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(IT World)   Bitcoins, you blockhead   (itworld.com) divider line 62
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6398 clicks; posted to Geek » on 20 Dec 2013 at 10:09 AM (48 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-12-20 10:14:46 AM  
What this comic written 2 weeks ago before bitcoins took a dive?
 
2013-12-20 10:19:15 AM  
static3.businessinsider.com


3.bp.blogspot.com
 
2013-12-20 10:19:30 AM  
Bitcoins are a like a rigged geeky lottery for digital newbies who can't do math.
 
2013-12-20 10:22:51 AM  
Turns out that top chart already needed an update....

bitcoincharts.com
 
2013-12-20 10:28:27 AM  
Good grief.
 
2013-12-20 10:30:29 AM  
Real estate.
 
2013-12-20 10:54:25 AM  

elvisaintdead: Real estate.


At least with real estate you can actually live there.
 
2013-12-20 11:11:58 AM  
That's the worst attempt to draw the Peanuts characters I have ever seen outside of a Tijuana tattoo parlor.
 
2013-12-20 11:41:48 AM  

italie: Turns out that top chart already needed an update....

[bitcoincharts.com image 850x314]


Yup ... cryptocurrencies took a pretty good hit recently.
 
2013-12-20 11:54:50 AM  
Women want money (or at least something resembling money)? At least she's setting her price up front.
 
2013-12-20 11:54:58 AM  
I'm with Charlie Stross on this subject.
 
2013-12-20 11:58:40 AM  

Superjew: I'm with Charlie Stross on this subject.


Interesting article. I would point out that all his issues arise out of criminal actions around the currency and the currency itself.
 
2013-12-20 11:59:30 AM  
In case you missed this epic post at Reddit:

I discovered Bitcoin a few years ago. I today greatly regret that the moment I liquidated the inheritance I didn't place the entirety of it into Bitcoin. With Bitcoin on the verge of making it very, very big I began performing arbitrage six months ago. The rising adoption has created volatility which makes it very good for arbitrage. I know of people that have made A LOT of money doing this, but I have now lost A LOT of money.

I am consistently misjudging the movement of the markets. I buy in and sell, not holding any long term positions. On the 19th, I bought 250 coins at $800; it was quickly rising and I was worried I would not be able to buy in at that price ever again. Immediately after my purchase it began tanking. I tried to hold my position hoping it was just temporary and would return to $800 and increase from there. After hitting around $600 it began to increase again, I viewed this as reaffirming my projection. It rose again to around $700. I held my position into the 20th, it dropped to $500 and that was my sell point hoping to minimize my losses. I lost $75,000 in an almost 24/hr period. This was my fastest and almost largest single trade loss. If I had continued to hold I would be able to sell right now with minimal losses.

I have "made" money on trades, but overall the losses have kept me in the red. As of today, over the past 7 months I have lost a total of $410,000. The inheritance was supposed to be split between my younger sister and I, giving us each $375,00 + half of the house (not worth much, rural area, etc).

However, I don't have a legal obligation to provide her with half of the money, that was a verbal contract between my father and I, the in-writing legal stuff allocates it all to me. I made the mistake of telling her that I invested the money in Bitcoin; she has read the news etc on it, so she is under the assumption that there is a lot more money than there actually is. Regardless, I have already paid her first year of college tuition in cash anyway, this was around $30,000. I also bought her a used car to take to college ($5,000). We later found out they don't want freshman to have cars?? So we might sell it and I can give her that money. Ultimately, in addition to other living expenses, bills, car, etc I have around $280,000 left which is currently all liquid.
 
2013-12-20 12:00:08 PM  
dilbert.com
 
2013-12-20 12:05:29 PM  

MindStalker: What this comic written 2 weeks ago before bitcoins took a dive?


After two "dives" earlier this month the price is back above $700 today, about the same as a month ago. A year ago it was $13.50.
 
2013-12-20 12:05:41 PM  
dilbert.com
 
2013-12-20 12:06:28 PM  
dilbert.com
 
2013-12-20 12:08:28 PM  

italie: Turns out that top chart already needed an update....

[bitcoincharts.com image 850x314]


So does the second one...
 
2013-12-20 12:13:00 PM  
Wouldn't it be nice to be able to "over the past 7 months I have lost a total of $410,000."

