Bitcoin at all time high

[DRK Star]

I chuckle a little bit when I see Mt. GOX, because that name comes from MAGIC THE GATHERING ONLINE EXCHANGE.


Your "Ft Knox" is based on a nerdy card game.

[Salty_Aus]

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?

Mainly because of Silkroad I reckon, it's becoming very popular here in Australia.

Another thought, Bitcoins are great for extortion or kidnapping... no need for money drops. :P

[GrenadaRoger]

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.

+1, demand...and as more service providers agree to accept Bitcoins as payment for services, the value of bitcoins goes up because demand for bitcoins as an exchange medium has gone up....

i believe recently a few internet services (Reddit for one) have started accepting bitcoins as payment for a subscription servce, and that has helped with the recent price rise....

however, Bitcoins are not legal tender in any nation yet, thus a lendor/creditor does not have to accept bitcoins as payment of a financial debts

[SilkRoad]

its not any 1 thing.

- bitcoin ATM
- Gox CoinLab deal
- Silk Road keeps growing
- ASICs are now mining
- blockreward halved
- bitcoin casinos are thriving, Seals traffic up
- reddit, MEGA, Wordpress, 4chan accept bitcoin
- Pizza for coins
- Wikileaks has received over $80k in bitcoin
- Ripple created, claims to be of use if exchanges are shut down
- bitcoin businesses like Bitpay get VC funding
- Internet Archive employees opt to receive some pay in bitcoin
- several articles in Zerohedge about bitcoin recently
- Coinbase sales up, some people reportedly couldnt buy some days when they ran out of bitcoin

theres probably more i'm forgetting, but you get the point...

[simpdog]

How do bitcoin casinos/poker sites deal with the fluctuating currency.

IE. one day you're playing $2.5/5 NL (0.5 bitcoin,1bitcoin). Then bitcoins go up to $34? Now what?

Or an online store accepting bitcoins. Do they constantly update their prices based on bitcoins?

[SilkRoad]

stores adjust prices

people on Seals have been playing lower stakes (in bitcoins) than they were 2 months ago

[Deal]

So if bitcoins were used to pay/bribe a politician. Could that transaction later be exposed as going to that person if the sender wanted it to?

[Salty_Aus]

So if bitcoins were used to pay/bribe a politician. Could that transaction later be exposed as going to that person if the sender wanted it to?

No... well not directly through the transaction.
Other proof perhaps.

[The_PHA]

This "currency" is a fucking monumental scam. Think about how stupid this is. Some guy from Japan invented this "currency" in 2009 and its based on, well, nothing. It's backed by no government and no assets.

Actually, you know what its based on? Monumental fuck ups who can't hold a normal job, or fucking schemers, scammers and druggers. A guy like Jasep would be a perfect ambassador for this scam. Same with the cash gifting cab driver.

Mining bitcoins? Are you fucking serious? The guy who invented this "currency" has to be laughing his fucking ass as suckers like Micon keep feeding him money.

Going to be hilarious when the Feds drop an atom bomb on shitcoins. You know its on their radar. They move slow, but when they act, it's over. Look at those payment processors for online poker. They are in jail. When you launder USD$, you go away. Shitcoins is a front for gambling, porn and drugs. You really think the Feds are going to ignore that?

[Walter Sobchak]

This "currency" is a fucking monumental scam. Think about how stupid this is. Some guy from Japan invented this "currency" in 2009 and its based on, well, nothing. It's backed by no government and no assets.

Actually, you know what its based on? Monumental fuck ups who can't hold a normal job, or fucking schemers, scammers and druggers. A guy like Jasep would be a perfect ambassador for this scam. Same with the cash gifting cab driver.

Mining bitcoins? Are you fucking serious? The guy who invented this "currency" has to be laughing his fucking ass as suckers like Micon keep feeding him money.

Going to be hilarious when the Feds drop an atom bomb on shitcoins. You know its on their radar. They move slow, but when they act, it's over. Look at those payment processors for online poker. They are in jail. When you launder USD$, you go away. Shitcoins is a front for gambling, porn and drugs. You really think the Feds are going to ignore that?

This is the second accurate and intelligent post you have made. Keep it up!

One thing I'm not clear on though, how does the founder of Bitcoins make money off them?

[The_PHA]

This "currency" is a fucking monumental scam. Think about how stupid this is. Some guy from Japan invented this "currency" in 2009 and its based on, well, nothing. It's backed by no government and no assets.

Actually, you know what its based on? Monumental fuck ups who can't hold a normal job, or fucking schemers, scammers and druggers. A guy like Jasep would be a perfect ambassador for this scam. Same with the cash gifting cab driver.

Mining bitcoins? Are you fucking serious? The guy who invented this "currency" has to be laughing his fucking ass as suckers like Micon keep feeding him money.

Going to be hilarious when the Feds drop an atom bomb on shitcoins. You know its on their radar. They move slow, but when they act, it's over. Look at those payment processors for online poker. They are in jail. When you launder USD$, you go away. Shitcoins is a front for gambling, porn and drugs. You really think the Feds are going to ignore that?

This is the second accurate and intelligent post you have made. Keep it up!

One thing I'm not clear on though, how does the founder of Bitcoins make money off them?

STFU, don't patronize me you stupid fucking Aussie. I have been around these forums since 2008, I sure as shit don't need some fucking clown validating my posts.

Go suck someone else's cock.

[RichardBrodiesCombover.]

This is the second accurate and intelligent post you have made. Keep it up!

One thing I'm not clear on though, how does the founder of Bitcoins make money off them?

