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Old February 27th, 2014, 07:25 AM   #381
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Unless the exchange service they use goes belly up.
Coinbase is out of the US, and is regulated by the government as a bank. Companies like that tend not to go belly up. But of course it could happen.
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Old February 27th, 2014, 07:27 AM   #382
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Coinbase is out of the US, and is regulated by the government as a bank. Companies like that tend not to go belly up. But of course it could happen.
A new, unbacked currency is going to be risky for all involved. It's all about how much risk you can live with, I suppose.
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Old February 27th, 2014, 07:30 AM   #383
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Bitpay and coinbase pay within 48 hours which is incredible. That is about 3 days quicker than most credit card processing companies.

So the business receives the USD equivalent for the product they sold, they have zero risk of the order being fraud lent (since it is non reversible), and the transaction fee is .1% compared to credit card companies 2.7% - 3.8%.

There is no reason for a business NOT to accept bitcoin or litecoin.
Wow that's a fast turnaround. I agree that businesses would want to accept BTC and LTC as payment. With that kind of turnaround, why would they not? As long as they only accept and not become a buyer like you and many others, then the risk is substantially less.
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Old February 27th, 2014, 09:32 AM   #384
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Wow that's a fast turnaround. I agree that businesses would want to accept BTC and LTC as payment. With that kind of turnaround, why would they not? As long as they only accept and not become a buyer like you and many others, then the risk is substantially less.
That is correct.

Some interesting things are happening right now, somebody found a cold storage wallet of Gox with 280,000 BTC in it that should be recoverable.

http://i.imgur.com/D01Wvfr.jpg

The market has figured the loss of these coins to hackers, if it ends up Mt Gox was not hacked, the price of BTC has no where to go but up.
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Old February 27th, 2014, 09:37 AM   #385
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the price of BTC has no where to go but up.
Quoted for future reference
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Old February 27th, 2014, 09:53 AM   #386
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Quoted for future reference
make sure you quote my first post in this thread too for future reference
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Old February 27th, 2014, 10:29 AM   #387
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Can you keep BTC and LTC in the same wallet?

Say blockchain for instance?
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Old February 27th, 2014, 10:50 AM   #388
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Hmmm ..... Kinda like Facebook & twitter. Who woulda thought that a simple website with no tangible assets would be worth millions?????
FB and twitter have monsterous advertising reach, that's what makes them valuable. Bitcoin does not.
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Old February 27th, 2014, 10:53 AM   #389
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FB and twitter have monsterous advertising reach, that's what makes them valuable. Bitcoin does not.
FB and Twitter likely also have NSA (gov't) backing.
Bitcoin will also have to fight the Fed (which is private) and all its power.
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Old February 27th, 2014, 10:54 AM   #390
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Bitcoin is nothing more than a house of cards fueled by speculation and imagination. Of course, some have made money through the trading of this imaginary currency, but that's only because they found another person dumb enough to buy their imaginary money for even more real money than they paid. As evidenced by the collapsing and disappearance by the largest of the bitcoin exchanges... Once people start to look behind the curtain, it's done.

Somebody bump this thread in 5 years and I will either admit my error or laugh.
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Old February 27th, 2014, 11:38 AM   #391
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Is it a good idea to have more than one wallet?

Say Blockchain and Coinbase?
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Old February 27th, 2014, 12:15 PM   #392
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FB and Twitter likely also have NSA (gov't) backing.
Bitcoin will also have to fight the Fed (which is private) and all its power.
The US Govt. owns 11% of total BTC mined.
If they wanted, they could devalue this easily...they have not yet.
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Old February 27th, 2014, 12:16 PM   #393
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Bitcoin is nothing more than a house of cards fueled by speculation and imagination. Of course, some have made money through the trading of this imaginary currency, but that's only because they found another person dumb enough to buy their imaginary money for even more real money than they paid. As evidenced by the collapsing and disappearance by the largest of the bitcoin exchanges... Once people start to look behind the curtain, it's done.

Somebody bump this thread in 5 years and I will either admit my error or laugh.
No need to wait five years:
You are retarded.
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Old February 27th, 2014, 02:06 PM   #394
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I think everyone here should push to make casino cash a legitimate currency.
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Old February 27th, 2014, 03:03 PM   #395
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Coinbase is out of the US, and is regulated by the government as a bank. Companies like that tend not to go belly up. But of course it could happen.
Regulated as a bank how? They are not an FDIC insured institution.

