OT- BitCoins

[CTPride]

Anyone use them? Been thinking about about investing in them so Im prepared for when the U.S. dollar collapses and the global economy goes down the drain.



But really, I hear you can make some good money trading/mining bit coins.

 

[Scot-e]

Good explaination- sorry I have to run and harvest a crop on FarmVille.

 

[prankster]

I had done some currency speculation in SchruteBucks, and Stanley Nickels, a while back.

I haven't been as successful in currency speculation as, say, George Soros, but, I still believe there is money to be made.

 

[UConnSwag11]

Now can you hold the bitcoins physically? I heard they have ATMs now bc if not then there's no point. I'd buy gold and silver

 

[CTPride]

Now can you hold the bitcoins physically? I heard they have ATMs now bc if not then there's no point. I'd buy gold and silver

Nope all virtual currency

 

[intlzncster]

Now can you hold the bitcoins physically? I heard they have ATMs now bc if not then there's no point. I'd buy gold and silver

No. There's no actual backing to bitcoin. That's one of the inherent flaws. It's an interesting speculation vehicle, but should not be used as a place to 'park' your savings.

 

[Kitaman]

Can someone summarize Ihatethepants post describing Bitcoin. I'm years out of school and can't read (i.e. understand) all that Shot like I used to.

 

[CTPride]

It is a virtual currency. Basically every 10 minutes 50 "bitcoins" are thrown into the virtual world. Any computer can solve an algorithim, and whoever is the lucky one to solve that paticular code gets the bitcoins. As you would expect, it is a very competitive race to see who can solve the code (people spend tens of thousands of dollars on super computers who can solve algorithims very fast).

Right now 1 bitcoin is worth about $120 USD

 

[RS9999X]

Its ripe for gaming and as a money laundry for drugs.

After the online Poker debacle with Howard Lederer and Jesus Ferguson you'd think people know better. Software built with peeps for admins and the pro owners. Moving assets off shore to facilitate a Madoff style Ponzi scheme. Then the shoe drops. The Winklevoss Twins? Give me some help here......

 

[Robertelamin]

What is the going bitcoin to tulip exchange rate?

 

[intlzncster]

After the online Poker debacle with Howard Lederer and Jesus Ferguson you'd think people know better. Software built with peeps for admins and the pro owners. Moving assets off shore to facilitate a Madoff style Ponzi scheme. Then the shoe drops. The Winklevoss Twins? Give me some help here......

I'm lost here. I know that bitcoin was a savior for Argentinians when they implemented capital controls down there. That was the only way to get their money out of the Argentine pesos, which was being crushed.

 

[NHUConnfan]

FWIW, the website www.humblebundle.com which sells games at a "pay what you wish" rate (and also for charity) now accepts bitcoin as a viable option of payment.