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(Wired)   The world's biggest bitcoin wallet? Yes - but the FBI is also sincerely happy to see you   (wired.com) divider line 36
    More: Interesting, FBI, Tyler Winklevoss, bitcoins, Silk Road, Dread Pirate Roberts  
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3429 clicks; posted to Geek » on 19 Dec 2013 at 9:42 AM (17 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



36 Comments   (+0 »)
   
View Voting Results: Smartest and Funniest
 
2013-12-19 07:57:22 AM
Who would have thought that a currency designed to hide the purchase of illegal items might attracted law enforcement organizations from large and powerful nations?
 
2013-12-19 08:01:42 AM
How much can I get for all these Cookie Clicker cookies? I've got trillions.
 
2013-12-19 09:46:46 AM
That doesn't make the FBI the world's largest bitcoin holder. This honor is thought to belong to bitcoin's shadowy inventor Satoshi Nakamoto

How can anybody possibly believe this is a good investment?
 
2013-12-19 10:02:51 AM
How can anybody possibly believe this is a good investment?

Investment?  The creator of bitcoin and the few early adopters can crash the currency whenever they want by liquidating their coins.  They're being smart and extracting maximum value from the people foolish enough to put their money into the system.
 
2013-12-19 10:03:00 AM
Again the headline does not match up with the article. I hate it when the curtains don't match the carpet!
 
2013-12-19 10:21:58 AM
The creator having 1 million in coins is mind blowing.  Can you imagine having 1 billion dollars laying around?  Yes I know he couldn't ditch them all but he could easily sell enough to never have to work ever again.  Sell 50 coins a day which is $30k a day for a month and be about 1 million at todays value and be set for a year.  There are enough exchanges that could easily let you extract that money it's the part of how you are getting that into your bank account without people knowing but if I had that much money I would have enough time to research some offshore accounts that would allow it and give me a debit card to access the funds.
 
2013-12-19 10:26:29 AM

scathing1: How can anybody possibly believe this is a good investment?

Investment?  The creator of bitcoin and the few early adopters can crash the currency whenever they want by liquidating their coins.  They're being smart and extracting maximum value from the people foolish enough to put their money into the system.


\waiting for the mass rage from  /r/bitcoins
 
2013-12-19 10:34:03 AM

TNel: The creator having 1 million in coins is mind blowing.  Can you imagine having 1 billion dollars laying around?  Yes I know he couldn't ditch them all but he could easily sell enough to never have to work ever again.  Sell 50 coins a day which is $30k a day for a month and be about 1 million at todays value and be set for a year.  There are enough exchanges that could easily let you extract that money it's the part of how you are getting that into your bank account without people knowing but if I had that much money I would have enough time to research some offshore accounts that would allow it and give me a debit card to access the funds.


You might want to look up how 'flooding the market' works.
 
2013-12-19 10:36:26 AM

kroonermanblack: TNel: The creator having 1 million in coins is mind blowing.  Can you imagine having 1 billion dollars laying around?  Yes I know he couldn't ditch them all but he could easily sell enough to never have to work ever again.  Sell 50 coins a day which is $30k a day for a month and be about 1 million at todays value and be set for a year.  There are enough exchanges that could easily let you extract that money it's the part of how you are getting that into your bank account without people knowing but if I had that much money I would have enough time to research some offshore accounts that would allow it and give me a debit card to access the funds.

You might want to look up how 'flooding the market' works.


I don't think $30k a day is not going to flood the markets too much. The value will go down a bit, but probably not much
 
2013-12-19 10:57:09 AM

kroonermanblack: You might want to look up how 'flooding the market' works.


You think 50 coins a day is a flood?  You might want to look up how many coins are traded on a daily basis.  I use Campbx and they usually have alteast 500 coins a day flowing, break into a few exchanges (since most cap your withdraws) and you wouldn't even make a dent.
 
2013-12-19 10:57:10 AM
Love reading thru all the comments at the end of the article... so many kool-aid drinkers trying to convince all others to see the light. Then, you also read about "Shadowy", hidden, secret, and illegal... sure, no problem, take my lotto winnings... take my life savings... seesh... no wonder Bernie Madoff had so much $$$!   "There's a sucker born every minute!"
 
2013-12-19 10:58:53 AM

TNel: The creator having 1 million in coins is mind blowing.  Can you imagine having 1 billion dollars laying around?

shellsuitzombie.co.uk
 
2013-12-19 10:59:22 AM
I would love to get into mining them, but I just don't think my 3.5 year old macbook pro would do the trick.  Anyone have some insight?
 
2013-12-19 11:00:42 AM

Swampmaster: Love reading thru all the comments at the end of the article... so many kool-aid drinkers trying to convince all others to see the light. Then, you also read about "Shadowy", hidden, secret, and illegal... sure, no problem, take my lotto winnings... take my life savings... seesh... no wonder Bernie Madoff had so much $$$!   "There's a sucker born every minute!"


