Page 1 of 39 1234511 ... LastLast
Results 1 to 20 of 779

Thread: Bitcoin at all time high

  1. #1
    Gold rickastley's Avatar
    Reputation
    87
    Join Date
    Mar 2012
    Posts
    1,525
    Load Metric
    65656462

    Bitcoin at all time high

    http://www.bbc.co.uk/news/technology-21601608

    Name:  _63237739_bits.jpg
Views: 1097
Size:  12.1 KB

    The value of virtual currency Bitcoin has reached an all-time high, trading at more than $33 (£22). Its appreciation - up from just $2 in November 2011 - has been attributed to increased trust in security efforts. The surge coincided with Japan-based MT Gox, Bitcoin's biggest exchange, announcing a tie-up with US firm CoinLab to bring its operations to the States. However, recent high-profile thefts continue to worry some investors. In September last year, 24,000 Bitcoins - which at the time were worth £157,800 - were stolen from another large exchange, Bitfloor. In June 2011, a huge instance of fraud led to a market crash, with the value of Bitcoins at one point plummeting to almost zero.

    But since then the currency has steadied somewhat, thanks in part to adoption by key websites such as Reddit and Kim Dotcom's file storage site Mega. Other reasons given for the rise in value include the popularity of gambling websites accepting the currency. Bitcoin casinos have been reported to be bringing in about $500,000 (£330,000) profit every six months - with more growth expected. Unlike other currencies, Bitcoins are not issued by a central bank or other centralised authority. Instead they are created in a process called "mining", in which coins are issued to a user when they solve a complicated mathematical problem using their computer. Part of the attraction is they can be used to make transactions that are difficult to trace, offering privacy to their users, and the currency has been adopted by Wikileaks and other sites to receive donations.

    Bitcoins can also be exchanged for "real" money - the value of which is tracked by services like Mt Gox. Mt Gox's move to the States was announced in a statement from Peter Vessenes, chief executive of CoinLab, the firm that will administer the exchange in the US, in partnership with Silicon Valley Bank. "There are two major difficulties Bitcoin exchange customers have traditionally faced: banking troubles for the underlying exchange, and security of their coins," he said. "When our team discussed how to tackle these issues in the US, it seemed clear that Mt Gox had by far the best security record in the Bitcoin exchange landscape. "After I personally came to Japan and audited their fraud and security procedures, I understood why - they are light years ahead of other exchanges at this stuff - the fraud and security experience (some of it hard-won) they bring to the table is incredibly impressive."
    Good job Micon!

  2. #2
    Diamond chinamaniac's Avatar
    Reputation
    1011
    Join Date
    Mar 2012
    Location
    On a Plane
    Posts
    7,788
    Blog Entries
    2
    Load Metric
    65656462
    I'm amazed that they have risen this high. I remember when they were sitting around 5 bucks?

    It seems they keep going up but why are they going up?

  3. #3
    Diamond DRK Star's Avatar
    Reputation
    1282
    Join Date
    Mar 2012
    Posts
    8,401
    Load Metric
    65656462
    I would imagine that people want them badly just to anonymously trade for illegal items/drugs.

  4. #4
    Diamond DRK Star's Avatar
    Reputation
    1282
    Join Date
    Mar 2012
    Posts
    8,401
    Load Metric
    65656462
    I would think that the govt would just start creating fake sites to rip people off, thus moving people away from bitcoins and sending their value down. Short them, scam people, and use the profits (once the value crashes) to fight them.

  5. #5
    King of the Carts BUBBLES's Avatar
    Reputation
    111
    Join Date
    Mar 2012
    Location
    Sunnyvale
    Posts
    1,917
    Load Metric
    65656462
    I have 3300 points on Seals.

  6. #6
    Bronze
    Reputation
    7
    Join Date
    Jan 2013
    Posts
    496
    Load Metric
    65656462
    lol. Just watch this guy, he is all over it:


  7. #7

  8. #8
    Diamond mulva's Avatar
    Reputation
    541
    Join Date
    Mar 2012
    Posts
    6,957
    Blog Entries
    4
    Load Metric
    65656462
    fuck....i hate to use my 4bet here, but i will. most of you fuckers just wanted to hate on micon w/o seeing the value/potential of these things.

    i had 100 of these things i sold for 5 each and then i bailed on seals, which i crushed......fuck me

  9. #9
    Banned
    Reputation
    254
    Join Date
    Mar 2020
    Posts
    642
    Load Metric
    65656462
    Quote Originally Posted by BUBBLES View Post
    I have 3300 points on Seals.
    I have about the same. I used to have 10 BTC, but I spewed most of that off over the course of several drunk weekends. But I bought in so low that I've essentially broken even.

