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Old 10-28-2013, 09:43 PM   #1 (permalink)
Irish Houstonian
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Bitcoin

For those that haven't heard, there is a new "cash of the internet" called Bitcoin. The system is an open-source protocol that produces "coins", which are long chains of code that can be sent instantaneously peer-to-peer.

Each coin and transaction is verified on the master network, so they can't be counterfeited, created or destroyed. And their use is mostly anonymous.

The advantage to users is that they're transmitted instantly over the internet without the necessity of a credit card/debit card/PayPal, etc. The advantage to merchants is that the only fees they're charged is perhaps a 0.5% exchange fee when they want to convert them to dollars.

So, yeah, this thing could really take off. The current price of one Bitcoin is about $200. Only 21 million will ever be created.

Quote:
Bitcoin is called a cryptocurrency since it is decentralized and uses cryptography to prevent double-spending, a significant challenge inherent to digital currencies.[9] Once validated, every individual transaction is permanently recorded in a public ledger known as the blockchain.[9] The calculations required to authenticate Bitcoin transactions are completed using a network of private computers often specially tailored to this task.[10] As of May 2013, the Bitcoin network processing power "exceeds the combined processing strength of the top 500 most powerful supercomputers".[11] The operators of these computers, known as "miners", are rewarded with transaction fees and newly minted bitcoins. However, new bitcoins are created at an ever-decreasing rate.[9] Once 21 million bitcoins are distributed, issuance will cease.[9] As of August 2013, approximately 11.5 million bitcoins were in circulation.[12]
Bitcoin - Wikipedia, the free encyclopedia
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Old 10-28-2013, 10:12 PM   #2 (permalink)
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A close friend of mine has been balls deep in Bitcoin for a few years now. He has seen it go from $250 a BC to $30 overnight. It is a roller coaster to say the least, but he has done quite well with it. He recently bought 80k worth of hardware for it.
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Old 10-28-2013, 10:23 PM   #3 (permalink)
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Originally Posted by IrishSteelhead View Post
A close friend of mine has been balls deep in Bitcoin for a few years now. He has seen it go from $250 a BC to $30 overnight. It is a roller coaster to say the least, but he has done quite well with it. He recently bought 80k worth of hardware for it.
I think the fluctuations have to do with the fact that there are a few hardcore owners/speculators, and volume is so light in trading. But in order for it to catch on with merchants long term it will have to stabilize. Otherwise merchants will be too scared to hold it before they exchange it for dollars.
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Old 10-28-2013, 10:26 PM   #4 (permalink)
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Old 10-28-2013, 10:27 PM   #5 (permalink)
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I think I read somewhere recently that this system has been used to launder money.
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Old 10-28-2013, 10:28 PM   #6 (permalink)
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Quote:
Originally Posted by Irish Houstonian View Post
I think the fluctuations have to do with the fact that there are a few hardcore owners/speculators, and volume is so light in trading. But in order for it to catch on with merchants long term it will have to stabilize. Otherwise merchants will be too scared to hold it before they exchange it for dollars.
I remember when he first got in he was trading them at $2 each, and acquired a few thousand over the next year. He explained it to me and urged me to put a few thousand in, and I distinctly remember saying "trade real money for virtual money? No thanks." I suck......
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Old 10-28-2013, 10:30 PM   #7 (permalink)
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Quote:
Originally Posted by GoIrish41 View Post
I think I read somewhere recently that this system has been used to launder money.
IIRC, it had something to do with that "Silk Road" thing didnt it?
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