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  1. #1
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    Default $900 Bitcoin

    http://www.geekwire.com/2013/bitcoin...ital-currency/

    It is a zero sum game, as are all currencies.

    But $900 is pretty impressive for something that is completely utterly - virtual.
    "Shall we tax people who buy new shoes and don’t wear them?" - Monika Tu

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    FFS... And I was selling them at 2-300 not so long ago... DAMNIT!


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    I remember when Bitcoin first became available to purchase, I thought about buying the base amount you could buy off "vendors" ... I think it was like, $55.00... anyways... I nearly did, just for fun... then I didn't...

    I'm sure a lot of people out there have similar stories, but, ya... le fuck.

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    Did the value shoot up after millions of "value" in them vanished?
    Originally posted by SJW
    Once again another useless post by JRSCOOLDUDE.
    Originally posted by snowcat
    Don't let the e-thugs and faggots get to you when they quote your posts and write stupid shit.

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    No the US Fed reserve chairman made some statement supporting the currency...
    http://www.businessinsider.com/ben-b...itcoin-2013-11

    The beautiful thing about Bitcoin, digital currency enthusiasts will tell you, is that it doesn't have a central bank.
    So with eyes on today's Bitcoin Senate hearing, where does the world's most powerful central banker stand on the elusive cryptocurrency?

    Now we know. Ahead of the meeting, U.S. Federal Reserve Chairman Ben Bernanke has released a letter to help guide the senate. Quartz's Zachary Seward called it a "cautious blessing," with Bernanke acknowledging the Fed doesn't have the authority to supervise virtual currencies, but that they "may hold long-term promise, particularly if the innovations promote a faster, more secure and more efficient payment system.”

    Here's Bernanke's full letter (via Quartz):

    Dear Senators:
    Thank you for your recent inquiry regarding virtual currencies. As you noted, virtual currencies have been receiving increased attention from U.S. authorities over the past several months.

    Historically, virtual currencies have been viewed as a form of “electronic money” or area of payment system technology that has been evolving over the past 20 years. Over time, these types of innovations have received attention from Congress as well as U.S. regulators. For example, in 1995, the U.S. House of Representatives held hearings on “the future of money” at which early versions of virtual currencies and other innovations were discussed. Vice Chairman Alan Blinder’s testimony at that time made the key point that while these types of innovations may pose risks related to law enforcement and supervisory matters, there are also areas in which they may hold long-term promise, particularly if the innovations promote a faster, more secure and more efficient payment system.

    Although the Federal Reserve generally monitors developments in virtual currencies and other payments system innovations, it does not necessarily have authority to directly supervise or regulate these innovations or the entities that provide them to the market. In general, the Federal Reserve would only have authority to regulate a virtual currency product if it is issued by, or cleared or settled through, a banking organization that we supervise. Given the Federal Reserve”s authority and the manner in which virtual currencies have developed, the Federal Reserve has focused primarily on a supervised banking organization’s role in the products’ sale and distribution, as well as the applicable regulations, such as Bank Secrecy Act (BSA) /anti-money laundering (AML) requirements.

    Policies, Procedures, Guidance or Advisories

    In March 2013, the Financial Crimes Enforcement Network issued guidance to clarify that an administrator or exchanger of virtual currency is generally considered a money transmitter under definitions and therefore subject to BSA requirements?’ The Federal Reserve’s supervisory expectations and guidance related to compliance for bank transactions using virtual currencies have been incorporated into the Electronic Cash section of the Federal Financial Institutions Examination Council (FFIEC) Examination Manual. The overall objective of the guidance and examination procedures provided in this section is to assess the adequacy of a bank’s systems to manage the risks associated with electronic cash and management’s ability to implement effective monitoring and reporting systems. The section further lists applicable risk factors and risk mitigation steps for banks to consider. The Federal Reserve supervision staff has on–going initiatives with the FFIEC member agencies to identify additional areas of concern that require heightened attention by the banking organizations we supervise.

    Ongoing Coordination

    In May 2013, the US. Department of the Treasury (Treasury) named Liberty Reserve S.A. as a financial institution of primary money laundering concern under Section 311 of the USA PATRIOT Act (Section 31l).4 ‘According to the announcement, Liberty Reserve, a web–based money transfer system or “virtual currency,” was specifically designed and frequently used to facilitate money laundering in cyber space. This action also marked the first use of Section 311 authorities against a virtual currency provider.

    The statutory language of Section 311 requires Treasury to consult with the Federal Reserve Board when these special measures are being developed and proposed. Therefore, Federal Reserve Board staff participated in coordination and consultation efforts leading up to the designation of the virtual currency provider, Liberty Reserve, under Section 311.

