Bitcoins!

[JoshuaW]

Any other enthusiasts here?

I paid a lot of attention to them a year or so back, lost interest, then watched as the market crashed a few months ago. Now Im paying attention again, because my webhost is offering a slight discount for paying with them. Since mining is out, Im considering getting back into speculation, since the market has started to settle and hold around $100 again.

Coinbase looks nice, but probably not good for speculation. What are you guys using?

 

[Mgderf]

It's called "Bit-coins" because sooner or later, you're gonna get "bit"!

 

[Benny]

It's one of the dumbest concepts I've ever seen, but to each his own. I won't be investing a single penny in them.

 

[CQB]

Huh? Is this some of that fake intewebz funny money?

 

[danmdevries]

Huh? Is this some of that fake intewebz funny money?

Exactly.

 

[JoshuaW]

It's one of the dumbest concepts I've ever seen, but to each his own. I won't be investing a single penny in them.

It has its ups and downs like anything else, and I really am surprised that it caught on, but at this point it is definitely very real, and at least viable to a certain extent. Maybe it helps me that I have a slightly above average understanding on them (did a paper on crypto currency in a school a few years ago). Like you said, to each their own though. Even I get a chuckle out of the "THIS IS THE GREATEST THING TO EVER HAPPEN AND WILL TOPPLE CENTRAL GOVERNMENT CURRENCIES" crowd.

 

[PistolBob]

P.T Barnum was right of course. There is a sucker born every minute.

"It is immoral to allow a sucker to keep his money." - Poker Player Canada Bill Jones.

 

[Mosinguy]

Please explain what this is.

 

[MikeDVB]

You do realize, of course, the dollar bill you have in your wallet only has value because we choose to give it value - right?

Same thing with BitCoins. Overall the system previously was built for disaster [i.e. becoming more and more impossible to maintain] but I haven't looked at it since the crash [or even knew that there was a crash.]

 

[Hoosierkav]

As weird/skeptic-creating as it may be, there does seem to be a need for secure, anonymous transactions in today's world.

The revelation of the NSA's snooping would have caused a bit surge in interest in the use of Bitcoins. Too bad the Bitcoin industry was raided and subsequently hiccuped just a month or so before the NSA story broke.

Maybe I should invest in tin foil--either for those who want to wear it or for those who want to wave it at those who they think would want to wear it.

 

[hoosierdoc]

I have four pounds of them in my safe....

It's interesting, but I'm not ready to put money in it yet.

 

[dansgotguns]

I've been wwanting to get in but don't know how

 

[JoshuaW]

Please explain what this is.

https://en.bitcoin.it/wiki/Introduction

I've been wwanting to get in but don't know how

There are several currency exchanges and wallets. The wiki linked above has plenty of information. I signed up for Coinbase and transferred some of my coins to their wallet, and it is very easy to use. It is much less anonymous, but that really isnt my interest. They also have relatively cheap fees for purchasing them

Do a lot of research if you want to "invest" in them. They are pretty volatile, and the simplest things can cause the value to swing. The crash back in April had them soar up to $260+, then crash below $100 all in a few days time.

If you arent interested in them as an investment, and just want to play around with them, purchase some and start looking for places to spend them!

 

[JettaKnight]

Huh? Is this some of that fake intewebz funny money?

Yes, exactly.

Planet Money (NPR podcast) did a great episode about them.

 

[JoshuaW]

Yes, exactly.

Planet Money (NPR podcast) did a great episode about them.

They have done several. The earlier ones were very skeptical, the more recent ones are a little more accepting. Currency is anything someone will accept as payment, and bitcoins are being accepted more and more. It helps that a lot of places are offering a discount for using them.

Litecoins, now there is some internet funny money...

 

[forgop]

The bitcoin will have greater value than the USD.

 

[Lebowski]

I love the idea, but would be a fool to say I fully understand them. They're being picked up more and more and there are places you can buy a meal with Bitcoins, pay your bar tab, order a coffee, etc.

Bitcoins got a bad rap initially as it was used in underground 'darkweb' sites such as the 'silk road' where it was the primary currency for illegal arms dealing, purchasing drugs, and other sketchy stuff. So in that sense, not much different than the USD!

But seriously, it's becoming a lot more main stream and legitimate now. I've got a BitCoin wallet, though with no BTC in it. I almost purchased a few BTC a while back when it was $35USD to 1BTC, but then it kept going up, and up, and up. I forget where it popped, but it's stablizing again now.

Check out http://MtGox.com, seems to be the largest and most recommend BTC dealer with live charts of the current value and what-not.

 

[JoshuaW]

I decided to go with CampBX for my exchange, and Im using Coinbase as my general wallet to make payments to my webhost. I looked at MtGox, but with the whole Dwolla thing and the feds taking a little too much interest in them, I thought CampBX was a better fit. CampBX is based in Atlanta, and meets several SEC and security guidelines. Im waiting on my account to be funded, then I should be good to go.

 

[JettaKnight]

The bitcoin will have greater value than the USD.