Bitcoin

[Anger]

I can go to my bank and have them put cash in my hand equal to the amount shown. I know the rate at high it's value is decreasing, and can exchange it readily for goods or service with 99.999% of the US population and most non-US companies.

The numbers on my bank account represent an actual physical currency. I realize that this currency only has the value another believes it to have but I can exchange it much more readily than a bitcoin for physical goods that are necessities for life and will always have alvalue value for that reason.

Also, the idea of "mining" a bitcoin sounds outright ridiculous. If it doesn't exist how is it mined. Who says how many can be made, what's to stop a hacking group such as anonymous from flossing the market with fake nonexistent currency.

The whole basis for its value is that it is only supposed to be made available at a specific rate. That's great except that most other currencies start out with the same plan....until somebody important needs more. Then the market starts to get "adjusted" and it becomes just as screwed up as the current currencies and inflation takes over.


Maybe I'm not smart enough for these new fangled funny monies, but common sense tells me it's a disaster looking for a victim.

yea buddy

 

[Vaquero]

If the grid goes down, I'm pretty sure the bank will have record of my account and give me my money. Not positive.

I'm confident no one will give me anything for a claimed bitcoin balance.

 

[jordanmills]

ok, you got me, it's nt a "stock value" but look at the valuation over time $BTCUSD Bitcoin USD stock and investing information on StockTwits (BTCUSD)

"The federal government is generally very supportive" Proof? I doubt this totaliarian control government is " generally very supportive"

Bro, you're smoking the good stuff if you thing bitcoin is being used for the general "good" of society.

That's just what people are paying for it. More like aluminum cans than ownership shares of a company.

Have you been inside all day? It's all over the news.

Bitcoin's tipping point - The Term Sheet: Fortune's deals blogTerm Sheet

senior law enforcement and regulatory officials highlighted the benefits of virtual currencies at the first ever congressional hearing on such monetary instruments.

As China Looms, the U.S. Ponders Ways Not to Destroy Bitcoin | Wired Enterprise | Wired.com

“These virtual currency services are not in and of themselves illegal so long as they comply with our applicable money laundering laws and our money transmission laws and regulations,” said Mythili Raman, acting assistant attorney general with the Department of Justice.

Bitcoin Confuses, Intrigues in Senate Discussion: Video - Bloomberg

“These virtual currency services are not in and of themselves illegal so long as they comply with our applicable money laundering laws and our money transmission laws and regulations,” said Mythili Raman, acting assistant attorney general with the Department of Justice.

There are plenty more.

To your last point, I actually use it, buy and sell stuff, and pay people in it. You don't even seem to know what it is, and you're definitely not up to date on news relating to it. Do you really think you know more about how it's used than the guy actually using it?

 

[jordanmills]

If the grid goes down, I'm pretty sure the bank will have record of my account and give me my money. Not positive.

I'm confident no one will give me anything for a claimed bitcoin balance.

You sure? With the bank, you have to take their word for it. With bitcoin, you can prove it yourself.

 

[jordanmills]

Also, the idea of "mining" a bitcoin sounds outright ridiculous. If it doesn't exist how is it mined. Who says how many can be made, what's to stop a hacking group such as anonymous from flossing the market with fake nonexistent currency.

So your whole point is that you haven't bothered to read up on how it works so you're permanently dismissing it as all fake?

 

[Vaquero]

You sure? With the bank, you have to take their word for it. With bitcoin, you can prove it yourself.

How? No connectivity, no power. The web runs on electrons.

 

[Younggun]

So your whole point is that you haven't bothered to read up on how it works so you're permanently dismissing it as all fake?

I put forth many concerns, you have no answers.

I read up on Wikipedia before making the post.


And yes, I am.

 

[Younggun]

So your whole point is that you haven't bothered to read up on how it works so you're permanently dismissing it as all fake?

I have cash I can spend, can I write a check for bitcoins? I can't pull 10 bitcoins out of my wallet to put gas in the generator. If my computer is fried what do I have?

Why over complicate a financial transaction in this way. Sounds like buying everything by trading stock. I know it's not the same, but sounds like the process is.

 

[Anger]

To your last point, I actually use it, buy and sell stuff, and pay people in it. You don't even seem to know what it is, and you're definitely not up to date on news relating to it. Do you really think you know more about how it's used than the guy actually using it?

PS, if we ever meet face to face, remind me to stick your BitCoins's back in your 'camp'. I wonder if you're claiming the BitCoin income as misc income on your fed income tax. My guess is no. Welp one day I suppose you'll pay the 'piper.' aka democratic run govmnt and IRS.

