Bliz Posted March 6, 2014 Share Posted March 6, 2014 So I take it you don't have any bitcoins. Anyone else? How much is one share of apple stock valued at? If it's less than $25.00 (actually less than 25.00 minuses the e-trade fee), lets work a deal. BTW: The current "trade value" of bitcoin is now listed at about 656.16 to the dollar. http://bitcoincharts.com/markets/ If someone were to offer you a bitcoin at $250.00 right now, would you buy? Of course I would. And I'd turn around and sell it immediately. I wouldn't put my life savings in it, on the off chance that JMS is actually right for a change ( ), but would I throw a couple grand at it and almost certainly double my money? Sure I would. That's just it.. you can't sell them on the open market.. they are frozen. there seems to be some sort of backdoor in the system which allows black hats to compromise the currency and remove the cash.... That's why the bit coin exchanges are declaring bankrupcy and shutting hteir doors... and why executives from bitcoin are killing themselves. He's saying that he's been in his basement for the last two weeks and doesn't realize the entire Bitcoin currency was nothing but a big con. He doesn't realize somebody has figured out how to compromise the algrorithm and is closing the door on the bit coin exchanges. This con could ultimately be worth a fraction of a billion dollars. What he's saying is bit coins are worth 500$ why would anybody sell them for $25? which was true a few weeks ago. Today bitcoins today are worthless.. the money exchanges are all closing and they are unlikely to reopen having lost millions. Not all bitcoin holders realize that yet... hope over pragmatism.. I can't say I've been following it closely. But my understanding is that a few "exchanges", which I believe are simply places where you can store your bitcoins online, got hacked, shut down, and lost the bitcoins they have. There are other exchanges that are still up and running. And you can still buy and sell bitcoins on the open market through other servers, or use them to purchase goods through websites/companies that accept them. Tesla is one of those companies. At the numbers above ($250/coin, $656.16 value), you could spend $26k on bitcoins then immediately use it to buy a Model S ($70k MSRP). Link to comment Share on other sites More sharing options...
grhqofb5 Posted March 6, 2014 Share Posted March 6, 2014 Of course I would. And I'd turn around and sell it immediately. I wouldn't put my life savings in it, on the off chance that JMS is actually right for a change ( ), but would I throw a couple grand at it and almost certainly double my money? Sure I would. If I were to hook you up with a seller at the $250.00 price, would you do the deal today, with payment of a small commission to me($10.00)? Link to comment Share on other sites More sharing options...
Bliz Posted March 6, 2014 Share Posted March 6, 2014 If I were to hook you up with a seller at the $250.00 price, would you do the deal today, with payment of a small commission to me($10.00)?Are you guaranteeing the legitimacy of the seller? Because if you are I'll take 10 and gladly pay you your hundred bucksI'd be awfully suspicious of anyone who was willing to sell them to me at that price, when there are a dozen websites they could go to and sell it for twice as much. Link to comment Share on other sites More sharing options...
JMS Posted March 7, 2014 Share Posted March 7, 2014 1.) I don't do international mail transactions, sorry. PM me with a U.S. address, where you will be. Also send me a pic of the bitcoin with a snapshot of today's newspaper. It's not an international transaction. I live in the US, I just route my business transactions through Kabul for security purposes. Here is a picture of a bitcoin.. Here is today's paper 2.) Here's my point. $25.00 is not a lot of money to me right now. So if someone wants to sell me a bitcoin for $25.00, I would consider it. Perhaps my point is that bitcoin is really worth what someone is willing to pay for it. Sort of like baseball cards back in the late 80s and early 90s. Beckett could say whatever they wanted, but try walking into a store and buying a case of beer with a 1987 Topps Mike Greenwell rookie card (which I paid 15.00 for when I was 9). What I'm wondering is this: Is there a way to simply exchange this stuff for cash? It's virtual money. It's not like an actual coin. It's an encrypted data certificate. Sorry we couldn't do business... How about a case of Billy Beer, what would that be worth to you? What I'm wondering is this: Is there a way to simply exchange this stuff for cash? There was. There were exchanges just like EU dollars or any foreign currency exchanges.. You could exchange your bitcoins for the current exchange rate.... Problem is, those exchanges are all shuttered currently because somebody figured out how to get around the security algorithms.. The thought was it was the guy who thought up the security algorithms who was a sort of mythic figure.. They just tracked him down in N. California. Don't know if he's been charged yet or if they have any evidence against him. Cybercrime... Link to comment Share on other sites More sharing options...
