Author Topic: Bitcoin currency (merged topics)  (Read 225012 times)

Offline FreeLancer

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Re: Bitcoin currency (merged topics)
« Reply #240 on: June 06, 2014, 03:11:14 AM »
The IRS has issued a statement that, at least for 2014, tax payers holding bitcoin are not required to complete FinCEN Form 114, which is required for those holding more than $10k in a foreign bank.  They left the door open to change future policy as they continue to refine their policy on cryptocurrency.  One more regulatory issue to keep an eye on.

Offline FreeLancer

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Re: Bitcoin currency (merged topics)
« Reply #241 on: June 07, 2014, 03:33:48 AM »
A Yukon gold mine is being advertised for $2 million in Bitcoin. Reportedly the mine does $1 million a year in sales and the equipment is worth another million.  Kind of makes you wonder....

Offline R_Morgan

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Re: Bitcoin currency (merged topics)
« Reply #242 on: June 07, 2014, 08:16:03 AM »
They either see a huge swing in bitcoin coming or they have tapped all the pay dirt on that mine!

I would like to see their financial reporting and the result of about 100 test holes across that property!

Offline R_Morgan

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Re: Bitcoin currency (merged topics)
« Reply #243 on: June 11, 2014, 12:02:55 AM »
Thought I would chime in with info on a new and intriguing coin that is relatively new, DarkCoin.

Bitcoin came with the promise of anonymity, which it delivers if people are very careful, however it is not guaranteed and for 90% of users it can probably be traced in some way.

For instance if your address is 12345678 and you send 1 BTC to overstock.com to buy a couch, then your name is forever now attached to that address and any and all transactions that come from that address are now "12345678 JIM SMITH" if someone wanted to start recording these sorts of things, this is just using overstock.com as an example but this applies to anyone you send a coin to, if ever any one of them recorded any of your information all the transactions for that address are now attached to you! If you use coinbase, forget about it, that should be obvious to you.  Some people get around this by creating a new address in the bitcoin client everytime they do a transaction, however most people dont because it takes time, etc.

With Darkcoin they get around that by using the time tested technique of 'washing' the coin with others, just like money laundering in the movies.

Basically this is how it works

whenever you want to send a Darkcoin to someone, whether 1 or 10000000 you send them in 100 Darkcoin increments, but that i mean it has to be in increments of 100.

If you want to send 1 you will send 100 to the pool, if you want to send 250 you will send 300 to the pool.

The pool then combines them with other peoples transactions and sends the intended recipient your coins from a random pool address, not your address.

So to illustrate this lets say you want to send me 5 darkcoins.


You will type in my address and send me the 5 darkcoins, 100 will be deducted from your wallet and sent to the pool

The pool will then combine your 100 darkcoins with other users transactions.

5 Darkcoins will then be sent to me, and 95 will be sent back to you, so you will not be losing 95, they just send them back. 

The address that will appear in my transaction log will not be yours but a random address drawn from the pool.


This adds a degree of anonymity to the transaction that bitcoin fails to do, which is a plus.

A downside is there is NO WAY for me to say "i never got them" and you to know if i did or not, the transaction log wont show that, thats the price you pay for anonymity.


I dont think darkcoin will ever be mainstream like bitcoin or litecoin will ever be, but it has a purpose and a specific niche of transactions that want that; the market provides!


I think its great, and have a few squirreled away in case it takes off, which it has to a certain degree already.


What do you think?



Offline FreeLancer

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Re: Bitcoin currency (merged topics)
« Reply #244 on: June 11, 2014, 07:15:56 PM »
I'm in favor of all the experimentation going on, whether it's altcoins or side chains, it's all good.

But personally I'm just sitting on the sidelines holding BTC, watching to see how this cryptocurrency thing plays out.

Offline R_Morgan

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Re: Bitcoin currency (merged topics)
« Reply #245 on: June 13, 2014, 04:44:23 PM »
Was just booking a trip on Expedia.com. They take bitcoin!

