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Old March 27th, 2013, 05:16 AM   #21
curbdog17
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I heard you can buy tacos with bitcoins
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Old March 27th, 2013, 06:07 AM   #22
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I heard you can buy tacos with bitcoins
just ones that have been bit.
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Old March 28th, 2013, 07:57 AM   #23
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14% profit in two days.
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Old March 28th, 2013, 07:58 AM   #24
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Is there any way to cash out on your profits?
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Old March 28th, 2013, 08:31 AM   #25
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Is there any way to cash out on your profits?
Find someone to buy your bitcoins for cash.
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Old March 28th, 2013, 08:36 AM   #26
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I'm really trying to wrap my brain around this so bear with me


So you buy these bitcoins (which are a completely made up internet currency) with real cash. The market acts kind of like the stock market. You're basically buying a share. You can use those shares (whos value fluctuates with the market) to barter with other people for goods, etc. If you want to cash out you have to find someone (who is completely anonymous) to buy your shares for cash through some unknown (to me at this moment) broker type system and that's the only way you can withdraw your cash from the bitcoin market.

Am I even close to understanding this?
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Old March 28th, 2013, 08:38 AM   #27
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I'm really trying to wrap my brain around this so bear with me


So you buy these bitcoins (which are a completely made up internet currency) with real cash. The market acts kind of like the stock market. You're basically buying a share. You can use those shares (whos value fluctuates with the market) to barter with other people for goods, etc. If you want to cash out you have to find someone (who is completely anonymous) to buy your shares for cash through some unknown (to me at this moment) broker type system and that's the only way you can withdraw your cash from the bitcoin market.

Am I even close to understanding this?
That's pretty much how I've been reading it. Sounds like World of Warcraft for economics majors.
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Old March 28th, 2013, 08:46 AM   #28
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Quote:
Originally Posted by SS View Post
I'm really trying to wrap my brain around this so bear with me


So you buy these bitcoins (which are a completely made up internet currency) with real cash. The market acts kind of like the stock market. You're basically buying a share. You can use those shares (whos value fluctuates with the market) to barter with other people for goods, etc. If you want to cash out you have to find someone (who is completely anonymous) to buy your shares for cash through some unknown (to me at this moment) broker type system and that's the only way you can withdraw your cash from the bitcoin market.

Am I even close to understanding this?
yes.


however, this currency is not backed by a government or a banking system, but it mirrors currency of other nations.
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Old March 28th, 2013, 08:48 AM   #29
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yes.


however, this currency is not backed by a government or a banking system, but it mirrors currency of other nations.
So it's value is purely based on the people who decide it's worth something?

Has anybody jumped in on this, made a profit and managed to pull their money out? How difficult was it to get your money back out?
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Old March 28th, 2013, 08:55 AM   #30
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http://money.cnn.com/2013/03/28/inve....html?iid=Lead
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Old March 28th, 2013, 09:31 AM   #31
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So I should cash out my 401k, invest in bitcoin, then get to retire sometime next week?
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Old March 28th, 2013, 11:05 AM   #32
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So I should cash out my 401k, invest in bitcoin, then get to retire sometime next week?
Do it- all the cool kids are!
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Old April 3rd, 2013, 08:54 AM   #33
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Up 40% today! LOL


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Old April 3rd, 2013, 08:58 AM   #34
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http://grandrapids.craigslist.org/for/3671755767.html
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Old April 3rd, 2013, 08:59 AM   #35
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That guy sold at the wrong time
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Old April 3rd, 2013, 09:00 AM   #36
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So it's value is purely based on the people who decide it's worth something?
Is that really any different than anything else?
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Old April 3rd, 2013, 09:20 AM   #37
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Found this....

http://www.fee.org/the_freeman/detai...#axzz2PKeDov1L
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Old April 3rd, 2013, 09:53 AM   #38
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God damnit...

I'm about to drop $2000 into this shit.

Which program/website are you using for your transactions?
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Old April 3rd, 2013, 09:56 AM   #39
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Let us know how it works out.
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Old April 3rd, 2013, 10:51 AM   #40
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Ehhhhhh...

EHHHHHHHHHH.........
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