Let's talk about bitcoin and cryptocurrency
  1. Bitcoin has had one of its strongest weeks in a long time. 1 BTC is now worth $712.59, according to Bitstamp. I don't have a lot to contribute to the OP, I am asking questions here.

    Do you think BTC is a good investment?
    Do you see a different form of cryptocurrency becoming more popular? And if so, could both cryptocurrencies remain valuable?
    Will the US government try to outlaw it or mess with it?
    Will banks try to mess with it?

    Some fun facts about BTC in case you know nothing about it:
    - Created in 2009 or something like that by a Japanese dude who was actually probably a group of programmers using a Japanese dude's name
    - There can only be 21 million BTCs in existence, after all of them are mined. There are over 16 millions BTCs around today.
    - All of the BTCs in the world value a total of around $11.5 billion dollars.
    - I have no idea if the plural abbreviation of bitcoins is "BTC" or "BTCs". No one would say "USDs"
    - Someone bought a couple of pizzas for 10,000 bitcoins a while ago. That amount is worth over $7 million USDs today.
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  2. If only we had known the pizzas sent to Chaz's house were so valuable.
    Edited By: SlapNPickle Oct 29th, 2016 at 08:41 PM
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  3. After Ignition moved to charging $75 for a check (and only one free check every 4 months) I moved to bitcoin a couple days ago and am doing a trial run. Withdrew $20 to electrum like I read is recommended and then was confused, wtf do I do from here to get USD? Then I opened a coinbase account last night and sent it to coinbase and coinbase is in the process of verifying my bank account by sending me a few cents like paypal does. Am I doing this right?

    and I think it is a terrible investment
    Edited By: Zeppelin Oct 29th, 2016 at 08:43 PM
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  4. The only downside is getting hacked or losing massive value. Probably good to use it for things as you get it to protect downside. Also like PayPal. I move money there only as I need it. Is it that easy? I haven't used it obviously. I like the idea but don't need it yet.

    What's the password method? Zepp tell us your password so we can see how it works. Its just a test. Don't worry.
    Edited By: skisteve Oct 29th, 2016 at 10:45 PM
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  5. Bitcoin rocks for poker cashouts.
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  6. i fuck bitcoin up the ass
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  7. How many different cryptocurrencies are there? Would it be smart to throw a little bit into every single one, and then whatever one blows up, just ride that wave to the finish line ??
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  8. when shit hits the fan, everyone's going to buy gold. So , the pivot would be to find the next bit coin.

    How awesome would it be to be one of the first people in on the next currency of the N.W.O ?
    Edited By: 80lballz Oct 30th, 2016 at 11:54 PM
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  9. E-coins are the new thing.

    Soon, you'll be able to get a loan just in e-coins!
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    Originally Posted by haha@cubsfans View Post

    Bitcoin rocks for poker cashouts.

    This is da truth..I have made approximately 1500$ letting it sit in my account then convert and cashout some over a month or so
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    Originally Posted by 80lballz View Post

    How many different cryptocurrencies are there? Would it be smart to throw a little bit into every single one, and then whatever one blows up, just ride that wave to the finish line ??

    This might work. The issue might be that any crytpocurrency with a chance to blow up would be priced way more than what BTC was 5 years ago before it blew up. I heard Zcash is a new thing, but they just started mining it, and you can't get your hands on it at the moment.

    Like I said in the OP, all the BTCs in the world are worth like $11.5 billion. There is a lot of room for expansion. How many people use bitcoins? <1? It's a global, virtual currency. What would happen to the price if it became the currency of choice for buying things online? It would skyrocket.

    I'm not saying that's going to happen. It likely won't. But from my limited expertise, it seems well worth the gamble. Like when an underdog in sports should be priced at +300 but the sportsbooks are pricing it at +1000.
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    Originally Posted by 80lballz View Post

    How many different cryptocurrencies are there? Would it be smart to throw a little bit into every single one, and then whatever one blows up, just ride that wave to the finish line ??

    So many are pump & dumps though... No one knows which one(s), if any, are going to blow up.

    New people get interested in bitcoin every run up, and try to buy short term to make a quick buck and it's backfired each time. If you have FOMO, then set aside how much you want to risk and dollar cost average over a long period of time (6+ months) and plan to hold for 5+ years to see how the market matures.

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  13. There's only one crypto currency worth owning and that's Juggalo Coin - http://www.avclub.com/article/insane...digital-203439

    Join the Insane Coin Posse!
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  14. so, is there anyone in OT knowledgeable about the differences between BTC and some of these alt-coins? what are the problems with bitcoin that some of these other currencies have tried to fix? from the bit of googling i've done, it seems like the biggest problem with bitcoin is that mining them and verifying a transaction uses too much energy? i don't really know what that means though, in terms of the actual implications. i wouldn't mind picking up some altcoins but i guess if there was an altcoin that existed that actually indisputably fixed the problems that bitcoin has, it's price would reflect that, so i guess that's not the case?
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  15. Again, I'm not an expert, but Google tells me that one of the concerns about Bitcoin is that transactions are not truly anonymous in the sense that other people can see the transaction ledger. Zcash was trying to fix this.