grhqofb5 Posted March 7, 2014 Share Posted March 7, 2014 Are you guaranteeing the legitimacy of the seller? Because if you are I'll take 10 and gladly pay you your hundred bucks I'd be awfully suspicious of anyone who was willing to sell them to me at that price, when there are a dozen websites they could go to and sell it for twice as much. I can't guaranty the bitcoinz, but the seller can, and I will escrow your money pending your receipt of the product. See JMS's offer above. He will sell direct to you 10 bitcoins at $25.00/bitcoin. That works out to $100.00 for me. So your total is $350.00. JMS- because this is your first time dealing with me, I will waive my normal seller's commission. Please let me know how I can assist you in facilitating this transfer. I will escrow the money from Bliz, cut you a check for $250.00 upon Bliz's confirmation of the receipt of the 10 bitcoins, and keep my $100.00. Link to comment Share on other sites More sharing options...
Predicto Posted March 7, 2014 Share Posted March 7, 2014 Are you guaranteeing the legitimacy of the seller? Because if you are I'll take 10 and gladly pay you your hundred bucks I'd be awfully suspicious of anyone who was willing to sell them to me at that price, when there are a dozen websites they could go to and sell it for twice as much. In theory they could sell them. Does we know if anyone actually is able to cash in right now? Link to comment Share on other sites More sharing options...
grhqofb5 Posted March 7, 2014 Share Posted March 7, 2014 Ok guys, let's do this. It's like our own mini-stock exchange. I facilitate, Bliz buys, JMS sells, Predicto will over-analyze our discussions at a rate of $450.00 per hour/ or .75 bitcoins. Destino can keep us up to speed on market conditions. I think we'll need to get some tangible goods involved here at some point too. NattyLight can stand outside our office and hold up the 99%er sign and yell at us that we're screwing them over by selling to only each other, monopolizing the bitcoin, etc. Link to comment Share on other sites More sharing options...
JMS Posted March 7, 2014 Share Posted March 7, 2014 I can't say I've been following it closely. But my understanding is that a few "exchanges", which I believe are simply places where you can store your bitcoins online, got hacked, shut down, and lost the bitcoins they have. There are other exchanges that are still up and running. And you can still buy and sell bitcoins on the open market through other servers, or use them to purchase goods through websites/companies that accept them. So it's my understanding that every bitcoin has a few different properties. It has a security certificate, which uniquely identifies it. This is made with an RSA public key private key pair. The person who minted the coins can use his private key and issue public keys which can be authenticated only by the private key. This serves as both an authentication method and a unique identifier. A bitcoin also has an internal list of all the transactions it's been a party too. So if you use it to buy icecream, who bought what from whom and timestamp are recorded in the coins ledger. Both of these things are used to authenticate it prior to any future transaction. The third security measure is every bit coins transaction history is replicated across various trusted sites. That's how the seller knows your bit coin is good and hasn't been tampered with. The transaction history, and unique identifiers are cross referenced with various redundant repositories. You know where the coin came from and exactly how many times it's been split, and all the transactions it's been a party too... So if I use the coin once and buy ice cream from you... and then I try to use the coin again... The repository will tell the seller that I already used that coin and the coin I'm trying to pass off to him has an incomplete transaction history, and is thus invalid. So now we know that there have been a bunch of these repositories which are exchanging real money for bitcoins who were tricked out. Somebody came in and submitted their bitcoins, the certificate looked good, the transaction history looked good... the transaction went through... only the coins were tampered with. They were duplicated and worthless. The exchanges are going bankrupt the bitcoin value is imploding. Why? because if somebody has found a way to trick out the security algorithm at the exchanges, no bitcoin is safe from such a hack.. They all use the same security algorithms... On a brighter note, since each bitcoin contains a record of all it's transactions.. It is possible the stolen bitcoins will be traceable as they are exchanged for goods. It might take decades, but eventually theoretically it might be possible to track how they were stolen and by whom and what he/she used them for.. The problem here of coarse is once they are used once, it's almost impossible to recover their value for the original guy who had them stolen.. After all the new guy who exchanged them for goods who had nothing to do with the theft can't make the guy who had them stolen whole. Link to comment Share on other sites More sharing options...