Me, I'm a regular Smo... now under my normal history of stock market activity... I would have bought on Dec 5th at $1,200/bc... and then held out thru the first down rush... to $780/bc and then knowing me... finally selling out at $455/bc... So on to another solid digi coinage like DogeCoin!
 
2013-12-20 12:18:39 PM  
I got a rock
 
2013-12-20 12:31:35 PM  
Wawk wawk WAWWWWWWWWK!
 
2013-12-20 12:50:02 PM  

Swampmaster: So on to another solid digi coinage like DogeCoin!


i.imgur.com

many value. such ROI. very market caps.
 
2013-12-20 01:05:56 PM  
So Bitcoins are this year's Furby?  I don't even
 
2013-12-20 01:06:31 PM  
I think it's cute people are buying Bitcoins.

They've no use beyond buying CP, and good luck getting any money when you sell them.
 
2013-12-20 01:07:25 PM  
Ahhhh bitcoins.

A finite list of numbers that satisfy an arbitrary mathematical rule which we pretend certain people own and are worth money, enforced by every user having to keep track of every single transaction ever made (unless you're lazy, you can let other people set who owns what)
 
2013-12-20 01:22:55 PM  
I don't know about you but I'm going to convert all my buttcoins to CosbyCoins! Backed by delicious Jell-O Puddin' Pops. Which are way more valuable than buttcoins

http://buttcoin.org/bitcointalk-forums-hacked-bill-cosby-pimping-new -c osbycoins%E2%84%A2-to-all-the-members-breaking
 
2013-12-20 01:33:47 PM  

NIXON, YOU DOLT!!!

/too soon?
 
2013-12-20 01:43:43 PM  

rustypouch: They've no use beyond buying CP, and good luck getting any money when you sell them.


Ummm ... this is wrong.

I purchased a PC for Litecoin mining for $1300. I recently sold half the coins I mined and successfully withdrew $1340. I wanted to cover my costs.

Now I have a high end PC that was effectively free and still have ~44 litecoins.

Not that I'm recommending this for anyone ... I did it just to experiment and worst case would be I bought a computer which I could use. The timing worked out well for me.

But let's not just post lies about how the exchanges work.
 
2013-12-20 01:53:48 PM  

Farking Canuck: rustypouch: They've no use beyond buying CP, and good luck getting any money when you sell them.

Ummm ... this is wrong.

I purchased a PC for Litecoin mining for $1300. I recently sold half the coins I mined and successfully withdrew $1340. I wanted to cover my costs.

Now I have a high end PC that was effectively free and still have ~44 litecoins.

Not that I'm recommending this for anyone ... I did it just to experiment and worst case would be I bought a computer which I could use. The timing worked out well for me.

But let's not just post lies about how the exchanges work.


I was judging based on https://bitcointalk.org/index.php?board=85.0 , and how many threads there are about people selling coins and getting nothing.
 
2013-12-20 02:00:26 PM  

rustypouch: I was judging based on https://bitcointalk.org/index.php?board=85.0 , and how many threads there are about people selling coins and getting nothing.


Well there are certainly dodgy players in the business. I was able to find a reputable exchange to convert Bitcoins in to CAN$ and I will admit that I did a $50 transfer first to see if it went through before I committed $1300.

If your statement had been a warning to be careful who you deal with I would not have had an issue with it as it is good advice in the current "wild west" type environment. But a blanket statement that money cannot be withdrawn is not accurate.
 
2013-12-20 02:05:52 PM  
I don't want anything to do with a currency that is used for illegal activity or can be inflated by the whim of a select few technocrats!!!
 
2013-12-20 02:16:37 PM  

MugzyBrown: I don't want anything to do with a currency that is used for illegal activity or can be inflated by the whim of a select few technocrats!!!


Better not deal with paper currencies then.
 
2013-12-20 02:19:45 PM  

rustypouch: I was judging based on https://bitcointalk.org/index.php?board=85.0 , and how many threads there are about people selling coins and getting nothing.


It depends where you live. Last Saturday I took my smartphone to the Bitcoin ATM and walked away a few minutes later with $400 cash. If the bubble doesn't pop for a while you will probably see more of these machines in other cities.
 
2013-12-20 02:30:27 PM  

The_Time_Master: MugzyBrown: I don't want anything to do with a currency that is used for illegal activity or can be inflated by the whim of a select few technocrats!!!