This.  Any currency designed specifically to be 'untraceable' and 'untrackable' is bound to be the currency of people that WANT to be untraceable...you know...criminals?  It reminds me of those 'theives' coins' in the NWN game.  No value outside of the tiny little criminal-infiltration side-quest they were part of.
 
2013-12-19 11:09:52 AM

WTF Indeed: Who would have thought that a currency designed to hide the purchase of illegal items might attracted law enforcement organizations from large and powerful nations?


You mean like paper currency?
 
2013-12-19 11:15:56 AM

Apok451: I would love to get into mining them, but I just don't think my 3.5 year old macbook pro would do the trick.  Anyone have some insight?


Getting into mining now is a fools errand.  Wait until April of next year when the Asics race is over and the next gens are hitting the market.  Right now those chips are way too expensive to make mining a viable solution for a new player.
 
2013-12-19 11:38:37 AM

TNel: Apok451: I would love to get into mining them, but I just don't think my 3.5 year old macbook pro would do the trick.  Anyone have some insight?

Getting into mining now is a fools errand.  Wait until April of next year when the Asics race is over and the next gens are hitting the market.  Right now those chips are way too expensive to make mining a viable solution for a new player.


You could always mine  Dogecoins...
 
2013-12-19 11:39:39 AM

A Cave Geek: Swampmaster: Love reading thru all the comments at the end of the article... so many kool-aid drinkers trying to convince all others to see the light. Then, you also read about "Shadowy", hidden, secret, and illegal... sure, no problem, take my lotto winnings... take my life savings... seesh... no wonder Bernie Madoff had so much $$$!   "There's a sucker born every minute!"

This.  Any currency designed specifically to be 'untraceable' and 'untrackable' is bound to be the currency of people that WANT to be untraceable...you know...criminals?  It reminds me of those 'theives' coins' in the NWN game.  No value outside of the tiny little criminal-infiltration side-quest they were part of.


Because it is so hard to be a criminal with the government controlled currency now.

Bitcoins were designed so no one could control them. Governments begin fear-mongering about criminals to stop the general public from looking into them. Just the the TSA, there are reasonable justifications on both sides, but people are easily guided by fear so Bitcoins will fail (which they will anyway, but are a terrific proof-of-concept for the next generation).

Yes criminals use Bitcoins. Yes they were criminals before Bitcoins and will continue to be afterwards.
 
2013-12-19 11:51:20 AM

Telos: TNel: Apok451: I would love to get into mining them, but I just don't think my 3.5 year old macbook pro would do the trick.  Anyone have some insight?

Getting into mining now is a fools errand.  Wait until April of next year when the Asics race is over and the next gens are hitting the market.  Right now those chips are way too expensive to make mining a viable solution for a new player.

You could always mine  Dogecoins...


The other coins are viable, litecoins had a nice price increase lately but bitcoins is out of most people's league unless they have atleast 10k to drop on a good asics rig.

But we are out of the time when you could make tons of money for little investment.  We are at the point of just making your initial price then maybe 10% on top.
 
2013-12-19 11:58:30 AM

TNel: The other coins are viable,


Define viable?  None of these things will ever be currency, which is what they are intended to be.  They will be nothing more than an investment vehicle for early adopters to make actual money, and even though I'm tempted to buy some dogecoins  as an investment I'm also thinking a coin based on an internet meme will finally make people realize how ludicrous these things are.
 
2013-12-19 12:23:05 PM

OtherLittleGuy: TNel: The creator having 1 million in coins is mind blowing.  Can you imagine having 1 billion dollars laying around?

img.fark.net


I think it's more like this.
img.fark.net
img.fark.net
img.fark.net
 
2013-12-19 12:30:47 PM
I don't really understand bitcoin, but it's making it hard to find a decent Radeon graphics card for my new computer lately.  Gonna have to jump on Nvidia or wait for this craze to end.
 
2013-12-19 12:30:55 PM

Telos: TNel: The other coins are viable,

Define viable?  None of these things will ever be currency, which is what they are intended to be.  They will be nothing more than an investment vehicle for early adopters to make actual money, and even though I'm tempted to buy some dogecoins  as an investment I'm also thinking a coin based on an internet meme will finally make people realize how ludicrous these things are.


Of course they will never be currency, viable in a way to make money.. so yes an investment.  You have to watch getting in on some of the early ones since not all of the alt coins become popular then you are stuck with useless coins.
 
2013-12-19 12:40:51 PM
Bitcoin? That's like Flooz, right? Or is it more like Pogs?
 