NattyLight Posted March 7, 2014 Author Share Posted March 7, 2014 I'll sell you a litecoin for $25 and you'll thank me when they're $100 next year. Here's a picture of a .2 BTC I sent to Ukraine just because.... https://blockchain.info/tx/6290ed9cd78a83d834807c203d40952d9ea66e0f556e76e88a685ce8c85982ba It's not about dollars people, it's about the future of how **** is going to work. ethereum.org Also, following this Satoshi story (in which the real creator of BTC broke 4 years of silence an hour ago) is riveting. http://www.reddit.com/r/Bitcoin/comments/1zrshb/real_satoshi_nakamoto_denies_being_dorian_nakamoto/ Link to comment Share on other sites More sharing options...
dfitzo53 Posted March 7, 2014 Share Posted March 7, 2014 http://money.cnn.com/2014/02/07/investing/bitcoin-withdrawal-halt/index.html?hpt=hp_t2Bitcoin plunges as major exchange halts withdrawals Question -- Is there any more secure site for bitcoin storage than Silk Road 2? 'Cuz they just got hacked and completely wiped out. $2.7 million heist. Rumors of an inside job are swirling, basically questioning the credibility of the SR2 administrator's account: Silk Road 2 Hacked, All Bitcoins Stolen Forbes weighs in, for what it's worth and with some additional context... Silk Road 2.0 'Hack' Blamed On Bitcoin Bug, All Funds Stolen "(Reuters) - Prominent bitcoin exchange Mt. Gox posted an update on its website on Tuesday, saying a "decision was taken to close all transactions for the time being," citing "recent news reports and the potential repercussions on MtGox's operations." http://news.yahoo.com/bitcoin-exchange-mt-gox-39-website-down-053727771--sector.html Is the end near? Another bitcoin site bites the dust Just a week after one of bitcoin's major exchanges, Mt.Gox, went offline—and then filed for bankruptcy—a bitcoin bank was forced to close after hackers stole 896 bitcoins, worth over $600,000. The bitcoin bank Flexcoin posted a note on its site stating: "On March 2, 2014 Flexcoin was attacked and robbed of all coins in the hot wallet. ... As Flexcoin does not have the resources, assets, or otherwise to come back from this loss, we are closing our doors immediately." The term "hot wallet" refers to bitcoins stored in an online wallet connected to the Internet. Click on the link for the full article And the plot thickens.... "It appears bitcoin’s recent turmoil has claimed its first life. Autumn Ratke a 28-year-old American CEO of bitcoin exchange firm First Meta was found dead in her Singapore apartment on Feb. 28. Local media are calling it a suicide, but Singapore officials are waiting for toxicology test results. Ratke formerly worked with Apple and other Silicon Valley tech firms on developing digital payment systems." http://www.foxnews.com/tech/2014/03/05/bitcoin-firm-ceo-found-dead-in-suspected-suicide/?intcmp=latestnews It's not about dollars people, it's about the future of how **** is going to work. Sounds lovely. Really, I agree with you that mostly or wholly electronic currency is the future. I just don't think it's going to be in the form of cryptocurrency. Link to comment Share on other sites More sharing options...
NattyLight Posted March 7, 2014 Author Share Posted March 7, 2014 So you're insinuated that the media would be more to highlight negative that occur in paradigm shifts because its easy to do.?ytpp Click on the etretheum link above, that **** will hold you type. And also 'currency" is just the tip of the iceberg that's want folks don't get. Link to comment Share on other sites More sharing options...
NattyLight Posted March 7, 2014 Author Share Posted March 7, 2014 Not Him. https://ip.bitcointalk.org/?u=http%3A%2F%2Fi.imgur.com%2FZYduTji.jpg&t=537&c=toxxodNNbGFRfQ Link to comment Share on other sites More sharing options...
s0crates Posted April 30, 2014 Share Posted April 30, 2014 Saw the bitcoin across America bus today. Weird. http://bitcoinacrossamerica.com Link to comment Share on other sites More sharing options...
KuNiT21 Posted April 30, 2014 Share Posted April 30, 2014 I've actually made some nice coin mining/trading my bitcoins for USD. They have trading just like the stock market going on several sites like mintpal and cryptsy. I don't mine anymore, but trading coins is fun. Link to comment Share on other sites More sharing options...