Better not deal with paper currencies then.


thatsthejoke.jpg
 
2013-12-20 02:44:23 PM  
So why are businesses signing up to accept bitcoins? The volatility of the market would seem to me to preclude any reasonable business from using them. The bitcoins somebody paid for a coffee yesterday may be half as much today.
 
2013-12-20 02:45:20 PM  

Farking Canuck: rustypouch: They've no use beyond buying CP, and good luck getting any money when you sell them.

Ummm ... this is wrong.

I purchased a PC for Litecoin mining for $1300. I recently sold half the coins I mined and successfully withdrew $1340. I wanted to cover my costs.

Now I have a high end PC that was effectively free and still have ~44 litecoins.

Not that I'm recommending this for anyone ... I did it just to experiment and worst case would be I bought a computer which I could use. The timing worked out well for me.

But let's not just post lies about how the exchanges work.


So you suckered some other sap into buying your bitcoins.
 
2013-12-20 02:59:03 PM  

Barry Lyndon's Annuity Cheque: So why are businesses signing up to accept bitcoins? The volatility of the market would seem to me to preclude any reasonable business from using them. The bitcoins somebody paid for a coffee yesterday may be half as much today.


A business which is dealing internationally can avoid the existing fees and annoyances associated with foreign currency transfers. A local business like a coffee shop can get early adopters to shop there due to the novelty factor. There are back-end services to automatically track the exchange rates and to convert BTC into national currency, so the volatility isn't necessarily a show-stopper if the business has a high enough margin to absorb occasional fluctuations.
 
2013-12-20 03:03:42 PM  
can someone explain bit coins to me in 5 sentences or less? I want to know what all the fuss is about but too lazy to read financial articles
 
2013-12-20 03:13:57 PM  

ModernPrimitive01: can someone explain bit coins to me in 5 sentences or less? I want to know what all the fuss is about but too lazy to read financial articles


A virtual 'currency' that claims to be unhackable, completely virtual, and therefore safe from fluctuations in the dollar.  Supposed to make online purchases completely secure.  They released a fixed number of them into 'the wild' a bit ago, and the people who want to manipulate the 'currency' descended in rabid fashion, immediately turning it from a 'currency replacement' into a "theives' coin" from Neverwinter Nights.

That work?
 
2013-12-20 03:19:09 PM  

ModernPrimitive01: can someone explain bit coins to me in 5 sentences or less? I want to know what all the fuss is about but too lazy to read financial articles


1. It's private currency. 

2. The money supply is controlled by an algorithm which regulates creation of new bitcoins and keeps the supply under an all-time cap. 

3. It is very difficult to trace bitcoin transactions. 

4. It is very difficult to forge bitcoins or commit fraud with respect to the actual currency itself.

5. It's a trap.
 
2013-12-20 03:19:54 PM  

Ivo Shandor: Barry Lyndon's Annuity Cheque: So why are businesses signing up to accept bitcoins? The volatility of the market would seem to me to preclude any reasonable business from using them. The bitcoins somebody paid for a coffee yesterday may be half as much today.

A business which is dealing internationally can avoid the existing fees and annoyances associated with foreign currency transfers. A local business like a coffee shop can get early adopters to shop there due to the novelty factor. There are back-end services to automatically track the exchange rates and to convert BTC into national currency, so the volatility isn't necessarily a show-stopper if the business has a high enough margin to absorb occasional fluctuations.


In the last 30 days, bit coins have ranged in value from under $600 to over $1,200 per. That's more than "occasional fluctuations".
 
2013-12-20 03:36:12 PM  

meanmutton: In the last 30 days, bit coins have ranged in value from under $600 to over $1,200 per. That's more than "occasional fluctuations".


Yes, but if you are adjusting your BTC prices in real time and are converting all of your bitcoins into local dollars at the end of each day then you're usually dealing with much smaller changes. There are services like BitPay which will do the work for you. And if one day you do only get $0.60 instead of $1.20 for a cup which contained 5 cents worth of coffee, it's not the end of the world.
 
2013-12-20 03:57:44 PM  

Ivo Shandor: And if one day you do only get $0.60 instead of $1.20 for a cup which contained 5 cents worth of coffee, it's not the end of the world.


