Bitcoins - anyone else mining? (1 Viewer)

[stbugs]

You guys realize Bitcoin is open source and a lot of these currencies are variants of Bitcoin used for different purposes, right?Ripple is in Beta and the founders are keeping 30% to themselves, I'm sure stbugs is a big fan of that business model, so that's why he's touting it. I'll let him explain how Ripple complements Bitcoin instead of compete against it since he is so knowledgable on the subject.

Hmmm, I thought you were the smart one in all of this? Touting? Really? Do you even read anything people are posting or do you just go find a new link about being able to buy gasoline with bitcoins because some guy accepts bitcoins if you drive by his house while he dispenses gas from red containers he filled up from the Exxon down the road? If you want me to interpret what I said at a 2nd grade level, here it goes. Ignoramus typed some letters and I did the same. We both sort of agreed that we were concerned, I mean worried, about all these nerds making new money on their computers and that there was no impediment, I mean no big wall stopping them. I then typed some letters about a company called OpenCoin that like magic created new electronic coins out of magic computer dust and said I see no big wall stopping them either. It is called an analogy where I said OpenCoin/Ripple was like Bitcoin and it worried me because anyone and their mom could do the same. Please feel free to point to the words or phrases in my statement below where I touted Ripple instead of saying that I don't see how they just created $100M out of thin air. Pretty sure that isn't touting, pretty sure that is consistent with my doubts on bitcoin (and any others) all along.

>There is a new one called Ripple, check out this info:Quote

A few Ripples are already in circulation—OpenCoin did an initial giveaway to Bitcoin enthusiasts—and trade at almost 1,000 per $1 on Bitstamp, a Bitcoin exchange. Starting today, OpenCoin will begin to seed a broader market by putting 100 billion Ripples in circulation: It will gradually distribute 50 billion to users who sign up on the site; it will hold the other 50 billion. (The company hopes its Ripple reserves will appreciate.)

What is stopping more of these things? OpenCoin just "created" $100M and I am assuming they are hoping it goes up a bit as well.

You can stop trying to sound smart. You still don't have a clue what you are talking about. Ripple is a payment platform much like PayPal so before saying idiotic things like "Ripple created a new one" you should have half a clue of what you are saying. You can use Bitcoins on the Ripple network. You obviously can't understand sarcasm since you have been one of the more ignorant posters saying how the owners of the Bitcoin network are going to hoard all the coins for themselves and profit off of a Ponzi Scheme, hence the jab at Ripple's intentions of keeping 30% for themselves, a strike against Ripple from being accepted in the alternate currency community, the same complaint you incorrectly made about Bitcoin but were too blind to have researched before your "breaking news" about Ripple.

Oh dear lord, you are all over the place. I agree with Ignoramus that one worry I have about all this is the "creation" of value from nothing and I sited Ripple as something I would be concerned about and you said I was touting them. Then I point out that I wasn't and somehow you were being sarchastic? I never said anything about how Ripple works. I don't give a crap about whether bitcoins work on Ripple, never mentioned that, don't care. I think it is ridiculous when OpenCoin creates $100M and says they are giving away half, i.e. they already profit $50M on their own exchange, hoping it goes up. Almost like a gold company making fake gold and artificially setting the price at $1000 an ounce on their own exchange. Once again I am NOT TOUTING Ripple, I think what they did is BS.

Again, please point out where I said the Bitcoin network was going to hoard all the coins. You are ridiculous in every post, just reading into everything however you want instead of reading them. If you want the slow version, I said it "seems" like a Ponzi scheme, i.e. the people promoting it are the ones profiting the most, they are the ones who got in on it early. Did you read your bitcoin millionaires article? Did they get in early and do you think that none of the foundation members have bitcoins or plan on profiting off of them? Again, for the last time SEEMS <> IS, it isn't hard to understand that. Look at Madoff, he and his friends made out like bandits, the last people in lost the most. That is what this seems like to me, the people who started it all and run the foundation got in early and they will profit the most and if bitcoins go down in flames, the little libertarians that invested their nest eggs to not be the next Cyprus are going to get screwed.

Anyway, I am sure you will jump in with the last word, but this is tiresome to keep discussing. Good luck with bitcoins.

 

[stbugs]

Yes, I called you a name... and reading comprehension is your strong suit.You also did a good job showing us how BTC will be different and they won't just make more whenever they feel like it. Oh wait, no you didn't. Is there something on your pyramid for that?

Seriously, pretty sure he called me thick skulled in his first counter to my post.



