Bitcoin

#1
lawgator1

lawgator1

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#1
I admit it. I don't understand and it seems to me like it's the biggest con in recent memory, since tulips in the 1600s.

I could be totally wrong, however.
 
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#2
#2
lawgator1 said:
I admit it. I don't understand and it seems to me like it's the biggest con in recent memory, since tulips in the 1600s.

I could be totally wrong, however.
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I don't think the huge run up in stock price is about Bitcoin, the currency.

Do a little reading on the technology that supports Bitcoin. Blockchain tech has a lot of potential in many other applications/industries.
 
#3
#3
lawgator1 said:
I admit it. I don't understand and it seems to me like it's the biggest con in recent memory, since tulips in the 1600s.

I could be totally wrong, however.
Click to expand...

How is it anymore of a con than fiat money? Block chain actually has utility outside of being a medium of exchange and a store of value.
 
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#4
#4
It might be overvalued and it might not be the currency of the future, but it is not akin to Tulip mania.
 
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#5
#5
The guys pushing it have ties to pedophelia. It’s thought they want it as a currency so they can engage on things in the black market. In other words, selling kid porn and not get caught. Look up Brock Pierce.
 
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#6
#6
Bubble

It's not a con, but when it crashes people will think that it is
 
#8
#8
davethevol said:
The guys pushing it have ties to pedophelia. It’s thought they want it as a currency so they can engage on things in the black market. In other words, selling kid porn and not get caught. Look up David Brock.
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Black market demand boosting its value?
 
#10
#10
davethevol said:
The guys pushing it have ties to pedophelia. It’s thought they want it as a currency so they can engage on things in the black market. In other words, selling kid porn and not get caught. Look up David Brock.
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What "guys"?

I agree it has appeal because of black market convenience but let's not pretend cash isn't used for evil. At least with bitcoin if we catch somebody with porn on their computer we might be able to track down the bitcoin tied to the purchase.
 
#12
#12
There was an intersesting article in The Economist a few months ago about the socialist paradise of Venezuela and the crumbling economy giving rise to bitcoin mining as a means of income to take advantage of their "right to cheap electricity". Evidently bitcoin is created by running complex computer progams, which consume a lot of power, and spit out this currency.
 
#14
#14
Antminer S9 is where it's at.

And all sort of other angles here. Lots of money up for grabs.
 
#15
#15
I Dont understand bitcoin either. Otoh, i dont understand how our US currency is simply supported by a foundation of trust in our Governmnt.
 
#16
#16
davethevol said:
The guys pushing it have ties to pedophelia. It’s thought they want it as a currency so they can engage on things in the black market. In other words, selling kid porn and not get caught. Look up David Brock.
Click to expand...

I don't know about any of that but it is being accepted now at legitimate retailers. I just saw last night Overstock.com accepts Bitcoin as a form of payment.
 
#17
#17
distrovol said:
There was an intersesting article in The Economist a few months ago about the socialist paradise of Venezuela and the crumbling economy giving rise to bitcoin mining as a means of income to take advantage of their "right to cheap electricity". Evidently bitcoin is created by running complex computer progams, which consume a lot of power, and spit out this currency.
Click to expand...

You are referring to mining for bitcoins. All a user must do to mine bitcoin, is set up a rig that typically uses alot of CPU power. All this rig does is run complex algorithms for the blockchain that result in the obtaining of bitcoins. Bitcoin miners help keep the Bitcoin network secure by approving transactions.

When Bitcoin first started around '09, the amount of bitcoins you could mine was much larger. Over the years it has become more scarce which in turns helps to increase it's value. I don't see it going away anytime soon.
 
#18
#18
theFallGuy said:
I don't know about any of that but it is being accepted now at legitimate retailers. I just saw last night Overstock.com accepts Bitcoin as a form of payment.
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There is a bitcoin ATM at the Pit-Stop by my work. Made me do a double take.
 
#23
#23
theFallGuy said:
I don't know about any of that but it is being accepted now at legitimate retailers. I just saw last night Overstock.com accepts Bitcoin as a form of payment.
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Brock Pierce - Wikipedia

In 2000, three young actors filed a civil lawsuit claiming Pierce sexually abused them, also naming fellow Digital Entertainment Network executives Chad Shackley and Marc Collins-Rector.[2] He was an Executive VP at Digital Entertainment Network when he was arrested with other company executives by Interpol in Spain in May 2002.[2][3]

Pierce founded Internet Gaming Entertainment in 2001 and ZAM in 2003.[4] Pierce has been involved in the establishment of digital currencies and virtual goods.[5] Many of Pierce's companies have operated in this virtual space.

Pierce is active in the Bitcoin/Blockchain ecosystem, with numerous speaking engagements, conference activities, and community involvement. In May 2014, Pierce was elected Director of the Bitcoin Foundation.[6] Pierce is co-Founder and Advisor at Blockchain Capital,[7] a venture capital firm that is amongst the most active venture capital firms in fintech.[8]
 
#24
#24
davethevol said:
Brock Pierce - Wikipedia

In 2000, three young actors filed a civil lawsuit claiming Pierce sexually abused them, also naming fellow Digital Entertainment Network executives Chad Shackley and Marc Collins-Rector.[2] He was an Executive VP at Digital Entertainment Network when he was arrested with other company executives by Interpol in Spain in May 2002.[2][3]

Pierce founded Internet Gaming Entertainment in 2001 and ZAM in 2003.[4] Pierce has been involved in the establishment of digital currencies and virtual goods.[5] Many of Pierce's companies have operated in this virtual space.

Pierce is active in the Bitcoin/Blockchain ecosystem, with numerous speaking engagements, conference activities, and community involvement. In May 2014, Pierce was elected Director of the Bitcoin Foundation.[6] Pierce is co-Founder and Advisor at Blockchain Capital,[7] a venture capital firm that is amongst the most active venture capital firms in fintech.[8]
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He was a child actor himself and was just 20 years old in 2000 and the accusers filed a civil suit against him and his business partners. No criminal charges. His ex-business partner Marc Collins seems to be the bad guy.

Even if he is a bad guy, it has almost nothing to do with bitcoin.

Pierce's statement to the WSJ

Approximately 14 years ago, I was falsely accused of sexual assault in civil lawsuits filed against multiple defendants in California by a man named Mike Egan and some of his friends. They apparently saw an opportunity to extort money from several entrepreneurs, including me. I was never served with the lawsuits and didn’t even know they existed. When I later became aware, I immediately went to court in California and aggressively cleared my name. Each of the lawsuits was dismissed by the Courts with the full consent of Mr. Egan and the other plaintiffs, none of whom seemed eager to further perjure themselves in open court in the face of someone standing up to them.

These civil actions arose from my association, at the age of 17, with a tech startup called Digital Entertainment Network, which was founded by a man who was later charged with certain federal offenses that dated back to many years before I joined the company.

Let me emphasize this: Despite a full investigation by the U.S. Attorney’s office, the FBI and the State of California into the allegations, I was never charged with anything whatsoever by anyone and was cleared of any wrongdoing.
Click to expand...
 
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#25
#25
n_huffhines said:
He was a child actor himself and was just 20 years old in 2000 and the accusers filed a civil suit against him and his business partners. No criminal charges. His ex-business partner Marc Collins seems to be the bad guy.

Even if he is a bad guy, it has almost nothing to do with bitcoin.

Pierce's statement to the WSJ
Click to expand...
Check out the documentary “An Open Secret.”
 
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