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    Bitcoin

    Scheduled Pinned Locked Moved Water Closet
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    • s.hacklemanS
      s.hackleman
      last edited by

      I just setup a wallet and converted a little money to bitcoin just to try it out, and see what all of the fuss is about. Has anyone else tested the waters? What did you think?

      1 Reply Last reply Reply Quote 1
      • DashrenderD
        Dashrender
        last edited by

        It's a pain in the arse to use.

        I really want it to work.

        It has all the drawbacks of cash (if you loose the wallet it's gone) with nearly none of the conveniences, requires the other side to have a wallet and some type of computer device (phone, PC, tablet, etc). And worse, it can be stolen from your electronic sources if you get hacked. At least with cash, they have to assault you personally, in person (assuming your cash is in your wallet in your pocket).

        1 Reply Last reply Reply Quote 1
        • scottalanmillerS
          scottalanmiller
          last edited by

          Nope, never tried it. It is certainly an interesting idea but not likely something that I could see myself using. It's "just another currency" and one that is volatile and difficult to use and appears to carry a bit of risk that I would rather avoid until I have seen it play out for a while.

          DashrenderD 1 Reply Last reply Reply Quote 0
          • s.hacklemanS
            s.hackleman
            last edited by

            I have a friend who is a early adopter and suggested I use Coinbase. It has some transaction fee's but it basically makes using bitcoin as easy Paypal. So far where I am there isn't anywhere to use it locally, but I may buy a few things online, or see if my balance will grow if the market spikes again.

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            • DashrenderD
              Dashrender
              last edited by

              All that said - I love it because of the anonymity of it. The ability to carry HUGE amounts on something like a flash drive. Frankly I'm tired of the government considering you guilty of something just because you transferred more than $10,000 in a single transaction, and I'm guessing that number is probably lower by now.

              You can't put tracking die or record serial numbers to watch how it moves around - sure I understand why the government wants those things... to help them bring down crime, but still.

              scottalanmillerS JaredBuschJ 2 Replies Last reply Reply Quote 0
              • DashrenderD
                Dashrender @scottalanmiller
                last edited by

                @scottalanmiller said:

                ... and one that is volatile and difficult to use and appears to carry a bit of risk that I would rather avoid until I have seen it play out for a while.

                Exactly - the fact that dozens of new crypto currencies have crept up in the last few years makes me wonder if crypto currency can ever get a foothold? Probably not, at least not unless a government decides to stand behind it... and who really wants to do that when they can't control it? Devalue it, etc.

                scottalanmillerS 1 Reply Last reply Reply Quote 0
                • scottalanmillerS
                  scottalanmiller @Dashrender
                  last edited by

                  @Dashrender said:

                  All that said - I love it because of the anonymity of it. The ability to carry HUGE amounts on something like a flash drive. Frankly I'm tired of the government considering you guilty of something just because you transferred more than $10,000 in a single transaction, and I'm guessing that number is probably lower by now.

                  That suspicion applies to all transactions and is not linked to Bit Coin.

                  DashrenderD 1 Reply Last reply Reply Quote 0
                  • scottalanmillerS
                    scottalanmiller @Dashrender
                    last edited by

                    @Dashrender said:

                    @scottalanmiller said:

                    ... and one that is volatile and difficult to use and appears to carry a bit of risk that I would rather avoid until I have seen it play out for a while.

                    Exactly - the fact that dozens of new crypto currencies have crept up in the last few years makes me wonder if crypto currency can ever get a foothold? Probably not, at least not unless a government decides to stand behind it... and who really wants to do that when they can't control it? Devalue it, etc.

                    Currencies always struggle unless you have a huge banking system standing behind it, normally a national one. The US used to have local currencies everywhere and they didn't work at all.

                    DashrenderD 1 Reply Last reply Reply Quote 0
                    • DashrenderD
                      Dashrender @scottalanmiller
                      last edited by

                      @scottalanmiller said:

                      @Dashrender said:

                      All that said - I love it because of the anonymity of it. The ability to carry HUGE amounts on something like a flash drive. Frankly I'm tired of the government considering you guilty of something just because you transferred more than $10,000 in a single transaction, and I'm guessing that number is probably lower by now.

                      That suspicion applies to all transactions and is not linked to Bit Coin.

                      Right, that's why I'm saying I love Bitcoin, because unless you publish your BC id, you can remain pretty anonymous.