*just saw post in money board announcing this. I am Officially Johnny come lately*

Offline Prodigy

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Re: Bitcoin currency (merged topics)
« Reply #246 on: July 01, 2014, 01:35:57 PM »
Newegg.com, a nearly $3 billion a year company, is the latest company to accept bitcoins.  I order many, many thousands of dollars of stuff there every year, but it's mostly through the company credit card.  Still, I will be using this for any personal purchases, for sure. 

http://www.coindesk.com/online-retail-giant-newegg-now-accepts-bitcoin/

Offline FreeLancer

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Re: Bitcoin currency (merged topics)
« Reply #247 on: July 04, 2014, 10:19:05 PM »
The US Marshals recently auctioned off several thousand bitcoin that was part of the Silk Road seizure and in the process leaked the email addresses of those participating in the auction. We are literally talking about a CC: vs. BCC: level mistake on the part of a .gov moron, which allowed someone to go on a sophisticated phishing expedition and net 100 BTC from the arbitrage fund Bitcoins Reserve.

http://www.coindesk.com/phishing-scam-targets-us-marshals-service-bitcoin-auction-list/

Offline FreeLancer

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Re: Bitcoin currency (merged topics)
« Reply #248 on: July 27, 2014, 05:37:53 PM »
Here's more on the Yukon gold mine on sale for bitcoin, it's an actual interview with the owner, who thinks that gold is less attractive than bitcoin due to geopolitical pressures.

http://www.coindesk.com/timothy-coles-2-million-gold-mine-bitcoin/

Quote
The people that have the bitcoin are the ones that can drive the price up, or drive it down, depending on what ups. Whereas gold, the people that have the gold are really at the mercy of politicians, financial institutions, London fixes that we really know nothing about. People that have gold really have no control over the direction that goes.

Offline Prodigy

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Re: Bitcoin currency (merged topics)
« Reply #249 on: July 28, 2014, 09:42:03 AM »
Very interesting

Offline FreeLancer

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Re: Bitcoin currency (merged topics)
« Reply #250 on: September 23, 2014, 12:05:16 PM »
PayPal announces bitcoin partnerships.  This could be big.....

http://www.coindesk.com/paypal-announces-first-partnerships-bitcoin-space/

Offline FreeLancer

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Re: Bitcoin currency (merged topics)
« Reply #251 on: October 03, 2014, 02:07:42 PM »
PayPal announces bitcoin partnerships.  This could be big.....

.....just not in the short term, apparently. Price hit its lowest point since the spike in December.

Offline FreeLancer

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Re: Bitcoin currency (merged topics)
« Reply #252 on: October 05, 2014, 07:27:53 PM »
And the slide continues, the price went below $300 today.

Nobody seems to have an explanation, either.

Offline skas

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Re: Bitcoin currency (merged topics)
« Reply #253 on: October 05, 2014, 10:51:46 PM »
Eh, looks like some early adopters getting out (speculation on my part) and some heavy manipulation.  I haven't looked in a few hours, but it looked like someone had a roughly 7 million dollar sell wall in place at $300/btc, and that wall is still holding.

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Re: Bitcoin currency (merged topics)
« Reply #254 on: October 06, 2014, 11:51:55 AM »
And the slide continues, the price went below $300 today.

Nobody seems to have an explanation, either.

The USD is still showing strong. The USD index is sitting at 86.12. When Bitcoin was at it's high the USD index was below 80. I think there is some true correlation between the USD and Bitcoin movements. I don't think there is any major manipulation in the Bitcoin market besides Hit stories in the news. Now Gold and Silver on the other hand are manipulated like mad and there is no correlation between USD & precious metals movements. Once the system breaks PM’s will skyrocket and Crypto’s may as well. Very interesting times we live in.

Offline Prodigy

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Re: Bitcoin currency (merged topics)
« Reply #255 on: October 06, 2014, 12:14:59 PM »
The USD is still showing strong. The USD index is sitting at 86.12. When Bitcoin was at it's high the USD index was below 80. I think there is some true correlation between the USD and Bitcoin movements. I don't think there is any major manipulation in the Bitcoin market besides Hit stories in the news. Now Gold and Silver on the other hand are manipulated like mad and there is no correlation between USD & precious metals movements. Once the system breaks PM’s will skyrocket and Crypto’s may as well. Very interesting times we live in.

I don't think the USD has anything to do with this recent slide in the price of bitcoins.  This was a massive sell off of 35,000 BTC, apparently, and it's simple supply/demand.  Flood the market, and prices will drop.

It seems like a very big holder just said 'F it' and got out.  Or it might be manipulation, but that's much less likely.  It was clearly someone willing to sell their entire collection (or a huge chunk) for anything above $300.  You can see it in real time, once the 35,000 is sold off, the price finally comes back up over $300 after constant selling at that price stops.

Any time a large holding gets distributed among many smaller accounts, like happened here, I'm ok with it.  The fewer people with gigantic holdings, the less manipulation is possible.

In other news:  Bitcoin is on sale, folks!   

