Bitcoin: What do you think?

[grsthegreat]

there are a limited number of bitcoins ... 49% are owned/held by 1 entity already....

just like shares , each one appreciates in value as long as someone is willing to pay more for a "share" ( or portion of ) than the original stock price... eventually it will even out as the ceiling is reached ....

yes the first ones to get in will make mega bux ... the rest , less so ... and the tailenders will end up footing the bill eventually ....


The governments will step in as more companies try to copy / cash in .... and they will demand to know who bought what and for how much, then check to see if the "taxes" were paid on the transactions or increase in value when sold or exchanged. It's gonna get messy.


just remember " there are no physical bitcoins " ... only electronic entities ... BTW , anyone seen the emperor's new clothes?

hay..sounds alot like a ponsi scheme to me....think Zeek Rewards

 

[rekees4300]

I think it's a scam.

Hate to say I told you so, but I told you so.

Major Bitcoin exchange website goes offline | Fox News

 

[joshuabardwell]

Hate to say I told you so, but I told you so.
Major Bitcoin exchange website goes offline | Fox News

This is no more an indictment of Bitcoin itself, than the mortgage bubble was an indictment of the dollar. Crooks will be crooks.

 

[MoKelly]

Seems to me this is similar to American Express Traveler Checks. You give American Express money and they give you an IOU. Its all good until American Express can't pay.

MoKelly

 

[timswi]

There's also that whole money laundering thing that would have come about if it hasn't happened already. This whole thing (whatever it is) was in the regulatory cross-hairs for laundering amongst many other potential illicit activities. After reading up on bitcoin, I can certainly see why...I'm no criminal, but at least 10 possibilities come to mind. Imagine what the really smart POS can come up with.

 

[dave1949]

Mt Gox files for bankruptcy.

Bitcoin exchange Mt.Gox files for bankruptcy - Feb. 28, 2014

 

[grsthegreat]

i wonder how ling it will be before the bitcoin is back to $10.00

 

[JimWalch]

It appears bitcoin’s recent turmoil has claimed its first life.

Autumn Ratke a 28-year-old American CEO of bitcoin exchange firm First Meta was found dead in her Singapore apartment on Feb. 28.

BREAKING: Satoshi Nakamoto, the mystery man behind bitcoin, finally located

Local media are calling it a suicide, but Singapore officials are waiting for toxicology test results. Ratke formerly worked with Apple and other Silicon Valley tech firms on developing digital payment systems.

 

[dave1949]

IRS wants its piece of the bitcoin bonanza | The Portland Press Herald / Maine Sunday Telegram

LOS ANGELES—The Internal Revenue Service said Tuesday that bitcoin would be treated and taxed as property, joining other efforts to bring more oversight to the controversial digital currency.

In its first big ruling on bitcoin, the agency noted that “it does not have legal tender status” and will be taxed under codes that apply to property transactions.

That means wages paid to workers in bitcoins will be subject to federal income and payroll taxes. Those who “mine” virtual currencies – or create new bitcoins by solving complex math problems – will have to report their earnings as taxable income.

Bitcoins can also be treated as capital assets, regulated under the same rules that govern stocks and bonds, the IRS said.

The agency’s decision was applauded by Sen. Thomas Carper, D-Del., who has called on the U.S. government to lead the way for regulating bitcoin and other virtual currencies.

The guidance “provides clarity for taxpayers who want to ensure that they’re doing the right thing and playing by the rules when utilizing Bitcoin,” Carper said in a statement Tuesday.

Bitcoin, which has gained a following among ordinary users and companies alike, has attracted scrutiny from lawmakers in several countries around the world. The currency is not controlled by any government or central bank, and has lately been at the center of several controversies that critics say highlight the need for more oversight.

Mt. Gox, a bitcoin exchange that was once the world’s largest, filed for bankruptcy protection in February after losing 850,000 bitcoins worth more than $450 million (a big chunk was later recovered).

 

[FrankTailor]

How are you going now, early adopters

 

[Herness]

No bad actually, even considering the bitcoin price is lower now it still made a huge jump comparing to the early prices. I have a very positive predictions and see bitcoin going up to 100k in the nearest future. Some people also make a good profit with the crypto exchanger ( yes, you need this license for that https://rue.ee/), but it is not too complicated in general.

 

[not2old]

My guess is that it's used to avoid taxes or hide criminal activities. I don't know why governments permit it to exist. Sure, I might be wrong, but while I admit to not paying much attention, I've not seen anything to change my opinion.

