Bitcoin

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tsptalk said:
Uh, oh... CNBC is talking about bitcoin and uscfanhawaii is now considering buying. Could that be the sign of a top? :eek:

j/k :laugh:

... but it is down 10% from this morning's peak.
Click to expand...

So much for the 10% pullback, which lasted one day. New highs tonight.

$2,311.22
 
When the government recognizes bitcoin as a form of currency the Fed will regulate it. It's in the statutes and that is what is scary? have a few gold coins, silver, bonds etc. this is no different but has mega potential. Just have to trust the miners and who you gonna call when a 12 year old Russsian hacker stills your precious coins? Credit cards hacked I can make a call etc. if they reach the max coins mined will there be a bitcoin 2.0? Maybe it's best to ask my 9 year old as these kids have it figured out. We have several bitcoin ATMs in our area.
 
dhstdog said:
When the government recognizes bitcoin as a form of currency the Fed will regulate it. It's in the statutes and that is what is scary? have a few gold coins, silver, bonds etc. this is no different but has mega potential. Just have to trust the miners and who you gonna call when a 12 year old Russsian hacker stills your precious coins? Credit cards hacked I can make a call etc. if they reach the max coins mined will there be a bitcoin 2.0? Maybe it's best to ask my 9 year old as these kids have it figured out. We have several bitcoin ATMs in our area.
Click to expand...

There's definitely big risks associated with it. There are already several other crypto currencies out there that could take over (Ethereum), plus there's a chance that bitcoin could split in two as two different ideas are being negotiated and they may end up making it two different versions. Either way the "experts" who are bullish on it are not too concerned. They are a lot smarter than me, and that one guy (Chamath Palihapitiya) in this video owns 100,000 coins in his funds. https://www.youtube.com/watch?v=B8MEiU4l_Co

But, as with any investment, it couldn't have nearly tripled this year if there wasn't risk involved. That's one reason why I own less than 3 coins (2.3) and not 50. :)


As for those physical coins, I don't even know if they exist, but they are cool.
 
burrocrat said:
i think that is a brilliant idea! tom could even issue real bitcoin to folks. say like if you have 25,000 tsptalk reputation points he could just dole out to that username 0.25 BTC.
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Too many folks gaming the 'reputation points' process...you know what I mean.
 
Scorching-Hot Bitcoin Drops $300 in an Hour- and Still Rises on the Day

How red-hot is bitcoin? The digital currency dropped $300 in one hour this afternoon – and it was still up on the day. Why wasn’t it down on the day? Because it rose by more than $300 in the morning.

Bitcoin is going through one of its moments. It has doubled just this month alone, with several different drivers all converging on what is still a relatively thin market. That sparked a scramble to buy that pushed up the price of not only bitcoin but virtually every digital currency.
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https://blogs.wsj.com/moneybeat/201...ps-300-in-an-hour-and-still-rises-on-the-day/
 
tsptalk said:
I haven't paid for anything myself yet. I'm more in the hording phase right now. But I know there are bitcoin ATM's out there (https://coinatmradar.com/) and multiplying and if I wanted to send anyone bitcoin, they need to have a wallet set up, in which case it would take seconds to make the transfer.

As I mentioned in another post, I could set up bitcoin as a payment option here at TSP Talk, but there doesn't seem to be an interest yet. Soon, however.

It's the blockchain technology that makes it so attractive. No more Visa / Amex fees, or Paypal fees to buy / sell something. Just person to person without a third party / bank in between. No checks clearing in 3 to 5 business days, etc. This is what is exciting the tech geeks.
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Each node (computer connected to the Bitcoin network using a client that performs the task of validating and relaying transactions) gets a copy of the blockchain, which gets downloaded automatically upon joining the Bitcoin network.

Read more: Blockchain Definition | Investopedia Blockchain Definition | Investopedia
Follow us: Investopedia on Facebook

And that’s the question. Who owns “a client”? What is the “a client”? Who controls and manipulates “a client”? What actually is “a client”? Someone somewhere will be controlling this “client” and users will have no control. Who will patch this “client” as vulnerabilities come up and hacking takes place? The excited “tech geeks” envision a free open network but somewhere there has to be an interface with established money.

But, I have a great idea for an experiment. I will attempt to open a wallet. I might need some help. Tom can send me, say, 300,000,000 bitcoin. If it works I promise I will send it back if I can do it from, say, Belize. If as the geeks say it is totally safe and bypasses the third parties, what is the worst thing that could happen?

How would I go about getting my US.gov payments to go to my wallet? Who would be in charge of my wallet’s “client”? Me?

Let’s give it a shot.

PO
 
PessOptimist said:
Each node (computer connected to the Bitcoin network using a client that performs the task of validating and relaying transactions) gets a copy of the blockchain, which gets downloaded automatically upon joining the Bitcoin network.
Click to expand...

I don't think that's true anymore, as far as having to download the blockchain. It's like 160 GB now. But I think that was the case at one time and I think you still have the option to download it if you want - not sure though and I don't want to pretend that I do. :dunce:
 
I'm not smart enough to answer that, but this is from the article you sent.

BREAKING DOWN 'SegWit (Segregated Witness)'The bitcoin blockchain consists of multiple systems distributed across a peer-to-peer network. These systems are called nodes and serve as the administrators of Bitcoin transactions. All transactions made in Bitcoin are duplicated across these nodes, making it virtually impossible to hack into and corrupt a transaction.
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Or you can ask some of the merchants who now accept it including Microsoft, Bloomberg, Subway, Dell, Whole Foods, to name a few.

https://99bitcoins.com/who-accepts-bitcoins-payment-companies-stores-take-bitcoins/


I'll sent the 300,000,000 bitcoin to you as soon as they're mined. There's only about 16M bitcoin in circulation now and it won't reach it's maximum (21M) for another 100 years. So you may have to wait a while. :)
 
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