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Bitcoin anyone ?

Discussion in 'Off Topic' started by justin00, Sep 22, 2014.

  1. justin00

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    Any of you folks into Bitcoin ?

    I've been 'involved' since April 2012.. Don't really do much these days... kind of losing interest in it.. Used to frequent the bitcointalk forum like 24/7 but yeah, it kind of bores me now.

    Had my chance to make millions, 20 mill in fact, but that's a story for another day :( I think most people involved in Bitcoin in the earlier days (espeacilly 2010 and 2011) have similar tales to tell hehe..

    Any hobby shops or online stores that sell drone related stuff (antenna's etc etc?) accept Bitcoin ?
     
  2. planedr

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    I never understood the idea of using real money to buy fake money that can't be used everywhere real money can.
    It will never usurp the federal reserve like people thought it would.
    I was on a RC webstore that took bit coin, but I can not remember what it was. I just remember that a Vision Plus was way more expensive using bit coin.
     
  3. Happyflyer

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    +1
     
  4. justin00

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    Thanks for the links guys :)

    Yeah Bitcoin is interesting. On the forums you hear people talking about how they want to create a system everyone can use, get rid of the dollar, fairness to all blah blah... blah... Its all crap. EVERYONE is in to make money.

    Back in 2012 people used to actually lend $100s, sometimes $1000's to total strangers on the internet.. and the system worked out pretty well most people repayed.
    But now its just littered in scammers, some of these degenerates will happily scam some one for $3... Now you NEED to use escrow when buying/selling..
    No joke, I have seen/heard of (everyone on the forums has, and its been in the media) atleast 10 scams where the scammers made out with anything between 1 - 50 million dollars worth of Bitcoins... Sometimes in hardware manufacturers taking pre-orders and not delivering. Another fellow ran a ponzi for a year or two and made out with 500,000 bitcoins (back then they were $5 each.. so $2.5 million... but at its peak they were $1400 each.. so you do the maths on that one) 99% of people get away scott free, but the ponzi guy actually did get into trouble with the SEC and will probably face jail time. It really is amazing what people did / still do get away with.

    Heaps of people start businesses and get "investors"... the "company" goes broke... people just btch and moan on the forum for 50+ pages and the guy gets off scott free.
    Its funny as well, 99% of bitcoin websites get "hacked"... I say "hacked" because usually the site admin just runs off with the money and say they got hacked.

    I actually originally got involved as I was doing debt collecting for some Australian people that did not pay.


    In terms of what you posted in bold.... my uncle summed it up nicely "Someone has to hold the bag at the end" :p
    It is incredible though... in 2010 you could buy 1000's for cents... Some guy bought a pizza for 10,000 Bitcoins... But yeah when I got involved in 2012 they were between $3-5/Bitoin... in 2013 they shot up to $1400/bitcoin... For the last maybe 12ish months they held steady on $5-600 but recently have been going down. Think they are about $370/Bitcoin at the moment. It is taking off... Dell started accepting bitcoin and I think it was either expedia or webjet, one of the two.

    To be honest I think it has no future in its current implementation. If you want to host your own "full node wallet" (your not relying on an online wallet, but storing every transaction on the entire netwrok on your PC the blockchain (which is like a ledger of ALL transactions) it liks 25gig... It started off at 2gig in 2012, and skyrocketed.

    People talk about buying some coffee... however when you make a transaction it goes through instantly but you need to wait for confirmations (which basically means your transaction is stored in a block EVERYONE) can see.. which is what the bitcoin mining folks do... anyways 6 confirmations can take between 30-90 minutes...
    Its generally safe for a store to wait for a few confirmations... so you buy your coffe... and maybe 30 minutes later if your lucky you have some confirmations... you leave with stone cold coffee :p

    There are now about 100+ alt coins they are reffered to.. Its basically another type of coin... Some of the time its basically either direct clones of Bitcoin (someone has taken source code any search/replaced with there own name) or it have new features/algorithms. The new algo's mean you need special mining software or hardware.
    Back in the day you could bitcoin mine with your CPU, then GPU and now they have developed ASIC's.... Its no longer for the home user. Theres a crap load of HUGE data centres running millions of dollars worth of ASICS...

    If anyone does want to get invovled.. best thing to do is buy sold, put it in whats known as cold storage and wait a few years. Do not actually buy anything with them hehe.

    Most of you probs think I am smoking crack... "how can a website owner just run off.... or how can a manufacturer not deliver" good question... if it was my money I'd getting my knee capping stick out... but unfortunately most Bitcoin people are shall we say.... very ummmmm placid?



     
  5. opengsangdam40

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    the bitcoin industry has a big problem today since a lot of people are hoarding bitcoin and selling it in a higher bid.