03-07-2014, 21:24
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#1
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Quiet Professional
Join Date: Feb 2006
Location: Asscrackistan
Posts: 4,289
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For Bitcoin, Secure Future Might Need Oversight
For Bitcoin, Secure Future Might Need Oversight
http://www.nytimes.com/2014/03/06/te...ings.html?_r=0
A lot of foresight over these new current and the problem sets with Bitcoin style currency.
So does this mean internet money is gone?
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"Berg Heil"
History teaches that when you become indifferent and lose the will to fight someone who has the will to fight will take over."
COLONEL BULL SIMONS
Intelligence failures are failures of command [just] as operations failures are command failures.”
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MtnGoat is offline
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03-10-2014, 11:50
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#2
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Guerrilla
Join Date: Nov 2008
Location: Pacific Northwest
Posts: 356
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Quote:
Originally Posted by MtnGoat
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This isn't really a problem with BitCoin, this is a problem with people trusting ad hoc exchanges and keeping their Bitcoins stored in exchange wallets, which is nuts.
Every early market seems to go through this same process. Eventually I see big players like Citi moving in and bringing some quote sanity unquote to current situations like the exchange security issues.
We currently have what amount to amateurs running these. They are not well-versed in finance and they're not well-versed in secure programming.
I'm not sure jumping onto more regulation of Bitcoin itself is the answer.
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perdurabo is offline
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03-10-2014, 14:19
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#3
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perdurabo you are right about Citi moving in and bringing some quote sanity unquote to current situations like the exchange security issues.* It was a adhoc set up and not many know about, trusted the system or/nor open to many markets.
I know we care entering the wild west on thus still of market. Some what surprise that the market hasn't gone faster. I don't see it going away only expanding.
__________________
"Berg Heil"
History teaches that when you become indifferent and lose the will to fight someone who has the will to fight will take over."
COLONEL BULL SIMONS
Intelligence failures are failures of command [just] as operations failures are command failures.”
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MtnGoat is offline
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03-10-2014, 19:12
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#4
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Quiet Professional
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Quote:
Originally Posted by Brush Okie
The bitcoin concept scares the shit out of me. I really do not like the idea and see way to many ways it could turn bad.
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What makes it different from Pay Pal? Even a pre-paid credit card?
__________________
"Berg Heil"
History teaches that when you become indifferent and lose the will to fight someone who has the will to fight will take over."
COLONEL BULL SIMONS
Intelligence failures are failures of command [just] as operations failures are command failures.”
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MtnGoat is offline
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03-10-2014, 19:49
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#5
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Quiet Professional
Join Date: Jan 2008
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PayPal and prepaid credit (debit) cards are backed by real money not air like BC. BC is not backed by any government. Banks cannot back virtual currency unless they are a nation's central bank, which none have. Some countries have outlawed virtual currencies, BC by name.
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Joker is offline
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03-10-2014, 20:52
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#6
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Quiet Professional
Join Date: Jan 2004
Location: Phoenix, AZ
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Quote:
Originally Posted by Brush Okie
Exactly. It is imaginary money that is floating around the virtual world. No government backing, no gold or other precious metal to back it up. How is it "printed"? After all if too much currency is printed it devalues it. Who makes the bitcoin? How much is in existence? Don't get me started on the ability of bad guys to track everything you do and manipulate your currency. Yea I know we are no longer on the gold standard, but at least there is a country backing the dollar and there is gold in Ft. Knox. Bitcoin is just imaginary and like a fairy tail if enough people believe in it it appears to come true until they grow up and reality comes around and bites everyone in the ass. Bad bad idea!
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Exactly what I was thinking when bitcoin appeared on the internet "imaginary money" is just that "imaginary"....... if you cannot hold it in your hands it does not exist. And if it only lives on the internet then it's definitely not real.
A fool and his money......
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Team Sergeant is offline
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03-10-2014, 20:54
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#7
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Quote:
Originally Posted by Team Sergeant
Exactly what I was thinking when bitcoin appeared on the internet "imaginary money" is just that "imaginary"....... if you cannot hold it in your hands it does not exist. And if it only lives on the internet then it's definitely not real.
A fool and his money......
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And how real is a Federal Reserve note... these days...
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MR2 is offline
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03-12-2014, 20:23
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#8
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Quiet Professional
Join Date: Feb 2006
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Quote:
Originally Posted by MR2
And how real is a Federal Reserve note... these days...
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I was going to go down that road too.
Seems so many "Companies" and Governments seem to operating with imagery money. I understand the stand on it and what or how Citi played with it. But you are seems Bitcoin are being taken at stores, coffee shops and such.
__________________
"Berg Heil"
History teaches that when you become indifferent and lose the will to fight someone who has the will to fight will take over."
COLONEL BULL SIMONS
Intelligence failures are failures of command [just] as operations failures are command failures.”
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MtnGoat is offline
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03-13-2014, 04:23
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#9
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Quiet Professional
Join Date: Feb 2006
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Quote:
Originally Posted by Brush Okie
I seen Nixon's speech about the gold standard last night on TV and he said it was a temporary measure. 40 years later...........