Like I said, I'll stick to my ammo, guns, land, food, silver, gold and greenbacks in that order.

 

[jordanmills]

How? No connectivity, no power. The web runs on electrons.

If you don't mind doing a big math problem you can do it with pencil and paper. All you do is write out the transaction in a specific format, then run a well known mathematical function on it and your private key.

If you have a solar panel and a laptop, you can do it just fine. Actually, lots of people keep the computers with their private keys on them completely disconnected and do transfers just fine. It's one of the more secure ways to do it.

 

[Vaquero]

I got some research to do I guess.
Gotta say I am biased against it, but im not sure why.

 

[Anger]

jordanmills has not made any friends yet

 

[jordanmills]

I put forth many concerns, you have no answers.

I read up on Wikipedia before making the post.


And yes, I am.

I have cash I can spend, can I write a check for bitcoins? I can't pull 10 bitcoins out of my wallet to put gas in the generator. If my computer is fried what do I have?

Why over complicate a financial transaction in this way. Sounds like buying everything by trading stock. I know it's not the same, but sounds like the process is.

That's because I got to the root of it. If you're going to be content with ignorance and dismiss it, what's the point in answering questions? You've already made up your mind.

Yes you can write a check with bitcoins. Except it's generally better, because without the private key, nobody else's signature on that check is valid. Fraudulent transactions are impossible in practical terms. So yeah, you can write the transaction on a piece of paper and hand it to someone and it's perfectly valid.

There are several ways that physical tokens represent bitcoin balances. They're not widely used because they're just not that convenient. https://www.casascius.com/

I think you're trying to invent a lot of complexity where there is none.

 

[Younggun]

That's because I got to the root of it. If you're going to be content with ignorance and dismiss it, what's the point in answering questions? You've already made up your mind.

Yes you can write a check with bitcoins. Except it's generally better, because without the private key, nobody else's signature on that check is valid. Fraudulent transactions are impossible in practical terms. So yeah, you can write the transaction on a piece of paper and hand it to someone and it's perfectly valid.

There are several ways that physical tokens represent bitcoin balances. They're not widely used because they're just not that convenient. https://www.casascius.com/

I think you're trying to invent a lot of complexity where there is none.

I think you're trying to invent money where there is none.

 

[jordanmills]

PS, if we ever meet face to face, remind me to stick your BitCoins's back in your 'camp'. I wonder if you're claiming the BitCoin income as misc income on your fed income tax. My guess is no. Welp one day I suppose you'll pay the 'piper.' aka democratic run govmnt and IRS.

Like I said, I'll stick to my ammo, guns, land, food, silver, gold and greenbacks in that order.

I guess your username is appropriate. It seems that you don't like facts so you're making thinly veiled threats at the person relaying them. I assure you that I have nothing to worry about from the government and IRS - but if you keep talking about taking things from people and sticking them places, you might.

 

[jordanmills]

I got some research to do I guess.
Gotta say I am biased against it, but im not sure why.

Not unreasonable. It's new, and most people won't be comfortable with something until they're familiar with it. Don't ignore your gut and definitely don't guy buying or selling things for bitcoin until you feel like you know the technology better.

 

[jordanmills]

I think you're trying to invent money where there is none.

I have one thing. Someone else will give me something I value for that thing. Seems real enough to me.

 

[Anger]

I guess your username is appropriate. It seems that you don't like facts so you're making thinly veiled threats at the person relaying them. I assure you that I have nothing to worry about from the government and IRS - but if you keep talking about taking things from people and sticking them places, you might.

Member since 2009 and no friends here ? Mr Jordan Mills, you're missing the point of this forum. AS far as my user name, bro, it's my last name. Feel free to look me up, buy some shit from me. I assure you, I pay my taxes to the feds and the great state of TEXAS. Oh snap, I don't accept BITCOIN as payment. LMFAO LBHO.

 

[GPtwins]

I think France decided that bitcoin is currency and decided to tax it.

 

[jordanmills]

Member since 2009 and no friends here ? Mr Jordan Mills, you're missing the point of this forum. AS far as my user name, bro, it's my last name. Feel free to look me up, buy some shit from me. I assure you, I pay my taxes to the feds and the great state of TEXAS. Oh snap, I don't accept BITCOIN as payment. LMFAO LBHO.

Why are you obsessed with trying to convince people that I have no friends?

I guess you grew into your name then.

I don't think assault has much to do with taxes, but you can try to follow through and see what they say.

Why are you obsessed with trolling this thread?