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Are we allowed to talk about Bitcoin?

Discussion in 'Sports and News' started by Dick Whitman, Dec 18, 2013.

  1. Dick Whitman

    Dick Whitman Well-Known Member

    I see the last thread was locked.

    It lost 40 percent of its value yesterday:


    An online Bitcoin community went so far as to post a suicide hotline's number at the top of its forum.
  2. Chef2

    Chef2 Well-Known Member

    You answered the question in your first sentence.
  3. The Big Ragu

    The Big Ragu Moderator Staff Member

    The ECB warned against its "pitfalls" last week. The Bank of China warned against people using it a few weeks ago -- in terms that were stronger.

    But the big thing is that within the last 24 hours, the People's Bank of China banned yuan deposits -- at least it looks like it, in that the exchanges are no longer accepting yuan deposits. And most transactions have been happening via Chinese speculators. They effectively cut the balls off of bitcoin.

    It demonstrates that bitcoin isn't a currency, because without the ability to transfer it into an actual currency that people have some faith in (for whatever reasons they trust that currency), it lost a ton of value

    Those are powerful central banks that lord over money supplies. China moved to protect its turf. The difference between bitcoin and the yuan is that bitcoin doesn't have an army behind it to make people use it as their currency.
  4. mustangj17

    mustangj17 Active Member

    My boss told me about 3 years ago; don't fuck around with Bitcoin. Point taken.
  5. MCbamr

    MCbamr Member

    First rule of bitcoin: Don't talk about Bitcoin.
  6. old_tony

    old_tony Well-Known Member

    Damn Quantitative Easing. ;D
  7. YankeeFan

    YankeeFan Well-Known Member

    Times article about Bitcoin mining: nyti.ms/JTHGoL

    It was unclear to me until know if these computer algorithms the mining computers generate did anything other than unlock bitcoins. Apparently, they don't.

    I had sort of imagines that someone had -- in the manner of Tom Sawyer -- managed to get people around the world to use their computes to do some work that needed to be done.
  8. Michael_ Gee

    Michael_ Gee Well-Known Member

    Ragu is right. The governments of the world are not ever about to let somebody usurp their power to issue currency. China's taking the lead here precisely because many of its citizens would rather use some other currency than their own. China in fact had an alternative currency craze (I forget the name of the money) back around 2007-2008.
  9. LongTimeListener

    LongTimeListener Well-Known Member

    CEO of BitInstant busted, feds alleging he knowingly allowed his Bitcoin-trading site to be used in Silk Road purchases of illegal drugs (and even bought some drugs himself). Bonus note, BitInstant is backed by the Winklevii!

  10. britwrit

    britwrit Well-Known Member

    Bitcoin will probably survive in some form simply because large numbers of people around the world will want it to survive. They'll also live in countries where the government won't be able to bring down the hammer the way China or Russia would.

    I'm talking about the usual suspects but also Greece or Spain or Ireland, the hard-luck folk of the Eurozone.
  11. Paynendearse

    Paynendearse Member

    Before yard sale revenue is taxed, the working world better come up with an effective barter economy.
  12. Songbird

    Songbird Well-Known Member

    So I bought a little BTC today. It's in my BTC wallet. It's readily available currency. What I'll use it for right now, I don't know. Maybe I'll keep building it as a nest egg of sorts.

    Or I could go to a coffee shop in NYC tomorrow and pay for a coffee and bagel with it, if the cafe accepts bitcoin, and more and more businesses are.

    I'm also still trying to figure out the concept within the concept. There's definitely a stock market feel to it, if you buy and sell daily, which many BTC'ers do. For now I have about .060 in BTC. Right now that's worth about $57, give or take some pennies, depending on the volatility of it all.
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