Local casino is acception bc now :p
Said its probably going to spread to all other casinos too.  

Put in a buy order for 22,000 Doge@ 136 satoshi. Waiting for Middlecoin to dump it's 200 BTC worth of doge in about 2 hours, that should bring down the price long enough for my order to get filled. I plan to sell this Doge in 2 weeks after the difficulty halvening. I expect to make a 50-100% profit.  

Bought a new processor with Bitcoins

I expect to be able to run GW2 and Tera maxed out much more smoothly now, and it should keep me prepared for ESO, Everquest next, and Archeage  

So how about that huge bitcoin crash today?  

Posted by -Albus

So how about that huge bitcoin crash today?

It already recovered lol. My Bitcoins were valued at over $710/BTC when I bought the processor. The price only fell for about 12 hours because mtgox spread FUD that Bitcoin was flawed, when really it was their own incompetence that caused them to be taken advantage of. Developers made clear that it was a result of Mtgox's broken software, so the price shot back up.

I have no regrets for buying that processor.  

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.  

Posted by Draenin

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.  

Posted by mallard

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.  

Posted by Draenin

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.  

Posted by hosler

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.  

Posted by Skill

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  

Posted by Skill

Wall of Text

http://replygif.net/i/150.gif (Unsupported image host)  

Posted by Skill

-Significantly lower fees

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.

Posted by Skill

-Much more secure

Except you see stuff like this every other day

Posted by Skill

-Cannot be counterfeit

I'm sure if it becomes more popular we will see instances of this.

Posted by Skill

-not subject to inflation by government;decentralized

So if it completely fails people that invest into it are screwed.

Posted by Skill

-Can be transferred instantly

So can USD!

Posted by Skill

-significantly easier for law enforcement to track

As opposed to cash, sure, but law enforcement can track digital payments just as easily.

Posted by Skill

-does not require trust

Wat?

Posted by Skill

-much more

K.

Posted by Skill

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

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.