$900 Bitcoin

[ZenOps]

Very difficult to convert to US dollars yes.

But that is the appeal to many. Many want to be outside the US dollar system.

Many don't know it, but technically nickel is taxed in Canada if you use it at a value other than face value (IE: every coin from 5-cent to toonie is technically, taxable in itself just by exchange of hands.)

IE: Technically, if you use a toonie at a value of $2.01, you are required to give 10.05 cents to the government every time it changes hands regardless of what you buy with it. Likewise, everytime you use a credit card, more than likely 3% is going to the credit card company for every transaction, even if it just bounces between people.

Side note: I'm not too sure, but I believe that copper and iron were never specifically stated as being taxable on exchange, which means pennies were tax exempt (very unlike nickels to toonies)

It does make sense when you consider that historically, the penny was the payment for farmers, and even in the US - they measure and tax farm payrolls and non-farm payrolls completely differently

Bitcoin won't pay the bills, not yet.

[sabad66]

It's not difficult to convert to real cash. Go to www.cavirtex.com and sell your coins, then transfer the CAD to your bank account.

[Modelexis]

Originally posted by JRSC00LUDE
Without getting into a diatribe of how phony our real currencies are, someone explain to me how I could ever realize the "value" of this?

How can I use it to buy a car? Or a house? Or pay my kids tuition? Or get gas? Or groceries?

The currency is only a few years old.
It's gaining traction.

Some subway stores accept bitcoin, people have been starting to buy property with bitcoin.
There was a guy in Calgary that was accepting bitcoin to buy his house.

shopify.com is accepting bitcoin, they're sorta like amazon.

So ya, the market is working hard to spread the uses. give it a few years.

[RickDaTuner]

Jesus with the swings bitcoin values takes daily, daytraders must be ll over this.
Makes me wish I still had a day trader portfolio.

[Xtrema]

Originally posted by JRSC00LUDE
Without getting into a diatribe of how phony our real currencies are, someone explain to me how I could ever realize the "value" of this?

How can I use it to buy a car? Or a house? Or pay my kids tuition? Or get gas? Or groceries?

Apparently, a real estate developer started to accept it in Shanghai.

[BigMass]

Originally posted by RickDaTuner
Jesus with the swings bitcoin values takes daily, daytraders must be ll over this.
Makes me wish I still had a day trader portfolio.

well yeah, you don't actually think people buy bitcoin to use as an "alternative currency" do you? lol. People buy bitcoin at $500 so they can sell it at $600. Not for some altruistic vision of a decentralized anonymous currency for fighting the power elite. For every bitcoin nerd that is invested in the idea you have 10000 other people buying and selling this thing like a casino game. Greater fool mentality and a classic bubble. Look like a genius when its going up, look like an idiot when it crashes back down.

[Tik-Tok]

Originally posted by BigMass

Look like a genius when its going up, look like an idiot when it crashes back down.

Not really, nobody ever mentions when they lose, lol. Just like casino gamblers, or VLT addicts.

[RickDaTuner]

Originally posted by Tik-Tok


Not really, nobody ever mentions when they lose, lol. Just like casino gamblers, or VLT addicts.

That's the thing though, even when it's loosing value and you bought on an upswing; selling it, then shorting it on the down swing would still gain profit. The gamble is on knowing when it will swing back. But a good day trader will easily anticipate that.

[ZenOps]

The day that the US recognizes it as a legitimate currency is the day it plummets. Either that or it will go defunct.

No way to tell. But you could convert one bitcoin for nine $98 HDTV's at walmart.

Massive deflation in retail this year. Not really a good sign for an economy based on consumption.

[sputnik]

Originally posted by Tik-Tok


Not really, nobody ever mentions when they lose, lol. Just like casino gamblers, or VLT addicts.

... or amateur day traders

[Kobe]

I'm so verifying myself to invest in bitcoin, I've been meaning to do it for a few weeks now, so choked it went up so high today but YOLO baby let's get this shit on the road, hopefully I can get verified with my small amount of papers I got here in Europe!


