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Thread: Bitcoin at all time high

  1. #41
    Platinum Muck Ficon's Avatar
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    Quote Originally Posted by SilkRoad View Post
    Quote Originally Posted by The_PHA View Post
    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.
    LOL, what the fuck are you talking about? Are you retarded?
    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
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    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.

  2. #42
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    Quote Originally Posted by The_PHA View Post
    Quote Originally Posted by SrslySirius View Post

    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.
    It obviously is a scam, but some scams survive for decades (Madoff) and others eventually become legitimized when the government takes a "can't beat 'em, tax 'em" approach, so as long as the rule of a sucker being born everyday remains in effect, the bitcoin balloon has the potential to get a hell of a lot more inflated before it pops.

    There won't be any government claw backs to deal with for victims of this ponzi scheme - since as you say they are mostly 'scammers, perverts and druggies', so there could be a fortune to be made here so long as you are smart enough to get out before everyone else finally realizes what you've already figured out.

    It's almost too good to be true, someone opens up a site offering to place orders with dominoes for a $2 surchage if you use bitcoins, and the price of bitcoins jumps $5! Someone shows off a machine where you can feed it cash and it will give you back a digital block of data for a fee, and bitcoins price jumps another $5!! Imagine if someone comes out with a machine that actually dispenses cash for bitcoin!!!

    It's obviously just a wave that will eventually hit shore, but there is a huge ocean of untapped idiots in the world.

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    Quote Originally Posted by Muck Ficon View Post
    Quote Originally Posted by SilkRoad View Post

    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.
    LOL, what the fuck are you talking about?
    you wouldn't know. enjoy your slave dollars.

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    Quote Originally Posted by SilkRoad View Post
    Quote Originally Posted by Muck Ficon View Post

    LOL, what the fuck are you talking about?
    you wouldn't know. enjoy your slave dollars.
    You are talking about pointing a gun at math problems......
    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.

  5. #45
    Bronze SilkRoad's Avatar
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    Quote Originally Posted by Muck Ficon View Post
    Quote Originally Posted by SilkRoad View Post

    you wouldn't know. enjoy your slave dollars.
    You are talking about pointing a gun at math problems......
    Government trying to stop bitcoin = pointing a gun at a math problem

    was responding to another poster

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    Owner Dan Druff's Avatar
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    If the US government makes an effort to interfere with bitcoin trading, its value will plummet big time.

    Right now it is rising because of all the positive exposure, and the lack of government intervention thus far.

    This won't go on forever.

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    Quote Originally Posted by tamiller866 View Post
    Quote Originally Posted by The_PHA View Post

    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.
    It obviously is a scam, but some scams survive for decades (Madoff) and others eventually become legitimized when the government takes a "can't beat 'em, tax 'em" approach, so as long as the rule of a sucker being born everyday remains in effect, the bitcoin balloon has the potential to get a hell of a lot more inflated before it pops.

    There won't be any government claw backs to deal with for victims of this ponzi scheme - since as you say they are mostly 'scammers, perverts and druggies', so there could be a fortune to be made here so long as you are smart enough to get out before everyone else finally realizes what you've already figured out.

    It's almost too good to be true, someone opens up a site offering to place orders with dominoes for a $2 surchage if you use bitcoins, and the price of bitcoins jumps $5! Someone shows off a machine where you can feed it cash and it will give you back a digital block of data for a fee, and bitcoins price jumps another $5!! Imagine if someone comes out with a machine that actually dispenses cash for bitcoin!!!

    It's obviously just a wave that will eventually hit shore, but there is a huge ocean of untapped idiots in the world.
    well no, there is already provision in the US tax law for this...if you invest in something for the purpose of making money (speculating in Bitcoins) and the investment (Bitcoins) become worthless, you have a capital loss, which is deductible against capital gains and $3000 of ordinary income until the loss us used up...so there is a government claw back of sorts...

    also, any money one makes trading in bitcoins is taxable, and Bitcoins transactions would be considered barter transaction...income from barter transactions is taxable as though it occured in US dollars...of course, it is difficult for the IRS to trace and audit as the fair market value in dollars of the goods exchanged for Bitcoins is used to measure income. Thus, if Micons's site Seals with Clubs has amassed a shitload of bitcoins through poker rake, Micon has taxable income.
    Last edited by GrenadaRoger; 03-02-2013 at 07:27 PM.

