Ten Things You Should Know About Bitcoin

CommanderFrank

CommanderFrank

Cat Can't Scratch It
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May 9, 2000
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Intrigued by the thought of entering the Bitcoin financial community, but don’t have the first clue as to what to expect or the risks involved? You aren’t by yourself and to dispel some of the mystery associated with owning Bitcoin currency, PC World has published ten of the most common facts about Bitcoins to help you guide you on your way.

” Bitcoin is an experiment. Treat it like you would a promising Internet start-up company: maybe it will change the world, but realize that investing your money or time in new ideas is always risky."
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#10 somehow I doubt retirees in Florida are going to care about BitCoin at all. And if my financial adviser told me to invest in BitCoin for my retirement, I'd get a new fucking financial adviser
 
#11: If you are dumb enough to buy into a scam, you deserve to be scammed.

Kinda like being "invited" to pick up someone else's soap in prison...
 
Its not a scam i made a good bit of money off them and have a nice rig and gpus all paid for by them. If it was a scam then how would i have gotten all that?
 
I love these threads, always some idiot comparing bitcoin miners/users to people who look at child porn
 
WorldExclusive said:
There's many ways to make a dollar, not all are equal.
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You're just mad you didn't hop on it so you're going to wag your finger at everyone you see because you're secretly butthurt you didn't think of it first.
 
kent said:
You're just mad you didn't hop on it so you're going to wag your finger at everyone you see because you're secretly butthurt you didn't think of it first.
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Yep, mad because I didn't hop on it. Like the kilos of cocaine I didn't invest in either. Both could have made me some fast money.
But fast money comes and leaves just as quick.

I could careless about this. I'll stick to my Gold investments.
 
WorldExclusive said:
Yep, mad because I didn't hop on it. Like the kilos of cocaine I didn't invest in either. Both could have made me some fast money.
But fast money comes and leaves just as quick.

I could careless about this. I'll stick to my Gold investments.
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Did the price of gold take a shit? Couple of people mentioned that to me.
 
WorldExclusive said:
Yep, mad because I didn't hop on it. Like the kilos of cocaine I didn't invest in either. Both could have made me some fast money.
But fast money comes and leaves just as quick.

I could careless about this. I'll stick to my Gold investments.
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It's Sunday, shouldn't you be in church?

Furthermore, if you declare bitcoin on your tax return as a 99K and pay capitol gains taxes on everything you convert into fiat you're good.

Can't say the same about cocaine or childporn.

Enjoy being poor because one can choose to invest fast money. Just because money comes fast DOES NOT mean it has to leave fast.

Excuse me while I go fire up my E92 M3.
 
Whenever the malicious scumbags of 4chan /b/ can influence something, it's high time to get the fuck out of it and disavow any and all ties to it, no matter how strong they are. Bitcoin is no different.
 
sfsuphysics said:
#10 somehow I doubt retirees in Florida are going to care about BitCoin at all. And if my financial adviser told me to invest in BitCoin for my retirement, I'd get a new fucking financial adviser
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One of my 80 yr old techs likes this stuff. He bought in $50K at $8 last year. Wishes he'd put all his money into it.

You do the math, he made more money in a year than he's ever made in stocks. He cashed out 10 times his investment cash and still has 90% of his bitcoins.
 
Aseras said:
One of my 80 yr old techs likes this stuff. He bought in $50K at $8 last year. Wishes he'd put all his money into it.

You do the math, he made more money in a year than he's ever made in stocks. He cashed out 10 times his investment cash and still has 90% of his bitcoins.
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One of my 229 year old investment banker friends bought $100k at $3 last year. He cashed out 100 times his investment cash and still has 99.98% of his bitcoins.

I mean, I can't prove it or anything, but since I posted it on the internet, it has to be true. :D
 
Aseras said:
One of my 80 yr old techs likes this stuff. He bought in $50K at $8 last year. Wishes he'd put all his money into it.