    Specific Plans or Strategies

    As noted above, the Federal Reserve plans to work with other FFIEC member agencies on electronic cash and related issues such as virtual currencies, as needed, for banking organizations. The Federal Reserve will continue to monitor developments as part of its broad interest in the safety and efficiency of the payment system. We also stand ready to cooperate with other agencies in fulfilling their mandates, as appropriate.

    I hope you find this information helpful.

    Sincerely,

    [Ben Bernanke]

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    I was only involved early on so I only doubled my money before cashing out so it sucks that I didn't stay on the rollercoaster but I'm glad to see it gain traction, I just hope the crash isn't too bad for the people getting in late.
    "Anarchism is not a romantic fable but the hardheaded realization, based on five thousand years of experience, that we cannot entrust the management of our lives to kings, priests, politicians, generals, and county commissioners."

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    http://techcrunch.com/2013/11/18/btc-china-series-a/

    China is big on it. More free than renmanbi. US may fear lost control of world currency status.

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    I would recommend investing in most of the major crypto currencies that have a fair market cap - sure the downside can be 100% loss, but the upside can be 100,000% gain ....

    http://coinmarketcap.com/

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    I want a crash now so I can re-join the madness.
    "Anarchism is not a romantic fable but the hardheaded realization, based on five thousand years of experience, that we cannot entrust the management of our lives to kings, priests, politicians, generals, and county commissioners."

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    We recently wrote about a_Seattle grilled cheese foodtruck_that is now accepting Bitcoin and also noted how the world’s first Bitcoin ATM was_just installed_in Vancouver, B.C.
    Would be interested to understand how the transaction works when you pay for a $2.95 grilled cheese sandwich with a $900 Bitcoin.

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    Internet digital currencies are not new.

    Flooz was around a long time ago, but did go to zero.

    What I think makes Bitcoin different is timing. Everyone is looking for a way to either abandon or get out of the US dollar somehow, Europeans are looking to shelter against their own troubled union.

    I'm not looking forward to the day that 60% of the worlds currency goes to zero (The US dollar) but would not be totally unprepared or surprised at it happening either.
    "Shall we tax people who buy new shoes and don’t wear them?" - Monika Tu

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    Originally posted by Isaiah


    Would be interested to understand how the transaction works when you pay for a $2.95 grilled cheese sandwich with a $900 Bitcoin.
    Bitcoin is divisible to at least 8 decimal places.
    You can pay someone .0000001 bitcoin depending on the market price of 1 bitcoin.

    For example, my account reads:
    Your exact balance is 0.00000000BTC

    lol

    Thought I would check my acct in case I had an old carry over of .001 bitcoin or something.
    No luck.
    "Anarchism is not a romantic fable but the hardheaded realization, based on five thousand years of experience, that we cannot entrust the management of our lives to kings, priests, politicians, generals, and county commissioners."

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    Originally posted by Isaiah


    Would be interested to understand how the transaction works when you pay for a $2.95 grilled cheese sandwich with a $900 Bitcoin.
    "That'll be .00328 bitcoins please."

    fakk I remember a year or two ago these were worth $5. shoulda woulda coulda

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    Brings the total dollar value I've mined to over a million, total realized gain is only 1-2% of todays value
    Who needs AWD?

    ...... and have since bought an AWD suv

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    I can just imagine the mining rigs people are setting up right this minute.

    lmao
    "Anarchism is not a romantic fable but the hardheaded realization, based on five thousand years of experience, that we cannot entrust the management of our lives to kings, priests, politicians, generals, and county commissioners."

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    wait and buy CN rail shares the shares are going to split soon

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    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?
    Originally posted by SJW
    Once again another useless post by JRSCOOLDUDE.
    Originally posted by snowcat
    Don't let the e-thugs and faggots get to you when they quote your posts and write stupid shit.

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    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?
    www.agoracomodities.com or www.amagimetals.com

    Sell your BTC for precious metals, hold on to those. When the day comes you need $cad for a large purchase sell your precious metals.
    Who needs AWD?

    ...... and have since bought an AWD suv

  19. #19
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    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?
    Unless you're buying drugs and guns online (are there other sites selling other than Silk Road now?) I don't think you can. From what I've heard, people have a bitch of a time just cashing out just $100 worth of bitcoins; good luck getting thousands+ out of it.
    sig deleted by moderator, click here for info

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    Originally posted by Modelexis
    I can just imagine the mining rigs people are setting up right this minute.

    lmao
    Its a perfect fit for Canada and a cold climate. Why bother plugging in a 1500 watt heater when you can run six or seven bitcoin miners?

    "Waste" heat isn't wasted in Canada for half of the year.

    Bitcoining in Texas and Arizona = waste of money.
    "Shall we tax people who buy new shoes and don’t wear them?" - Monika Tu

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