    The BTCs can be traced to a transaction ledger, but not necessarily a name and address. There is room for debate about whether that is good or bad. I've only seen the latter side of the argument. But I think being able to trace some of the BTCs can be a good thing in the case of when a place is hacked and heaps of BTCs are stolen. But I dunno.
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  16. money that you can create on a comp? what could go wrong
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  17. Yes, you could lose all of your investment. The investment could also produce an astronomical return. It's a gamble.

    Dismissing virtual currency just because it is virtual does not seem like a very well thought-out position. BTC is 7000 times what it was worth 5 years ago. It MIGHT collapse and become monopoly money at some point, but it has retained substantial value over the last 3 years.
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  18. I transferred 3k worth of Bitcoin from bovada at 497 each btc back in the spring, I sold/converted high 600s..it's profitable it u pay attention to market, news and fluctuations. I just got more at 600 or so, if it spikes I'll sell again. I will always cash out the amount i got it at to not lose money..

    Pgh it makes it super easy to depo/withdraw on all US facing poker/sports books. I have a Bitcoin wallet and a pay wallet. Pay wallet cannot be used for gambling but I'm just getting transactions from my Bitcoin wallet so in that effect it's safer than banks denying checks etc
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  19. HOw do you get your money into cash? I opened coinbase and sent it there from electrum, just verified my bank account and now coinbase asking for a picture of me with a photo ID from a webcam. Shit is annoying as hell to set up...
    Edited By: Zeppelin Nov 6th, 2016 at 08:38 PM
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  20. spike up in price, if you have it watch closely..could make a large profit..I don't have more than 5 but still
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    A federal court in the Northern District of California entered an order today authorizing the Internal Revenue Service (IRS) to serve a John Doe summons on Coinbase Inc., seeking information about U.S. taxpayers who conducted transactions in a convertible virtual currency during the years 2013 to 2015. The IRS is seeking the records of Americans who engaged in business with or through Coinbase, a virtual currency exchanger headquartered in San Francisco, California.



    The IRS will now require Coinbase to provide, among other information:

    Account/wallet/vault registration records for each account/wallet/vault owned or controlled by the user during the period stated above including, but not limited to, complete user profile, history of changes to user profile from account inception, complete user preferences, complete user security settings and history (including confirmed devices and account activity), complete user payment methods, and any other information related to the funding sources for the account/wallet/vault, regardless of date.

    Any other records of Know-Your-Customer due diligence performed with respect to the user not included in paragraph 1, above.



    A Coinbase spokesman via email said earlier this week when the DOJ announcement was issued:

    Although Coinbase's general practice is to cooperate with properly targeted law enforcement inquiries, we are extremely concerned with the indiscriminate breadth of the government's request. Our customers' privacy rights are important to us and our legal team is in the process of examining the government's petition. In its current form, we will oppose the government's petition in court.....

    We are aware of, and expected, the Court's ex parte order today. We look forward to opposing the DOJ's request in court after Coinbase is served with a subpoena. As we previously stated, we remain concerned with our U.S. customers' legitimate privacy rights in the face of the government's sweeping request.



    The demand is not limited to owners of large amounts of Bitcoin or to those who have transacted in large amounts. Everything about everyone.

    Equally shocking is the weak foundation for making this demand. In a declaration submitted to the court, an IRS agent recounts having learned of tax evasion on the part of one Bitcoin user and two companies. On this basis, he and the IRS claim “a reasonable basis for believing” that all U.S. Coinbase users “may fail or may have failed to comply” with the internal revenue laws.

    If that evidence is enough to create a reasonable basis to believe that all Bitcoin users evade taxes, the IRS is entitled to access the records of everyone who uses paper money.

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  22. lol. if accurate that sounds absurd. not surprising unfortunately.
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    Newsweek has learned hundreds of experts inside the nation’s defense and intelligence agencies, as well as private-sector researchers in finance, technology and various think tanks across the country—some of them under contract with the U.S. government—are now investigating how virtual currencies could undermine America’s long-standing ability to disrupt the financial networks of its foes and even permanently upend parts of the global financial system.

    “There is a real danger and a challenge here with respect to virtual currencies,” says Juan Zarate, a senior adviser at Washington think tank Center for Strategic and International Studies and on the board of advisers for San Francisco’s Coinbase, one of the most popular virtual currency exchanges in the world. “And it runs contrary to the very fundamentals of the transparency and accountability that we’ve tried to build for the last three decades to tackle terrorism, human trafficking, money-laundering and many other types of criminal activity.”

    The biggest concern the U.S. has about virtual currencies, Zarate says, is that terrorists and other enemies might create one so powerful and so untrackable, that they’ll no longer need the global banking system, which the U.S. uses to financially starve them. This has yet to happen, but America’s defense and intelligence agencies are already trying to figure out how they might infiltrate or block such a malicious financial network.

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  26. ^^That's the monetary policy equivalent of an abusive husband saying, "Nobody will ever think you're pretty but me. Goddamn, I love you, bitch."
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  27. I recently set up my first Bitcoin account with Circle, then they shortly thereafter shutdown Bitcoin transactions, only now offering transfers between wallets.

    Fuck the guv'mt
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  28. Me too Res. Then I tried with Coinbase and it's not available in Japan. Any other suggestions?
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  29. google that shit donk. we have a ton of alternative here. Coinbase works for us, but if they're not working for you, it could be a no go for everything. Search it up.
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    Originally Posted by DONKWOOD View Post

    Me too Res. Then I tried with Coinbase and it's not available in Japan. Any other suggestions?

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