  10. #10
    Diamond chinamaniac's Avatar
    Reputation
    1011
    Join Date
    Mar 2012
    Location
    On a Plane
    Posts
    7,788
    Blog Entries
    2
    Load Metric
    65656462
    Quote Originally Posted by DRK Star View Post
    I would think that the govt would just start creating fake sites to rip people off, thus moving people away from bitcoins and sending their value down. Short them, scam people, and use the profits (once the value crashes) to fight them.
    Maybe but I have also heard that the many governments may be using them as well to hide a lot of shit

  11. #11
    Diamond DRK Star's Avatar
    Reputation
    1282
    Join Date
    Mar 2012
    Posts
    8,401
    Load Metric
    65656462
    Quote Originally Posted by chinamaniac View Post
    Quote Originally Posted by DRK Star View Post
    I would think that the govt would just start creating fake sites to rip people off, thus moving people away from bitcoins and sending their value down. Short them, scam people, and use the profits (once the value crashes) to fight them.
    Maybe but I have also heard that the many governments may be using them as well to hide a lot of shit

    I guess I am confused.....I keep thinking that there is a limit as to how many bitcoins can actually exist.

    but then I hear about machines that "Mine" them, and get confused again.

    If I think that there is a currency that exists, and the coins are worth, say $10 a coin, but then all of a sudden, some machines are able to make unlimited amounts of coins, I would perceive that to mean that coins that were worth $10, are now worth considerably less.

    How can Mining machines be good for that "economy"?

  12. #12
    Banned
    Reputation
    254
    Join Date
    Mar 2020
    Posts
    642
    Load Metric
    65656462
    Quote Originally Posted by DRK Star View Post
    Quote Originally Posted by chinamaniac View Post
    Maybe but I have also heard that the many governments may be using them as well to hide a lot of shit

    I guess I am confused.....I keep thinking that there is a limit as to how many bitcoins can actually exist.

    but then I hear about machines that "Mine" them, and get confused again.

    If I think that there is a currency that exists, and the coins are worth, say $10 a coin, but then all of a sudden, some machines are able to make unlimited amounts of coins, I would perceive that to mean that coins that were worth $10, are now worth considerably less.

    How can Mining machines be good for that "economy"?
    There is a theoretical limit to how many can be mined, but it would take well over 100 years to get there.

    Bitcoins are not easy to mine. It's not like printing money. It takes a lot of processing power to create one, which costs considerable electricity. The more coins that get mined, the harder it becomes to mine subsequent bitcoins.

    So if a lot of people are mining coins, then the resources required to create more could eventually become too much. Mining will slow down or cease until the value of bitcoin rises enough to justify more mining.

  13. #13
    Diamond DRK Star's Avatar
    Reputation
    1282
    Join Date
    Mar 2012
    Posts
    8,401
    Load Metric
    65656462
    so, once its determined how much electrical power it takes to mine coins, until you can no longer mine coins, should determine the true value of the coins.

    complicated, crazy shit. AND, its apparently just a theory? No one knows yet?


    unreal.


    As much of a goof Micon is, Im happy he can potentially make a shitload of money for the sake of his family (at least in the short-term).

    What he is doing seems completely apropos for someone of his character.

  14. #14
    Banned
    Reputation
    254
    Join Date
    Mar 2020
    Posts
    642
    Load Metric
    65656462
    Quote Originally Posted by DRK Star View Post
    so, once its determined how much electrical power it takes to mine coins, until you can no longer mine coins, should determine the true value of the coins.

    complicated, crazy shit. AND, its apparently just a theory? No one knows yet?


    unreal.


    As much of a goof Micon is, Im happy he can potentially make a shitload of money for the sake of his family (at least in the short-term).