You do the math, he made more money in a year than he's ever made in stocks. He cashed out 10 times his investment cash and still has 90% of his bitcoins.
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Well, he cant be too smart or he wouldn't still be working at 80 years old...:D
 
I keep wanting to look at getting into bitcoin, but I don't have the cash to build a mining rig, if I build one, I want to go all out. :D I have plenty of rack space too. Of course there's always simply playing the market. The thing with this is people just have to realize that none of it is guarantee, but it's all high risk. Whatever you put into it you should be ready to lose. The same can also be said for stocks.
 
tunatime said:
Its not a scam i made a good bit of money off them and have a nice rig and gpus all paid for by them. If it was a scam then how would i have gotten all that?
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Parents in most cases.
 
kent said:
Furthermore, if you declare bitcoin on your tax return as a 99K and pay capitol gains taxes on everything you convert into fiat you're good.

Can't say the same about cocaine or childporn.
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It's called money laundering, which is one of the primary uses of Bitcoin. So ironically your argument is self-defeating...it suggests something you do illegally (sell drugs) and something you can use to launder that money (Bitcoins), yet somehow everything ends up okay with your logic. You're either very dense or very naive, in either case you shouldn't post about financial matters above your pay grade.
 
Glorified Ponzi scheme and general waste of electricity. Not backed by anything (ex. government backed currency) and currently operating inside a legal grey zone. Its only real use atm is money laundering or investment into a Ponzi scheme. People making money out of it doesn't surprise me but its a bubble and its going to pop if its not forcibly shutdown first. An absurdly risky long term investment if there ever was one. Also, the complete waste of electricity for the sake of mining virtual bit-coins is absolutely ridiculous; such resources are better spent in distributed computing that actually accomplishes something of real value.
 
Marlfox said:
Glorified Ponzi scheme and general waste of electricity. Not backed by anything (ex. government backed currency) and currently operating inside a legal grey zone. Its only real use atm is money laundering or investment into a Ponzi scheme. People making money out of it doesn't surprise me but its a bubble and its going to pop if its not forcibly shutdown first. An absurdly risky long term investment if there ever was one. Also, the complete waste of electricity for the sake of mining virtual bit-coins is absolutely ridiculous; such resources are better spent in distributed computing that actually accomplishes something of real value.
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Hate to break this to you but the US dollar isn't backed by anything anymore. The only thing that keeps the US dollar going is everyones general belief in it. (that, and the printing presses that run 24/7)

Gold and or silver standard is long gone -- look at the inflation rate as it relates to that point in history and think about what actually happened there.

You see rather risk averse -- and that's exactly why you aren't sitting on a pile of cash like others are. That took the risk and it paid off big time (either mining early, or buying early)

Your "resources better spent elsewhere" argument - is dangerously close to a dictatorship. If I have the money to buy electricity, should I not be able to do what I want with it? Who cares if I mine coins, run the AC with windows open, or run 5000 christmas bulbs, it costs you nothing. If the economics of doing stupid stuff with electricity change, so will people's habits. It sounds like if you had your way -- it would be lights out at 9pm, no video games, no tv, not a single watt of electricity could be wasted doing something not approved by a central authority that deems it "useful"

I'm small time -- and have not invested a single dollar of my own money into this stuff -- but with time and a little luck I have two 7970s and a 7950 + about 1K in cash in the bank that were free to me thanks to some early mining, and smart trading. Even with ASICS's out I still can turn a profit after paying my electric bill.

bitcoin isn't favored by any government because it takes the one thing the goverment loves more than anything away.... control. There was indeed a time when you could absolutely count on the money in your pocket being worth something -- we are not in that time anymore.
 
tunatime said:
Its not a scam i made a good bit of money off them and have a nice rig and gpus all paid for by them. If it was a scam then how would i have gotten all that?
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You don't REALLY want a reply to this do you?
 
