Cryptocurrencies are only useful for trying to conceal illicit activities. For everything else, just use real money and invest in stuff that's not going to be worthless in a few years.

Isn't it also useful for sending money quickly without getting shafted by transfer fees? I don't know much about this topic.

Usually fees involved for transferring cash aren't very large, unless you're moving a good sum of money.

Paypal charges 2.9%+$0.30 in fees. Say you sell something for $400. That's over $10 in fees. Selling something for one dollar would be over 30% in fees. You also have to hope that their service doesn't get compromised. Credit cards charge 3-4% fees.

Bitcoin charges a flat 0.0001 BTC fee, valued currently at about 7 cents. Some crytpocurrencies such as dogecoin have lesser fees-Dogecoins fee is less than a penny.

Bitcoin is also far more secure than credit cards. Credit card numbers get stolen all of the time. If you buy something online with a credit card, you cannot trust that they wont steal your number and buy other things with it, and you cannot trust that a hacker wont get access to your credit card number. Just look at target, over 80 million credit card numbers were stolen. Bitcoin is safe because it makes use of private key/public key cryptography-if you send someone Bitcoin or give them your Bitcoin address, they will not be able to access your funds.

Fiat money(USD, EURO, Yen, ETC) is subject to mass inflation. look back in the 70's when the inflation of the US dollar was at about 7% per year. Look at German marks during WW2 that became so worthless that people burned it to stay warm and children used it as toys. Government backed fiat currency loses its value rapidly due to corruption and misuse by federal reserve banking, such as to bail out the banks in 2008. Banks messed up on high risk, high reward investments, and the federal reserve printed more money to bail them out. They will do this again should banks make a mistake. This basically allows banks to make immense profits through risk free high reward investments, at the expense of the general public losing their money through either devaluation or taxes. The current system is basically set up to make banks profit immensely, rather than for the people.


The only valid arguments against Bitcoin is that it's price is volatile, and its not legal tender. The volatility will die down once it catches on and stops growing. The volatility has already declined significantly since its origin, and continues to become lesser. A "crash" 2 years ago meant losing up to 80% of its value. A "crash" now is it losing 10% of its value at most. As for it being legal tender, it may be controversial. Some governments ban it because it threatens their economic control over the people- they can't just print out as much money as they want if people use an alternative currency. Because Bitcoin is decentralized, it takes away economic control from governments and instead in the hands of the people. It threatens the power of banks and the federal reserve, which is why you see JP morgan constantly trying to eliminate it through excuses like money laundering. The irony is that money laundering is far more effective through cash than Bitcoin, as Bitcoin uses a public ledger called the blockchain.

So we can conclude that Bitcoin has the following advantages over fiat currencies and traditional payment methods:

-Significantly lower fees
-Much more secure
-Cannot be counterfeit
-not subject to inflation by government;decentralized
-Can be transferred instantly
-significantly easier for law enforcement to track
-does not require trust
-much more


Please don't criticize something without doing proper research, thanks.

Plus you can trade your cryptocurrencies between others and play a market game. It's kinda fun.

Yeah I doubled my BTC by daytrading. It's fun and makes me feel special lol.

What coins did you trade? Right now im trading between doge and btc.

still cant believe dogecoins are a thing

I'd still use paypal, because I at least have the ability to reverse my transaction in case I get burned on a deal. If I'm buying from a merchant I use a credit/debit card anyway.
Except you see stuff like this every other day
I'm sure if it becomes more popular we will see instances of this.
So if it completely fails people that invest into it are screwed.
So can USD!
As opposed to cash, sure, but law enforcement can track digital payments just as easily.
Wat?
K.
Okay, I will be sure to research everything that I encounter for the rest of my life before I offer any criticism. JK LOL!

Bitcoin is basically a ponzi scheme. The people that invested heavily into it and promoted it are long gone now have more than likely all cashed out by now and are laughing at anyone else that is still buying into it.

I think it started out as a scam but then turned into something real by accident.

Bitcoin is impossible to counterfeit, here's why. Everyone has a copy of the blockchain, the public ledger that basically shows what everyone has. If they try to pretend to send anything they don't own, the network will reject it.

Pretty much every "hack" you've seen is due to exchanges or 3rd party services screwing up, not the protocol itself.

I'm going to be laughing straight to the bank when the USD inevitably collapses. The federal reserve has over 12 Trillion dollars worth of debt, which is next to impossible to pay off even with extremely reduced government spending and immense taxes. the federal reserve, the central bank, will have to print off trillions of dollars to pay off the debt at some point in the future, and doing so would cause hyperinflation.

