Bitcoin - say bye bye to gaypal!!!!

Anyone heard of this service? Its called bitcoin and its insanely brilliant idea. Its called a cryptocurrency and its completely anonymous (for the most part), completely free. It operates on a decentralized peer to peer network. Before I explain anything further (as the system is INSANELY complex), watch the video:

http://www.youtube.com/watch?v=Um63OQz3bjo

and here is the complex explanation of how it works:

http://www.youtube.com/watch?v=FTOhti7wxXk

This is HUGE and it works great! If you sell digital products online or sell anything online then you have to accept this currency. You can easily convert it online to cash if you wish, or you can respend it on other goods/services that accept it.

But once again the major point of this currency is that it is COMPLETELY FREE. No processing fees, no hidden fees, nothing!

The system is so anonymous that people are even using it buy and sell illegal products (ie. drugs). However, the system is IMPOSSIBLE to shutdown since its decentralized like torrents and we've all seen how successful the government has been at shutting down torrents.

sweet this will solve all the problems we face from the NWO lol

I saw this in the newspapers last month and I think its an awesome idea. Hopefully this will bring down the paypal monopoly soon.

Thanks a lot

Regards

Why not bitcoin.com URL?

Anyone used it?

I guess replica selling will become easy now to whoever sells them.

t0mmy said:

sweet this will solve all the problems we face from the NWO lol

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Aww yes, they are freaking pissed right now! Some people have created an illegal marketplace that only uses bitcoins. You can buy and sell ANYTHING. You have to use TOR to connect. Its called silk road marketplace. People using it to sell drugs and anything else you want to sell.



As a result some senators are calling for it to be banned because people are using it to sell drugs but the system CANNOT be stopped, its impossible because it operates on the same principals of torrents - decentralized. You would have to shut down the entire internet and even then, once the internet is back online you can still use the bitcoins LOL.

If anything this is HUGE and for me atleast I am going to start buying and selling using bitcoins, I'll even give preference to those who sell or buy in bitcoins.

it is same like e-gold when it was in the beginning before it became hard to use now with All of this laws.

consciousnesscreates said:

Why not bitcoin.com URL?

Anyone used it?

I guess replica selling will become easy now to whoever sells them.

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The official site is bitcoin.org for anyone who wants to use. Download the client from there and you have given a code. When you want to receive money people will send the bitcoins to that code and it will show up in your account after its processed by the bitcoin miners. When you want to sell your bitcoins for cash then go to mtgox.com to sell your bitcoins. ITS FREE. Ironically, there may be a fee associated with receiving the money (ie. paypal fees).

If you just trade all day with only bitcoins then you pay no fees - ever.

Also as far as taxes go - i'll leave that for another debate lol.

jokel661 said:

it is same like e-gold when it was in the beginning before it became hard to use now with All of this laws.

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IT IS NOT LIKE E-GOLD. E-gold was centralized and NOT peer to peer. Ultimately e-gold was shut down.

Even if bitcoin faced similar actions it would still not be able to be shut down. Its like torrents - impossible to shut down. The only thing the US could do to stop bitcoin is to say that using bitcoin is illegal and buying/selling/trading in bitcoin is illegal. If that were to happen then only americans would stop using it. The rest of the world where it is legal would still use it lol.

Good stuff!!!

Yeah they say its been used for drug dealing, by the same logic they would have to ban cash, as thats what most drug deals are done with, the powers that be can easily crash this for a few $, buy up some to drive up price then offload to crash the market, peeps already calling it a bubble, if you read around their forums their was a guy offering 10,000 of these 2 years ago for a pizza, their now worth around $6-10 each...great idea,something good will come from it, but it might be something other than bitcoin

lol torrent are easy to shut down, they just dont want to do it. In computers, anything can be stopped. Stop saying anything to everyone. IF the government want to shut it down, they will. A simple bill, and providers would have to disconnect user sending those packets cause yes, they can know what type you are sending. My ISP can know what I did in the last year, so shutting down p2p would be possible. Check in france, they are currently banning p2p and it worked well. On the first week they sent 500,000 warning and on the second week, 150,000 were temp ban from internet. Honestly stop saying bullshit if you are not from north america about what they can/can't do.

edit: I checked the service. The only problem I face is to cash out the money. One day it's wroth 16$, 30 days after its wroth 27... lol nice forex wanna be

dvdgangster said:

Yeah they say its been used for drug dealing, by the same logic they would have to ban cash, as thats what most drug deals are done with, the powers that be can easily crash this for a few $, buy up some to drive up price then offload to crash the market, peeps already calling it a bubble, if you read around their forums their was a guy offering 10,000 of these 2 years ago for a pizza, their now worth around $6-10 each...great idea,something good will come from it, but it might be something other than bitcoin

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yea it could be a bubble but who knows. The remarkable thing is the fact that it rose in the first place. Basically out of no where, some genius kid developed the concept and wrote the open source framework. Others built on it and released the bitminer clients plus bitcoin client. Once launched bitcoins were being created and at the time they were work zero. Then slowly overtime people started using them to buy and sell. Eventually it hit 1$/bitcoin on 2/25/2011 and now they are worth 20-25$/each. Over 2,000% gain! Lets put that into perspective. There are currently 6 million bitcoins in circulation. That means all bitcoins combined are worth around $120 MILLION dollars. So lets see, from zero to 120 million valuation. I would consider that pretty damn successful.

