Bitcoins at $75

people calling bitcoin bubble remind me of sore losers

even risk free interest compounded over a long enough time frame will have a price curve that resembles a bubble
there is value in these coins that the market is only beginning to realize
 


genuine question from a bitcoin noob:

if the US gov decide to lock down US internet connectivity, would bitcoin be usable (in the US)? this question ofc applies to any other country with a gov and internet.

or a worst case scenario - there is no electricity, how would one access their wallet? transact?

the fact it relies on (presumably open) internet, a computing device and power, doesn't this make it somewhat vulnerable when/if shit hits the fan?
 
AdamC said:
genuine question from a bitcoin noob:

if the US gov decide to lock down US internet connectivity, would bitcoin be usable (in the US)? this question ofc applies to any other country with a gov and internet.

or a worst case scenario - there is no electricity, how would one access their wallet? transact?

the fact it relies on (presumably open) internet, a computing device and power, doesn't this make it somewhat vulnerable when/if shit hits the fan?
Click to expand...

PaperCoin - paper offline Bitcoin wallets

also http://rt.com/news/bitcoin-challenge-dollar-currency-121/

+ http://www.listentobitcoin.com/
 
EU is fucked. Buy BTC now because they will do the same to other EU country's as they did to Cyprus. Confidence in the EU is crushed now Spain will most likely be next. Even though coins are expensive now you will be hitting your self when they are past 200. I have made a massive return from buying them at 50.
 
The thing that pisses me off about Bitcoin is that you need to use companies such as MtGox to sell your coins and they place withdrawal limits on your account or ask you to verify all your shit. Is it just me or is the whole point of Bitcoin freedom and anonymity?
WTF is that all about?
 
swiftmoney said:
The thing that pisses me off about Bitcoin is that you need to use companies such as MtGox to sell your coins and they place withdrawal limits on your account or ask you to verify all your shit. Is it just me or is the whole point of Bitcoin freedom and anonymity?
WTF is that all about?
Click to expand...

There have been some bad hacks in the past at mtgox, which is mainly why those limits are 'low' and those checks in place.

With CoinBase you can exchange up to 300 BTC (currently $27.9k) every 24 hours.

I'm not sure what mtgox is as I dont use it to exchange.
 
AdamC said:
if the US gov decide to lock down US internet connectivity, would bitcoin be usable (in the US)? this question ofc applies to any other country with a gov and internet.
Click to expand...
Such a drastic step would piss off the citizenry so much that they'll fight it harder than every before. Governments never win such fights.

Reference: Prohibition.

Plus, with the spread of mesh networking, there won't even be a need for ISPs before long. We'll all be our own ISPs.


AdamC said:
or a worst case scenario - there is no electricity, how would one access their wallet? transact?
Click to expand...
Solar power, baby.

There is already a credit-card-sized computer that can be powered by the sun alone, that has sent and received bitcoins. (Over mesh networking.) Losing electricity is simply a minor issue in the scheme of things.


AdamC said:
the fact it relies on (presumably open) internet, a computing device and power, doesn't this make it somewhat vulnerable when/if shit hits the fan?
Click to expand...
If the SHTF very soon, I would be worried... ISP blocking or something like that happening right now would scare off too many people... But with all this sustained interest in bitcoin, I won't be worried about anything hurting it by summertime or perhaps the fall at the latest. The truly redundant infrastructure will be complete by then.

swiftmoney said:
The thing that pisses me off about Bitcoin is that you need to use companies such as MtGox to sell your coins and they place withdrawal limits on your account or ask you to verify all your shit. Is it just me or is the whole point of Bitcoin freedom and anonymity?
WTF is that all about?
Click to expand...
That is about it being new.

There are probably a dozen startups or existing banks preparing to jump in right now, and the more popular bitcoin becomes, the more will jump in just to be able to compete.

What you have witnessed here is the birth of a new Economy, and it's growing fast.