IMHO we are on the wrong track and need gold or some other commodity to back our dollar, however the bitcoin is not the answer and in fact throws gas on a fire. The program also pointed out that in history every time a country did what we did it came to bite them in the ass as it will us if we do not change back.
Call me ignorant but what are the perceived advantage of this bitcoin. I know the basics but am far from and expert. Why do you think it is a good thing?
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I'm with on and don't think I'm for BitCoin and the rest of this fake money. I do see this coming around to being a real curreny tho. I'm no expert, just started following it.
Quote:
The program also pointed out that in history every time a country did what we did it came to bite them in the ass as it will us if we do not change back.
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What program?? Also what did we do to bite us in the ass?
__________________
"Berg Heil"
History teaches that when you become indifferent and lose the will to fight someone who has the will to fight will take over."
COLONEL BULL SIMONS
Intelligence failures are failures of command [just] as operations failures are command failures.”
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MtnGoat is offline
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03-18-2014, 15:40
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#10
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Quiet Professional
Join Date: Oct 2006
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As one who is dabbling with 'crypto-currencies' as an experiment, it may help to see bitcoin, for the time being, as a commodity rather than a currency.
Link (italics mine) Until now the only way to diversify away from ‘fiat currencies,’ which Salil Deshpande, Managing Director at Bain Venture Capital defines as “currencies conjured up and controlled by sovereigns whose central banks one had to trust” was representative currencies such as gold and silver.
“Bitcoin will continue to gain more traction, momentum, and credibility; enough for the non-fiat non-representative currency to become a real option for diversification away from fiat currencies. As such it will gradually, but with non trivial volatility, increase in value and eventually trade in a pattern similar to gold,” says Deshpande.“The proper way to think about Bitcoin for now is not as a currency, due to its lack of price-stability, but rather as a commodity,” says Deshpande.“Subtracting the industrial value of gold from the current trading value of gold yields the diversification value of gold, and this is the value addressable by Bitcoin over the long term,” says Deshpande.“There will be many ways to play this, including wallets, remittances and payments, exchanges, and mining, but one simple way to play, which everyone can participate in, is to accumulate Bitcoin,” he added. Another interesting read can be found here. As a comparison to cash, "Bizarre Shadowy Paper-Based Payment System Being Rolled Out Worldwide"
My experiment in crypto-currencies has been to see how anonymous one can really be with it - is it possible to exchange greenbacks for bitcoin, do business with it, and end up with either greenbacks or goods, without compromising one's identity. Time will tell how successful I am.
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letinsh is offline
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03-20-2014, 17:43
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#11
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Quiet Professional
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This is some interesting news on the Bitcoin currency. A worm that was originally set up to target home appliances that were networked through the home router, is now being configured to target to Bitcoin currency location.
http://thehackernews.com/2014/03/lin...t-enabled.html
__________________
"Berg Heil"
History teaches that when you become indifferent and lose the will to fight someone who has the will to fight will take over."
COLONEL BULL SIMONS
Intelligence failures are failures of command [just] as operations failures are command failures.”
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MtnGoat is offline
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03-25-2014, 17:57
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#12
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Guerrilla Chief
Join Date: Mar 2004
Location: Atlanta
Posts: 502
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Maybe not fully regulated, but here is the tax side of it:
Quote:
The decision by the Internal Revenue Service subjects the currency and its users to capital gains and income tax and requires that digital currency operators make significant, perhaps costly, updates to abide by strict record-keeping rules.
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http://www.foxbusiness.com/markets/2...ubject-to-tax/
Also note that the same rules that apply to bank transactions are also required for bitcoin now
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(1VB)compforce is offline
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04-01-2014, 05:02
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#13
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Quiet Professional
Join Date: Feb 2006
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How Uncle Sam Decided to Change The World of Bitcoin
http://www.fool.com/investing/genera...-of-bitco.aspx
So I take that the IRS is treating Bitcoins as a currency now,something like gold and silver?
__________________
"Berg Heil"
History teaches that when you become indifferent and lose the will to fight someone who has the will to fight will take over."
COLONEL BULL SIMONS
Intelligence failures are failures of command [just] as operations failures are command failures.”
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MtnGoat is offline
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04-01-2014, 08:07
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#14
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Asset
Join Date: May 2012
Location: Denver, CO
Posts: 6
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Bitcoin Cryptocurrency Crash Course
I am no computer or financial expert, but the speaker in following youtube video gives a decent overview of the theory behind bitcoin and its viability as a financial tool. https://www.youtube.com/watch?v=JP9-...fnmqqgMXHMbbaA The video is a bit lengthy, but well worth watching in its entirety.
What I took away from the video was that this idea of cryptocurrency will be attractive to people as long as financial chaos exists in places like Greece and Cyprus. As the speaker states, bitcoin has its strengths and weaknesses but cryptocurrencies are the financial ways of the future, at least in theory.
An interesting and ominous note was the interest the Russians and the Chinese are showing in bitcoin as a way of countering the US dollar as the global reserve currency.
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dcrews46 is offline
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