All he keeps doing it harping on tiny words we mention without addressing any post that shows concern over the next big thing. Not sure he understand our point about us not jumping in blindly because to us it looks like people are just creating money with no real backing. Bash the USD all you want, but it is backed by the US economy and usable pretty much anywhere in the world. Would it surprise anyone if bitcoins were worth nothing next year due to another adopted "coin" or due to a Visa/Banks/etc. alternative?

 

[Kool-Aid Larry]

so, you think there's an unknown person out there, maybe even a group, holding 50 bitcoins??!

that does set off some alarm bells.

I looked into BitCoins pretty seriously about a year ago, even went so far as to install the software and run it for a bit (never got any coins from mining though). I think it'll basically stay where it is today, accepted through exchanges but not really an everyday currency. Plus I see it being very volatile, so great if you get the coins through mining but I wouldn't ever "invest" in it. And with the cost to mine them always going up, it becomes an investment to do the mining.

Also, no concerns that the guy who created BitCoins is anonymous? I know that is attractive to some, and even a selling point, but as he is anonymous, no one can ask about the motives behind why he created them. Seemed like a big red flag to me. For all we know, it could be a number of people, and that has actually been speculated. As for keeping some for himself, no real way to know that he didn't, he did mine the first 50 coins, and no one can really say he didn't mine more along the way.

 

[Maelstrom]

so, you think there's an unknown person out there, maybe even a group, holding 50 bitcoins??!

that does set off some alarm bells.

I looked into BitCoins pretty seriously about a year ago, even went so far as to install the software and run it for a bit (never got any coins from mining though). I think it'll basically stay where it is today, accepted through exchanges but not really an everyday currency. Plus I see it being very volatile, so great if you get the coins through mining but I wouldn't ever "invest" in it. And with the cost to mine them always going up, it becomes an investment to do the mining.

Also, no concerns that the guy who created BitCoins is anonymous? I know that is attractive to some, and even a selling point, but as he is anonymous, no one can ask about the motives behind why he created them. Seemed like a big red flag to me. For all we know, it could be a number of people, and that has actually been speculated. As for keeping some for himself, no real way to know that he didn't, he did mine the first 50 coins, and no one can really say he didn't mine more along the way.

Way to completely miss the point.

 

[[icon]]

Jojo.... have you looked into that newseason sports stock market thing? I heard that was gonna be huge.

 

[ScottNorwood]

Somehow I'm not allowed to own more than 255 bit coins

 

[Mr. Pickles]

Somehow I'm not allowed to own more than 255 bit coins

Kill screen?

 

[Kool-Aid Larry]

Somehow I'm not allowed to own more than 255 bit coins

I think you're probably off target here.

 

[Slapdash]

Current Bitcoin status: not mining

 

[Jojo the circus boy]

Jojo.... have you looked into that newseason sports stock market thing? I heard that was gonna be huge.

They had over a billion market cap and were transacting $15MM per day right? Yeah that and tulips are exactly what Bitcoins are all about.

 

[dparker713]

Somehow I'm not allowed to own more than 255 bit coins

Check your zero registry.

 

[Jojo the circus boy]

so, you think there's an unknown person out there, maybe even a group, holding 50 bitcoins??!

that does set off some alarm bells.

I looked into BitCoins pretty seriously about a year ago, even went so far as to install the software and run it for a bit (never got any coins from mining though). I think it'll basically stay where it is today, accepted through exchanges but not really an everyday currency. Plus I see it being very volatile, so great if you get the coins through mining but I wouldn't ever "invest" in it. And with the cost to mine them always going up, it becomes an investment to do the mining.

Also, no concerns that the guy who created BitCoins is anonymous? I know that is attractive to some, and even a selling point, but as he is anonymous, no one can ask about the motives behind why he created them. Seemed like a big red flag to me. For all we know, it could be a number of people, and that has actually been speculated. As for keeping some for himself, no real way to know that he didn't, he did mine the first 50 coins, and no one can really say he didn't mine more along the way.

Way to completely miss the point.

They way I look at it is he doesn't want a target on his back and prefers to remain anonymous. I don't know if it was one person or a group, but without further proof I'll assume it is one person. It doesn't bother me, it's open source and the blockchains track every transaction, I can't see how there is some unknown backdoor that exists that this nefarious inventor has access to.

 

[Mr. Pickles]

I can't see how there is some unknown backdoor that exists that this nefarious inventor has access to.

Mr. Potatohead.. Mr. Potatohead.. backdoors are not secrets.

 

[Jojo the circus boy]

Jojo's Prediction: By end of year 2018 at least 1% of the aggregate assets under management by U.S. Hedge funds will be classified as a "virtual currency".

I know this isn't the obliteration of the US Dollar that the mob here has their noose around in their sensationalized interpretation of Jojo's opinion, but I dare you to refute this as a significant accomplishment if it were to occur for what you are calling a "currency based on nothing".