(O_o) said:
There have been some bad hacks in the past at mtgox, which is mainly why those limits are 'low' and those checks in place.
Click to expand...
Mt.Gox was only hacked once, in June 2011. The only other hacks related to Mt.Gox were user account hacks, where users got their passwords to it phished or bruted.

(O_o) said:
With CoinBase you can exchange up to 300 BTC (currently $27.9k) every 24 hours.
Click to expand...
If you can wait through their week-long queue of Cypriots...

(O_o) said:
I'm not sure what mtgox is as I dont use it to exchange.
Click to expand...
It's like the FOREX exchange... You can upload dollars to it to exchange to BTC too, but I don't recommend it.
 
AND $100

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so does anyone want to sell me 0.25 BTC or the USD equivalent of $25? i wanna use it to actually buy something, you know, like what 'currencies' are usually used for.

problem is i've to pay by paypal or skrill so you'll have trust i won't chargeback! i'll pay $35 for $25 value for the risk. anyone wanna help me out?!
 
harrymouni said:
so does anyone want to sell me 0.25 BTC or the USD equivalent of $25? i wanna use it to actually buy something, you know, like what 'currencies' are usually used for.

problem is i've to pay by paypal or skrill so you'll have trust i won't chargeback! i'll pay $35 for $25 value for the risk. anyone wanna help me out?!
Click to expand...

if you are serious, PM me your Skype.
 
Great press release about Bitcoin passing the $100/mark

https://docs.google.com/document/d/19ed5bEep2VsFWQZTmeSxwOVoN3kQm-iJpgsbSZNKX6Q/edit

To: Media Outlets
Subject: Bitcoin's Landmark of $100/Bitcoin

Several investors in the online currency known as Bitcoin have decided to issue a press release when the value of the currency passes $100.00 per BTC.
With the current market cap of over a billion dollars, this day is certain to bring a lot of media attention to the currency. Therefore, it is important that we ensure that you, the media, have at least a basic understanding of what bitcoin is, how it is used, and how it may affect the world around us in the coming years.

To put it simply, bitcoin is a way to transfer money online nearly instantly. It differs from Paypal, Western Union, credit card purchases, and bank transfers in the following ways:

- No Fees
Anybody who buys bitcoins can send them to another person without having to worry about fees to do so. Any retailer can accept bitcoins without dealing with merchant fees from credit cards, which can sometimes be up to 5%. This is important, because with profit margins on many items being very small, these merchant fees can represent a significant cost for businesses. In many sectors of the online economy, doing away with these fees will allow businesses to see 25-50% increase in profit margins. Credit card companies, Paypal, and western union simply cannot compete with this.

- No Middlemen
There is no need to have someone mediate a transfer of money. Often middlemen can make the transfer process a hassle. If you want to send money to your mother, sibling, or friend in another state, or worse, another country, it could be a very difficult process. You have to visit a place like a bank or money wiring service, pay money, and potentially come under scrutiny to ensure that your money gets sent. The process can get caught up in clerical errors and you are left to trust someone else with handling your money. This is entirely unnecessary with bitcoin.

- No Waiting Time
As soon as you hit send, bitcoin just needs to register with the global, shared peer network that you sent money. This is a very fast process. With bitcoin, you can be sure that the money is getting transferred swiftly.

- No transfer limits
With banks, Paypal, Western Union, and other payment processors, you are limited in how much you can send and receive. If you send more than their limit, you have to go through a very long process of verification, scrutiny, and in many cases, rejection of your transfer. Bitcoin puts the control of peoples wealth back in the people's hands. There is not a single payment processor that can compete with this.

- Ability to send to almost anywhere
One major problem merchants have is sending money places that have a very small banking system, a struggling currency, a collapsing financial sector, and other issues. This gives people in these countries purchasing power that may not be available to them as the current market stands. This could truly be a global game-changer.

