bitcoin" problems. Those are issues with bad programming of internet facing websites. The Bitcoin protocol is still being heavily developed and improved upon by some very brilliant developers. (BTW, it was coded in English because that is what C++ is written in, and it's the best language for the job. ;) )

Bitcoin is backed by nearly 31 petahashes of collective distributed computation and by the protocol itself.
Let me ask you this; What is the USD backed by other than a government/military who forces you to accept it and will devalue it to oblivion on the whims of a few people? Definitely not Gold! This is not meant to be rude. I am really on your side and while I agree that a mass breakdown of electric/network infrastructure will render Bitcoin relatively useless, right now, it is a good thing as it puts control of your wealth back in your own hands. You are your own bank! If only to transact with someone across the globe, it has very real utility.

I prefer Silver or Gold when the $#!1 hits the fan, but for now, I do trade Bitcoin and use it to make online purchases, so I'm pro-Bitcoin!

Hopefully I covered all the bases.
I came here to get a BoB ready. I was actually quite surprised to find a Bitcoin discussion here. :)

~ZK
 
#42 ·
Hi!
I just want to clear up some misconceptions about Bitcoin. Bitcoin is a digital, decentralized currency that is not controlled by any government or single entity. It has a supply cap of 21 million Bitcoins that will ever be produced so it is long term deflationary. Those 21M Bitcoins will take 140 years to be created at a rate of 25 BTC every 10 minutes which will cut in half in about 2016, and every 4 years after that. Bitcoin can not be counterfeited, is pseudo-anonymous, and cannot be charged back like a check or credit card (so recourse is difficult). You can send it anywhere in the world for little or no fees, so it makes transferring wealth cheap, easy, and difficult to tie to a name.
There is a public ledger of every Bitcoin transaction that takes place, so every coin is accounted for, and for processing these transactions (mining), the miner is paid for verifying/validating the transaction with the 25BTC block reward + fees, if any.

So you see, there are some pretty attractive traits to Bitcoin and the protocol behind it. Of course, there are also some downsides to it...
It is indeed believed that Satoshi Nakamoto controls around 1M Bitcoins. There has also been a lot of bad press surrounding the closing of MtGox (a Bitcoin exchange) and the customer funds locked away in the mess. These are not "Bitcoin" problems. Those are issues with bad programming of internet facing websites. The Bitcoin protocol is still being heavily developed and improved upon by some very brilliant developers. (BTW, it was coded in English because that is what C++ is written in, and it's the best language for the job. ;) )

Bitcoin is backed by nearly 31 petahashes of collective distributed computation and by the protocol itself.
Let me ask you this; What is the USD backed by other than a government/military who forces you to accept it and will devalue it to oblivion on the whims of a few people? Definitely not Gold! This is not meant to be rude. I am really on your side and while I agree that a mass breakdown of electric/network infrastructure will render Bitcoin relatively useless, right now, it is a good thing as it puts control of your wealth back in your own hands. You are your own bank! If only to transact with someone across the globe, it has very real utility.

I prefer Silver or Gold when the $#!1 hits the fan, but for now, I do trade Bitcoin and use it to make online purchases, so I'm pro-Bitcoin!

Hopefully I covered all the bases.
I came here to get a BoB ready. I was actually quite surprised to find a Bitcoin discussion here. :)

~ZK
To bad this guy didn't stick around, maybe he will come back (maybe he is still watching just not logged in).

I haven't read all of this topic because most posts seems to be the same, which is not understanding Bitcoin. And most posts do not understand the US Dollar either it seems.

Look at the transactions being made in real time https://blockchain.info/

This transaction just took place, click the green button to change BTC into US Dollar. https://blockchain.info/tx/f11c79103350d2d9efa91deb89cdb466ff2c3e67d9cddf2322ea39241171931a
 
#23 · (Edited)
oh man first post defending a pseudo currency... hmmm. i would rather crap in my hand and try to trade it for vegetable seeds rather than use bit coin.

plus.. zombie killer? you obviously have a lot to learn about prepping based on that stereotype.
i hope you stick around long enough to understand what prepping actually is.
rather than to just survive your walking dead fan dreams.

Edit: Not trying to be harsh mate, I understand your talking points, I think you would definitely benefit though a lot if you read some of the threads on
this forum. Survival is definitely more about, food, shelter, water. When I see someone coming in with the name zombie killer it immediately makes me
think young, gun ho, shoot em up call of duty generation. Have received a lot of wisdom from the people on this forum, hope it does the same for you.
 
#24 · (Edited)
Yea I noticed that too Sar, he was very descriptive and correct on many points, its just his first post was a very... dangerous. Either this dude will be great to have around as he is speaking correct on most terms or... HE'S WATCHING US!!! TIN FOIL HATS ON!