 

[Kool-Aid Larry]

a show about nothing did pretty well -- why not a currency about nothing?

 

[Jojo the circus boy]

Yes, I called you a name... and reading comprehension is your strong suit.You also did a good job showing us how BTC will be different and they won't just make more whenever they feel like it. Oh wait, no you didn't. Is there something on your pyramid for that?

Make more whenever they want it? Yeah you have a solid grasp of the tech being discussed.

 

[Jojo the circus boy]

Mr. Pickles, on 22 May 2013 - 00:02, said:

Jojo the circus boy, on 21 May 2013 - 23:58, said:

I can't see how there is some unknown backdoor that exists that this nefarious inventor has access to.

Mr. Potatohead.. Mr. Potatohead.. backdoors are not secrets.

What the hell are you talking about?Backdoor

Does Open Source mean something else from where you are from?

 

[sporthenry]

Jojo's Prediction: By end of year 2018 at least 1% of the aggregate assets under management by U.S. Hedge funds will be classified as a "virtual currency".

I know this isn't the obliteration of the US Dollar that the mob here has their noose around in their sensationalized interpretation of Jojo's opinion, but I dare you to refute this as a significant accomplish if it were to occur for what you are calling a "currency based on nothing".

What is your definition of "virtual currency?" Can it be US backed?

I don't doubt this is the natural progression of society to more virtual currencies, heck, we already have things which I consider close to virtual currency in the sense that the physical dollars aren't exchanged in EFTs.

I'm buying paperless and cashless societies but I'm not really buying Bitcoins. I know some hate the fact that the Fed can manipulate the monetary supply but without that, there seems to be a greater risk of a collapse.

 

[Jojo the circus boy]

Jojo's Prediction: By end of year 2018 at least 1% of the aggregate assets under management by U.S. Hedge funds will be classified as a "virtual currency". I know this isn't the obliteration of the US Dollar that the mob here has their noose around in their sensationalized interpretation of Jojo's opinion, but I dare you to refute this as a significant accomplish if it were to occur for what you are calling a "currency based on nothing".

What is your definition of "virtual currency?" Can it be US backed? I don't doubt this is the natural progression of society to more virtual currencies, heck, we already have things which I consider close to virtual currency in the sense that the physical dollars aren't exchanged in EFTs. I'm buying paperless and cashless societies but I'm not really buying Bitcoins. I know some hate the fact that the Fed can manipulate the monetary supply but without that, there seems to be a greater risk of a collapse.

Not backed, Wikipedia's definition of digital currency that is not nationally backed.People have been pretty adamant that allowing this to exist could cripple the United States economy.

 

[sporthenry]

Jojo's Prediction: By end of year 2018 at least 1% of the aggregate assets under management by U.S. Hedge funds will be classified as a "virtual currency". I know this isn't the obliteration of the US Dollar that the mob here has their noose around in their sensationalized interpretation of Jojo's opinion, but I dare you to refute this as a significant accomplish if it were to occur for what you are calling a "currency based on nothing".

What is your definition of "virtual currency?" Can it be US backed? I don't doubt this is the natural progression of society to more virtual currencies, heck, we already have things which I consider close to virtual currency in the sense that the physical dollars aren't exchanged in EFTs. I'm buying paperless and cashless societies but I'm not really buying Bitcoins. I know some hate the fact that the Fed can manipulate the monetary supply but without that, there seems to be a greater risk of a collapse.

Not backed, Wikipedia's definition of digital currency that is not nationally backed.People have been pretty adamant that allowing this to exist could cripple the United States economy.

See you say something reasonable, like 1% of assets held in alternative digital assets. Then you follow it up with saying it could "cripple the US economy." If you honestly believe that, then certainly it would be more than just 1% of the assets, correct?

It isn't going to cripple the US economy anytime soon. As mentioned, they hold the trump card in that they could probably do quite a bit to regulate it or cut it down in the US so as to make sure it doesn't cripple the economy. And beyond that, there will exist at least as many people on the other side who have no interest in getting involved in another gold standard experiment. And that probably isn't taking into account the fact that a ton of the people who distrust government are older who will be much slower to adopt digital currency.

 

[Politician Spock]

Is JoJo running some type of false flag opperation against bitcoin in here?

I think you may have hit nail on the head here.

 

[Politician Spock]

I can't see how there is some unknown backdoor that exists that this nefarious inventor has access to.

Mr. Potatohead.. Mr. Potatohead.. backdoors are not secrets.

well played.Perhaps a game of tic tac toe will get the point across.

 

[Politician Spock]

Somehow I'm not allowed to own more than 255 bit coins

Edit your autoexec.bat file to increase your conventional memory.

