Bitcoin is alive and well.

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PostThu Aug 16, 2012 3:17 am » by Kinninigan


Hackjames wrote:.

@kinninigan
Your perspective is limited. Stop limiting your perspective, there's no need for it.


so you say humans need debt? i think we are better off without it...
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PostThu Aug 16, 2012 3:53 am » by Aragajag


Bitcoin is nothing like our usual economics and a new paradigm unto itself. BTC is not a debt based economy, there is no central authority issuing or controlling it. Kinningan you could do some reading on what it is and see how it really is a threat to the bankers.
It is a great experiment that shows we dont need any central authority banks/govts to control our wealth and it allows the market to do what it wants finding the levels it wants freely.
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PostThu Aug 16, 2012 3:58 am » by Kinninigan


Aragajag wrote:Bitcoin is nothing like our usual economics and a new paradigm unto itself. BTC is not a debt based economy, there is no central authority issuing or controlling it. Kinningan you could do some reading on what it is and see how it really is a threat to the bankers.
It is a great experiment that shows we dont need any central authority banks/govts to control our wealth and it allows the market to do what it wants finding the levels it wants freely.



I read about it but i still do not understand where the currency holds it value to the sheeple's bank system.
I am not saying its wrong but I hate to admit it but I worked 5 years in a finance company... :nails:

I still do not understand where the hard value of currency comes from in bitcoin..


but don't get me wrong, i am all for a financial revolution....
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PostThu Aug 16, 2012 4:25 am » by Aragajag


Kinninigan wrote:
I read about it but i still do not understand where the currency holds it value to the sheeple's bank system.
I am not saying its wrong but I hate to admit it but I worked 5 years in a finance company... :nails:

I still do not understand where the hard value of currency comes from in bitcoin..


but don't get me wrong, i am all for a financial revolution....



Its value is something debated by greater minds than mine but it has value that is being demonstrated by it everyday.
I am no financial guru in anyway, being a computer enthusiast for years I saw this as being something with some great possible outcomes and worth me risking some money in.
As much as I want to see this succeed for the betterment of humanity or something like it being developed I seek to be rewarded for my risk as an early adopter like many have from previous ideas. Being cautious or skeptical about this is a good way to start.
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PostThu Aug 16, 2012 4:31 am » by Kinninigan


Aragajag wrote:
Kinninigan wrote:
I read about it but i still do not understand where the currency holds it value to the sheeple's bank system.
I am not saying its wrong but I hate to admit it but I worked 5 years in a finance company... :nails:

I still do not understand where the hard value of currency comes from in bitcoin..


but don't get me wrong, i am all for a financial revolution....



Its value is something debated by greater minds than mine but it has value that is being demonstrated by it everyday.
I am no financial guru in anyway, being a computer enthusiast for years I saw this as being something with some great possible outcomes and worth me risking some money in.
As much as I want to see this succeed for the betterment of humanity or something like it being developed I seek to be rewarded for my risk as an early adopter like many have from previous ideas. Being cautious or skeptical about this is a good way to start.



I read about a guy a year ago who had massive amounts (100K +) hacked off him in bitcoin currency. Even though I would hate to say it, there is no guarentee on your money like illuminati owned banks. They will pay your loses in case of theft...

the point is security versus fringe bitcoin money...
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PostThu Aug 16, 2012 5:01 am » by Aragajag


Kinninigan wrote:
I read about a guy a year ago who had massive amounts (100K +) hacked off him in bitcoin currency. Even though I would hate to say it, there is no guarentee on your money like illuminati owned banks. They will pay your loses in case of theft...

the point is security versus fringe bitcoin money...


The way fiat across the globe is being devalued all the time by quantitative easing has to be theft.
But thats also the thing about being in total control of your own stash is the responsibility of securing it.
They can also freeze your fiat account at anytime whereas btc if stored right its always yours, you never have to let anyone know about it if you dont want to.
You can secure your bitcoins now in different ways and be confident. But yea it must suck for those who got slack and have not used encryption with a passphrase or offline wallets or brainwallets(i have not tried brainwallets yet) to be stolen from.
Theres also multisig where you can use a second device to authenticate a transfer now. Still its early days for btc and people are working behind the scenes to make things better so that when Ver1 (now0.63) is released your grandma can use it with confidence.

Edit to add, it was not designed nor intended as far as I know to replace national currencies but as a better way to transfer wealth without the needs for banks and visa, paypal etc though there are many other benefits to it as well.
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PostThu Aug 16, 2012 11:28 am » by TheDuck


Its nice to see I'm not the only one getting more and more excited about bitcoin, there's many ways to secure your btc without a problem...

I have about 1.17btc left over from a transaction which is worth about £8.50, but that btc cost me about half that so I've doubled my money (all be it small) in a couple of weeks.

The value still seems to be rising aswell...

Tbh though Jag, If I was you I would try and take my money out before the inevitable slump, then reinvest when the price gets lower, but you said you're in for the long hall so perhaps you don't wanna do that...

If anyone wants any help with getting btc or Silk Road I can probably help. I have a little free time on my hands so...
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PostThu Aug 16, 2012 11:51 am » by Iwanci


Hang on just a cotton picking second...

I do happen to know something about money .. I apologise for this in advance...

You are telling me/us/we... that the way to eliminate greed in our economies is to replace it with another system which in itself is prone to the exact same manipulations??

Duck, you say that your bitcoins have doubled in value? I know this, if value doubles in value too often it ends up not having any real value... so... effectively if Jag doesn't pull out his coins now and reinvest after the slump he could be worst off? Sounds like familiar territory to me...


sorry I just don't get how people think that this is any different to what we already have. Just another way to achieve the same end from what I can tell. Someone will always lose in these schemes...like Jag if he doesn't take his coins out...

or did I miss something glaringly obvious?
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PostThu Aug 16, 2012 12:08 pm » by TheDuck


Ok let me try and answer this lol

There are a few differences, the main one is; there will only ever be a certain amount of Bitcoins in circulation, a maximum amount, once that is reached then that's it. So basically you can't devalue the currency by printing more money.

Yes there seems to be a bubble atm, and yes it will most likely burst.

He could be worse off yes, for a little while but the value will almost certainly rise again, he did say he was in it for the long haul...

Most things can be manipulated. At least its not controlled by central banks, no?


I'm sure I've missed something, its early and I need to go have a smoke.
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PostThu Aug 16, 2012 1:24 pm » by Aragajag


Hey Duck
Its possible this quick rise could deflate to a lower level. The thing is though last years high of $32 was after silk roads media hype and there was only about 5 or 6 million coin in circulation then, nearing 10 mil now.
With this slower rise its been after many months of stability and lots of publications and attention, whereas last year everyone was crying it soon to die after a few services got hacked people paniced and sold off. The punters are less jittery on the sell button now compared to last year, even today there was a big sell off that dropped the price about 80 cents but it was back up in no time with a big buy up to $13.80 not long after. From spending a lot of time watching the market it seems to me to be maturing and gaining traction with more people putting money into it. I do wish I had a crystal ball.

Iwanaci
Bitcoin is inert in the moral sense so like cash its up to the individual who uses it. I am into because it is a way to cut the bankers out and the govt from potentially freezing or devaluing my money. As far as the risk in highs and lows go that is the free market in action finding its own level and not bankers putting the squeeze on. Eventually it should stabalise but then as an early adopter the risk/reward is gone. Again I am just your average bloke and no one should act financial on anything I say here but do your own investigation.
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