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    Who wants to be the bearer of bad news and tell Micon what "Taxable Income" means?....

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    Quote Originally Posted by GrenadaRoger View Post
    Quote Originally Posted by tamiller866 View Post

    It obviously is a scam, but some scams survive for decades (Madoff) and others eventually become legitimized when the government takes a "can't beat 'em, tax 'em" approach, so as long as the rule of a sucker being born everyday remains in effect, the bitcoin balloon has the potential to get a hell of a lot more inflated before it pops.

    There won't be any government claw backs to deal with for victims of this ponzi scheme - since as you say they are mostly 'scammers, perverts and druggies', so there could be a fortune to be made here so long as you are smart enough to get out before everyone else finally realizes what you've already figured out.

    It's almost too good to be true, someone opens up a site offering to place orders with dominoes for a $2 surchage if you use bitcoins, and the price of bitcoins jumps $5! Someone shows off a machine where you can feed it cash and it will give you back a digital block of data for a fee, and bitcoins price jumps another $5!! Imagine if someone comes out with a machine that actually dispenses cash for bitcoin!!!

    It's obviously just a wave that will eventually hit shore, but there is a huge ocean of untapped idiots in the world.
    well no, there is already provision in the US tax law for this...if you invest in something for the purpose of making money (speculating in Bitcoins) and the investment (Bitcoins) become worthless, you have a capital loss, which is deductible against capital gains and $3000 of ordinary income until the loss us used up...so there is a government claw back of sorts...

    also, any money one makes trading in bitcoins is taxable, and Bitcoins transactions would be considered barter transaction...income from barter transactions is taxable as though it occured in US dollars...of course, it is difficult for the IRS to trace and audit as the fair market value in dollars of the goods exchanged for Bitcoins is used to measure income. Thus, if Micons's site Seals with Clubs has amassed a shitload of bitcoins through poker rake, Micon has taxable income.

    Net losers in a Ponzi scheme getting a tax deduction is absolutely in no reasonable way analogous to government claw backs, that's more of a parallel to a government bank bailout, the issue with clawbacks is that the money given to the net losers is taken from the net winners.

    My point was that net winners won't have to worry about the government coming after their profits in this 'anonymous peer-to-peer' ponzi sceme, so feel free to get in on the ground floor and double or triple you money, buy and hold until the price hits $100 (or you see stories about processors getting seized, e.g. online poker, circa summer 2009) then bail.

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    Quote Originally Posted by tamiller866 View Post
    Quote Originally Posted by GrenadaRoger View Post

    well no, there is already provision in the US tax law for this...if you invest in something for the purpose of making money (speculating in Bitcoins) and the investment (Bitcoins) become worthless, you have a capital loss, which is deductible against capital gains and $3000 of ordinary income until the loss us used up...so there is a government claw back of sorts...

    also, any money one makes trading in bitcoins is taxable, and Bitcoins transactions would be considered barter transaction...income from barter transactions is taxable as though it occured in US dollars...of course, it is difficult for the IRS to trace and audit as the fair market value in dollars of the goods exchanged for Bitcoins is used to measure income. Thus, if Micons's site Seals with Clubs has amassed a shitload of bitcoins through poker rake, Micon has taxable income.

    Net losers in a Ponzi scheme getting a tax deduction is absolutely in no reasonable way analogous to government claw backs, that's more of a parallel to a government bank bailout, the issue with clawbacks is that the money given to the net losers is taken from the net winners.

    My point was that net winners won't have to worry about the government coming after their profits in this 'anonymous peer-to-peer' ponzi sceme, so feel free to get in on the ground floor and double or triple you money, buy and hold until the price hits $100 (or you see stories about processors getting seized, e.g. online poker, circa summer 2009) then bail.
    I'm confused how you're characterizing this as a ponzi scheme. Don't ponzi schemes usually have some sort of organization? Someone at the top orchestrating everything and profiting from subsequent investors? Usually someone promising abnormally high returns, lying about account balances, and running with the money before anyone can cash out.