2013-12-19 12:52:14 PM

Gigantos: I don't really understand bitcoin, but it's making it hard to find a decent Radeon graphics card for my new computer lately.  Gonna have to jump on Nvidia or wait for this craze to end.


Nobody is mining bitcoins with GPUs anymore Litecoins maybe but you would make a 11 cents a day (24 hours of straight running) right now and it's going to go to 8 cents on the next difficulty jump.
 
2013-12-19 12:53:10 PM

Lord Farkwad: OtherLittleGuy: TNel: The creator having 1 million in coins is mind blowing.  Can you imagine having 1 billion dollars laying around?
[img.fark.net image 259x194]


I think it's more like this.
[img.fark.net image 400x225]
[img.fark.net image 400x225]
[img.fark.net image 400x225]


Ok, now imagine you can never make any more Burt's Bucks.
 
2013-12-19 01:49:44 PM
China just told it's corporations to not use it. This bubble is about to deflate gloriously.
 
2013-12-19 01:51:28 PM

TNel: Gigantos: I don't really understand bitcoin, but it's making it hard to find a decent Radeon graphics card for my new computer lately.  Gonna have to jump on Nvidia or wait for this craze to end.

Nobody is mining bitcoins with GPUs anymore Litecoins maybe but you would make a 11 cents a day (24 hours of straight running) right now and it's going to go to 8 cents on the next difficulty jump.


11 cents a day? Good lord, it costs that much just to turn my machine on.
 
2013-12-19 02:39:05 PM

ReverendJynxed: TNel: Gigantos: I don't really understand bitcoin, but it's making it hard to find a decent Radeon graphics card for my new computer lately.  Gonna have to jump on Nvidia or wait for this craze to end.

Nobody is mining bitcoins with GPUs anymore Litecoins maybe but you would make a 11 cents a day (24 hours of straight running) right now and it's going to go to 8 cents on the next difficulty jump.

11 cents a day? Good lord, it costs that much just to turn my machine on.


That's why you lasso yourself a botnet to do it for you.
 
2013-12-19 03:31:42 PM

AverageAmericanGuy: How much can I get for all these Cookie Clicker cookies? I've got trillions.


Good luck - Cookie Clicker cookies are down there with Zimbabwe Dollars and Delta SkyMiles on the list of worthless currencies.
 
2013-12-19 03:47:50 PM

dbirchall: AverageAmericanGuy: How much can I get for all these Cookie Clicker cookies? I've got trillions.

Good luck - Cookie Clicker cookies are down there with Zimbabwe Dollars and Delta SkyMiles on the list of worthless currencies.


So just above bitcoin? ;)
 
2013-12-19 03:57:36 PM

ReverendJynxed: China just told it's corporations to not use it. This bubble is about to deflate gloriously.


This.
A coin is worthless unless someones backing it, and by design no one is backing Bitcoin.

A bunch of Chinese folks were trading real value for bitcoin investments.
Now that they want to cash out, they're running into the original problem.
 
2013-12-19 07:05:00 PM

TNel: kroonermanblack: You might want to look up how 'flooding the market' works.

You think 50 coins a day is a flood?  You might want to look up how many coins are traded on a daily basis.  I use Campbx and they usually have alteast 500 coins a day flowing, break into a few exchanges (since most cap your withdraws) and you wouldn't even make a dent.


Yes.

If the owner continually releases otherwise held back coins, it will devalue the price of the current stock because it's introducing more; those 500 exchanges are not new entries, are they? Even if they are, he's introducing a TEN PERCENT increase to the total market.  Let's say he does this every day, that's suddenly...18000 or so new coins in the market, and the original supposition was that there were two men who should both do this, ergo 36000 new coins a year, not to mention whatever is mined.

The coins have value through uniqueness and scarcity, introducing a ton of new goods just to cash in would lower the overall price. Especially if it looked like he was 'cashing out', which could very well cause a great-depression style collapse as everyone tried to pull out at once.
 
2013-12-19 10:23:44 PM
Isn't it hilarious that this anonymous currency is more traceable than straight up cash?
 
2013-12-19 11:53:10 PM

Apok451: I would love to get into mining them, but I just don't think my 3.5 year old macbook pro would do the trick.  Anyone have some insight?


I'm cpu mining some of the lesser alts. Either I trade them in toward BTC (or LTC to BTC) or wait and see if the value on the alts themselves becomes anything to write home about and cash out.
 
2013-12-20 05:28:26 AM

Shakin_Haitian: Isn't it hilarious that this anonymous currency is more traceable than straight up cash?


Only slightly so.
We can know in which wallet the money is but not who owns it, unless they tell us.

/We also don't have a clear way to know where the money came from or where it went.
/Which makes it a problem when people manage to lose thousands of coins to hackers.
/Unlike the equivalent of real cash, you can't just prop a security camera on it and call the cops.
/It is also not insured in any way.
 
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