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How To Use Bitcoin – The Most Important Creation In The History Of Man

Discussion in 'General Discussion' started by Anonymous, Jun 1, 2011.

  1. Anonymous Member

    I still don't have my fucking bitcions
  2. The Wrong Guy Member

    U.S. freezes accounts accounts of world's leading Bitcoin exchange

    Federal officials have seized funds belonging to a website that serves as an exchange for the virtual currency Bitcoin, marking the first time the government has moved against the controversial online money system.

    Immigration and Customs Enforcement confirmed that it had frozen the accounts of Mt.Gox, the world's leading Bitcoin exchange. Many people use Dwolla, a PayPal-like payment network, to send dollars to their Mt.Gox accounts. They then use those dollars to buy Bitcoins.

    On Tuesday, Dwolla announced that it had frozen Mt.Gox's account based on a warrant issued by a federal judge in Baltimore.

    Continued at
    www.stltoday.com/business/local/u-s-freezes-accounts-accounts-of-world-s-leading-bitcoin/article_cd5a4356-9724-541b-b129-d18aedb421ca.html
  3. jonnyfreeze Member

    what gives bit coin its value? just the fact that people use real currancy to purchase them?
  4. Anonymous Member

    might be harder to get now

    Basically, yeah. Value is whatever someone will give for something. But it's more complicated than that, having to do with how money comes into existence, how BitCoins cannot be inflated past the 21M mark, how it takes effort to mine them, in contrast to dollars, which is the biggest profit margin in the known universe. A hundred dollar bill costs the government a nickel to buy, the government gets $99.95 profit...that's...um...divided by .05, carry the five that's 1999X profit.

    I don't know of any honest business that has a 199,900% profit margin. Gotta give it to the government, that is an obscene level of profit.
    Question is, how do i get in on it?'
  5. Anonymous Member

    I can say you my own, special issue $100 bills for $20.

    They are not generally recognized as money, however.
  6. Anonymous Member

  7. Theoretically, if you got enough people to recognize them they would have value... just not backed by the US Treasury.

    I don't really understand Bitcoin though. To be frank, I don't see how it has any more value than virtual currencies such as WoW gold or SW:TOR "Cartel Coins."
  8. Anonymous Member

    you do realize what an empty promise the US Treasury is? US money has at least twice fallen to zero (the revolutionary Continentals, and the Civil War greenbacks) in our history

    And since the BC do have value, it is not theoretical, it is quite real BC do have value, since people will use actual money to mine them.
    In part it's because of the way BitCoins are created. I don't know those two you mention, but Linden dollars are like Federal dollars, as I understand it, in that the creators can inflate the 'money' supply at will, while BitCoins will stop creating new BC in 2140, with a maximum of 21M coins. It is rather technical, and there is no reason for BC to have value, except that people want them.

    At present, 1440 new BitCoins are created every day. In 3+ years that will drop to 720, and every 4 years that number is cut in half, so in 2140, the creation of new coins will stop.

    I have no idea how it will turn out, though the Fed hates competitors, so I imagine the full weight of the government will be used to crush them.
  9. jonnyfreeze Member


    well, actually its more complicated and shocking how the government gets its $. The Federal Reserve prints money for the U.S.. Because of the name, Federal Reserve, people assume that its owned by the government and the citizens, or us U.S. tax payers. In actuality, the Federal Reserve is owned by PRIVATE CENTRAL BANKS, so the Government takes out loans from the Federal Reserve in the the form of dollars or currancy. Because the Federal Reserve is owned by private central banks, wich are owned by majority stock holders,(SO PEOPLE, YES A FEW PEOPLE WHO ARE NOT U.S. CITIZENS OWN OUR FEDERAL RESERVE!). in other words, a few people who are not U.S. citizens,(Rothchilds for example) have the power to control the value of the U.S. dollar by controling the amount of $ that is printed and put into circulation. This is not even the end of it, the cherry on top is that alot of the federal taxes we pay go to paying off the interest on the loans we took out from the Federal Reserve. So your hard earned money, that you pay tax on, goes right into the hands of a few private bankers(example Rothchilds) and not the the government. In other words your taxes go into the pockets of rich wealthy bankers!
    • Like Like x 1
  10. The Wrong Guy Member

    Bitcoin developer chats about regulation, open source, and the elusive Satoshi Nakamoto | TechHive

    With Bitcoin all the rage and startups popping up left and right, it's hard to know who's an expert in the virtual currency and who just has an opinion. Most people would put Jeff Garzik in the former camp.