    None of that applies to bitcoin. It has no such structure. A better descriptor, if you're bearish on bitcoin, would be a bubble.

  11. #51
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    Quote Originally Posted by SrslySirius View Post
    Quote Originally Posted by tamiller866 View Post


    Net losers in a Ponzi scheme getting a tax deduction is absolutely in no reasonable way analogous to government claw backs, that's more of a parallel to a government bank bailout, the issue with clawbacks is that the money given to the net losers is taken from the net winners.

    My point was that net winners won't have to worry about the government coming after their profits in this 'anonymous peer-to-peer' ponzi sceme, so feel free to get in on the ground floor and double or triple you money, buy and hold until the price hits $100 (or you see stories about processors getting seized, e.g. online poker, circa summer 2009) then bail.
    I'm confused how you're characterizing this as a ponzi scheme. Don't ponzi schemes usually have some sort of organization? Someone at the top orchestrating everything and profiting from subsequent investors? Usually someone promising abnormally high returns, lying about account balances, and running with the money before anyone can cash out.

    None of that applies to bitcoin. It has no such structure. A better descriptor, if you're bearish on bitcoin, would be a bubble.

    Bubble might be a better fit, but after a bubble deflates you are still left with something, when Ponzi's collapse they become worthless, which is my forecast for bitcoin, once the government goes after it or people finally wake up and realize that digital transactions are the last place you want a 'cash' equivalent (unless you are doing something you'd rather risk being defrauded than provide identity), bitcoins are going to become worthless.

    I still prefer 'peer-to-peer Ponzi-scheme', since no substantial profits are being made processing bitcoin transactions, all the money being made by early 'investors' (miners) is being derived directly from new 'investors' (bitcoin buyers), obviously it's not a traditional Ponzi though, as there is no central 'hub'.

    It's not well classified as a pyramid scheme either, since everyone in a pyramid scheme knows that the only hope of their own success is recruiting a lower level of participants, and most of the bitcoin cult seems completely oblivious to fact that once the shine wears off and people stop buying, there is no bottom for the value of their bitcoins.

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    Quote Originally Posted by tamiller866 View Post
    Quote Originally Posted by SrslySirius View Post

    I'm confused how you're characterizing this as a ponzi scheme. Don't ponzi schemes usually have some sort of organization? Someone at the top orchestrating everything and profiting from subsequent investors? Usually someone promising abnormally high returns, lying about account balances, and running with the money before anyone can cash out.

    None of that applies to bitcoin. It has no such structure. A better descriptor, if you're bearish on bitcoin, would be a bubble.

    Bubble might be a better fit, but after a bubble deflates you are still left with something, when Ponzi's collapse they become worthless, which is my forecast for bitcoin, once the government goes after it or people finally wake up and realize that digital transactions are the last place you want a 'cash' equivalent (unless you are doing something you'd rather risk being defrauded than provide identity), bitcoins are going to become worthless.

    I still prefer 'peer-to-peer Ponzi-scheme', since no substantial profits are being made processing bitcoin transactions, all the money being made by early 'investors' (miners) is being derived directly from new 'investors' (bitcoin buyers), obviously it's not a traditional Ponzi though, as there is no central 'hub'.

    It's not well classified as a pyramid scheme either, since everyone in a pyramid scheme knows that the only hope of their own success is recruiting a lower level of participants, and most of the bitcoin cult seems completely oblivious to fact that once the shine wears off and people stop buying, there is no bottom for the value of their bitcoins.
    If you define ponzi scheme so loosely, than all kinds of things could be considered ponzi schemes. Commodity markets, beanie babies, penny stocks, stamp collecting, fiat currency.

    I get your point that you believe it's doomed to implode, and I don't think that's an unreasonable belief. I'm just being a bit pedantic about how you're describing it.

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    Quote Originally Posted by SrslySirius View Post
    Quote Originally Posted by tamiller866 View Post


    Bubble might be a better fit, but after a bubble deflates you are still left with something, when Ponzi's collapse they become worthless, which is my forecast for bitcoin, once the government goes after it or people finally wake up and realize that digital transactions are the last place you want a 'cash' equivalent (unless you are doing something you'd rather risk being defrauded than provide identity), bitcoins are going to become worthless.

