What are your thoughts on BitCoin?

*Points to the drug dog*

Fang there has alerted on your currency sir. Please hand your wallet and any other cash in your pockets to Officer Grabnsnatch.

*Tases Bhsup when he reaches for his pocket, then takes the remaining cash and car keys*

Sorry, thought you might be reaching for a gun there. All your assets will now be prosecuted for having been involved in drug deals at some time in the past. Should you wish to hire an attorney for your assets, you won't be able to since we now have all your assets. No attorney will be provided for your assets, since of course assets don't have a right to representation.

Nice car. Would you like a ride home...er...somewhere?

:lol: That's brilliant.

Reminds me of this story:
http://www.slate.com/articles/life/...ng_in_bootstrap_america_daily_annoyances.html

I once lost a whole truck over a few hundred bucks. It had been towed, and when I called the company they told me they’d need a few hundred dollars for the fee. I didn’t have a few hundred dollars. So I told them when I got paid next and that I’d call back then.

It was a huge pain in the ass for those days. It was the rainy season, and I wound up walking to work, adding another six miles or so a day to my imaginary pedometer. It was my own fault that I’d been towed, really, and I spent more than a couple hours ruing myself. I finally made it to payday, and when I went to get the truck, they told me that I now owed over a thousand dollars, nearly triple my paycheck. They charged a couple hundred dollars a day in storage fees. I explained that I didn’t have that kind of money, couldn’t even get it. They told me that I had some few months to get it together, including the storage for however long it took me to get it back, or that they’d simply sell it. They would, of course, give me any money above and beyond their fees if they recovered that much.

I was working two jobs at the time. Both were part time. Neither paid a hundred bucks a day, much less two.

Anything can make you lose your apartment, because any unexpected problem can set off that Rube Goldberg device.

I wound up losing my jobs. So did my husband. We couldn’t get from point A to point B quickly enough, and we showed up to work, late, either soaked to the skin or sweating like pigs one too many times. And with no work, we wound up losing our apartment.


It’s amazing what things that are absolute crises for me are simple annoyances for people with money.

Even the briefest encounter with the law can be devastating for poor people.
I've heard of people dying over a $0.75 cigarette.


.........Oh right, this is the Bitcoin thread.
Microsoft is now taking Bitcoins!
http://www.ign.com/articles/2014/12/11/you-can-now-pay-for-xbox-and-windows-content-with-bitcoin

Microsoft is now accepting payments in Bitcoin for content from its online stores.

According to Microsoft, users can add the cryptocurrency to their accounts, which can then in turn by used to buy games, apps, music, and videos from the Xbox Games, Xbox Music, Xbox Video, Windows, and Windows Phone stores.

"The use of digital currencies such as bitcoin, while not yet mainstream, is growing beyond the early enthusiasts," says Microsoft VP of Universal Store Eric Lockard in the official announcement. "We expect this growth to continue and allowing people to use bitcoin to purchase our products and services now allows us to be at the front edge of that trend."

Coindesk says that Microsoft partnered with Bitcoin processor BitPay to make the new payments possible.
 
"We will accept anything with market value to lock you into a gift card, especially a commodity that will earn us customer loyalty."

hahaha buttcoin
 
When I bought something from Newegg today I noticed bitcoin was an option for payment. I am seeing it more and more from "mainstream" retailers. Neato.
 
Bitcoins have been referred to as RON PAUL FUN BUX on this site before. That should tell you all you need to know about them as a viable currency.

That said, there are more useless things on the internet.

It's most useful for criminal activities. As a legitimate money, it sucks beyond the telling. And would cripple the economy if that was what people actually had to rely on.

Is this some kind of fancy lingo for Chuck E. Cheese tokens?
Do you guys feel stupid?

If one would've bought $1,000 in bitcoin when this thread was created they'd have over $20,000 now.
 
In theory, buttcoins are an interesting mathematical/cryptographical exercise. There's nothing intrinsically wrong with them. As a medium of exchange they certainly have drawbacks, and are clearly meant for either an insular community or for criminals (or both), but the first one of those things isn't necessarily a bad thing and the second one of those things is actually kind of funny.