STFU, don't patronize me you stupid fucking Aussie. I have been threatening to leave these forums since 2008, I sure as shit don't need some fucking clown validating my posts.

Go suck someone else's cock.

FYP

[Walter Sobchak]

This is the second accurate and intelligent post you have made. Keep it up!

One thing I'm not clear on though, how does the founder of Bitcoins make money off them?

STFU, don't patronize me you stupid fucking Aussie. I have been around these forums since 2008, I sure as shit don't need some fucking clown validating my posts.

Go suck someone else's cock.

Been lurking longer than that, and I'm from the good old U S of A.

The only fucking clown here is you. Please die in a grease fire.

[SilkRoad]

This "currency" is a fucking monumental scam. Think about how stupid this is. Some guy from Japan invented this "currency" in 2009 and its based on, well, nothing. It's backed by no government and no assets.

Actually, you know what its based on? Monumental fuck ups who can't hold a normal job, or fucking schemers, scammers and druggers. A guy like Jasep would be a perfect ambassador for this scam. Same with the cash gifting cab driver.

Mining bitcoins? Are you fucking serious? The guy who invented this "currency" has to be laughing his fucking ass as suckers like Micon keep feeding him money.

Going to be hilarious when the Feds drop an atom bomb on shitcoins. You know its on their radar. They move slow, but when they act, it's over. Look at those payment processors for online poker. They are in jail. When you launder USD$, you go away. Shitcoins is a front for gambling, porn and drugs. You really think the Feds are going to ignore that?

The US dollar is a scam. Theres a guy with a beard whose solution to every problem is: print money.

What law is any bitcoin exchange breaking? Gox follows AML procedures.

Mining bitcoins IS auditing transactions. It has a significant purpose.

I agree that it will be hilarious when the Feds TRY to do anything to stop bitcoin. Ya it's on everybody's radar. You can point a gun at 1+1=2, it doesnt change the math.

[zealanddonk]

Blah blah blah I find shitcoins in toilets I clean blah blah blah

This is the second accurate and intelligent post you have made. Keep it up!

One thing I'm not clear on though, how does the founder of Bitcoins make money off them?

Walter, which was his first intelligent post?

As for your question, assumedly the founder mined the coins exceptionally cheaply and stored them until the value went up and sold them.

If it had turned into an abject fail it wouldnt have been out much from the set up costs, or he may have had a research grant.

[SrslySirius]

This "currency" is a fucking monumental scam. Think about how stupid this is. Some guy from Japan invented this "currency" in 2009 and its based on, well, nothing. It's backed by no government and no assets.

Actually, you know what its based on? Monumental fuck ups who can't hold a normal job, or fucking schemers, scammers and druggers. A guy like Jasep would be a perfect ambassador for this scam. Same with the cash gifting cab driver.

Mining bitcoins? Are you fucking serious? The guy who invented this "currency" has to be laughing his fucking ass as suckers like Micon keep feeding him money.

Going to be hilarious when the Feds drop an atom bomb on shitcoins. You know its on their radar. They move slow, but when they act, it's over. Look at those payment processors for online poker. They are in jail. When you launder USD$, you go away. Shitcoins is a front for gambling, porn and drugs. You really think the Feds are going to ignore that?

This is the second accurate and intelligent post you have made. Keep it up!

One thing I'm not clear on though, how does the founder of Bitcoins make money off them?

He doesn't. He's also not Japanese.

I don't think Bottomset has any real understanding of how bitcoin works, he just knows that he doesn't like it.

[The_PHA]

This is the second accurate and intelligent post you have made. Keep it up!

One thing I'm not clear on though, how does the founder of Bitcoins make money off them?

He doesn't. He's also not Japanese.

I don't think Bottomset has any real understanding of how bitcoin works, he just knows that he doesn't like it.

You are a fucking idiot, and I am saying this to a guy that did a bunch of free work for Micon.

There is a 0.0% chance that bitcoins will survive. It's not backed my anything except a few scammers trying to get underneath the radar. LOL at the guy who was roped into doing free work, lecturing on business.

You have a currency backed by scammers, porno freaks and druggies. Good luck.

[Walter Sobchak]

This is the second accurate and intelligent post you have made. Keep it up!

One thing I'm not clear on though, how does the founder of Bitcoins make money off them?

Walter, which was his first intelligent post?

As for your question, assumedly the founder mined the coins exceptionally cheaply and stored them until the value went up and sold them.

If it had turned into an abject fail it wouldnt have been out much from the set up costs, or he may have had a research grant.

I can't remember, but I remember that there was one, which credit he promptly squandered by resuming his usual level of idiocy.

[Walter Sobchak]

This is the second accurate and intelligent post you have made. Keep it up!

One thing I'm not clear on though, how does the founder of Bitcoins make money off them?

He doesn't. He's also not Japanese.

I don't think Bottomset has any real understanding of anything, he just knows that drinking solves most problems.

fyp

[SrslySirius]

He doesn't. He's also not Japanese.

I don't think Bottomset has any real understanding of how bitcoin works, he just knows that he doesn't like it.

You are a fucking idiot, and I am saying this to a guy that did a bunch of free work for Micon.

There is a 0.0% chance that bitcoins will survive. It's not backed my anything except a few scammers trying to get underneath the radar. LOL at the guy who was roped into doing free work, lecturing on business.

You have a currency backed by scammers, porno freaks and druggies. Good luck.

lol, I'm glad you've taken my flowchart to heart.

Anyway, there's no need to be so defensive. I wasn't insulting you. Would you deny that you don't know very much about bitcoin and that you haven't spent much (or any) time reading about it? If you have, then I stand corrected.