Aseras said:
One of my 80 yr old techs likes this stuff. He bought in $50K at $8 last year. Wishes he'd put all his money into it.

You do the math, he made more money in a year than he's ever made in stocks. He cashed out 10 times his investment cash and still has 90% of his bitcoins.
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Cool story bro...
 
collegeboy69us said:
Hate to break this to you but the US dollar isn't backed by anything anymore. The only thing that keeps the US dollar going is everyones general belief in it. (that, and the printing presses that run 24/7)
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Yes, but look at the facts:

The dollar is nowhere near as volatile as that of Bitcoin.
The dollar isn't subject to loss of value through market manipulation in the way Bitcoin is.
The dollar doesn't crash in value when someone DDOS's major exchanges.
The likelihood of the dollar crashing and disappearing is infinitesimally small. And the backer, while not the greatest, is fairly solid and dependable. The same can't be said for Bitcoin. Hell, even some of it's greatest advocates have warned people "It could disappear tomorrow".
There are other governments besides just the US government that have a vested interest in NOT seeing the US currency crash. Chief amongst them is CHINA.

So, if Bitcoin goes tits-up tomorrow. *I* still have my dollar bills. *You* have a worthless bit of electronic space-waste on someone's filesystem.

So please, stop trying to hawk your "Yeah! I got in early and made a lot of money!" scam in the hopes of pumping it higher and then dumping it before it crashes.
 
one thing is for sure

few things bring out the bile like Bitcoin
 
collegeboy69us said:
I'm small time -- and have not invested a single dollar of my own money into this stuff -- but with time and a little luck I have two 7970s and a 7950 + about 1K in cash in the bank that were free to me thanks to some early mining, and smart trading. Even with ASICS's out I still can turn a profit after paying my electric bill.
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you would have done a lot better than a couple video cards and $1k if you'd put the same time and energy into trading on the grown up market during the same timeframe.
 
mope54 said:
you would have done a lot better than a couple video cards and $1k if you'd put the same time and energy into trading on the grown up market during the same timeframe.
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Stock tips for me? :D
 
collegeboy69us said:
Hate to break this to you but the US dollar isn't backed by anything anymore.
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7970s and a 7950 + about 1K in cash in the bank
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Can I have the 1k useless cash? (and isn't it strange you measured your gains in a useless currency?) :p

All the "dollar is un-backed and corrupt" arguments fall flat when bitcoinz are more corrupt and more un-backed, it's silly replacing a broken system with a more broken one.
 
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None of you mining haters have any moral ground to stand on.

Therefore:

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whatever happened to respecting Americans constitutional rights, including the Fourth Amendment protection against unlawful search and seizure.
 
atp1916 said:
None of you mining haters have any moral ground to stand on.
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Moral ground?

Who's talking morality here?

As people have said, it's not about creating a stable currency. It's about people getting in and getting out before it collapses. It's about suckering new "blood" in to pump the market and maximize "earnings" before it collapses. It's about the fact that it's being used in money laundering schemes and in the furtherance of the drug trade (which may not be immoral, but ARE illegal).
 
Marlfox said:
Glorified Ponzi scheme and general waste of electricity. Not backed by anything (ex. government backed currency) and currently operating inside a legal grey zone. Its only real use atm is money laundering or investment into a Ponzi scheme. People making money out of it doesn't surprise me but its a bubble and its going to pop if its not forcibly shutdown first. An absurdly risky long term investment if there ever was one. Also, the complete waste of electricity for the sake of mining virtual bit-coins is absolutely ridiculous; such resources are better spent in distributed computing that actually accomplishes something of real value.
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How can Bitcoin be forcibly shut down? If you believe that then I doubt you understand Bitcoin and therefore your argument is not backed by much.
 
Bitcoin is private and therefore used for child porn and drug dealing. I love it. Such good little proletarians you are, parroting the programming given to you by your masters.
 
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