    I still prefer 'peer-to-peer Ponzi-scheme', since no substantial profits are being made processing bitcoin transactions, all the money being made by early 'investors' (miners) is being derived directly from new 'investors' (bitcoin buyers), obviously it's not a traditional Ponzi though, as there is no central 'hub'.

    It's not well classified as a pyramid scheme either, since everyone in a pyramid scheme knows that the only hope of their own success is recruiting a lower level of participants, and most of the bitcoin cult seems completely oblivious to fact that once the shine wears off and people stop buying, there is no bottom for the value of their bitcoins.
    If you define ponzi scheme so loosely, than all kinds of things could be considered ponzi schemes. Commodity markets, beanie babies, penny stocks, stamp collecting, fiat currency.

    I get your point that you believe it's doomed to implode, and I don't think that's an unreasonable belief. I'm just being a bit pedantic about how you're describing it.
    I don't know what you call bitcoins, but the only reason its around is to bypass the law to purchase shady shit. If you want to be an advocate for that, go right ahead. When the Feds decide to get involved, bitcoins will be worth 0.0 and some will go to jail just to set an example. Bitcoins is not based on anything except perverts, druggers and gambling. You really think some trainee at the FBI is not looking at this front?

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    Quote Originally Posted by The_PHA View Post
    Quote Originally Posted by SrslySirius View Post

    If you define ponzi scheme so loosely, than all kinds of things could be considered ponzi schemes. Commodity markets, beanie babies, penny stocks, stamp collecting, fiat currency.

    I get your point that you believe it's doomed to implode, and I don't think that's an unreasonable belief. I'm just being a bit pedantic about how you're describing it.
    I don't know what you call bitcoins, but the only reason its around is to bypass the law to purchase shady shit. If you want to be an advocate for that, go right ahead. When the Feds decide to get involved, bitcoins will be worth 0.0 and some will go to jail just to set an example. Bitcoins is not based on anything except perverts, druggers and gambling. You really think some trainee at the FBI is not looking at this front?
    Cool dichotomy, bro. If I don't think it's a ponzi scheme, I must be a die-hard advocate.

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    Quote Originally Posted by SrslySirius View Post
    Quote Originally Posted by tamiller866 View Post


    Bubble might be a better fit, but after a bubble deflates you are still left with something, when Ponzi's collapse they become worthless, which is my forecast for bitcoin, once the government goes after it or people finally wake up and realize that digital transactions are the last place you want a 'cash' equivalent (unless you are doing something you'd rather risk being defrauded than provide identity), bitcoins are going to become worthless.

    I still prefer 'peer-to-peer Ponzi-scheme', since no substantial profits are being made processing bitcoin transactions, all the money being made by early 'investors' (miners) is being derived directly from new 'investors' (bitcoin buyers), obviously it's not a traditional Ponzi though, as there is no central 'hub'.

    It's not well classified as a pyramid scheme either, since everyone in a pyramid scheme knows that the only hope of their own success is recruiting a lower level of participants, and most of the bitcoin cult seems completely oblivious to fact that once the shine wears off and people stop buying, there is no bottom for the value of their bitcoins.
    If you define ponzi scheme so loosely, than all kinds of things could be considered ponzi schemes. Commodity markets, beanie babies, penny stocks, stamp collecting, fiat currency.

    I get your point that you believe it's doomed to implode, and I don't think that's an unreasonable belief. I'm just being a bit pedantic about how you're describing it.

    Yeah, it doesn't fit neatly into any previously marked category, but to simply label it a bubble is too kind IMO, as that term implies that everyone is being sucked into an inaccurate belief/estimation of value, whereas there are clearly those taking advantage of the misconceptions/delusions of others when it comes to bitcoins.

    I call it a 'peer-to-peer ponzi' because here we have people like myself (I took a tiny flier on 1,000 coins when the price was just above $10) who know there is no real value in my purchase taking advantage of the fact that others are being led to believe that these coins I'm holding were purchased because of a demand element to exercise them in commerce.