 

[scaredychicken]

NOPE to bitcoin

and I think canning is the future currency, along with helping neighbours, bartering

 

[gsganzer]

I recently started up a 50 mega-watt simple cycle unit in Canada that provides power to a bitcoin mine next to it. The Bitcoin servers draw about 57 megawatts. You could hear their whirr and see the heat coming off the multiple server trailers.

I still can't wrap my head around how Bitcoin and other crypto currencies have value.

 

[TBob42]

Hi all

First off bitcoin is not a scam but like all monetary systems scammers will get in on the act. Aleady some have lost money when they deposited their bitcoins into an "online bank" and the so called banker vanished. Bitcoin is actually brillian in design from a mathematical aspect - but no one knows who actually created it. That itself is very interesring. As a monetary system it's doing very well, it's now accepted by the Belgium Telecom, some big stores in the US, and Lamborghini even! Mnay online gamers and games accept it and there is a big trade in bitcoin transactions and mining. Enough that banks and Govts that poo-hooed it just a year ago and now chaning their ideas. Bit coins are appreciating in value but with the expected ups and downs and sometimes big fluctualtions. As a device to hold and exchange value it works and there will be critisism and FUD from established banks and the Govt as they cant easily control it. It's a new monetary system, early adopters are risk takers, unless you understand it it's not an investment, it is here to stay and banks and govts will have to adapt.

Mike

There's a reason I don't work on my own HVAC, and that's because I don't know what I'm doing. I understand how it works but repairing it is another thing altogether. The same goes for Crypto Currency except for the knowing how it works bit. Frankly, I'd rather have a refresher course in New Math than read another treatise on non fungible tokens. With traditional investments, I can't actually see my funds, but there is a Government agency (I know, I know) allegedly minding the store. I don't mean to throw rocks at anyone, but it's just not for me. I can't or maybe won't understand it, so I don't mess with it. Unfortunately there are too many scammers for the average consumer to delineate which is legitimate and which isn't. I'll probably continue to observe the show and perhaps dabble. But I'll leave it to more financially astute individuals to make a living at it. And if Kevin from Mumbai calls, hang up immediately.

 

[TBob42]

I recently started up a 50 mega-watt simple cycle unit in Canada that provides power to a bitcoin mine next to it. The Bitcoin servers draw about 57 megawatts. You could hear their whirr and see the heat coming off the multiple server trailers.

I still can't wrap my head around how Bitcoin and other crypto currencies have value.

Does CMCP know about your operation?

 

[gsganzer]

Does CMCP know about your operation?

What does CMCP stand for? Anyway, yes it was a commercially legitimate operation. Apparently, it's faring better than the marijuana growing operation that got tons of provincial and city money to build a giant grow operation, but then never started up and now sits there vacant with everyone trying to figure out how to repurpose a very specifically designed building.

 

[TBob42]

It's the Canadian equivalent of MSHA which is Mining Safety and Health administration. At least that was what I was given to understand CMCP is the Canadian Mining Certification Program.

 

[Oaktree]

There's a reason I don't work on my own HVAC, and that's because I don't know what I'm doing. I understand how it works but repairing it is another thing altogether. The same goes for Crypto Currency except for the knowing how it works bit. Frankly, I'd rather have a refresher course in New Math than read another treatise on non fungible tokens. With traditional investments, I can't actually see my funds, but there is a Government agency (I know, I know) allegedly minding the store. I don't mean to throw rocks at anyone, but it's just not for me. I can't or maybe won't understand it, so I don't mess with it. Unfortunately there are too many scammers for the average consumer to delineate which is legitimate and which isn't.

Same here. I've read any number of articles on how cryptocurrencies and blockchain technology works, and it's enough to make your head explode. Total Greek to me. The more it's explained, the less sense it makes.
I'm not about to invest my money in something I don't understand what it even is, let alone something that's totally unregulated. While I don't really understand all the intricacies of the stock market either, I do understand that you're taking an ownership stake in an actual company. Huge difference IMHO.

 

[JasperFrank]

What I wish crypto had done..... which it didn't, was to monetize a useful algorithm. Just imagine the benefit if all that mining and electricity had been directed to protein folding, genetic research, drug interaction, or some other very difficult, yet meaningful, computational study. Then the whole enterprise would have made more sense. It could have issued coins to wallets, and maintained a block chain in the same way. Yet the coin would represent a useful use of all that electricity and dedicated hardware. How useless will this be when newer computer designs can crack the sieve in 10 seconds? Your wallet is then worth nothing.