Crypto-currencies: The future is now

Post by **GT93** » May 4, 2014, 4:07 am

No thank you. I don't follow this closely enough. I was under the impression that all Bit Coins are dependent on a third party's security and that hackers or whatever the correct word is can circumvent your personal security by taking on the third party.

Post by **marklv** » May 11, 2014, 9:50 pm

I wonder if there is sufficient interest in a bitcoin and/or altcoin meetup in the Udon area, to organize one. There are several per week in Bangkok, and I go to some of those when I can. I personally would be willing to travel from Udon as far as far south as Khon Kaen or as far north as Nong Khai for a meetup. Last time I checked Meetup.com has nothing in this area.

Post by **marklv** » May 29, 2014, 7:37 pm

There is a meetup with two members. (Check www.meetup.com) Until more people join, I'll have to be content with attending meetups when I'm in Bangkok.

Post by **leterry60614** » May 31, 2014, 1:21 pm

The U.S. is seeking more than $10 billion penalty from bank BNP. Can you think of a bigger incentive for foreign banks to use bitcoins?

Post by **parrot** » May 31, 2014, 2:08 pm

leterry60614 wrote:The U.S. is seeking more than $10 billion penalty from bank BNP. Can you think of a bigger incentive for foreign banks to use bitcoins?

Actually, I can see why governments, especially the US, would be concerned about banks using bitcoins. A lack of a paper trail might appeal to some....to many....but in the big scheme of things, I can't see governments giving up their ability to track the flow of money. If anything, the US is more concerned than ever about where its citizens park their money.......http://blogs.wsj.com/law/2014/05/19/cre ... crackdown/

Post by **marklv** » June 1, 2014, 2:15 am

Actually, I can see why governments, especially the US, would be concerned about banks using bitcoins. A lack of a paper trail might appeal to some....to many....but in the big scheme of things, I can't see governments giving up their ability to track the flow of money. If anything, the US is more concerned than ever about where its citizens park their money.

Bitcoins don't need or use banks; they buypass them. Furthermore, if a bank were to use bitcoins each transaction would be recorded on the blockchain, and thus they would leave a paper trail, at least an electronic one. Banks have a fiduciary responsibility and therefore are subject to audits, so all these transactions would be traceable. There may exist other reasons that banks wouldn't be allowed to use bitcoins, but lack of a paper trail isn't one of them. With regard to citizens using bitcoins, that can't be stopped without shutting down the internet everywhere in the world. U.S. regulators will have to adapt to that fact.

Post by **Shado** » June 17, 2014, 1:54 pm

"The Bitcoin digital currency system is in danger of losing its credibility as an independent payment system because of the growing power of a group that runs some of the computers behind it.

In recent weeks, a British-based "mining pool" called GHash has amassed nearly half of the Bitcoin computing power and has briefly gone over 50 percent. Miners operate the computers that keep track of bitcoins and create additional coins."

http://news.yahoo.com/bitcoin-faces-big ... xvA2dxMQ--

Post by **KHONDAHM** » December 11, 2014, 4:52 pm

MICROSOFT NOW ACCEPTING BITCOIN!

To say this is a potentially huge development would be an even greater understatement.

http://www.coindesk.com/microsoft-adds- ... e-content/

Post by **leterry60614** » December 12, 2014, 10:53 am

That's a key endorsement. Everyday that passes by is proving Bitcoin's resiliency... It's more stable than the Russian ruble for sure.

Post by **GT93** » December 12, 2014, 11:02 am

You'd bloody hope so 60614. The Russian ruble is a dog. A very low benchmark. Gates was also very cautious in KD's link.

Post by **rick** » December 12, 2014, 7:00 pm

How much has Bitcoin fluctuated in the last year? Now around $400 (a fall of 60% since last december). I also saw that the differential between buy and sell price is about 10% on the exchange i looked at.

Post by **leterry60614** » December 12, 2014, 10:10 pm

That's the increase in exchange rates. But how much value is lost if your savings are deposited in a Russian bank? Bitcoins disconnect your savings from the foreign and economic policies of your nation. And the advantage of Bitcoins over gold is that you can buy a Microsoft game station with them. Merry Christmas to all!

Post by **noosard** » January 15, 2015, 8:07 am

Banking Currency Technology Your Money

The price of bitcoin has plummeted 32 percent in two days, as the virtual currency's volatility threatens to undermine its ability to gain mainstream use.

Bitcoin's price declined 15 percent yesterday and 20 percent today to $181.45, its lowest level since October 2013, according to CoinDesk's Bitcoin Price Index, an average of bitcoin prices across leading global exchanges. Bitcoin's 58 percent plunge last year already made it one of the biggest money-losing investments of 2014, worse than oil or the ruble.