    Since I would never even consider making a digital purchase without some form of proof of receipt and/or failure to provide service chargeback option, my 'investment' (lol) in bitcoins was based purely on the speculation that another 'investor' would come along later to make my 'investment' profitable.

    Fiat currencies are what I'd classify as 'government ponzi schemes', essentially the same as bitcoin, but with the taxing authority of a government promising a bailout should the public lose confidence in the currency.

    Collectibles are real assets, regardless of the expansion of the bubble, in the end no one is left with anything less than the beanie baby or stamp itself, in other words, the bubble could always re-inflate, but in the case of bitcoin, once the wave crashes into the shore, whoever is left holding digital blocks of encrypted data might as well have nothing at all.

    Penny stocks, I'd equate those more to gambling than scam, everyone knows that their entire investment could be lost, but with bitcoins there is the false perception of security, that somehow the 'community' is making a government-like currency guarantee, giving it more of a 'fraudulent scheme' identity IMO, even though there is no central hub promoting the scheme.

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    Just saw this on Twitter. It was a "promoted" tweet, meaning they paid to have this show up at the top of peoples' feeds, including non-followers:

    Namecheap.com ‏@Namecheap

    We are ecstatic to announce that we now accept Bitcoin. https://www.namecheap.com/support/pa...s/bitcoin.aspx
    As it so happens, Namecheap is the domain registration company I've been using for the last few years. This is very interesting news.

    Though it may appear in threads like this that I'm a bitcoin fanboy, I've really been on the fence about it. I never felt comfortable converting any significant amount of money to BTC. The only bitcoins I ever owned were $100 worth, which I blew most of at SWC over a few weekends, just drinking and gambling with it. Fortunately, my leftover balance is worth about $100 again. Heh.

    Anyway, I'll admit that I'm starting to come around. It's certainly possible that the government could step in at any time and obliterate the value of bitcoin. I recognize that this may very well all come crashing down in a year or two. But I think it's reaching a point where you can no longer say that this is being propped up by drugs and black markets. Namecheap is just the latest in a series of reputable companies that make bitcoin transactions. It's starting to go mainstream. If this trend continues, and bitcoin becomes a widely accepted payment option for online retailers, I'm most likely going to jump on board.

    A lot of people hate dealing with PayPal, but are stuck with it because there aren't really any viable alternatives. It's almost a monopoly. I'm always worried that PayPal is going to freeze my account for some arbitrary reason, which they are notorious for doing. I try to keep my balance there as low as possible. As a consumer, PayPal is mostly okay. As a recipient of funds, it can be a nightmare, and a scammer's paradise with fraudulent chargebacks. I'm still not comfortable buying into bitcoin, but I feel like the day that I fire PayPal may be approaching.

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    To me, it appears that merchants SHOULD consider accepting Bitcoins, if only for the fact that people are paying for products with a "currency" that seems to be appreciating VERY rapidly. If you can get paid, pay a very small charge to accept that currency, and then possibly either cash it in for real currency, OR be willing to wait some time for bitcoins to increase in their worth, its better than accepting dollars, which arent going to appreciate much at all AND you would have to pay 2-3x the transaction cost should you accept credit cards.


    If I could, I would accept any idiots wanting to pay me with Bitcoins in a heartbeat. Anyone with Bitcoins should be sitting on a decent amount for investment purposes.

    If their only current exchange is that magic-the-gathering-online-exchange, I would assume that if it gets shut down, another one would pop up pretty soon.

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    Quote Originally Posted by SrslySirius View Post
    Just saw this on Twitter. It was a "promoted" tweet, meaning they paid to have this show up at the top of peoples' feeds, including non-followers:

    Namecheap.com ‏@Namecheap

    We are ecstatic to announce that we now accept Bitcoin. https://www.namecheap.com/support/pa...s/bitcoin.aspx
    As it so happens, Namecheap is the domain registration company I've been using for the last few years. This is very interesting news.

    Though it may appear in threads like this that I'm a bitcoin fanboy, I've really been on the fence about it. I never felt comfortable converting any significant amount of money to BTC. The only bitcoins I ever owned were $100 worth, which I blew most of at SWC over a few weekends, just drinking and gambling with it. Fortunately, my leftover balance is worth about $100 again. Heh.