 

[Slapdash]

Jojo's Prediction: By end of year 2018 at least 1% of the aggregate assets under management by U.S. Hedge funds will be classified as a "virtual currency".

I know this isn't the obliteration of the US Dollar that the mob here has their noose around in their sensationalized interpretation of Jojo's opinion, but I dare you to refute this as a significant accomplishment if it were to occur for what you are calling a "currency based on nothing".

And I predict hedge funds will continue to underperform the S&P through the end of 2018

 

[Jojo the circus boy]

Jojo's Prediction: By end of year 2018 at least 1% of the aggregate assets under management by U.S. Hedge funds will be classified as a "virtual currency".

I know this isn't the obliteration of the US Dollar that the mob here has their noose around in their sensationalized interpretation of Jojo's opinion, but I dare you to refute this as a significant accomplish if it were to occur for what you are calling a "currency based on nothing".

What is your definition of "virtual currency?" Can it be US backed?

I don't doubt this is the natural progression of society to more virtual currencies, heck, we already have things which I consider close to virtual currency in the sense that the physical dollars aren't exchanged in EFTs.

I'm buying paperless and cashless societies but I'm not really buying Bitcoins. I know some hate the fact that the Fed can manipulate the monetary supply but without that, there seems to be a greater risk of a collapse.

Not backed, Wikipedia's definition of digital currency that is not nationally backed.People have been pretty adamant that allowing this to exist could cripple the United States economy.

See you say something reasonable, like 1% of assets held in alternative digital assets. Then you follow it up with saying it could "cripple the US economy." If you honestly believe that, then certainly it would be more than just 1% of the assets, correct?

It isn't going to cripple the US economy anytime soon. As mentioned, they hold the trump card in that they could probably do quite a bit to regulate it or cut it down in the US so as to make sure it doesn't cripple the economy. And beyond that, there will exist at least as many people on the other side who have no interest in getting involved in another gold standard experiment. And that probably isn't taking into account the fact that a ton of the people who distrust government are older who will be much slower to adopt digital currency.

I'm not the one saying that (bolded above for emphasis), speak to your pointy eared friend.

For Politician Spock who thinks Bitcoins is just a currency based on nothing:

http://www.whyisntbitcoinworthless.com/

I'll be sure to send that link to my senator and congressman, so they are informed as to why success of Bitcoin companies wouldn't kill the petrodollar system and the worlds reserve currency status of the dollar. Very informative stuff on there. It had to have been written by a doctor of macro economics.

You do realize if the aggregate portfolio of Hedge Funds had invested 1% of their AUM in Bitcoins, in 2012 dollars that would account for an investment that was 20x the current marketcap of Bitcoins or a 2000% return for just those coins owned by Hedge Funds over a 5 year period. The value of Bitcoins would be even higher unless we are to assume Hedge Funds buyout the entire lot.

 

[Jojo the circus boy]

Maelstrom, on 21 May 2013 - 20:19, said:

Also, what is to stop some nefarious soul from writing a virus targeting BitCoins? There are ways to destroy bitcoins, and even things like hard drive failure can render bitcoins unavailable to the owner.

That's certainly a concern for someone that doesn't know what they are doing.

You can read about some of the safeguards this hedge fund is taking to protect their $9.8MM Bitcoin investment (article is from 3/8/13 and Bitcoin value has tripled since it was written):

http://www.forbes.com/sites/jonmatonis/2013/03/08/first-bitcoin-hedge-fund-launches-from-malta/

More recently in the past ~1 month (this is all outside of the U.S.):

More Hedge Funds showing interest

FT article
"Exante predicted that public and media interest would take off when Bitcoins were trading at $100. Managing partner Gatis Eglitis claims they are now getting 20 calls a day from large asset managers looking to invest up to $100m."

 

[Sarnoff]

I can't see how there is some unknown backdoor that exists that this nefarious inventor has access to.

Mr. Potatohead.. Mr. Potatohead.. backdoors are not secrets.

well played.Perhaps a game of tic tac toe will get the point across.

The only winning move is not to play.

 

[Slapdash]

Maelstrom, on 21 May 2013 - 20:19, said:

Also, what is to stop some nefarious soul from writing a virus targeting BitCoins? There are ways to destroy bitcoins, and even things like hard drive failure can render bitcoins unavailable to the owner.

That's certainly a concern for someone that doesn't know what they are doing.