Btubes18 Posted April 30, 2014 Share Posted April 30, 2014 Well after reading this thread I had a few laughs. I am still waiting to actually see how people are currently cashing out with their bitcoins today and don't really understand why anyone would house their bitcoins in one of these flimsy banks. Seems like this mysterious inventor made a Fing fortune by creating monopoly money. Interesting side note, bloomberg feels the bit coin is valuable enough to list the price...http://online.wsj.com/news/articles/SB10001424052702304893404579532471795644350?mg=reno64-wsj&url=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB10001424052702304893404579532471795644350.html Link to comment Share on other sites More sharing options...
PleaseBlitz Posted August 20, 2014 Share Posted August 20, 2014 Inside a Chinese Bitcoin Mine. http://www.thecoinsman.com/2014/08/bitcoin/inside-chinese-bitcoin-mine/ If you've ever thought about setting up your home computer to mine a few bitcoins, here is your competition. Link to comment Share on other sites More sharing options...
grhqofb5 Posted August 21, 2014 Share Posted August 21, 2014 Inside a Chinese Bitcoin Mine. http://www.thecoinsman.com/2014/08/bitcoin/inside-chinese-bitcoin-mine/ If you've ever thought about setting up your home computer to mine a few bitcoins, here is your competition. So they've got a bunch of old fans heaped in a pile in an old warehouse, along with some Commodore 64s. Maybe they're playing River Raid with all the money they're making. Link to comment Share on other sites More sharing options...
Forehead Posted August 21, 2014 Share Posted August 21, 2014 Is the case of Billy Beer still for sale? Link to comment Share on other sites More sharing options...
dfitzo53 Posted August 21, 2014 Share Posted August 21, 2014 So they've got a bunch of old fans heaped in a pile in an old warehouse, along with some Commodore 64s. Maybe they're playing River Raid with all the money they're making. Those fan units are computer power supplies. (Basically, it's the part of the computer where you plug the power cord in, but you can actually see it for what it is since they've been removed from the computer case.) The fan is only there to keep the power supply's electronics cool enough to operate. I think the idea of that picture is either that they have so many computers that they buy power supplies in bulk and just pull them off the heap to pop into their machines, or they run so many computers for so long that the power supplies eventually fail and get tossed in a pile. Link to comment Share on other sites More sharing options...
HOF44 Posted August 21, 2014 Share Posted August 21, 2014 I think the idea of that picture is either that they have so many computers that they buy power supplies in bulk and just pull them off the heap to pop into their machines, or they run so many computers for so long that the power supplies eventually fail and get tossed in a pile. It said in the article that when machines die or they upgrade machines they pull the power supplies to use in case of failure in the new machines. Link to comment Share on other sites More sharing options...
Lombardi's_kid_brother Posted August 21, 2014 Share Posted August 21, 2014 I like that Johnny Cash shirt. Link to comment Share on other sites More sharing options...
PleaseBlitz Posted August 22, 2014 Share Posted August 22, 2014 Those fan units are computer power supplies. (Basically, it's the part of the computer where you plug the power cord in, but you can actually see it for what it is since they've been removed from the computer case.) The fan is only there to keep the power supply's electronics cool enough to operate. I think the idea of that picture is either that they have so many computers that they buy power supplies in bulk and just pull them off the heap to pop into their machines, or they run so many computers for so long that the power supplies eventually fail and get tossed in a pile. Ding. If you actually read the article rather than just look at the pictures, the point is that they run so many computers that they have a giant pile of the dead power supplies. Link to comment Share on other sites More sharing options...
The 12th Commandment Posted August 22, 2014 Share Posted August 22, 2014 The AMD graphic cards that work the best for mining run hot and use a lot of power. Not surprising they burn through power supplies like that. These tools (all bitcoin miners) cornered the market on AMD's new generation of cards when they first came out and increased the price for them substantially due to supply shortages. I would love to see their bottom line. Hard to believe they made enough to warrant all that expense. The power bills must have been through the roof. Link to comment Share on other sites More sharing options...
PleaseBlitz Posted August 22, 2014 Share Posted August 22, 2014 The article states that their power bill is $60,000 a month. Link to comment Share on other sites More sharing options...
grhqofb5 Posted August 22, 2014 Share Posted August 22, 2014 The article states that their power bill is $60,000 a month. Who's paying that bill, and with what? Personally, I'd want cash, but the power company might accept Bitcoinz. Link to comment Share on other sites More sharing options...
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