Or it might drop to $0 tomorrow - who knows?!

Offline FreeLancer

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Re: Bitcoin currency (merged topics)
« Reply #256 on: November 28, 2014, 10:07:59 PM »
Let's Talk Bitcoin, Episode 101-The Why of Bitcoin is really worth a listen.

This episode features two deep thinkers in the cryptocurrency space, Andreas Antonopoulos and Chris Ellis, waxing philosophical on ideas of money and currency, intrinsic value, centralized systems of trust, the constancy of change, and the massive disruption that bitcoin poses for the status quo.

Here's another great philosophical episode with these two guys:  http://letstalkbitcoin.com/blog/post/lets-talk-bitcoin-165-the-shadow-of-history

Offline Prodigy

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Re: Bitcoin currency (merged topics)
« Reply #257 on: December 01, 2014, 07:51:35 AM »
Here's another great philosophical episode with these two guys:  http://letstalkbitcoin.com/blog/post/lets-talk-bitcoin-165-the-shadow-of-history

That was definitely another good one, yep!

Offline bigbear

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Bitcoin
« Reply #258 on: January 14, 2015, 02:33:26 PM »

Offline Cedar

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Re: Bitcoin
« Reply #259 on: January 14, 2015, 02:37:46 PM »

Offline FreeLancer

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Re: Bitcoin currency (merged topics)
« Reply #260 on: January 14, 2015, 03:04:53 PM »


2013: Enthusiasm

2014: Capitulation

2015: Despair

Offline Cedar

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Re: Bitcoin currency (merged topics)
« Reply #261 on: January 14, 2015, 05:01:21 PM »
2014: Capitulation
2015: Despair

OMG I NEED SLEEP.. I just got back in from setting traps with the trapper, and I read that as decapitation. Might be apt maybe?

Cedar


Offline FreeLancer

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Re: Bitcoin currency (merged topics)
« Reply #262 on: January 14, 2015, 05:30:17 PM »
Might be apt maybe?

Only time will tell....

Although, I'm sure it feels that way for anyone who went all in at $1200.

Offline CharlesH

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Re: Bitcoin currency (merged topics)
« Reply #263 on: January 14, 2015, 06:36:06 PM »
So what is a bitcoin going for now?

Offline Cedar

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Re: Bitcoin currency (merged topics)
« Reply #264 on: January 14, 2015, 06:38:41 PM »
So what is a bitcoin going for now?

This is real time I think
http://www.coindesk.com/price/

Cedar

Offline FreeLancer

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Re: Bitcoin currency (merged topics)
« Reply #265 on: January 14, 2015, 06:48:27 PM »
Went to $160 last night, playing with $200 now.

Offline R_Morgan

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Re: Bitcoin currency (merged topics)
« Reply #266 on: January 15, 2015, 05:41:51 AM »
This is a good thing. I think the 150 to 200 level is the stable area for bitcoin for the near future.  it is still being thought of as a commodity so its still behaving like one in a way. 

Online David in MN

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Re: Bitcoin currency (merged topics)
« Reply #267 on: January 15, 2015, 05:50:31 AM »
Ah, so Bitcoin is tied to oil...

I'd like to see it actually used as a currency. I use it when possible but it's not that often. One would think a low price would push sellers toward it.

The real breakthrough is the Blockchain which gets no press at all.

Offline FreeLancer

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Re: Bitcoin currency (merged topics)
« Reply #268 on: May 31, 2015, 02:57:03 AM »
Not really sure where best to put this, but, for anyone not keeping up with the Silk Road case, Ross Ulbricht gets life in prison for his role as the Dread Pirate Roberts and facilitating online drug sales using bitcoin.

Online David in MN

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Re: Bitcoin currency (merged topics)
« Reply #269 on: May 31, 2015, 05:59:30 AM »
Not really sure where best to put this, but, for anyone not keeping up with the Silk Road case, Ross Ulbricht gets life in prison for his role as the Dread Pirate Roberts and facilitating online drug sales using bitcoin.

Yeah, life in prison for creating a website. God help the Etsy folk if some of their sellers don't pay sales tax...

Silk Road was the poster child of why Bitcoin is evil. We were supposed to believe that all sorts of weapons, hitmen, drugs, and all sorts of nasty folks were acting nefariously fueled by magic electronic money. In reality it was kind of nothing special. I perused it once and other than laughing at sales of black tar heroin (hey maybe we could blame the inventor of that stuff, Bayer) it was a yawn. But Ulbricht is guilty of the greatest crime in history: he chose to ignore the state.