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Bitcoin - Part 2

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That sounds safe. You end up in hospital or end up in jail over some petty stuff. Boom, your drug fortune is gone..
 
Share the key between a number of people. divide it in to say 4 parts then tell 8 people who don't know each other a part of the key. That way each part is copied twice (in case one of your people loses it or isn't available.
 
Bitcoin prices have been ho-humming along in the $550 to $650 range for over 2 months now (will it never get down to $150? :D).

This is a clear indication that it is not a major news item ATM and that I have not made any predictions on its price for over 2 months.
 
EGarrett said:
Looks like eBay will now too.

http://www.bloomberg.com/news/2014-09-08/ebay-s-paypal-unit-to-start-accepting-bitcoin-payments.html

Looks like that dumb old Bitcoin just keeps on shrinking and falling apart, now they're "down" to being picked up by billion-dollar mainstream companies.
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Yawn, again. They're laying the risk off on Coinbase, same way the other companies have. I'm waiting for Coinbase to get hacked. That would be the sure and certain end of BTC as we now know it; they're pretty much the only game in town any more.

Oh, and the price has dropped to $470.
 
jhunter1163 said:
Yawn, again. They're laying the risk off on Coinbase, same way the other companies have. I'm waiting for Coinbase to get hacked. That would be the sure and certain end of BTC as we now know it; they're pretty much the only game in town any more.
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Rationalization and backpedaling are unbecoming of JREF members. Now, can I hold you to these claims? That Coinbase is "the only game in town anymore," meaning that no other Bitcoin transaction insurers or services will exist, and that if Coinbase gets hacked (ignoring how likely or unlikely that is) that that's "the sure and certain end of BTC as we now know it?"

Oh, and the price has dropped to $470.
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When I first showed up in the original thread over 3 years ago, a Bitcoin was worth roughly $20, and in the middle of "crashing" for the first time.

So tell me again what it's "down to?"
 
EGarrett said:
When I first showed up in the original thread over 3 years ago, a Bitcoin was worth roughly $20, and in the middle of "crashing" for the first time.

So tell me again what it's "down to?"
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Does the value of a Bitcoin track with the dollar, or with any commodity?

If not, it is not a currency. It is a speculative fantasy.
 
G6000 said:
Does the value of a Bitcoin track with the dollar, or with any commodity?

If not, it is not a currency. It is a speculative fantasy.
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We've had a hundred-page discussion dispelling this. It's littered with the failed personal attacks and "predictions" of that hypothesis...such as the poster in my sig.

Are you the next to pick up the wooden sword?
 
Bitcoin is one of the accepted payment methods for purchasing compromised credit card numbers at rescator.cc
 
EGarrett said:
When I first showed up in the original thread over 3 years ago, a Bitcoin was worth roughly $20, and in the middle of "crashing" for the first time.

So tell me again what it's "down to?"
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And at the height of the frenzy, it was up around $1,250. Ask the guy who bought, say, 20 BTC at that point, and whose $25,000 investment is now worth about $9,500, what BTC is "up to".
 
jhunter1163 said:
And at the height of the frenzy, it was up around $1,250. Ask the guy who bought, say, 20 BTC at that point, and whose $25,000 investment is now worth about $9,500, what BTC is "up to".
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Argh! Glad I just have some dogecoins that people gave me for free.
 
EGarrett said:
We've had a hundred-page discussion dispelling this. It's littered with the failed personal attacks and "predictions" of that hypothesis...such as the poster in my sig.

Are you the next to pick up the wooden sword?
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A Bitcoin is not currency any more than a Snickers candy bar is.
 
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The value of a Bitcoin is barely connected to the number of Bitcoins in circulation. It's wildly fluctuating value is based on wildly fluctuating desire. That makes it an almost purely speculative fantasy. An investment commodity. Property, not currency.

Dutch tulips.
 
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G6000 said:
Does the value of a Bitcoin track with the dollar, or with any commodity?

If not, it is not a currency. It is a speculative fantasy.
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Are you really determined to recycle this lengthy debate about the meaning of a word?

Legally, it is classified as a virtual currency in the US so that it falls under FinCEN regulations. Other countries may classify it as not-a-currency because it is not a debt instrument and is not issued by a government.

For practical purposes, it is a currency if you can buy things with it, otherwise not. IOW who cares?
 
G6000 said:
A Bitcoin is not currency any more than a Snickers candy bar is.
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sure it is. Snickers comes out extremely low on "store of value" grounds, which is an attribute of mediums of exchange.

Money also needs to be relatively scarce, which is a way of saying it has high value in compact form. As compared with say, sand. Or snickers. Gold does pretty well, as with silver or platinum - but Bitcoins come out just fine there too.

This is strange hyperbole - I mean, you can do all manner of transactions with bitcoins, even get people killed! Apparently. From these criminal charges on Silk Road.

I don't think I can recall of a hit being done with payment in snickers. So why say such a thing?
 
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