    A Bitcoin core developer for three years, he left his job at Red Hat on Friday to start work at Bitpay, the biggest Bitcoin payment processing service. IDG News Service caught up with him at the Bitcoin 2013 conference in Silicon Valley this weekend, where he talked about the state of Bitcoin today, the parallels with open source, and Bitcoin's pseudonymous creator, the elusive Satoshi Nakamoto.

    www.techhive.com/article/2039184/bitcoin-developer-talks-regulation-open-source-and-the-elusive-satoshi-nakamoto.html
  11. Anonymous Member

  12. Enturbulette Member

    I haven't read a single post on this thread so consider me a troll. Use bitcoin if you consider your ass a coin and you like to get bit. It is like handing over your goods to a less transparent entity than even a thoroughly evil, corrupt bank. Transmission over.
  13. Anonymous Member

    Transmission garbled.
    BitCoins are no better or worse than anything else you use to buy and trade goods. Dollars, pesos, francs, marks, BitCOins, they all do the job.
  14. Enturbulette Member

    you have a point in that there really is no true transparency in any modern financial system. Going for a transmission check now.
  15. Anonymous Member

    http://www.coindesk.com/foodler-bitcoin-orders-growing-by-30-percent-a-month/
    Foodler bitcoin orders growing by 30 percent a month

    Published On July 24, 2013 at 16:01 BST | By Carrie Kirby

    When US restaurant delivery network Foodler began accepting bitcoin payments in April, it formed a natural combination for programmers: code and steaming boxes of delivered food. So it makes perfect sense that Foodler co-founder Christian Dumontet set up the interface to make Foodler bitcoin-friendly during a few late nights of delivery-fueled coding.

    “Our Bitcoin integration was written with Thai food,” said Dumontet, a former Cisco Systems software engineer who says he did most of the coding over the course of a week.

    In that week, Boston-based Foodler transformed the art of dining on bitcoin from an adventure — in San Francisco, bitcoiners had to trek to a sushi restaurant in an outer neighborhood for a square meal — to a few swipes of a smartphone screen and an exercise in patiently waiting for the doorbell.
    -more-
    • Like Like x 1
  16. DeathHamster Member

    http://www.theglobeandmail.com/comm...-is-money-and-subject-to-law/article13698727/
    • Like Like x 1
  17. Anonymous Member

    lol
    the man doesn't know his own history. We had 'anarchy' in money for decades and not only survived but flourished.
    One of the most important uses of BitCoin has to been as a way to avoid government fiat currencies when they are not working properly (think Greece and Iran).

    IE, government induced anarchy in the currency markets is one of the best times to use BitCoin.
    • Like Like x 1
  18. The Wrong Guy Member

    Feds shut down Silk Road, arrest alleged admin Dread Pirate Roberts

    After nearly three years of operation, the notorious website The Silk Road has finally been shut down and its Tor-enabled domain name seized.

    The Silk Road specialized in facilitating the sale of illegal drugs of all sorts via a hidden service website on Tor, conducting its business entirely in Bitcoin. Its founder, known only online via the alias “Dread Pirate Roberts,” has been identified by the Department of Justice as Ross William Ulbricht. The 29-year-old Texan was arrested in San Francisco on Tuesday.

    The 39-page criminal complaint details not only charges of narcotics trafficking and money laundering, but also soliciting “a Silk Road user to execute a murder-for-hire of another Silk Road user, who was threatening to release the identities of thousands of users of the site.”

    Testimony in the indictment from Christopher Tarbell, an FBI agent specializing in cybercrime, noted that “the site generated sales revenue totaling over 9.5 million Bitcoins and collected commissions from these sales totaling over 600,000 Bitcoins. Although the value of Bitcoins has varied significantly during the site’s lifetime, these figures are roughly equivalent today to approximately $1.2 billion in sales and approximately $80 million in commissions.”

    The complaint also notes that law enforcement agents had "made over 100 individual undercover purchases of controlled substances from Silk Road vendors" since November 2011.

    Continued at
    http://arstechnica.com/tech-policy/...ad-arrest-alleged-admin-dread-pirate-roberts/

    Amid Silk Road uncertainty, Bitcoin value drops over 20% in 3 hours

    Bitcoin is experiencing a period of extreme volatility today, as rates for the digital currency dropped from $139/bitcoin to $109.71/bitcoin in less than three hours. That represents a 21.5 percent decrease in value at the lowest rate this morning. The value of bitcoins started to recover slightly around 1:00pm CT, dropped again toward the $109.71/bitcoin rate, and rose back to the low $120/bitcoin area as of this post.

