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 Post subject: BitCoins, Digital Money
PostPosted: Fri Jun 10, 2011 1:15 pm 
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Joined: Fri Feb 06, 2009 2:57 pm
Location: Pittsburgh
Has anyone else heard about bitcoins? I saw them for about $1 <-> 1BTC, and should've bought some. They recently peaked at $35-$40 <-> 1BTC, I could've seriously made some money. D:

That said, I'm expecting the market price to go back up to around $40-$50 each next week, and I have 2BTC.

Haven't heard about them? Head over to Bitcoin.org and read about them! It's pretty neat!

It's currently VERY VOLATILE. D: Don't buy in more than you can afford to lose.

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 Post subject: Re: BitCoins, Digital Money
PostPosted: Fri Jun 10, 2011 1:35 pm 
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I had seen them back when they went for about $10 USD. I was planning on buying a few, but then they were in the news, about how they could be used to buy drugs and other illegal stuff online. Ever since then, they've been climbing in price pretty steadily, hahaha.


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 Post subject: Re: BitCoins, Digital Money
PostPosted: Fri Jun 10, 2011 2:01 pm 
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Joined: Thu Dec 31, 2009 8:54 pm
Location: Bay Area, California
It seems like most people are only interested in speculation with bitcoins. It would be nice to see people offer more goods and services for them. I think bitcoin will fail if it remains a primarily speculative market but might succeed if it becomes more viable as an actual currency.

People on this forum might conciser accepting bitcoins for payment for various twisty puzzle related sales. If you want to limit your liability you could (for example) charge for half the purchase in traditional currency and the other half in bitcoins.

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 Post subject: Re: BitCoins, Digital Money
PostPosted: Sat Jun 11, 2011 1:36 am 
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It's useless as currency until it reaches a stable point. Nobody likes to make purchases or sales using stocks, for example, due to their volatile nature

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 Post subject: Re: BitCoins, Digital Money
PostPosted: Sat Jun 11, 2011 10:52 am 
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Joined: Wed May 13, 2009 4:58 pm
Location: Vancouver, Washington
theVDude wrote:
That said, I'm expecting the market price to go back up to around $40-$50 each next week, and I have 2BTC.
It's currently VERY VOLATILE. D: Don't buy in more than you can afford to lose.
Have you seen the prices today? Dropped down to $15-$20. I seriously think that jump to $30 was because of Silk Road. It's kind of annoying how the news & politicians automatically are linking the two as if they are the same thing.

The idea of bitcoins is kind of cool, but I have massive doubt on if the general population will accept it. I tried explaining mining to my mom and she is completely perplexed why anyone would by the "monopoly money" that I'm "printing." It could be that too many people won't understand the core technologies that make it secure. I also think it's kind of bad that it's P2P. Don't get me wrong, I love P2P (<3 Bram Cohen), but I think too many people (especially politicians) will probably automatically think of Napster, Limewire, and other illegal file transfer.

Any one here mining? I'm kind of casually doing it. If I'm not playing games or using my computers otherwise, I have about 400MHash/s+. Gave my brother a good excuse to upgrade his video card. Managed to snag a 5830 before it went out of stock. Like I said earlier, I don't have much confidence that it will take off, but that doesn't mean I can't make a buck in the meantime :P

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 Post subject: Re: BitCoins, Digital Money
PostPosted: Sat Jun 11, 2011 3:35 pm 
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Location: Bay Area, California
GuiltyBystander wrote:
The idea of bitcoins is kind of cool, but I have massive doubt on if the general population will accept it. I tried explaining mining to my mom and she is completely perplexed why anyone would by the "monopoly money" that I'm "printing." It could be that too many people won't understand the core technologies that make it secure. I also think it's kind of bad that it's P2P.

The vast majority of the population, including politicians don't understand how our current currency works either. Ever since the elimination of the gold standard US dollars are just another fiat currency like bitcoins. It works because everyone values it, not because it has any intrinsic value or because the average person understands it. There was a lot of resistance moving to paper money and away from physical coins too. Bitcoins face a similar problem.

I have my doubts that it will take off too but they are more along the lines of governments regulating/banning currency they didn't issue or can't track. The P2P nature of it is a marketing problem. Call it "person to person" and it eliminates concern. It is unfortunate that such a small set of industries (Music/Movies) have the marketing and political clout to turn the term "P2P" into bad word.

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 Post subject: Re: BitCoins, Digital Money
PostPosted: Mon Jun 13, 2011 7:33 am 
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Joined: Fri Feb 06, 2009 2:57 pm
Location: Pittsburgh
I like pretending I'm a day trader, though.

I'm expecting a few more bubbles before anything stable happens. The last drop (from $30 to $10) was in part caused by someone selling off 17K BTC. That should've caused a dip, but since bitcoin is full of people like me who have no idea what we're doing, people started a panic. I should've bought more at $10, since it's back up to $23 now.

some links:
Current mtGox price
Live ticker

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