Official CryptoCurrency Thread (Bitcoin, Litecoin, Ethereum & More)

[Dr. Sebi Jr.]

I think this is a good time to invest in this great idea.

 

[Chris.B]

shyt is about to get real

 

[Kritic]

sh1t will get real when banks start charging to deposit money.
bitcoins will change online transactions and compete with paypal. paypal losing money means ebay losing money. i dont see ebay taking bitcoins. just like they kept google checkout out. when banks charge for deposits it's gonna be real sh1tty for some of us who fuq with ebay..
i esp like paypal cause during disputes paypal sided with me all the time even as a seller. with bitcoins it's a one way street and that's it.
another bit auction company needs to ride this bitcoin wave and knock ebay out the top. i'm really getting tired of their fees.
at the end of the month i have hundreds to pay in fees...



craigslist has been good to a negro. very good this year. when the time is right i will start messing with bitcoins on craigslist and forums.
right now i'm just lazy watching.

 

[无名的]

sh1t will get real when banks start charging to deposit money.
bitcoins will change online transactions and compete with paypal. paypal losing money means ebay losing money. i dont see ebay taking bitcoins. just like they kept google checkout out. when banks charge for deposits it's gonna be real sh1tty for some of us who fuq with ebay..
i esp like paypal cause during disputes paypal sided with me all the time even as a seller. with bitcoins it's a one way street and that's it.
another bit auction company needs to ride this bitcoin wave and knock ebay out the top. i'm really getting tired of their fees.
at the end of the month i have hundreds to pay in fees...



craigslist has been good to a negro. very good this year. when the time is right i will start messing with bitcoins on craigslist and forums.
right now i'm just lazy watching.

With the exception of the irreversible transactions, which will make disputes difficult, the ability to transfer money without typical fees will be huge, which is why I'm a Bitcoin/digitcal currency believer.

I've paid thousands of dollars to eBay/PayPal this year.



Maybe Bitcoin won't prevail, but digital currency is the future.

 

[heisenburrr]

With the exception of the irreversible transactions, which will make disputes difficult, the ability to transfer money without typical fees will be huge, which is why I'm a Bitcoin/digitcal currency believer



Maybe Bitcoin won't prevail, but digital currency is the future.

The problem with this account is that it’s not true: Baked into the Bitcoin protocol, there is support for what are known as “m-of-n” or “multisignature” transactions, transactions that require some number m out of some higher number n parties to sign off.

The simplest variant is a 2-of-3 transaction. Let’s say that I want to buy goods online from an anonymous counterparty. I transfer money to an address jointly controlled by me, the counterparty, and a third-party arbitrator (maybe even Amex). If I get the goods, they are acceptable, and I am honest, I sign the money away to the seller. The seller also signs, and since 2 out of 3 of us have signed, he receives his money. If there is a problem with the goods or if I am dishonest, I sign the bitcoins back to myself and appeal to the arbitrator. The arbitrator, like a credit card company, will do an investigation, make a ruling, and either agree to transfer the funds back to me or to the merchant; again, 2 of 3 parties must agree to transfer the funds.

This is not an escrow service; at no point can the arbitrator abscond with the funds. The arbitrator is paid a market rate in advance for his services, which are offered according to terms agreed upon by all three parties. This is better than the equivalent service using credit cards, because credit cards rely on huge network effects and consequently there are only a handful of suppliers of such transaction arbitration. Using Bitcoin, anyone can be an abitrator, including the traditional credit card companies (although they might have to lower their fees). Competition in both terms and fees is likely to result in better discovery of efficient rules for dispute resolution.

http://elidourado.com/blog/bitcoin-arbitration/

 

[无名的]

http://elidourado.com/blog/bitcoin-arbitration/

Bitcoin is the Wild West right now... tough to stay on top of everything, but should have figured a solution wouldn't be too difficult.

 

[illadope]

if you aint flippin altcoins right now youre giving away free money. fukk posting on here youre better off watching prices change on Cryptsy

 

[Kritic]

http://elidourado.com/blog/bitcoin-arbitration/

i like reading the comments...

Thing is: credit card transactions are not reversible. The receiver of your credit card payment retains the money paid. The credit card company will just make a claim in your name with their insurance department or company. So basically your credit card payments are covered by an insurance FOR WHICH YOU PAY.

Multisignature transactions don’t solve the underlying security problem.
Keeping $1M in an account at BofA is secured not by a password, but rather by the underlying financial network. Even if an attacker can compromise your account, it’s very hard to steal large amounts of electronic USD since those transactions are all reversible.

Imagine Apple holds $5B in USD at a bank. That bank account is protected by various levels of security. If someone were to compromise the security of the account it would still be very hard for them to steal any substantial amount of that money- any transfer they did would be reversed, and any financial institution they used would participate in tracking down the identities of the thieves.

Now imagine that Apple holds $5B in BTC. If someone were to get access to their private info, they could transfer ALL $5B in a matter of a few minutes (maybe hours) and Apple would basically depend on law enforcement to physically capture the thief and compel them to turn over the BTC.

 

[newarkhiphop]

It's probably going to go below $200, breh.

@Irish how true is this

 

[无名的]

@Irish how true is this

Just a guess based on the bubble that's forming.

I think although the media seems to be waiting for this to crash and constantly writing untruths about what Bitcoin really is, there's enough momentum gaining from various entities like Wall Street, PayPal, Congress, VC firms, etc. for it to legitimize itself in the next year or two.

I believe Coinbase just had 2nd VC round and now has $30 million to use. One of those investors is Andreessen Horowitz.

I take something seriously when a private equity group that has invested in Facebook, Twitter, Zynga, Groupon, Foursquare, Skype, Airbnb, etc. puts money into a Bitcoin company.

 

[无名的]

shyt has sort of stabilized the past couple weeks.

 

[PimpHandStrong]

if you aint flippin altcoins right now youre giving away free money. fukk posting on here youre better off watching prices change on Cryptsy

altcoins = ltc, ppc, and others?

 

[Capo Dei Capi]

Any of yall mess with the bitcoin faucets?

 

[heisenburrr]

Thats the most retarded shyt Ive ever heard. You're getting emotional with your holdings now and thats a big rule never to break. Follow the price action. BTC will never be worth $1000 again. Ever.

keeping this quote close so I can reup in a month

 

[Capo Dei Capi]

Any of yall mess with the bitcoin faucets?

any input on this? @heisenburrr @irishfury