Bitcoins????

[bersaguy]

Just curious if anyone here is using the Bitcoin programs and are they real or a Ponzi scheme?

[buck1032]

There was a thread on here a while back about it, let me see if I can dig it up.

 

This is the one I was thinking of http://www.tngunowners.com/forums/topic/63445-bitcoin-learned-something-new-today/?hl=bitcoin

Edited August 8, 2014 by buck1032

[GlockSpock]

Just curious if anyone here is using the Bitcoin programs and are they real or a Ponzi scheme?

 

They are real. Not a Ponzi scheme. But you certainly would have to understand greater what they are. In many opinions (including mine), the time for getting rich off of them has long gone. I remember reading about them probably 6 years ago. Had I invested a measly $100 into them now I think I figured up that it would be worth ~million right now.

 

Now, that being said, there still technically could be a fatal flaw/bug in them that makes them worthless, or the government could decide to put an end to them and make them illegal.

[tnguy]

Quite possibly the next big thing. Or not. Personally I'm pretty enthused about it as I think inflation is being hideously abused.

 

Definitely *not* any kind of scam (though scams are/can and have been attached to it). I'd be happy to answer any questions.

Edited August 8, 2014 by tnguy

[Raoul]

Aren't bitcoins like any other currency> Dependent upon the belief in an idea?

[btq96r]

Now, that being said, there still technically could be a fatal flaw/bug in them that makes them worthless, or the government could decide to put an end to them and make them illegal.

 

That's the biggest threat to Bitcoin, IMO.  If/when they decide to clamp down on Bitcoin, they will say it's due to terrorists using them or something, but really, it will be because no central bank has control over Bitcoin as a regulating authority. 

[Dustbuster]

Google "mark Karpeles" and mt gox.
2 reasons to stay away from bit coin.

[Sam1]

Aren't bitcoins like any other currency> Dependent upon the belief in an idea?

 

BTC/LTC and all the other crapcoins are magic internet money.  Nothing more nothing less

 

Bersa if you want to get into them, I've got some pretty snazzy altcoin mining rigs for sale.

Edited August 9, 2014 by Sam1

[tnguy]

Aren't bitcoins like any other currency> Dependent upon the belief in an idea?

Completely. Though the distributed ledger arguably has value in itself.

[tnguy]

Google "mark Karpeles" and mt gox.
2 reasons to stay away from bit coin.

Google Goldman Sachs, Enron, Worldcom and Bernie Madoff then put all your dollars in a paper sack and send them to me.

[Dustbuster]

Karpeles claimed he was hacked,and lost half a billion dollars in bit coin while CEO of mt gox. And the investors?? Zero recourse w no criminal investigation.....

[KKing]

The idea has always intrigued me, although admittedly I don't know much. I am all for money that's not regulated by the federal reserve though. Edited August 9, 2014 by KKing

[tnguy]

Karpeles claimed he was hacked,and lost half a billion dollars in bit coin while CEO of mt gox. And the investors?? Zero recourse w no criminal investigation.....

I believe investigations are underway but many dollar swindlers get away Scott free day after day.

And really mtgox/karpeles would only be one reason if you really want two, you could throw in trendon shavers (Who has been charged by the SEC FWIW). But again, just another standard scammer who happened to pick Bitcoin. Edited August 9, 2014 by tnguy

[tnguy]

The idea has always intrigued me, although admittedly I don't know much. I am all for money that's not regulated by the federal reserve though.

Exactly. Though it should be noted that Bitcoin currently *is* inflating but that's designed to taper off and go to zero by 2040. Edited August 9, 2014 by tnguy

[Sam1]

Exactly. Though it should be noted that Bitcoin currently *is* inflating but that's designed to taper off and go to zero by 2040.

 

BTC won't be around in 2040.

[bvarnell]

Probably the value will be zero by 2040, if not before.

 

Exactly. Though it should be noted that Bitcoin currently *is* inflating but that's designed to taper off and go to zero by 2040.

[Dustbuster]

Bitcoin is unregulated and wreaks of the same stupidity of the dot com years full of young con artists pissing away investor money.

[bersaguy]

Thanks for all the info guys, Still sounds like it is a Ponzi scheme of some kind.  I won't be investing my 5 dollars I have left for my Burger King trip for the double whoppers w/ Mushrooms............... :rofl: :rofl:

[Sam1]

Thanks for all the info guys, Still sounds like it is a Ponzi scheme of some kind.  I won't be investing my 5 dollars I have left for my Burger King trip for the double whoppers w/ Mushrooms............... :rofl: :rofl:

 

It's not bad just as long as you don't fall for the hype.  I talk smack about it on a regular basis, but have 5 mining rigs running 24/7 on altcoins.

 

Just ride the pony till it dies then push it off in the ditch and find a new one.  Don't get suckered into believing this is going to change the way the world operates currencies, or that it is some unbelievable magical answer to everyone's prayers because the fed doesn't regulate it, and everything will be fine.

[tnguy]

BTC won't be around in 2040.

 
 

Probably the value will be zero by 2040, if not before.

Bitcoin is unregulated and wreaks of the same stupidity of the dot com years full of young con artists pissing away investor money.

Yeah, it'll probably go the way of that internet fad thing. See you in 2040. Edited August 10, 2014 by tnguy

[tnguy]

It's not bad just as long as you don't fall for the hype.  I talk smack about it on a regular basis, but have 5 mining rigs running 24/7 on altcoins.
 
Just ride the pony till it dies then push it off in the ditch and find a new one.  Don't get suckered into believing this is going to change the way the world operates currencies, or that it is some unbelievable magical answer to everyone's prayers because the fed doesn't regulate it, and everything will be fine.

Don't listen to this guy. Don't listen to me either. Do some research and decide for yourself. Or if you just want to dismiss it as a Ponzi because you understand neither, that's cool too. You won't suffer from joining late if it catches on. Edited August 10, 2014 by tnguy

[Sam1]

Yeah don't listen to me!

 

but if you decide to buy a rig I'll sure sell you one without talking  :rofl:

[tnguy]

Heh, my mining days were over. When I was doing it, I'm pretty sure it was a losing prospect for people in my class. I tried some Litecoin but gave up after 3. I don't think that's going anywhere though. I don't think the alts are either but if you're making a profit from it, fair game.

[NoBanStan]

If memory serves, nobody really knows who actually invented bitcoin. There's speculation but not a clear "that guy". Also I seem to recall that there's a finite amount, like eventually the algorithm or what have you will run out of coins to produce.

 

Basically nowadays you have to join up with a pool of other people to lend clock/gpu/etc cycles to attempt to unlock them. The conspiracy guy in me says you're lending your pc over to doing someones international dirty work.... sounds like a voluntary botnet to me. But i'm also somewhat ignorant as i never bought into bitcoin.

[tnguy]

Nah, the mining pools are pretty benign. You can do it on your own (and some still do probably) but joining a pool decreases variance which could be important if you're using it for an income.