    This morning's Bitcoin drop comes amid major news that's tangentially related to the currency. Silk Road, the sprawling online criminal enterprise that used bitcoins as its sole means of currency, was shut down and had its domain seized. That action comes as Silk Road's founder, known online only as “Dread Pirate Roberts,” was identified by the Department of Justice as Ross William Ulbricht and arrested in San Francisco on Tuesday.

    Continued at
    http://arstechnica.com/information-...ainty-bitcoin-value-drops-over-20-in-3-hours/

    Feds Seize Silk Road, Everybody's Favorite Illegal Drug Website

    Once upon a time, you could sign on to Silk Road and buy everything from LSD to Moon Rock molly with Bitcoin. That time is now over because the FBI along with a few other federal agencies have seized the domain and shutdown the drug-dealing site.

    http://gizmodo.com/feds-seize-silk-road-everybodys-favorite-illegal-drug-1440172693

    Should Bitcoin Be Illegal?

    As the Silk Road came tumbling down today, and its signature currency — Bitcoin — has been pushed into the spotlight again. Will Bitcoin survive? Should it survive? Should people keep using it if it does? We're here to talk it out.

    http://gizmodo.com/should-bitcoin-be-illegal-1440345614
  19. The Wrong Guy Member

    Silk Road's Demise Sinks Bitcoin Value — and Saves Bitcoin's Reputation

    ...people in the more legitimate corners of the Bitcoin world believe the apparent demise of Silk Road is the best thing that could happen to the currency. “I think it’s a huge positive,” says Fred Ehrsam, the co-founder of Bitcoin startup Coinbase. “This kind of takes the biggest target that people might speak negatively about when it comes to Bitcoin, and takes it off the map.”

    http://www.businessweek.com/article...s-bitcoin-value-and-saves-bitcoins-reputation
  20. Anonymous Member

    http://gizmodo.com/8-insane-revelations-from-the-alleged-silk-road-kingpin-1440197442
  21. The Wrong Guy Member

  22. The Wrong Guy Member

    How I bought drugs from 'dark net' – it's just like Amazon run by cartels | The Guardian

    Last week the FBI arrested Dread Pirate Roberts, founder of Silk Road, a site on the 'dark net' where visitors could buy drugs at the click of a mouse. Though Dread – aka Ross Ulbricht – earned millions, was he really driven by America's anti-state libertarian philosophy?

    http://www.theguardian.com/society/2013/oct/06/dark-net-drugs
  23. The Wrong Guy Member

    Bitcoin goes boom (again): currency cracks $200, gets Coinbase support on Reddit

    Bitcoin, the virtual currency beloved by dreamers, speculators and criminals, is on a new upswing as the popular Mt. Gox exchange showed it trading slightly above $200 late Tuesday afternoon.

    <snip>

    So why has the currency proved so resilient? As with the April crash (and those before it), no one has a definite answer. But the recent steadiness may be the result of support from established investors like Fred Wilson and Second Market, and the efforts by the Bitcoin Foundation to tame political hostility in Washington. And the currency’s October boost may stem from Chinese internet giant Baidu’s decision to accept Bitcoins as payments.

    Bitcoin’s resilience may also be due to an ever-growing number of start-ups and developers who are making the currency easier for merchants and for everyday people. These include San Francisco-based Coinbase, which offers both an easy-to-use wallet and an exchange where users can buy and sell small amounts of Bitcoin instantly.

    This week, Coinbase introduced an intriguing new payment tool: a widget that lets readers of the massive online news and discussion site Reddit pay each other with Bitcoin at no transaction cost. This means that if someone leaves a clever comment or story, other readers can quickly “tip” them with a trickle of Bitcoins.

    http://money.cnn.com/news/newsfeeds...acks_200_gets_coinbase_support_on_reddit.html
    • Like Like x 1
  24. The Wrong Guy Member

    • Like Like x 1
  25. The Wrong Guy Member

    Cash-for-bitcoins: World’s first palm scan-activated bitcoin ATM to open in Canada | RT

    The world’s first bitcoin ATM will open in Vancouver, Canada, next week – dispensing Canadian dollars in exchange for the anonymous crypto-currency. But only if your palm scan matches the ATM’s records, that is. The machine, which will be set up near downtown Vancouver coffee house Waves, is one of five ATMs bought by Canadian firm Bitcoiniacs from Nevada-based producer Robocoin.

    http://rt.com/news/bitcoin-atm-canada-first-799/
  26. Anonymous Member

  27. The Wrong Guy Member

    Meet The 'Assassination Market' Creator Who's Crowdfunding Murder With Bitcoins | Forbes

    By Andy Greenberg,

    As Bitcoin becomes an increasingly popular form of digital cash, the cryptocurrency is being accepted in exchange for everything from socks to sushi to heroin. If one anarchist has his way, it’ll soon be used to buy murder, too.