You can read about some of the safeguards this hedge fund is taking to protect their $9.8MM Bitcoin investment (article is from 3/8/13 and Bitcoin value has tripled since it was written):

http://www.forbes.com/sites/jonmatonis/2013/03/08/first-bitcoin-hedge-fund-launches-from-malta/

More recently in the past ~1 month (this is all outside of the U.S.):

More Hedge Funds showing interest

FT article
"Exante predicted that public and media interest would take off when Bitcoins were trading at $100. Managing partner Gatis Eglitis claims they are now getting 20 calls a day from large asset managers looking to invest up to $100m."

Hedge fund speculation is the surest sign of stability for a medium of exchange.

 

[sporthenry]

Jojo's Prediction: By end of year 2018 at least 1% of the aggregate assets under management by U.S. Hedge funds will be classified as a "virtual currency".

I know this isn't the obliteration of the US Dollar that the mob here has their noose around in their sensationalized interpretation of Jojo's opinion, but I dare you to refute this as a significant accomplish if it were to occur for what you are calling a "currency based on nothing".

What is your definition of "virtual currency?" Can it be US backed?

I don't doubt this is the natural progression of society to more virtual currencies, heck, we already have things which I consider close to virtual currency in the sense that the physical dollars aren't exchanged in EFTs.

I'm buying paperless and cashless societies but I'm not really buying Bitcoins. I know some hate the fact that the Fed can manipulate the monetary supply but without that, there seems to be a greater risk of a collapse.

Not backed, Wikipedia's definition of digital currency that is not nationally backed.People have been pretty adamant that allowing this to exist could cripple the United States economy.

See you say something reasonable, like 1% of assets held in alternative digital assets. Then you follow it up with saying it could "cripple the US economy." If you honestly believe that, then certainly it would be more than just 1% of the assets, correct?

It isn't going to cripple the US economy anytime soon. As mentioned, they hold the trump card in that they could probably do quite a bit to regulate it or cut it down in the US so as to make sure it doesn't cripple the economy. And beyond that, there will exist at least as many people on the other side who have no interest in getting involved in another gold standard experiment. And that probably isn't taking into account the fact that a ton of the people who distrust government are older who will be much slower to adopt digital currency.

I'm not the one saying that (bolded above for emphasis), speak to your pointy eared friend.

>

For Politician Spock who thinks Bitcoins is just a currency based on nothing:

http://www.whyisntbitcoinworthless.com/

I'll be sure to send that link to my senator and congressman, so they are informed as to why success of Bitcoin companies wouldn't kill the petrodollar system and the worlds reserve currency status of the dollar. Very informative stuff on there. It had to have been written by a doctor of macro economics.

You do realize if the aggregate portfolio of Hedge Funds had invested 1% of their AUM in Bitcoins, in 2012 dollars that would account for an investment that was 20x the current marketcap of Bitcoins or a 2000% return for just those coins owned by Hedge Funds over a 5 year period. The value of Bitcoins would be even higher unless we are to assume Hedge Funds buyout the entire lot.

Well digital currency doesn't mean Bitcoins. It just means digital currency. So maybe you want your prediction to go like this,

Jojo's Prediction: By end of year 2018 at least 1% of the aggregate assets under management by U.S. Hedge funds will be classified as Bitcoins

 

[Jojo the circus boy]

Well digital currency doesn't mean Bitcoins. It just means digital currency. So maybe you want your prediction to go like this,

Jojo's Prediction: By end of year 2018 at least 1% of the aggregate assets under management by U.S. Hedge funds will be classified as Bitcoins

I guess you are no longer outraged by the statement that Bitcoins could cripple the US Economy? You changed your spots awfully fast once you learned I didn't write that.

Bitcoin is the leader in the "virtual currency space" which is the same as digital currency (you get redirected on the wiki when you look it up), so no I'm not going to change my prediction to suit your preference.

 

[Jojo the circus boy]

Maelstrom, on 21 May 2013 - 20:19, said:

Also, what is to stop some nefarious soul from writing a virus targeting BitCoins? There are ways to destroy bitcoins, and even things like hard drive failure can render bitcoins unavailable to the owner.

That's certainly a concern for someone that doesn't know what they are doing.

You can read about some of the safeguards this hedge fund is taking to protect their $9.8MM Bitcoin investment (article is from 3/8/13 and Bitcoin value has tripled since it was written):

http://www.forbes.com/sites/jonmatonis/2013/03/08/first-bitcoin-hedge-fund-launches-from-malta/

More recently in the past ~1 month (this is all outside of the U.S.):

More Hedge Funds showing interest

FT article
"Exante predicted that public and media interest would take off when Bitcoins were trading at $100. Managing partner Gatis Eglitis claims they are now getting 20 calls a day from large asset managers looking to invest up to $100m."

Hedge fund speculation is the surest sign of stability for a medium of exchange.

Where do I say that?