Now that you know what bitcoins can do, it is important to understand what a bitcoin is. There are many complicated definitions of bitcoins and how they work, and with good reason, it is a very complex system. Its complexity is necessary for its success, because it makes it secure and effective. The bitcoin system is based off of something called the blockchain, a public ledger that is distributed among everyone in the bitcoin network. Nobody can fudge the ledger, because it will be rejected by everyone else on the network who has the copy of the always updating, actual ledger.

Bitcoins are produced by those who donate their computing power to the blockchain. They are produced at a set rate that decreases over time. Eventually, there will be no more bitcoins produced. Unlike fiat currency that is issued by governments, bitcoins cannot be printed out of thin air. They are an asset with a circulation amount that everyone is publicly aware of. They are not subject to the same currency manipulations that governments partake in.

Currently, bitcoin is beginning to be accepted throughout the internet. One can buy a house, pay for a hotel, or even pay employees in bitcoin. There exists ebay-like markets which only accept bitcoin (bitmit.net), and there is even a humorous story about how somebody paid 10,000 bitcoins years ago to buy a pizza. That pizza today would cost a million dollars! One can even exchange it for gold at places like coinabul.com, or even get physical copies of their digital coins casascius.com. Bitcoin has been covered many times by ABC, CNN, Bloomberg, Fox, Guardian, and other media agencies.

Due to recent events in Cyprus and other countries, people are learning that they need better ways to store and transfer their wealth. If bitcoin takes over even 1% of the global currency market, bitcoin valuation could be as high as $10,000 per bitcoin. To do that, all it would need to do is capture a substantial portion of online currency exchange.

Today is a big day for bitcoin, and so we in the bitcoin investing community want to make it clear to the world exactly what bitcoin can do for merchants and consumers. Following this press release, you can research more about bitcoin at the following links:

Official
http://bitcoin.org/en/
Introduction
https://www.weusecoins.com/
Explanation on Youtube
http://www.youtube.com/watch?v=yi2WgeJ73IE
Wikipedia (available in many languages)
http://en.wikipedia.org/wiki/Bitcoin
Bitcoin Wiki
https://en.bitcoin.it/wiki/Main_Page
Sub-Reddit
http://www.reddit.com/r/Bitcoin/
Bitcoin Charts - Statistics & Charts
http://bitcoincharts.com/
MtGox - Largest Bitcoin Currency Exchange (also payment processor)
https://mtgox.com/
BitPay - Largest Bitcoin Payment Processor
https://bitpay.com/
Bitcoin Watch - Statistics
http://bitcoinwatch.com/
Bitcoin Talk - Forum
https://bitcointalk.org/
Bitcoin Github Repository - (Open) Source Code
https://github.com/bitcoin/bitcoin
Blockchain.info - Online Wallet, Payment Processor & Statistics
http://blockchain.info/
Bitcoin Magazine - News Coverage
http://bitcoinmagazine.com/
Bitcoin Store - Bitcoin Online Retailer
https://www.bitcoinstore.com/
Bitcoin ATM - Bitcoin ATM Machine
https://bitcoinatm.com/
Bitcoinity - Exchange Engine/Ticker
http://bitcoinity.org/markets
Bitcoin.de - German/European Currency Exchange
https://www.bitcoin.de/
BitStamp - Currency Exchange
https://www.bitstamp.net/
Bitcoin 24 - European Currency Exchange
https://bitcoin-24.com/
Local Bitcoins - Local Currency Exchange
https://localbitcoins.com/
BitInstant - B&M Currency Exchange
https://www.bitinstant.com/
Coinbase - Currency Exchange & Payment Processor
https://coinbase.com/
BTC-E - Currency Exchange
https://btc-e.com/
Bitcoin Tipper - Bitcoin Payments on/via Twitter
http://bitcointipper.com/
Click to expand...

Please copy and paste this and send it to all your local news/media outlets!

Press release for passing the $100/mark.

/end transmission
 
Probably will see a major run up in the next few weeks to months with all the international publicity its getting. Could double in the next couple weeks. Just be very careful. A major correction is looming.
 
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