    Last month I received an encrypted email from someone calling himself by the pseudonym Kuwabatake Sanjuro, who pointed me towards his recent creation: The website Assassination Market, a crowdfunding service that lets anyone anonymously contribute bitcoins towards a bounty on the head of any government official – a kind of Kickstarter for political assassinations. According to Assassination Market’s rules, if someone on its hit list is killed – and yes, Sanjuro hopes that many targets will be – any hitman who can prove he or she was responsible receives the collected funds.

    For now, the site’s rewards are small but not insignificant. In the four months that Assassination Market has been online, six targets have been submitted by users, and bounties have been collected ranging from ten bitcoins for the murder of NSA director Keith Alexander and 40 bitcoins for the assassination of President Barack Obama to 124.14 bitcoins – the largest current bounty on the site – targeting Ben Bernanke, chairman of the Federal Reserve and public enemy number one for many of Bitcoin’s anti-banking-system users. At Bitcoin’s current rapidly rising exchanges rate, that’s nearly $75,000 for Bernanke’s would-be killer.

    Sanjuro’s grisly ambitions go beyond raising the funds to bankroll a few political killings. He believes that if Assassination Market can persist and gain enough users, it will eventually enable the assassinations of enough politicians that no one would dare to hold office. He says he intends Assassination Market to destroy “all governments, everywhere.”

    “I believe it will change the world for the better,” writes Sanjuro, who shares his handle with the nameless samurai protagonist in the Akira Kurosawa film “Yojimbo.” (He tells me he chose it in homage to creator of the online black market Silk Road, who called himself the Dread Pirate Roberts, as well Bitcoin inventor Satoshi Nakamoto.) ”Thanks to this system, a world without wars, dragnet panopticon-style surveillance, nuclear weapons, armies, repression, money manipulation, and limits to trade is firmly within our grasp for but a few bitcoins per person. I also believe that as soon as a few politicians gets offed and they realize they’ve lost the war on privacy, the killings can stop and we can transition to a phase of peace, privacy and laissez-faire.”

    I contacted the Secret Service and the FBI to ask if they’re investigating Assassination Market, and both declined to comment.

    The two-page article continues here:
    http://www.forbes.com/sites/andygre...eator-whos-crowdfunding-murder-with-bitcoins/
  28. muldrake Member

    Thanks for the timing on this article Forbes. We can thank you for that. I guess they have to sell copies.

    But still, this guy is a bloviating idiot in addition to being a murder enthusiast. Oh, yes, as soon as we set up a machine to make it easy to murder people, we'll shut it down, but only after the GOOD murders. Nobody evil would ever misuse such a thing for bad, evil murders! Nope!
    • Like Like x 1
  29. Anonymous Member

    bitcoin is trading at around $500.
    It was $200 just a few months ago.
  30. Anonymous Member

  31. muldrake Member

    Quit reminding me I sold over 20 BTC for less than $100 about a year ago.
  32. The Wrong Guy Member

    Senate considers Bitcoin regulations



    Published by RT America on November 19, 2013

    The Senate Homeland Security and Committees held a joint hearing on virtual currency Bitcoin on Tuesday. Bitcoins are basically digital cash for the Internet, operating through person-to-person exchange, without a bank or central monetary authority to regulate or issue the currency. Bitcoins caught the eye of federal legislators after the FBI raided online black market Silk Road, which used Bitcoins as its currency of choice. The hearing looks at whether digital currencies should be regulated - or if its even possible to regulate them. RT's Ameera David talks to "Boom Bust" host Erin Ade who is on Capitol Hill covering the hearing.
  33. Anonymous Member

    IMO, they'll try to regulate the firms and people, not the BitCoin itself.
  34. Anonymous Member

    http://www.news.com.au/technology/o...n-market-website/story-fnjwmwrh-1226765424117

