Bitcoin - Part 2

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psionl0 said:
Still naive. If the thought of the ATO even crossed his mind, he most likely would have thought that there was little they could do. Most people are surprised at how powerful the tax man is when push comes to shove.
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naive indeed. :rolleyes:
 
Wonder what's kicked that off?
I wouldn't think the increased possibility of Brexit would have that sort of effect.
 
Tolls said:
I wouldn't think the increased possibility of Brexit would have that sort of effect.
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Actually, that is exactly the sort of thing that would trigger the gain. Bitcoin loves bad news.

It's likely that a yes vote might trigger a massive price rise (followed by a massive fall). However, the Brits have a habit of voting for the status quo.
 
psionl0 said:
Actually, that is exactly the sort of thing that would trigger the gain. Bitcoin loves bad news.
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I could see it with Greece, and people trying to get their money out somehow, but I can't see it here. Then again, it's not yet the roller coaster it was back then. Let's see on Friday.

Interesting times, as they say.

psionl0 said:
However, the Brits have a habit of voting for the status quo.
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We might do, but the polls are not looking too cheery on that front. I really hope you're right.
 
Wow. Hadn't looked at the price in a while, but just now it is $760.5.

http://preev.com/



How many people these days are actually using bitcoin to buy and sell things and how many are just hoarding it?

Isn't it interesting that the inventor of bitcoin, whoever he may be, is apparently just sitting on his stash?
 
Bitcoin is property - not money

In a controversial ruling on Monday, Miami-Dade Circuit Judge Teresa Mary Pooler dismissed money laundering charges against Michell Espinoza. He had sold $1500 worth of bitcoins to undercover detectives who had told him that they intended to use the bitcoins to buy stolen credit card numbers.

In her ruling, Judge Pooler said that bitcoin was not backed by any government or bank, and was not “tangible wealth” and “cannot be hidden under a mattress like cash and gold bars.”

In other remarks, she said:
The court is not an expert in economics; however, it is very clear, even to someone with limited knowledge in the area, the Bitcoin has a long way to go before it the equivalent of money.
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and
This court is unwilling to punish a man for selling his property to another, when his actions fall under a statute that is so vaguely written that even legal professionals have difficulty finding a singular meaning.
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The Miami-Dade State Attorney’s Office is considering appealing this decision.

http://www.miamiherald.com/news/local/crime/article91682102.html
 
It's a month old now, but I liked this Planet Money podcast about the problems with bitcoin:

Episode 708: Bitcoin Divided

Bitcoin was supposed to be the currency of the future: secure, fast, independent of any government. But if there's one feature a currency needs, it's to let you pay for things. And, recently, that's been a problem for Bitcoin.

The idea was always that when technical problems arose, the bitcoin community would come together to solve things. But that hasn't happened. In fact, behind the scenes, a kind of civil war has broken out.
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For those who prefer text, there's this:

http://www.nytimes.com/2016/07/03/business/dealbook/bitcoin-china.html?_r=0
 
More troubles for bitcoin:

Bitcoin Sinks After Hackers Steal $65 Million From Exchange

Bitcoin plunged after one of the largest exchanges halted trading because hackers stole about $65 million of the digital currency.

Bitcoin slumped 5.5 percent against the dollar as of 2:30 p.m. on Wednesday in Tokyo, bringing its two-day drop to 13 percent. Prices also sank 6.2 percent on Monday, although it was not clear if that initial move was related to the hack.
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Bitfinex confirmed in a message to Bloomberg News on Wednesday that the hackers took 119,756 bitcoin, or about $65 million at current prices. While trading was halted in all digital currencies, including ethereum, the exchange said losses were limited only to bitcoin. It also said U.S. dollar deposits were not impacted.
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I see the current price is $541, over $200 below what it was on June 20th when I posted last.
 
psionl0 said:
It's been 3 months since the last "bitcoin is dead" announcement on this thread.

What has happened since then? The price has risen steadily from its $465 low on July 31 to be nearly $750 a couple of days ago. https://bitcoinwisdom.com/markets/bitstamp/btcusd

The price is rather jittery atm on the back of rumours that China is planning to crack down on bitcoin. http://www.coindesk.com/bitcoin-price-china-rumor-trading/ It is currently $689.
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Has anyone purchased anything with bitcoin in that time?
 
Prometheus said:
Has anyone purchased anything with bitcoin in that time?
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I dunno and don't care. I guess you will have to ask the erstwhile MHaze how many pizzas he's bought recently. ;)

abaddon said:
Bitcoin's ultimate problem. One can buy it and then you are stuck. One cannot usefully use it in the real world and it appears to be most difficult to withdraw.
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Don't tell me that there is still somebody who doesn't know the difference between a bitcoin wallet and a bitcoin exchange. :boggled:
 
abaddon said:
Bitcoin's ultimate problem. One can buy it and then you are stuck. One cannot usefully use it in the real world and it appears to be most difficult to withdraw.
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I don't remember who said it (Kevsta, maybe) but someone here said that Bitcoin was like Hotel California for your money; you can check out any time you like, but you can never leave.
 
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