If Hedgefunds purchase $20 billion worth of virtual currency I could careless what their intentions are, it just raises the price of a finite resource (using Bitcoin as an example).

Hedgefunds own $55 billion in gold today so it is not out of the realm of possibility that their purchases over the next 5 years could drive up the value of virtual currencies.

 

[CBusAlex]

Somehow I'm not allowed to own more than 255 bit coins

This is what you get for keeping your digital wallet on a Commodore 64.

 

[Slapdash]

Maelstrom, on 21 May 2013 - 20:19, said:

Also, what is to stop some nefarious soul from writing a virus targeting BitCoins? There are ways to destroy bitcoins, and even things like hard drive failure can render bitcoins unavailable to the owner.

That's certainly a concern for someone that doesn't know what they are doing.You can read about some of the safeguards this hedge fund is taking to protect their $9.8MM Bitcoin investment (article is from 3/8/13 and Bitcoin value has tripled since it was written):

http://www.forbes.com/sites/jonmatonis/2013/03/08/first-bitcoin-hedge-fund-launches-from-malta/

More recently in the past ~1 month (this is all outside of the U.S.):

More Hedge Funds showing interest

FT article

"Exante predicted that public and media interest would take off when Bitcoins were trading at $100. Managing partner Gatis Eglitis claims they are now getting 20 calls a day from large asset managers looking to invest up to $100m."

Hedge fund speculation is the surest sign of stability for a medium of exchange.

Where do I say that?If Hedgefunds purchase $20 billion worth of virtual currency I could careless what their intentions are, it just raises the price of a finite resource (using Bitcoin as an example).

Hedgefunds own $55 billion in gold today so it is not out of the realm of possibility that their purchases over the next 5 years could drive up the value of virtual currencies.

This post just makes it sound more like tulips.

 

[Jojo the circus boy]

Maelstrom, on 21 May 2013 - 20:19, said:

Also, what is to stop some nefarious soul from writing a virus targeting BitCoins? There are ways to destroy bitcoins, and even things like hard drive failure can render bitcoins unavailable to the owner.

That's certainly a concern for someone that doesn't know what they are doing.You can read about some of the safeguards this hedge fund is taking to protect their $9.8MM Bitcoin investment (article is from 3/8/13 and Bitcoin value has tripled since it was written):

http://www.forbes.com/sites/jonmatonis/2013/03/08/first-bitcoin-hedge-fund-launches-from-malta/

More recently in the past ~1 month (this is all outside of the U.S.):

More Hedge Funds showing interest

FT article

"Exante predicted that public and media interest would take off when Bitcoins were trading at $100. Managing partner Gatis Eglitis claims they are now getting 20 calls a day from large asset managers looking to invest up to $100m."

Hedge fund speculation is the surest sign of stability for a medium of exchange.

Where do I say that?If Hedgefunds purchase $20 billion worth of virtual currency I could careless what their intentions are, it just raises the price of a finite resource (using Bitcoin as an example).

Hedgefunds own $55 billion in gold today so it is not out of the realm of possibility that their purchases over the next 5 years could drive up the value of virtual currencies.

This post just makes it sound more like tulips.

Can't argue with that sound logic.

 

[Politician Spock]

Well digital currency doesn't mean Bitcoins. It just means digital currency. So maybe you want your prediction to go like this,

Jojo's Prediction: By end of year 2018 at least 1% of the aggregate assets under management by U.S. Hedge funds will be classified as Bitcoins

I guess you are no longer outraged by the statement that Bitcoins could cripple the US Economy? You changed your spots awfully fast once you learned I didn't write that.

Bitcoin is the leader in the "virtual currency space" which is the same as digital currency (you get redirected on the wiki when you look it up), so no I'm not going to change my prediction to suit your preference.

I didn't write it either. My point has been from the very beginning that the US government would put the smack down on Bitcoin well before it could ever pose a real threat to the US dollar and economy. It wouldn't ever let Bitcoin get to the point where it is a potential risk. In other words, it will nip it in the bud. And I don't know any Google, eBay, etc... type companies that are smaller than "buds".

Bitcoin, and all the similar iterations of it are similar to the "Free Banking Era" (1837 to 1862), where paper currency could essentially be printed by any private entity bank. The Banking Act of 1863 ended this practice by putting a 10% tax on all notes issued by non-federally chartered banks.

The only reason this does not apply to people and private enteties issuing Bitcoins, and similar currencies, is because they aren't issuing notes. They are issuing virtual currency. It exists as little ones and zeros, to be read by CPUs. It is not a paper note that they have issued.

The more virtual currencies crop up and grow, the more it will become like the Free Banking Era, except instead of having a ridiculous amount of different types of bank notes, that no one knows who and what to trust, we will have a ridiculous amount of virtual currencies, that no one will know who and what to trust.