    Anyway, I'll admit that I'm starting to come around. It's certainly possible that the government could step in at any time and obliterate the value of bitcoin. I recognize that this may very well all come crashing down in a year or two. But I think it's reaching a point where you can no longer say that this is being propped up by drugs and black markets. Namecheap is just the latest in a series of reputable companies that make bitcoin transactions. It's starting to go mainstream. If this trend continues, and bitcoin becomes a widely accepted payment option for online retailers, I'm most likely going to jump on board.

    A lot of people hate dealing with PayPal, but are stuck with it because there aren't really any viable alternatives. It's almost a monopoly. I'm always worried that PayPal is going to freeze my account for some arbitrary reason, which they are notorious for doing. I try to keep my balance there as low as possible. As a consumer, PayPal is mostly okay. As a recipient of funds, it can be a nightmare, and a scammer's paradise with fraudulent chargebacks. I'm still not comfortable buying into bitcoin, but I feel like the day that I fire PayPal may be approaching.
    The point you make of bitcoins starting to hit mainstream is the very trigger for government attempts to shut it down. Therefore it is a bad time to get involved not a good time.

    As a buyer online bitcoins are a terrible currency. There is no consumer protection at all. Once you entust someone with bitcoins they are theirs to keep regardless of them providing the product or service you paid for.
    Quote Originally Posted by Jasep View Post
    I have always tried to carry myself with a high level of integrity in the poker community and I take it very personally when someone calls that in to question.

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    Quote Originally Posted by Deal View Post
    The point you make of bitcoins starting to hit mainstream is the very trigger for government attempts to shut it down. Therefore it is a bad time to get involved not a good time.

    As a buyer online bitcoins are a terrible currency. There is no consumer protection at all. Once you entust someone with bitcoins they are theirs to keep regardless of them providing the product or service you paid for.
    Yeah, I'm still taking a watch and wait approach.

    As for consumer protection, that's something that is frequently abused. Ask anyone that has tried to do business on eBay. This is one of the aspects I actually like about bitcoin. It's sort of like dealing in cash. No refunds, caveat emptor.

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    Quote Originally Posted by Deal View Post
    Quote Originally Posted by SrslySirius View Post
    Just saw this on Twitter. It was a "promoted" tweet, meaning they paid to have this show up at the top of peoples' feeds, including non-followers:



    As it so happens, Namecheap is the domain registration company I've been using for the last few years. This is very interesting news.

    Though it may appear in threads like this that I'm a bitcoin fanboy, I've really been on the fence about it. I never felt comfortable converting any significant amount of money to BTC. The only bitcoins I ever owned were $100 worth, which I blew most of at SWC over a few weekends, just drinking and gambling with it. Fortunately, my leftover balance is worth about $100 again. Heh.

    Anyway, I'll admit that I'm starting to come around. It's certainly possible that the government could step in at any time and obliterate the value of bitcoin. I recognize that this may very well all come crashing down in a year or two. But I think it's reaching a point where you can no longer say that this is being propped up by drugs and black markets. Namecheap is just the latest in a series of reputable companies that make bitcoin transactions. It's starting to go mainstream. If this trend continues, and bitcoin becomes a widely accepted payment option for online retailers, I'm most likely going to jump on board.

    A lot of people hate dealing with PayPal, but are stuck with it because there aren't really any viable alternatives. It's almost a monopoly. I'm always worried that PayPal is going to freeze my account for some arbitrary reason, which they are notorious for doing. I try to keep my balance there as low as possible. As a consumer, PayPal is mostly okay. As a recipient of funds, it can be a nightmare, and a scammer's paradise with fraudulent chargebacks. I'm still not comfortable buying into bitcoin, but I feel like the day that I fire PayPal may be approaching.
    The point you make of bitcoins starting to hit mainstream is the very trigger for government attempts to shut it down. Therefore it is a bad time to get involved not a good time.

    As a buyer online bitcoins are a terrible currency. There is no consumer protection at all. Once you entust someone with bitcoins they are theirs to keep regardless of them providing the product or service you paid for.
    True, however, as a buyer, you COULD always make public (messageboards/BBB/etc) that you paid and got nothing in return.

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