YES I know what BitCoin is... but what's "BitCoin Gold" ? Is anyone here experienced/ firsthand-knowledgeable about this "app"?? About BitCoin, check this old article: http://cryptome.org/0005/bitcoin-who.pdf I AM NOT RECOMMENDING THIS (it sounds dodgy to me) but still ... fyi http://www.nakedcapitalism.com/2013/03/bitcoin-bubble-or-new-virtual-currency.html http://www.bitcoingold.net/bitcoin-gold/how-to-buy-gold-or-silver-with-bitcoin/ http://www.coinabul.com/ https://www.casascius.com/ http://www.ounce.me/
Not necessarily any help to my specific question, but on the topic generally: the chart similarities are eerie! http://www.businessinsider.com/gold-and-silver-bugs-now-tout-bitcoin-2013-3 http://motherboard.vice.com/blog/why-bitcoins-are-just-like-gold http://www.ibtimes.com/bitcoin-digital-currency-booming-cyprus-amid-banking-crisis-virtual-money-surging-popularity-1153173 Currently (hour/date) on Coinabul:0.25 ozt Au Cdn Maple = ฿5.3704 = USD$471.7872 That's almost identical to the APMEX price on feeBay, fwiw Has anyone here ever successfully traded BitCoins for actual Gold coin/bullion?
I do see bitcoins becoming popular, and have read how they have been going up so much. IDK, maybe I am just an old fogey, I just don't "get" it. Some people set up a computer algorithm to automatically generate X coins per month, and now all of a sudden these little floating bits of internet are going through the roof? Who is making all of the money on the new bitcoins? Sure sounds like something awfully manipulatable, like Swatch watches or something. If I were the one making all of the money for newly made bitcoins, wouldn't I have a HUGE interest in driving up perceived value of these things? And since they are anonymous, who would ever know I am the one driving up the market? The thing about markets, once you get them going upwards, lots of other "momentum investors" will help propel it higher and higher. Like I said, maybe I am just too old and cynical. Maybe I have just seen too many schemes in my life crash and burn.
DEFINITELY a Cyprus related "bubble" : http://money.cnn.com/2013/03/28/investing/bitcoin-cyprus/ The alternative to Failing Paper will be not Gold... but Virtual BitCoins? http://news.cnet.com/8301-1023_3-57...d-exchange-values-with-cyprus-banking-crisis/ Nice summary here; I hadn't thought of the 'global alternative to pricey PayPal' angle (for companies hiring virtual peons in lots of different countries.) http://www.businessweek.com/articles/2013-03-29/expensify-brings-bitcoin-to-main-street A billion dollar market? Hot with startups, too: "Reddit has jumped on the bandwagon, too, along with WordPress and Namecheap, among others" and Boost VC is prepping seminars, hmmmm.... http://techcrunch.com/2013/03/28/bi...currency-just-became-a-billion-dollar-market/ All's not perfect though - the Fed's black ops can still order a DDoS attack if they want... http://www.pcworld.com/article/2032...of-service-attack-as-the-currency-surges.html Dwolla seems to be one of the leading US e-transfer services: cheap! https://www.dwolla.com/ Here are other 'BitCoin to USD' options in the USA w/ fee schedule: https://www.bitinstant.com/fees https://coinbase.com/merchants BitCoin is waaaaaay more radical than NorFeds - and practical for our needs, too. Well, a few: http://bitcoincoffee.com/index.php?route=product/category&path=59
At ~USD$80. per BitCoin Unit, CNN Money says: >>Trading volume has also exploded. Between 60,000 and 110,000 bitcoins have changed hands per day recently, according to Mt. Gox. That's double to triple the amount traded a few weeks ago. Albert Hendriks, a 32-year-old programmer for a high-speed trading firm in Amsterdam, jumped into the currency for the first time this week, purchasing €1000 worth of bitcoins. He's not worried about the safety of the global banking system, but he sees bitcoins as a lucrative investment. "I think the currency is maturing," Hendriks said. "It's risky, but I think more and more people are starting to trust it." << Today's services problems may be related to this transition: >>The transition of customer business from Mt. Gox to CoinLab involves three phases and yes it will include Canadian customers too. Phase one is alpha with about 100 customers starting in a few days, phase two is beta with 5,000 customers on March 15th, and phase three is all accounts going live on March 29th. Account transitions are voluntary for customers, otherwise affected accounts will be closed. All trade matching will still occur on Mt. Gox systems.<< I'd wait and se (let Cyprus cool off and the trading levels to fall back to 'calm' if not 'sleepy') before trying/buying BitCoins. otoh, this article ( http://www.forbes.com/sites/jonmatonis/2013/03/02/bitcoin-exchange-deal-repatriates-assets-to-u-s/ ) sugests: a) 80% of BitCoin users were North Americans (Feb. 2013) b) the service is registered w/ FinCEN ... therefore a VERY POOR CHOICE for criminals! Admitttedly I don't know much about CoinLab, Silicon Valley Bank or Mt. Gox.