The US government will never let a repeat of the Free Banking Era happen again. It will nip every and all virtual currencies in the bud, before they ever become a threat.

No link to any article or any argument will make me believe otherwise. You can ignore my opinion on this if you want. That's your right. But don't say I didn't warn you when you get screwed.

 

[sporthenry]

Well digital currency doesn't mean Bitcoins. It just means digital currency. So maybe you want your prediction to go like this,

Jojo's Prediction: By end of year 2018 at least 1% of the aggregate assets under management by U.S. Hedge funds will be classified as Bitcoins

I guess you are no longer outraged by the statement that Bitcoins could cripple the US Economy? You changed your spots awfully fast once you learned I didn't write that.

Bitcoin is the leader in the "virtual currency space" which is the same as digital currency (you get redirected on the wiki when you look it up), so no I'm not going to change my prediction to suit your preference.

Huh? No I'm still outraged if someone thinks Bitcoins will cripple the economy. But why would I argue that with you if you agree with that? I'm not really changing my spots at all.

As for Bitcoins, it is the leader at the moment. But you said in 2018. We'll see. I didn't say I agreed, I just said it was reasonable but if the definition is limited to non-government digital currency, then I doubt it gets that much traction.

 

[Jojo the circus boy]

Wow, https://www.bitcoinstore.com/ challenging Amazon and NewEgg to accept Bitcoin by the end of 2013 and if they do they will shutdown their store. http://www.youtube.com/watch?v=_tzkOB3v2QA]video They did half a million in sales in their first month of business as an online electronics retailer that promise to undercut competitors who accept only conventional payment methods. Since they carry no merchant fee they're able to discount items up to 10% from the retail prices.

Site taking bets that either Amazon or NewEgg will start taking bitcoin payments directly by July 31st at midnight of this year:http://betsofbitco.in/item?id=1131

 

[Maelstrom]

Well digital currency doesn't mean Bitcoins. It just means digital currency. So maybe you want your prediction to go like this,

Jojo's Prediction: By end of year 2018 at least 1% of the aggregate assets under management by U.S. Hedge funds will be classified as Bitcoins

I guess you are no longer outraged by the statement that Bitcoins could cripple the US Economy? You changed your spots awfully fast once you learned I didn't write that.

Bitcoin is the leader in the "virtual currency space" which is the same as digital currency (you get redirected on the wiki when you look it up), so no I'm not going to change my prediction to suit your preference.

I didn't write it either. My point has been from the very beginning that the US government would put the smack down on Bitcoin well before it could ever pose a real threat to the US dollar and economy. It wouldn't ever let Bitcoin get to the point where it is a potential risk. In other words, it will nip it in the bud. And I don't know any Google, eBay, etc... type companies that are smaller than "buds".

Bitcoin, and all the similar iterations of it are similar to the "Free Banking Era" (1837 to 1862), where paper currency could essentially be printed by any private entity bank. The Banking Act of 1863 ended this practice by putting a 10% tax on all notes issued by non-federally chartered banks.

The only reason this does not apply to people and private enteties issuing Bitcoins, and similar currencies, is because they aren't issuing notes. They are issuing virtual currency. It exists as little ones and zeros, to be read by CPUs. It is not a paper note that they have issued.

The more virtual currencies crop up and grow, the more it will become like the Free Banking Era, except instead of having a ridiculous amount of different types of bank notes, that no one knows who and what to trust, we will have a ridiculous amount of virtual currencies, that no one will know who and what to trust.

The US government will never let a repeat of the Free Banking Era happen again. It will nip every and all virtual currencies in the bud, before they ever become a threat.

No link to any article or any argument will make me believe otherwise. You can ignore my opinion on this if you want. That's your right. But don't say I didn't warn you when you get screwed.

While we differ on the opinion of how soon the demise of the dollar will come (or even "IF" it'll come), I think this is a very astute post about the future of BitCoins and other virtual currencies.

 

[Maelstrom]

Anyone interested in the massive mining machines of BitCoin, this is an interesting post:

http://gizmodo.com/5994446/digital-drills-the-monster-machines-that-mine-bitcoin

 

[Das Boot]

a show about nothing did pretty well -- why not a currency about nothing?

Beautiful - Coinfeld

 

[Das Boot]

Wow, https://www.bitcoinstore.com/ challenging Amazon and NewEgg to accept Bitcoin by the end of 2013 and if they do they will shutdown their store.

Well either of those would definitely be a watershed event.

 

[stbugs]

Wow, https://www.bitcoinstore.com/ challenging Amazon and NewEgg to accept Bitcoin by the end of 2013 and if they do they will shutdown their store.