Now lets put this into perspective, when does a currency ever go up in value? NEVER. If there is ever deflation in a traditional currency the central bank prints up money and spends it into circulation so there is always inflation and never deflation!

If anything it just goes to show that bitcoin is superior to traditional currency.

Oh and yes bitcoin is fostering many new products. The first one was that silkroad marketplace but I am sure many legitimate business will be born as a result.

pasdoy said:

lol torrent are easy to shut down, they just dont want to do it. In computers, anything can be stopped. Stop saying anything to everyone. IF the government want to shut it down, they will. A simple bill, and providers would have to disconnect user sending those packets cause yes, they can know what type you are sending. My ISP can know what I did in the last year, so shutting down p2p would be possible. Check in france, they are currently banning p2p and it worked well. On the first week they sent 500,000 warning and on the second week, 150,000 were temp ban from internet. Honestly stop saying bullshit if you are not from north america about what they can/can't do.

edit: I checked the service. The only problem I face is to cash out the money. One day it's wroth 16$, 30 days after its wroth 27... lol nice forex wanna be

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lmao whatever. Even if they block packets in one country or whatever it will NOT shut down the service. It will be available in other countries still. Oh and your isp can shutdown torrent? Perhaps yes, but they can't shut down the entire system. The only way they can shut it down is on the peer side. Plus you can always use satellite to connect. The biggest set back I can see if the government makes a law saying that buying/selling/trading in bitcoin is illegal.

Oh and the, "issue" cashing out money???? Lol, yes its based on supply and demand. The demand for bitcoin has been increasing because bitcoin is limited in supply. New bitcoins are slowly created overtime, and will max out at 21 million around 2033. The same thing happens in traditional currency but only down. In other words, if you put your money in bitcoin, you would have made money. If you put your money into fiat currency, you will have lost money.

Central banks just print up trillions out of thin air. With bitcoin, new bitcoin is created at a predicable rate.

Also check out the bitcoin block explorer (records transaction data). Some people are doing some serious transaction there.

http://blockexplorer.com/

Someone sent a transaction of 135,000 bitcoins valued at $2.7 million!!!

Thats gotta be drug dealers or something!

Plus there are many in the 5-10k bitcoins. Thats 100k-200k.

Also people are making serious money mining bitcoins. If you go on youtube and type bitcoin miner, you'll see people building massive bitcoin mining rigs with Radeon 6990s (700$ graphics card). You can't even buy them at newegg. Check this guy out!

http://www.youtube.com/watch?v=eLt8Se3vVNg

I made a boob video for this site, any free bitcoins for me?

I deal with cash not monopoly money. Once someone realizes that this stuff is worthless, a news story will be created and down it comes. Believe me, the bubble will burst. If you can not sell this monopoly money then you have 0. Monopoly money has more value because you physically have it and in desperate times you can use it to wipe your ass.

I checked with all these places.

Landlord, power company, internet provider, cell phone provider, gas station, insurance company, grocery store etc.

None of them accept bit coin. However, I can use my PayPal debit card in all of those places.

TNphoneman said:

I deal with cash not monopoly money. Once someone realizes that this stuff is worthless, a news story will be created and down it comes. Believe me, the bubble will burst. If you can not sell this monopoly money then you have 0. Monopoly money has more value because you physically have it and in desperate times you can use it to wipe your ass.

I checked with all these places.

Landlord, power company, internet provider, cell phone provider, gas station, insurance company, grocery store etc.

None of them accept bit coin. However, I can use my PayPal debit card in all of those places.

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lol, you can go to mtgox.com and convert the bitcoin into USD. Also you don't really understand how a fiat money works. You do know that USD/EURO etc are backed by NOTHING, right? All fiat is worthless, just like the intrinsic value of bitcoin is nothing. Also I am sure a bitcoin debit card will be coming sooner or later. Just wait.

Also in terms of bitcoin and fiat. The fiat they just print the shit up with a click of a mouse, why do you the USA is constantly increasing its debt limit? With bitcoin, the amount of new bitcoin being created is limited and eventually stops at 21 million. With USD, the amount they print the sky is the limit!

I am very aware that the dollar and euro are backed by hot air. But I am also aware that the countries and governments around the world can not afford that currency to collapse. They will not give 2 hoots about bitcoin. I am also very well aware that what may be valued at $200 today can be $5 tomorrow. It can and will probably go the other way also. My point is that if I have $1 today, I still have that $1 tomorrow unless I spend it.

In my opinion this is going to burst like the dot coms did only I will have cash and others will have a bunch of ones and zeroes. You are going to see news stories how people lost millions of dollars worth of this stuff and guess what, it will be just like the real estate crash here. So and so lost $500,000 on their home, what they don't mention is that they are not selling the home nor are they planning on selling their home so where is the loss? Maybe they can not sell it for that now but they still own the property. They did not actually lose anything.

For fun stuff yea maybe but for doing business I will stick with cash. When the ones listed in the last post start accepting them, then I will look into them again. Until then, you can convert your bitcoins to cash and pay me that way.

TNphoneman said:

My point is that if I have $1 today, I still have that $1 tomorrow unless I spend it.

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Funniest comment of the day.

The US Dollar can be worth a penny within the hour.

If someone has the cash and balls, they would buy up like 100K bitcoins over 7 days then sell it all back in one day

.... the market would rise so much!

Its a bit risky like the normal stock market, but if you know what your doing you can make a killing, I think I might give it a pass for now.

I think this image says it all