"The price will continue to be volatile and driven by speculators in the short term," said Gil Luria, an analyst at Wedbush Securities Inc. "Nothing about the technology and its promise have changed, but in the short term that does not drive the price."

Bitcoin naysayers have been worried that governments around the world will regulate or prohibit the currency to crack down on criminals, and Russia is now moving closer to doing just that.

A prolonged price drop could also, at least temporarily, put the future of the currency in question because the equipment and power needed to mine new bitcoins are so expensive. Mining new bitcoins is key to the underlying technology.

On the flip side, many proponents of bitcoin appreciate its relative anonymity and transaction verification via a public ledger. And despite the recent drop, some of the biggest backers of bitcoin say they aren't fleeing.

"I'm not going to comment on the recent price movement, other than saying I'm not concerned," Barry Silbert, chief executive officer of SecondMarket Holdings Inc., said in an e-mailed response to questions. Silbert's company was part of a bidding group that won 48,000 bitcoins at a U.S. government auction in December.

A bitcoin could be worth $100 or $1 million, and its value will fluctuate as new uses for the currency's underlying technology emerge, Luria said. Venture capitalists, including Tim Draper, have poured hundreds of millions of dollars into startups that are building new software on top of bitcoin technology. And companies from Microsoft Corp. to a Lamborghini dealership have said they accept bitcoin as payment.

With the value of bitcoin once topping $1,100 in 2013, the last year -- and this week, in particular -- has been a dramatic reversal of fortunes. But for those who don't see bitcoin going away, the recent decline has be a chance to snatch up more bitcoins in hopes prices will bounce back.

With so many buyers and sellers, transaction volume today has been among the highest ever, according to Blockchain.info.

Post by **leterry60614** » January 15, 2015, 9:37 am

Good read. I'll retain the last lines about the increase in liquidity and the growing number of merchants accepting payment in Bitcoins. And there is something to be looking forward to.

Winklevoss Bitcoin ETF Files to Sell 1 Million Shares (Nasdaq: COIN)

winklevoss-001By DAVID ZEILER, Associate Editor, Money Morning - January 2, 2015
Taking one step closer to going live, the Winklevoss Bitcoin ETF filed an amendment Dec. 30 to its Securities and Exchange Commission (SEC) prospectus to list 1 million shares at an offer price of $20.09 per share.

If approved, the aggregate value of the shares will be $20.09 million.

Officially known as the Winklevoss Bitcoin Trust, this exchange-traded fund is intended to be an easy way to invest in Bitcoin.

Post by **KHONDAHM** » January 15, 2015, 8:21 pm

"A prolonged price drop could also, at least temporarily, put the future of the currency in question because the equipment and power needed to mine new bitcoins are so expensive. Mining new bitcoins is key to the underlying technology."

Meh. If the ASICs (the expensive mining computers) are turned off, the difficulty will drop to a level where less expensive mining computers would be turned back on. The genius of the algorithm is that it self-adjusts to the computing power of the network. No matter how much or how little computing power is committed to mining, the rate at which the blocks are found (those are the rewards of BitCoin mined) will always be relatively constant.

So, the quoted concern means nothing. If the expensive machines are turned off, cheaper ones would be turned back on.

Post by **Asiaphile** » January 31, 2015, 6:15 pm

Bitcoin Mining Firm CoinTerra Files for Chapter 7 Bankruptcy

Bitcoin mining company CoinTerra has filed for bankruptcy.

CoinTerra has between $10m and $50m in assets, with liabilities within the same range, according to court documents. The firm has filed for Chapter 7 bankruptcy protection, meaning it is likely to liquidate all assets in its bid to repay secured creditors.

CoinTerra stated that it would be unable to repay unsecured investors and named hundreds of creditors in its filing, which was submitted on 24th January.
...
http://www.coindesk.com/bitcoin-mining- ... ankruptcy/ (empasis added)

Post by **merchant seaman** » January 31, 2015, 6:31 pm

Sounds like back to the future for those who invested in bitcoins.

Post by **leterry60614** » March 11, 2015, 8:40 am

It's 2015 and bitcoin is still going. The Wall Street Journal reports that investors put $116 million in bitcoin startup 21 Inc

From Reuters NewsPro. http://www.reuters.com/article/idUSKBN0M703H20150311

Post by **Laan Yaa Mo** » April 4, 2015, 11:49 pm

Sad to say but Bitcoin, after just one game, will no longer be sponsoring the St. Petersburg Bowl. North Carolina State won that game over Central Florida.

http://www.cbssports.com/collegefootbal ... -bowl-game

Post by **old timer** » April 5, 2015, 3:20 pm

What use is crypto if you can't spend it?
Nobody can take a pocket full of crypto to the shopping mall and have a spend up.
Not considered a currency in OT's opinion. Leave it to the tech heads to go for broke on a non existent "investment".

OT............... $\:D/$