    BITCOINS have been linked with drugs and illegal goods and services, and now the virtual currency has an even darker association after claims of an assassination plot designed to take down key US officials.
    It follows anonymous claims made to a writer for Forbes magazine that he is the mastermind behind a website called Assassination Market where people can pay into a crowdsourced fund with Bitcoins.
    This can then be used to reward those who murder top government officials, The Independent reported.
    The more money that is raised, the higher the payment to those who make the hit which assassins must prove they are behind in order to receive the money.
    Those allegedly targeted on the site, which is encrypted to ensure anonymity, include Federal Reserve chairman Ben Bernanke, President Barack Obama and NSA director Keith Alexander.
    The bank chief has attracted the largest bounty so far with an offer of 124.14 Bitcoins, roughly $80,000.
  35. Anonymous Member

  36. The Wrong Guy Member

    Alleged Silk Road Boss Ross Ulbricht Now Accused Of Six Murders-For-Hire, Denied Bail | Forbes

    A New York judge denied bail to alleged Silk Road creator Ross Ulbricht Thursday, based in part on fresh accusations of violence: That the 29-year-old allegedly commissioned the murders of a total of six people through would-be hitmen he contacted online, four more than the two attempted killings described in prosecutors’ original criminal complaint.

    Judge Nathaniel Fox said that the risk that Ulbricht might flee or present a danger to the community overwhelmed arguments that he be released on bail, citing “powerful evidence presented to us that the defendant has attempted to secure the murders of a number of people.”

    Prosecutor Serrin Turner laid out that evidence in a statement to the court, saying that much of it was gathered from a Silk Road server located by the FBI as well as Ulbricht’s seized computer after he was arrested in October and accused of running the Silk Road’s massive anonymous online drug sales operation under the pseudonym the Dread Pirate Roberts. Serrin said that Ulbricht had not only sent messages to two would-be hitmen – an undercover agent on one of those two occasions – asking to have a witness and a blackmailer killed, but had followed up by ordering the killing of the blackmailer’s associate and three people who lived with him.

    <snipped>

    Judge Fox’s decision to deny bail to Ulbricht, who is being held in the Metropolitan Detention Center in Brooklyn New York without even access to email, was made in despite of more than $1 million offered as a bond from his family and friends. When Fox announced his decision, Ulbricht responded only by seeming to take a deep breath and let it out slowly.

    On Wednesday, supporters also launched a legal defense fundraising campaign, along with a video of testimonials from supporters describing Ulbricht’s character. “Ross is not a criminal mastermind, and Ross is not killer,” says one of Ulbricht’s friends, whose face is not shown in the video.

    “I can tell you he’s not a murderer,” Ulbricht’s mother Lyn Ulbricht said in the hallway after the decision, who spoke with me in a more extended interview Wednesday and professed her certainty that her son is innocent. “It just doesn’t add up.”

    The full article and comments is here:
    http://www.forbes.com/sites/andygre...-accused-of-six-murder-for-hires-denied-bail/
    • Like Like x 1
  37. JohnnyRUClear Member

    Well... if he's innocent, then establishing that will give the feds a big black eye. If he's guilty, then nothing of value was lost. Either way, I don't think it's any concern to Bitcoin, at this point. It's a bit like going after a hot dog vendor in Manhattan because you don't like free enterprise. Even if he's the biggest, most popular, original hot dog vendor, you aren't going to stop people buying and selling stuff. You just stop that guy.

    As to the Assassination Politics stuff... bears watching. However, like the Silk Road, there's always danger in doing something most people find inherently immoral (as opposed to merely illegal, like speeding or setting off fireworks). I do have to LOL at Bernanke getting the most on his head so far, though. And, FTR, I am not involved and I don't recommend that anybody else get involved. The fact that it's interesting means only that.

    Oh, and I'm calling it Assassination Politics because that was the name it went by when I first read about the idea 15 years ago.
    • Like Like x 2
  38. Anonymous Member

    Yeah, it's not new. There seems to be a gentleman's agreement between leaders not to assassinate each other. It's much better, from their point of view, to let cannon fodder do the shooting.
    • Like Like x 1
  39. JohnnyRUClear Member

    Indeed.

    "Drat the luck; I ran out of fodder before you did. Very well, then; you win." {signs peace treaty}

    "Jolly good show, though, old boy. See you next time -- and you'd best bring more reinforcements!"
  40. Anonymous Member

    Remember the Christmas Truce?
    The Troops almost saw the fnords
    Almost.

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