My buddy told me to watch this video earlier today, haven't watched it yet but he said I need 2 understand it.

http://www.youtube.com/watch?v=JP9-lAYngi4

[khanan]

Originally posted by Tik-Tok


Not really, nobody ever mentions when they lose, lol. Just like casino gamblers, or VLT addicts.

THIS^ I saw soo many posts of people on news websites, saying how they bought it for $50 in August 2012 and sold it now. Like yeah right.

Just a noob questions, lets say I have bitcoins and I wan't to sell them in person or I have CAD and I wanna buy bitcoins in person using cash, how would that work?

[AndyL]

Well if you really wanted physical - you'd hit up that ATM in vancouver...

Otherwise... Coinbase, MTGOX - there's a number of established exchanges where you can do it online fairly easily. but do your research, one i can think of hasn't been doing so good this year - even if it was rock solid in years past.

[pheoxs]

Originally posted by khanan


THIS^ I saw soo many posts of people on news websites, saying how they bought it for $50 in August 2012 and sold it now. Like yeah right.

Just a noob questions, lets say I have bitcoins and I wan't to sell them in person or I have CAD and I wanna buy bitcoins in person using cash, how would that work?

You could meet up with someone with a laptop and somewhere with wifi. Send them the bitcoins to their e-wallet, take their cash and be done.

[sabad66]

Originally posted by khanan


THIS^ I saw soo many posts of people on news websites, saying how they bought it for $50 in August 2012 and sold it now. Like yeah right.

Just curious why you think these people are lying? It's 100% possible.

[sabad66]

Originally posted by pheoxs


You could meet up with someone with a laptop and somewhere with wifi. Send them the bitcoins to their e-wallet, take their cash and be done.

Pretty much. You can use https://localbitcoins.com for this or the ATMs when they make their way to Calgary.

But really I think the best way is to use an online exchange. Cavirtex is based in Calgary and can link to your Canadian bank account. Transfer CAD in/out, buy BTC inside the exchange.

[eatrice]

Can someone explain what exactly a bitcoin is. Since its a virtual currency made by a random person, can't they just add a whole bunch more bitcoins, or dilute the value and make himself a billionaire..?

[Xtrema]

Originally posted by eatrice
Can someone explain what exactly a bitcoin is. Since its a virtual currency made by a random person, can't they just add a whole bunch more bitcoins, or dilute the value and make himself a billionaire..?

The way I understand it, it has no value. But as more service providers accept it, it creates demand and value. But how do you really price something that worth $500 and $900 within 12hrs is beyond me.

[Modelexis]

Originally posted by eatrice
Can someone explain what exactly a bitcoin is. Since its a virtual currency made by a random person, can't they just add a whole bunch more bitcoins, or dilute the value and make himself a billionaire..?

You are mistaking bitcoins for canadian and US fiat currency.
These currencies are made by a random person, and they can just add a whole bunch more dollars and dilute the value and make themselves billionaires.

Bitcoin does not operate in this manner.

I would suggest doing some research for yourself on google since it's a technology based currency you should at least get familiar with using a search engine.

I do find it kinda humorous that your biggest gripes about a currency are all true for the currency you are currently using.

Screw bitcoin, you should first learn how Canadian currency works.

[eatrice]

Originally posted by Modelexis


You are mistaking bitcoins for canadian and US fiat currency.
These currencies are made by a random person, and they can just add a whole bunch more dollars and dilute the value and make themselves billionaires.

Bitcoin does not operate in this manner.

I would suggest doing some research for yourself on google since it's a technology based currency you should at least get familiar with using a search engine.

I do find it kinda humorous that your biggest gripes about a currency are all true for the currency you are currently using.

Screw bitcoin, you should first learn how Canadian currency works.

Okay, so rather than stating the obvious, some more useful info would be helpful.