When you buy a cup of coffee, you're not just paying for the raw materials, but also the time and effort of the barista, for part of a upkeep of the coffee shop, etc.  Add it all up, and if they only earn $0.60 on a cup of coffee, then they might be running at a loss.
 
2013-12-20 03:59:42 PM  

Begoggle: So you suckered some other sap into buying your bitcoins.


I sold them for about $1000 CAD. It was a small exchange so that was a little lower than they were trading in USD elsewhere.

So the "sucker" could have immediately flipped them for a > 5% profit on a US exchange. I intentionally took the hit because I wanted a reputable Canadian exchange that could direct deposit to my bank account for a reasonable fee ($6). On top of that, BTC went up to ~$1100 USD before this recent decline ... so if they traded then they made an additional 10%

Like anyone who trades any commodities, I do not take responsibility for where the market goes beyond my trade. But seeing as he could have immediately profited I'd hardly call him/her a sucker.
 
2013-12-20 04:22:59 PM  

TappingTheVein: ModernPrimitive01: can someone explain bit coins to me in 5 sentences or less? I want to know what all the fuss is about but too lazy to read financial articles

1. It's private currency.

2. The money supply is controlled by an algorithm which regulates creation of new bitcoins and keeps the supply under an all-time cap.

3. It is very difficult to trace bitcoin transactions.

4. It is very difficult to forge bitcoins or commit fraud with respect to the actual currency itself.

5. It's a trap.


A little less negative version:

- A currency based on cryptography algorithms - an old idea - this is the first successful implementation

- There is a block chain which tracks every transactions (not the people but the coins). This is public record (i.e. like open source - it is security through openness).

- The act of "mining" bitcoins is, in reality, applying brute force decryption against these transactions to verify them. This provides several things:
   (a) verifies the validity of all transactions - again, this is done publicly
   (b) provides a mechanism for dispersing new bitcoins - they are given out as payment for doing the work of mining
   (c) eliminates the need for a central authority to manage or control transactions

- It is a border less currency - for better or worse

- two people can transfer money electronically between each other without a middle-man taking a cut

- it is a difficult to monitor/trace currency - for better or worse

In the end I consider it to be a great experiment. Bitcoin, being an early design, has flaws that could be exploited (likely not secretly as everything is done in public). Other cryptocurrencies have been developed to address the shortcomings but they are having trouble getting traction against the Bitcoin behemoth.

It is attractive to people who value their privacy. This includes but is not exclusive to criminals. Some people just don't like the nanny-state.

Most complaints by people focus on the way bitcoins can be used for illegal transactions (like cash is today - better ban that too). I hope the people who make these complaints aren't gun supporters or they are hypocrites. Bitcoins don't buy drugs ... people buy drugs.
 
2013-12-20 07:05:38 PM  

JohnAnnArbor: [dilbert.com image 640x199]


This is exactly the reason I quit the Christmas present bullshiat.
 
2013-12-20 07:55:11 PM  
Part of the recent runup in value and most certainly this latest downtick is due to China, who has mined a considerable amount of Bitcoin.  Everytime the Chinese government does something about Bitcoin, the price jumps or drops quite a bit.

/don't own any Bitcoin; get off my lawn
 
2013-12-20 08:04:24 PM  
If BitCoins ever go around $100 again I'll buy one. Then as it reaches $800 I'll start buying food with it (local internet delivery restaurant portal accepts BitCoins). Once it drops too much I'll switch back to real money.

/I'll gladly pay €1.50 for home delivered spare ribs with a side of potatoes and salad
 
2013-12-20 09:09:09 PM  

Ivo Shandor: meanmutton: In the last 30 days, bit coins have ranged in value from under $600 to over $1,200 per. That's more than "occasional fluctuations".

Yes, but if you are adjusting your BTC prices in real time and are converting all of your bitcoins into local dollars at the end of each day then you're usually dealing with much smaller changes. There are services like BitPay which will do the work for you. And if one day you do only get $0.60 instead of $1.20 for a cup which contained 5 cents worth of coffee, it's not the end of the world.


Was that an actual argument? Holy hell...
 
2013-12-20 09:47:23 PM  

ModernPrimitive01: can someone explain bit coins to me in 5 sentences or less? I want to know what all the fuss is about but too lazy to read financial articles


buttcoin.org
 
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