In reality, a sizable ultra-libretard community has seized on buttcoins as a method for demonstrating to the wider world that they have zero understanding of economics or finance or even basic cost-benefit analysis. Buttcoins are fun and easy to mock because buttcoiners are fun and easy to mock. The buttcoin community is full of delusional lunatics who force their parents to shell out astronomical electricity and utility bills in real money so that they can have some of their own little irrelevant money, which supposedly will become the main world currency after the "inevitable" economic collapse of modern "socialist" society.
Hahahahaha, poor Dachs could've been rich Dachs. I love when smug haters have to eat their words, perhaps with some nice Ramen noodles. :D
 
I'm sure you could set up a lifestyle where you use it as money for all your needs & never deal with cash. Someone will do this and write a buzzfeed or vice article about it.
 
Do you guys feel stupid?

If one would've bought $1,000 in bitcoin when this thread was created they'd have over $20,000 now.
We were talking about RON PAUL FUN BUX in terms of their viability as a currency, not whether they make a good speculative investment.
So no, I don't feel stupid.
 
Bitcoin and other altcoins still haven't solved their crazy stupid volatility.
 
Do you guys feel stupid?

If one would've bought $1,000 in bitcoin when this thread was created they'd have over $20,000 now.
why would i feel stupid for a dumb joke I made 3 years ago

it's not like I was giving an actual opinion with any semblance of thought behind it

what's your problem lol
 
The Economist made an interesting comparison between BitCoin and Napster. Both were new, flawed technologies that nonetheless provided consumers with something of real value, which disrupted the established industries and resulted in positive change within those industries. We can now download music instantly and relatively cheaply, in part because Napster proved that there was (a) the demand for it, and (b) the technology for it. In a few years time, we might find that transferring money across borders becomes instant and cheap, in part because BitCoin proved that there was the demand and the technology for that, too.

In hindsight, this Economist article was pretty prescient. Blockchain, the technology that underlies Bitcoin, is the hottest thing in banking right now. Majorly disruptive technology.

Do you guys feel stupid?

If one would've bought $1,000 in bitcoin when this thread was created they'd have over $20,000 now.
How stupid do you feel for not buying it? I personally feel pretty stupid. I've known about Bitcoin since 2009, but never pulled the trigger. Now I really wish I had.
 
I doubt Bitcoin is the final form personally. There are some unresolved problems beneath the shiny surface. A new challenger might yet dethrone it actually. The blockchain tech will be usurped by banks. Where things go from there is anyone's guess. My bet: Two parallel economies.
 
They're basically subsidizing the process. Now, it's a response, because people want to speculate. And six hundred bucks isn't worth worrying about. But it's subsidizing the bitcoin banks. It's subsidizing a process that call for us to useless burn energy equivalent to Denmark's energy consumption. Terrible idea. Don't subsidize it.

Some estimates suggest that by 2020, BitCoin mining could conceivably burn through 14,000 megawatts (MW) of power (about equal to half of New England’s generating capacity, or –put another way - equal to Denmark’s consumption).
https://www.forbes.com/sites/peterd...gly-energy-intensive-endeavor/2/#4a72b65b30f3
 
How stupid do you feel for not buying it? I personally feel pretty stupid. I've known about Bitcoin since 2009, but never pulled the trigger. Now I really wish I had.

I've stepped in myself, and I am going back and forth from a 30% gain to a 10% loss. I expect the base line to increase, nevertheless as long as there is potential for market share to increase.
 
They're basically subsidizing the process. Now, it's a response, because people want to speculate. And six hundred bucks isn't worth worrying about. But it's subsidizing the bitcoin banks. It's subsidizing a process that call for us to useless burn energy equivalent to Denmark's energy consumption. Terrible idea. Don't subsidize it.


https://www.forbes.com/sites/peterd...gly-energy-intensive-endeavor/2/#4a72b65b30f3

How about conventional banks burning billions on keeping structures that's been long obsolete? All these back offices, client centers, skyscrapers and investing departments, etc. In the end, government Has to bail them out with taxpayer money, when they screw it up intentionally or out of stupidity or greed. Banks burn electricity, same as Denmark.

Crypto, among other things, strives to get rid of useless intermediaries, yes, it burns energy in the process. However, it is obvious that total expenditure of maintaining "classical" financial system is far far greater than Denmark's energy consumption. Now other coins emerge (zcash) that can maintain the same userbase at a fraction of a mining cost.

It is also obvious that right now crypto is a trashy mess in it's infancy, holding a sign "keep out" to anyone with half the brain. But it isn't such a terrible idea if you give it some thought.
 
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