The debt only continues to grow, and we do nothing about it.

Yes...yes...so let's invest time, resources, and what not to digital currencies....

**** silver and gold, it's all about 1s and 0s baby!!

So... Ron Paul 2016?

Yeah, this bank:

http://cdnimg.visualizeus.com/thumbs...b1bdd10e_h.jpg

Exactly what bank do you think would be open if that ever happened?

Debt is not going to kill the U.S. Economy. In fact, it has been very rare that we've ever been out of it. Also, read the news once in a while.

Skills National Bank of Bitcoin

It was a joke, a reference to an old hip hop song. It was used by the League of Legends streamer "trick2g" to mock players whenever he killed them.



A slight surplus of budgets won't pay it off. It grows at an exponential rate off of interest alone. Even Raising taxes to the highest point on the Laffer curve and completely reducing government spending except for crucial things would still not pay it off.

Glad to know he's on my side
Attachment 14278

It's still really good news. We haven't had a federal budget surplus in 7 years (since the crash) and the companies that messed things up are finally starting to repay what they owe.

It's not going to be fixed instantly. As long as spending is contained and we continue to slash budgets for things we don't need a lot of money for, we should be fine. Our debt can definitely be managed. Almost every level of government, be it federal, state, or local has an active role in keeping spending under control, and they've been doing a pretty good job of it so far.
Using the word 'exponential' is a huge exaggeration. You're basically saying the graph on the left is the same as the graph on the right, as shown below.

I made 2k doge by tading last night. Almost enough to buy a tall boy.

When the debt increases by an average of over 2 billion per day off of interest alone, a 53 billion surplus for one month isn't even enough to keep the debt in place.

You've convinced me, I'm never putting my money in banks again! The mattress it is.

I like how cryptocurrencies cant be subjected to inflation.

This is kind of weird to me, because they still apparently lose value.

That's market stuff I dont fully uberstand either. Inflation and deflation dont decide somethings worth alone.

Yeah but the idea is that inflation means you have less purchasing power for whatever currency you're using...or apparently that's what it implies. If a bitcoin/litecoin/dontgiveafukcoin loses value then the end effect is practically the same.

I have $500 in the bank and I wanna transfer it to Bitcoins.
How do I do this? I'm about to start making some money ;)

Like this:

http://gifrific.com/wp-content/uploa...all-Street.gif

Inflation means there is too much. Lower value doesn't necessarily mean something is inflated.

Dicaprio <3

Yeah I know, but they have the same implications.

Well that's one way to get laid.

Dicaprio best husbandu

Our Cointerra miner (paid for w/ BTC) capable of 1.7 TH/s just came in today. Apparently it's poised to make about $200/day which is pretty cool.

I've been skeptical of it for years now but seeing us go from GPUs to flipping the smaller ASICs and now to a giant ASIC without really being out of pocket has made for a cool ride.

please post feedback / reviews after a week or two, after you've tested it and let us know how it's done. :P

Topcoin is what I'm mining today

I saw a video of one of those on Youtube, they seemed extremely noisy. It felt almost like I was inside a factory. Where would you put one of those? Even if I stuck it in my basement, It would still probably drive me insane.

I might be thinking of KNCminer, but I assume they're similar. What's weird is that the ASIC had seemingly no heatsink(or an extremely small one not attached to the fan), and yet the fans on the sides ran extremely fast. It just seems like bad design IMO. Waste of power having such extremely fast fans when attaching a large heatsink and having a medium power fan would be just as effective.

PS to everyone else: Don't buy ASICs now if you intend to profit. The difficulty factor is about to go up 30% in a week, and Bitcoins value has plummeted a bit.

Are you from the US? If so:
https://coinbase.com/

If from europe, try bitstamp.

Just a heads up, don't spend more than you can afford to lose. Bitcoin is an extremely risky investment. Now seems like the ideal time to buy now that prices are low, but no one may know.

It's in my boss' basement. I've yet to actually see it but I've heard great things.

I havent really understood what this is or heard much about it.

For those calling Bitcoin a Ponzi Scheme/Pyramid Scheme, you clearly don't understand how the federal reserve works.

Didn't you hear? The tinfoil hat rumour was created by the tinfoil wrap industry to increase sales Kappa.

And this is why regulation is a good thing!

Yeah gox messed up real bad

lol only idiots trusted Gox. They've been known as a shady exchange for years.

who's laughing now Viper

Nobody. Everyone got screwed.

That's the joke. We're talking about how the guy became highly sucessful after leaving Graal, then mocking that statement after he lost everything.