Just to give you some perspective, Amazon's monthly revenue is $5.1B or more than 11,000 times as much as the bitcoinstore*. I went into their Handhelds section and aside from the Sharp dictionary and Coby stuff, I thought it was interesting that things kept reappearing on multiple pages. I sorted by name and on page 2 of 3, it went back to things starting with A. They may want to do a little QA on the web site.Love the betting site. Not only is it taking action on bitcoinstore bringing Amazon to their knees and thus surrendering to the demand of having to take bitcoins, but it is also taking hardcode action on "Kate Middleton will give birth to her first child on or before June 23, 2013."

I think I would bet on Amazon not worrying about bitcoins until they have to and why would they since you can already buy anything you want on Amazon with bitcoins (this statement was in no way ever endorsed by Amazon or Jeffrey Bezos or even Jeff's mom).

* Note that Amazon actually reports earnings and had accountants doing audits of their financials. Where bitcoinstore's numbers come from and who is auditing them is unknown. I am assuming the numbers are true.

 

[Das Boot]

Anyone interested in the massive mining machines of BitCoin, this is an interesting post:

http://gizmodo.com/5994446/digital-drills-the-monster-machines-that-mine-bitcoin

Thanks, that was interesting.

 

[Gawain]

Well digital currency doesn't mean Bitcoins. It just means digital currency. So maybe you want your prediction to go like this,

Jojo's Prediction: By end of year 2018 at least 1% of the aggregate assets under management by U.S. Hedge funds will be classified as Bitcoins

I guess you are no longer outraged by the statement that Bitcoins could cripple the US Economy? You changed your spots awfully fast once you learned I didn't write that.

Bitcoin is the leader in the "virtual currency space" which is the same as digital currency (you get redirected on the wiki when you look it up), so no I'm not going to change my prediction to suit your preference.

Wikipedia directs Arby's Horsey Sauce to Horseradish. They aren't the same thing.

 

[Grace Under Pressure]

Can I buy carbon credits with Bitcoins?

 

[stbugs]

Anyone interested in the massive mining machines of BitCoin, this is an interesting post:

http://gizmodo.com/5994446/digital-drills-the-monster-machines-that-mine-bitcoin

Thanks, that was interesting.

It was pretty interesting, especially all the custom chips/rigs just for mining.

 

[Mister Martie]

Wow, https://www.bitcoinstore.com/ challenging Amazon and NewEgg to accept Bitcoin by the end of 2013 and if they do they will shutdown their store.

These kind of posts make you look ridiculous, IMO.

 

[stbugs]

Wow, https://www.bitcoinstore.com/ challenging Amazon and NewEgg to accept Bitcoin by the end of 2013 and if they do they will shutdown their store.

Also, it seems to say bitcoinstore.com opened in late February and said half a million in sales in March, yet bitcoinstore.com on its home page has $458k in lifetime sales. So half a million in March means in April and May they have had 0 sales and $42k in returns. Not real good.

I think whoever posted it before is right, jojo really is shorting bitcoins and doing a real good job of posting the worst supporting links he can find.

 

[Jojo the circus boy]

Wow, https://www.bitcoinstore.com/ challenging Amazon and NewEgg to accept Bitcoin by the end of 2013 and if they do they will shutdown their store.

To quote the throwaway account that appeared above, posting stuff like this really makes you look ridiculous, IMO.

I wouldn't expect you to be able to figure out that anyone can post a bet on that site.

 

[stbugs]

Wow, https://www.bitcoinstore.com/ challenging Amazon and NewEgg to accept Bitcoin by the end of 2013 and if they do they will shutdown their store.

What, you didn't get my sarchasm? Did you see my last post? What do you think about the claims of half a million in sales in a month you made but even though they have been open almost 3 months the lifetime sales are still not even a half million? How about the video and its commentary about supporting Bitcoins to stop the US Government from continuing to murder people?

I post a joke and you say I look ridiculous, yet you are still posting links that are about as questionable as they come and are quite misleading. Yes, I saw that you can submit a bet, but why does that matter? Again, you are just deflecting from you trying to use a rinky dink betting site to validate your post. Looking at all 3 actual links, it makes your post look ridiculous. Just like all your other posts trying to make Bitcoin seem bigger than it is.

Oh, while I don't expect you to actually respond to my questions with real thoughtful answers, I really don't take issue with Bitcoins themselves (I wouldn't invest in them). I mainly take issue with all your "Wow...challenging Amazon..." or "Bitcoin partnering with Facebook" or "You can buy anything on Amazon with Bitcoin" links. Also, before you tell me that those aren't exact quotes, I know, just doing them from memory.