    What he is doing seems completely apropos for someone of his character.
    No, the value of coins is determined by demand. I may have been wrong about the theoretical maximum, though. Looks like it is capped at exactly 21 million BTC which would happen in the year 2140.

    There are currently 10.8 million bitcoins in circulation.

  15. #15
    Diamond DRK Star's Avatar
    Reputation
    1282
    Join Date
    Mar 2012
    Posts
    8,401
    Load Metric
    65656462
    oh, ok. thanks

  16. #16
    Platinum Muck Ficon's Avatar
    Reputation
    532
    Join Date
    Mar 2012
    Posts
    3,721
    Load Metric
    65656462
    Quote Originally Posted by chinamaniac View Post
    Quote Originally Posted by DRK Star View Post
    I would think that the govt would just start creating fake sites to rip people off, thus moving people away from bitcoins and sending their value down. Short them, scam people, and use the profits (once the value crashes) to fight them.
    Maybe but I have also heard that the many governments may be using them as well to hide a lot of shit
    I have a hard time believing that.
    Quote Originally Posted by Baron Von Strucker View Post
    Quote Originally Posted by kmksmkn View Post
    Does anybody know if u can get a work visa for playing online poker in the UK
    I have had Issues with credit cards in Europe
    Quote Originally Posted by Tyde View Post
    you're more consumed with accumulating wealth than achieving spiritual enlightenment
    Quote Originally Posted by tgull View Post
    Getting a little surf and turf tonight. In my world that is Sea Bass with a nice lobster tail on the side. And grilled asparagus. It's nice having money.

  17. #17
    Banned
    Reputation
    254
    Join Date
    Mar 2020
    Posts
    642
    Load Metric
    65656462
    Sometimes I think I made an enormous mistake stepping away from SWC.

  18. #18
    Diamond DRK Star's Avatar
    Reputation
    1282
    Join Date
    Mar 2012
    Posts
    8,401
    Load Metric
    65656462
    Quote Originally Posted by SrslySirius View Post
    Sometimes I think I made an enormous mistake stepping away from SWC.


    Do you think that what Micon is doing is illegal and could earn him some jail time?

    Im actually not sure. I read something a few weeks ago that basically said what they are doing (money for bitcoins) is a gray area and therefore not technically illegal.

  19. #19

  20. #20
    Diamond chinamaniac's Avatar
    Reputation
    1011
    Join Date
    Mar 2012
    Location
    On a Plane
    Posts
    7,788
    Blog Entries
    2
    Load Metric
    65656462
    Quote Originally Posted by DRK Star View Post
    Quote Originally Posted by SrslySirius View Post
    Sometimes I think I made an enormous mistake stepping away from SWC.


    Do you think that what Micon is doing is illegal and could earn him some jail time?

    Im actually not sure. I read something a few weeks ago that basically said what they are doing (money for bitcoins) is a gray area and therefore not technically illegal.
    It could be legal or illegal, it depends on whom you ask. My buddy has spent a lot of money on attorneys consulting over bitcoin poker and online poker in general and the opinions vary depending on who you ask.

    If he/they set things up proper they are fine more than likely but I am not going to go into details

    I don't think the government has ever made a statement on bitcoins

    And I think if they were to take out bitcoins (if they could) then people with money in them a would just get fucked.

    Don't see Micon doing any jail time for anything he or they are doing

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Similar Threads

  1. How to get rid of high end office furniture
    By NaturalBornHustler in forum Flying Stupidity
    Replies: 50
    Last Post: 09-01-2014, 12:09 PM
  2. Best Restuarants you go to monthly (not high end, like Mortons)
    By RobbieBensonFan in forum Flying Stupidity
    Replies: 62
    Last Post: 10-23-2012, 09:31 PM
  3. Bitcoin pyramid scheme shuts down
    By fluffer in forum Flying Stupidity
    Replies: 9
    Last Post: 08-28-2012, 05:00 PM
  4. New room coming that takes Bitcoin + Gavin Smith
    By Jasep in forum Flying Stupidity
    Replies: 17
    Last Post: 06-10-2012, 01:06 PM
  5. ***** Official Bitcoin failures thread *****
    By MrGreenThumb in forum Flying Stupidity
    Replies: 3
    Last Post: 05-13-2012, 09:41 PM