                      1 Reply Last reply Reply Quote 0
                      • DashrenderD
                        Dashrender @scottalanmiller
                        last edited by

                        @scottalanmiller said:

                        @Dashrender said:

                        @scottalanmiller said:

                        ... and one that is volatile and difficult to use and appears to carry a bit of risk that I would rather avoid until I have seen it play out for a while.

                        Exactly - the fact that dozens of new crypto currencies have crept up in the last few years makes me wonder if crypto currency can ever get a foothold? Probably not, at least not unless a government decides to stand behind it... and who really wants to do that when they can't control it? Devalue it, etc.

                        Currencies always struggle unless you have a huge banking system standing behind it, normally a national one. The US used to have local currencies everywhere and they didn't work at all.

                        It makes you wonder if an area could exist under a real gold standard? I know we used to... I still don't understand why it was better to get off that and allow the creation of fiat currency?
                        Other than to allow the government to steal our wealth by printing and distributing worthless greenbacks.

                        scottalanmillerS 1 Reply Last reply Reply Quote 0
                        • scottalanmillerS
                          scottalanmiller @Dashrender
                          last edited by

                          @Dashrender said:

                          Other than to allow the government to steal our wealth by printing and distributing worthless greenbacks.

                          It's not exactly stealing our wealth. If you back with gold your value goes up and down like wild too. Much moreso than with our currency now. Gold backed currency has advantages but big caveats too. It's not a panacea. There is a reason why no one does it. With gold backing you have all kinds of limits that the world does not want to day - like the permanent removal of wealth from a nation or region.

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                          • s.hacklemanS
                            s.hackleman
                            last edited by

                            I am a notorious early adopter. I will take the hits and try stuff out just to see how it works, and see if I like it. It is fun to imagine what if Bitcoin really works in the long haul. Paying for a service, and no higher body other than me and the person I am paying are involved, simply under the mutual understanding and trust in something is kind of a cool feeling. I am not dumping my savings in by any means, but participating in something, however small the likely hood, that could completely change our global understanding of money is fun in a pioneering sort of way. It is also way cheeper than a one way ticket to colonize Mars.

                            1 Reply Last reply Reply Quote 0
                            • DashrenderD
                              Dashrender
                              last edited by

                              Early adapter? Bitcoin has been around at least 5 years if not more like 8. I setup a bitcoin mining machine back in year one and did buy a single bit coin and sense lost it (lost it 6+ years ago). If I could find it buried on the drive where ever it might be, that would be huge today.

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                              • s.hacklemanS
                                s.hackleman
                                last edited by

                                @Dashrender said:

                                Early adapter? Bitcoin has been around at least 5 years if not more like 8. I setup a bitcoin mining machine back in year one and did buy a single bit coin and sense lost it (lost it 6+ years ago). If I could find it buried on the drive where ever it might be, that would be huge today.

                                Ok, not early in the sense of Bitcoin, but I only know 4 other people in my circle of friends who have setup a wallet and tried to use it.

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                                • scottalanmillerS
                                  scottalanmiller
                                  last edited by

                                  I think of myself as an "early dissenter" in this case. I looked at it years ago and said "meh".

                                  DashrenderD 1 Reply Last reply Reply Quote 1
                                  • DashrenderD
                                    Dashrender @scottalanmiller
                                    last edited by

                                    @scottalanmiller said:

                                    I think of myself as an "early dissenter" in this case. I looked at it years ago and said "meh".

                                    What is your take on PP?

                                    scottalanmillerS 1 Reply Last reply Reply Quote 0
                                    • scottalanmillerS
                                      scottalanmiller @Dashrender
                                      last edited by

                                      @Dashrender said:

                                      What is your take on PP?

                                      I have lots of friends in the PP. Happy that they just won the Spanish elections.

                                      I'm guessing that isn't the PP that you mean?

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                                      • JaredBuschJ
                                        JaredBusch @Dashrender
                                        last edited by

                                        @Dashrender said:

                                        You can't put tracking die or record serial numbers to watch how it moves around - sure I understand why the government wants those things... to help them bring down crime, but still.

                                        Bitcoin is 100% fully traceable from the moment it was mined. Not to a person, but then neither are the serial numbers or dye on cash.

                                        1 Reply Last reply Reply Quote 1
                                        • scottalanmillerS
                                          scottalanmiller
                                          last edited by

                                          Good point, the BC itself can be traced.

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