What he is saying and I have said before on this forum is the Programming and cyptology behind Bitcoins system is sound. The hacks that have taken place have been in the Exchange sites no on the programming itself. Ownership of Bitcoin pieces from wallet to wallet and total amount mine-able is sound as well.

Remember when everyone could be a billionaire in Zimbabwee? Well that type of hyperinflation spurred the desire to have a currency that had strong anti inflation properties such as bitcoins system. The problem mentioned earlier by Beach cowboy remains. There is no backing. The dollar is exchanged by a gold standard backing. There is no such thing in Bitcoin. What they want is more of an international handshake that everyone agrees it has value in trade. Hum.... ok.
 
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#25 ·
I really like investing in precious metals, gold might be a bit out of my price range so silver it is, but in times of non SHTF I do like to invest in things that increase in value. For instance lets talk about apple stock, if I had any insight to what would happen to apple 15 years ago, I would dump a LOT of money into it. In 15 years from now will we be looking at bitcoin the same way we look at apple stock?

Keep in mind, bitcoin value is fake. It is not real. But then again the value of the dollar isn't real either. It's up to us to make good judgement to see if it is worthwhile do spend some of our hard earned money and invest.

I wish I could talk to my future self. I'd invest all of my money in the next big thing, then have the biggest pad in the mountains, all prepped out, making eating MRE's having Buggout parties all the time. Until then, I'll keep on prepping and hopefully I invest in something that'll make me money.
 
#26 ·
Bitcoin?

Either it's a brilliantly unburdened, liberating, intercontinental, secure, currency which completely frees users from the psychotic, out of control banking and taxing institutions.
OR
It is the groundwork for a soul crushing, new world order monetary system, intended to regulate, tax, restrict and monitor our every financial transaction from birth until death.


God gave mankind the perfect money- gold, silver, and platinum, made by nuclear fusion reactions in giant stars (bigger than our sun) that died and exploded, scattering matter throughout space. It then got swept up and condensed into new stars and planets. These amazing precious metals are rare, malleable, and chemically unaffected by air, moisture and even most corrosive reagents.

World-wide, forever stable money is PMs used in conjunction with some kind of PM backed currency (maybe even a gold backed bitcoin). Imagine the ease of buying anywhere in the world with a common PM backed currency and traveling with some silver in your pocket!

But it will never happen. Not in a million years. Because governments are owned by bankers. And bankers need fiat cash to continue stealing, printing, taxing, controlling, leveraging, scamming....

That dollar bill in your pocket says Federal Reserve Note. It does not say United States Note. In 1963, Kennedy began plans to reissue real United States Notes backed by silver (Executive Order 11110). It would have stripped the Federal Reserve Bank of its power to loan money to the United States Federal Government at interest, and put the privately owned FED out of business. If only.

Anyway, money is power. And the powerful will destroy entire countries and all the people in them before they will allow you to buy a Big Mac without using their fiat.

I am skipping on Bitcoin for now, but watching it with both trepidation and hope.
 
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#27 · (Edited)
I dont trust bitcoin, simply becouse I dont understand it. My best year I make about 40000-50000, so a lot of my money goes into livin. Apt 14500, bills and small ira probably another 14000, the rest for fun stuff, wife works too, didnt include her income. I just wouldnt take a chance on investing ln it becouse it confuses me.
 
#28 · (Edited)
Unless you are a world traveler and stay in Zimbabwe occasionally, its not all that useful at this time. Good or evil, Bitcoin is the beta test of crypto currencies. We've got time to just sit back and watch what happens. Plus, if things get bad my neighbors won't care what I have in my Bitcoin wallet. They are going to want to trade in supplies or silver. In this case, I think low tech wins.
 
#29 ·
So many do not trust currencies as they are. A minority save PM because of this lack of trust. Bitcoin is in the opposite direction. It is very difficult for me to trust such a concept. The dollar and other currencies have political and merchant acceptance as a foundation. PMs have their value commodities as a foundation. Bit coin has nothin.
 
#30 ·
I just read last week where someone "hacked" in and stole something like $1 million dollars worth and a few weeks ago someone did the same. So it doesn't seem that safe to me. I don't know much about it and do not claim to be an expert. Hell, it could be one of the best new inventions inthe world. I like how transactions are private and government can't get involved, YET. I would have liked it when I was ordering hgh and other "hormones" from overseas back in the day..
 
#33 ·
I would have liked it when I was ordering hgh and other "hormones" from overseas back in the day..
You should look up Silkroad, it was a Bitcoin trade site that did exactly this type of thing. It got rather dirty going far beyond the scope of something as harmless as HGH, but the premise was similar. They ended up catching the operators and shutting it down but those who bought with bitcoins were virtually untraceable.
 
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