Bitcoins are no better than the USD. They are actually quite worse. At least when you use cash, transactions can't be tracked. There are stories of people getting hacked and losing all their 'money'.
"And I am the Emperor of Ice-Cream! Bow down before me, hahahahaha..." Internet allegations ought to be examined more closely, Tyler. Here you are: "Though speculations rife, there is no solid evidence to prove any of the stories." http://www.ibtimes.com/trojan-targeting-bitcoin-fake-or-true-291629
The "stories" - until this month - were just that: rubbish chatter. Those stories are old & false. The first and only documented case this month is exceptional: as your article notes "The unique nature of the hack..." No 'people lost all their BitCoins' either: the BitInstant company account was hit. A few other stories popped up last year, still hard to tell what the truth is: http://www.theverge.com/2012/8/10/3233711/second-bitcoin-lawsuit-is-filed-in-california And YES, e-accounts w/$$ will always be a target: does that stop you from e-banking or using your credit card then?
No, because money stolen will be returned by the banking institution. Bitcoins are just another form of promissory notes. Enjoy the ponzi scheme while it lasts. And when other online currencies start competing, the value of BitCoins will diminish.
I agree (mostly). I'd qualify "curious" and "kinda dodgy." But most people lose out, anyway. I cannot imagine what it must be like for Cypriots in the past fortnight. IF BitCoin was practically the only way to quickly evacuate your wealth in a bank holiday, you'd probably try too.
This is not entirely correct. BitCoin is a protocol with a built in deflation algorithm. It cannot be manipulated by central bankers. It can be manipulated by large wallets since it is the only free market around. It is true that BitCoin is not anonymous although it is often referred to as such. Nothing on the Internet is truly anonymous. If you were using TOR plus BitCoin you'd be close, but still traceable. Your digital wallet can be hacked if you leave it unsecured. Online BitCoin exchanges can be hacked if you store your BitCoins with them, but BitCoin cannot be hacked. That would be like saying you hacked WWW as opposed to www.whatever.com. It's all about security around your data, not BitCoin itself. Part of the reason BitCoin is so popular, aside from it being easy to influence by speculators, is because it can't be coerced by central bankers or monetary policy. Anybody in Cyprus right now using BitCoins could have avoided having their funds frozen. In addition to providing instantaneous real time global exchanges, BitCoin is a superior currency to the USD for many other reasons. It goes out to many decimal places so you don't lose value to rounding. It can be easily transported over borders with a thumb drive or left in a hidden password protected / encrypted file online or in your e-mail box somewhere, much more convenient than trying to get passed customs with a pile of gold if you are getting out of dodge. I do not advocate BitCoin and I do not have any money into it. It relies on electricity and Internet infrastructure to function. It is too risky and I prefer to stick to metals. The price could go back to zero if an alternative comes around, or it could go to the moon if faith in paper is lost. It's not a safe store of wealth, but it is by far the best currency ever to exist thus far.
this is funny i seen a craigslist ad maybe an hour ago about some one trying to trade silver coins for biitcoins
Have to correct myself here. It can be hacked, but only if the global number of clients that wish to hack the system outnumber the regular users.