The economist in me sees two major problems with Bitcoin:
  1. The relatively limited supply of new coins may make Bitcoin attractive to the "goldbug" type crowd and those who want us to go back to the gold standard but it means that as more people begin to use it it's value could increase to the point where it prices itself right out of the realm of usefulness. From what I have read, "mining" for new Bitcoins is now to the point where you need massive amounts of computing power to actually find any which would make it hard for the use of Bitcoin to keep up with an increase in acceptance and trade. On the opposite end of the spectrum, if somebody made some sudden big improvements in computing power, the Bitcoin market could suddenly collapse as a massive influx of new Bitcoins came into circulation.
  2. Currently, the main value in Bitcoin is in holding on to it and speculation and not actually using it as a currency. However once more and more retailers (internet and bricks and mortar) begin to use it, it will of course get more traction as a currency - if somebody lime Amazon or Target or Walmart began accepting it, that would be a huge boon for its mainstream legitimacy. However, once that happens, see point number 1.

That said, I do think there is a place for Bitcoin. I could see it becoming quite useful in international money transfers and business-to-business transactions (international and domestic), especially considering how long it takes wire transfers to actually be deposited thanks to antiquated U.S. banking systems compared to what most of Europe and much of Western Asia can do now with near instant transfers.
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Old February 27th, 2014, 07:01 PM   #396
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Still sticking with the universal currency, ammo...
The problem with that currency is that when you donate just one to some deserving asshole, a bunch of LEO's will try to come and take away all your "money".
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Old February 27th, 2014, 07:04 PM   #397
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i think everyone here should push to make casino cash a legitimate currency.
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Old February 27th, 2014, 07:08 PM   #398
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The problem with that currency is that when you donate just one to some deserving asshole, a bunch of LEO's will try to come and take away all your "money".
That's why you should always donate anonymously....
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Old February 27th, 2014, 09:01 PM   #399
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Bitcoin is nothing more than a house of cards fueled by speculation and imagination. Of course, some have made money through the trading of this imaginary currency, but that's only because they found another person dumb enough to buy their imaginary money for even more real money than they paid. As evidenced by the collapsing and disappearance by the largest of the bitcoin exchanges... Once people start to look behind the curtain, it's done.

Somebody bump this thread in 5 years and I will either admit my error or laugh.
Your opinion makes as much sense as if I heard somebody say AOL falling off meant the end of the internet......


There was no surprise in Gox's problems. It was known as an unprofessional and unreliable company. A few of the other previous drops in bitcoins price had to do with their security issues and mismanagement. The price dropped for less than 24 hours this time after Gox shut down because a large percentage of people holding bitcoin expected this would happen and said "well no shit" or "it was going to happen sooner or later". They had issues with withdraws for months now. I'd say it was the worst kept secret that it was on its way out but it wasn't a secret it was obvious. How strong it has held up after this shows the exact opposite of what you are saying.

Bitcoin is independence, power, and convenience with importance on the same level as the internet itself. Its not imaginary, its backed up by something more tangible than a small group of people deciding how many more paper bills to print that day. Its backed by what is now the largest network of processing power in the world and trades that processing power for a tiny fraction of each transaction as a reward. It has huge benefits. It lets you exchange an exact amount money with anybody in the world on the spot. That's powerful in itself. Its similar to cash except with cash you are limited by the exact denomination of bills you have in your pocket, and you haveno way easy/instant way to send cash over geographical distances, so it even offers some improvement on that. While I don't see it as a replacement for cash or the dollar in general, there is so much functionality of it, there will be a place made for it. Its already gaining this strong foot hold. Its not just speculation. Go look at the bitcoin message boards and you will quickly see its passion and belief in this system and the power it brings individuals over their own money. If it was only speculation, it would have real crashes and wouldn't recover as fast as it does. It recovers so fast from the price drops because while the speculators and day traders may jump in and out the people that fundamentally believe in it as a system and are investing in it long term, hold it up.

Ever had somebody buy something from you off craigslist but they show up without the exact amount you are asking for and hope you have the right change? Ever had one person go pick up your whole office lunch and then its a complete hassle as everybody around the office is asking for change trying to swap cash around so they can contribute the right amount? Bitcoin lets you send that person the exact amount you owe right on the spot with no trouble. That combined with never having to worry about if you need to go to the ATM, or if you still have enough cash on you before you go somewhere, these are significant improvements in convenience. Scale this up for somebody buying a car from me. I would for sure take bitcoin where I will for sure know for sure I get paid before I signed the title, even in comparison to a cashiers check that I don't know 100% is real and can still be reversed in rare cases.

Cryptocurrency is the future and will at the very least edge in its own niche in the system. Its way to powerful and convenient to go away.
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Old February 27th, 2014, 09:28 PM   #400
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I still think the government is waiting to see if it becomes a serious challenge to the dollar, and as soon as it is will force it's downfall.

Money is power, and decentralized power is the bane of government.
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