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  1. #11
    StoneNYC's Avatar
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    Quote Originally Posted by jnanian View Post
    just make sure you don't landfil your hard drive by mistake!
    http://worldnews.nbcnews.com/_news/2...itcoin-fortune
    Wow! Where is that landfill? I'm surprised people aren't out there in droves searching for it like gold miners....

    If I were the owner of the dump site I would certainly be looking for it at least... And the workers on their lunch break...
    ~Stone | "...of course, that's just my opinion. I could be wrong." ~Dennis Miller

  2. #12

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    bitcoin is hardly a currency. more like a speculative gamble. When it crashes (and it will) it will crash hard to zero. redeem any bitcoins you have as soon as you get them, IMNHSO.

  3. #13
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    Quote Originally Posted by EdSawyer View Post
    bitcoin is hardly a currency. more like a speculative gamble. When it crashes (and it will) it will crash hard to zero. redeem any bitcoins you have as soon as you get them, IMNHSO.
    And how is this gamble different than US currency? Nothing is backed anymore, it's all made up...

    Everyone should watch "In Time" the movie, it's an OK movie but the parallels to real life are accurate and if you extrapolate you have one of those realization moments... Either way it's worth seeing.
    ~Stone | "...of course, that's just my opinion. I could be wrong." ~Dennis Miller

  4. #14

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    US currency has a bit more widespread support. ;-) But hey, if you want to live your life in BTC, it should at least be rather exciting... ;-P

  5. #15
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    Quote Originally Posted by EdSawyer View Post
    US currency has a bit more widespread support. ;-) But hey, if you want to live your life in BTC, it should at least be rather exciting... ;-P
    I just want to start scrounging that dump site... Haha

    Could you imagine if they someday unearth it, and the whole universe is working off if bitcoins, and some future earth man finds the hard drive and recovers the coins... He would be ultra rich! And could FINALY buy his own spacecraft and finally retire on Venus...
    ~Stone | "...of course, that's just my opinion. I could be wrong." ~Dennis Miller

  6. #16
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    Quote Originally Posted by StoneNYC View Post
    You don't pay fees because it's it's own market, but doesn't that mean they might increase the available bitcoins to up the "price" of the bitcoins? Who's regulating this? Seems like the 1920's before the crash... Lol
    There can't be more than 21 million bitcoins, the algorithm simply won't allow it. So what we will see are people trading in fractions of bitcoins. You would never pay a bitcoin to subscribe to APUG, you would pay 0.028 bitcoin or "BTC".

    EdSawyer
    bitcoin is hardly a currency. more like a speculative gamble. When it crashes (and it will) it will crash hard to zero. redeem any bitcoins you have as soon as you get them, IMNHSO.
    They've been saying this for years but it continues to increase it's market, at this point growth is becoming exponential.. Bitcoin has already surpassed Westernunion. VC funds are dumping millions into it, over 100,000 retailers now accept it and this is growing rapidly. Here are some current stats:

    Total Bitcoins currently available: 12,117,800 BTC
    Current Market Cap: 10,772,724,200 USD

    Determining pricing of bitcoin: http://www.gadflycapital.com/markets..._a_bitcoin.pdf

    If that pdf can be believed they show bitcoin with a market of 10 billion is valued around $850 US per coin (and that is what we are seeing now, market is 10.7 billion and the coins are at $900US each). The market will reach 100 billion at which point a coin will be in the $8,000 US range. 100 billion is a very tiny slice of the pie so as electronic transactions begin to increase further it's likely to only go up. Companies like paypal should be worried. They do not have to worry just yet because it's difficult for the average person to use bitcoin, but this is changing rapidly due to 100's of million in VC funding to create paypal like venues for bitcoin ( coinbase.com based in the US now has 600,000 users and growing 30% a month).

    The big question is, will bitcoin continue to survive. It's estimated global acceptance around 2017-2019, then a considerable amount of the online transaction market 10 years later. If this happens a bitcoin will be quite valuable. If venture capitalists like Andreessen and Horowitz betting 25+ million that it's here to stay are wrong, then you are right it will fade into nothing only an interesting tidbit in internet history. I tend to side with those who think bitcoin is going to be as big as the internet. There could be a lot of people 15yrs from now wishing they had a few bitcoins. I don't think anyone knows how it will pan out, it's fun to watch though.

  7. #17
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    Quote Originally Posted by StoneNYC View Post
    I just want to start scrounging that dump site... Haha

    Could you imagine if they someday unearth it, and the whole universe is working off if bitcoins, and some future earth man finds the hard drive and recovers the coins... He would be ultra rich! And could FINALY buy his own spacecraft and finally retire on Venus...
    I read a similar story of a student who bought bitcoins 4yrs ago and forgot about them (probably paid $50). When he found them he cashed in and bought an apartment. There is probably still time to be an early adopter but not much longer if things keep going how they are.

  8. #18
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    Quote Originally Posted by Sean View Post
    I read a similar story of a student who bought bitcoins 4yrs ago and forgot about them (probably paid $50). When he found them he cashed in and bought an apartment. There is probably still time to be an early adopter but not much longer if things keep going how they are.
    So how manly bitcoins do you own?? Hmmm??
    ~Stone | "...of course, that's just my opinion. I could be wrong." ~Dennis Miller

  9. #19
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    Quote Originally Posted by StoneNYC View Post
    So how manly bitcoins do you own?? Hmmm??
    Just a couple from a while back, I have them stored offline in a bip38 encrypted paper wallet. It's way out of my price range to put more into it. I plan to just sit on them for 15-20yrs and see what happens.

  10. #20
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    Quote Originally Posted by Sean View Post
    Just a couple from a while back, I have them stored offline in a bip38 encrypted paper wallet. It's way out of my price range to put more into it. I plan to just sit on them for 15-20yrs and see what happens.
    What about the ones you make from this site? Shouldn't you allocate those to a separate spot? You could become the sole savior of film!
    ~Stone | "...of course, that's just my opinion. I could be wrong." ~Dennis Miller

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