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  #21  
Old 20.06.2014, 21:42
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Re: Who is familiar with Bitcoins?

Bitcoins have had plenty of publicity here, but difficult to see the local need/demand for them. As others have noted, Switzerland has not historically been an early adopter of payment technologies. The orange slip lives on...

The various thefts and other shenanigans of recent years suggest that 7% of all bitcoins in existence have been stolen Add to this the fact that I still don't understand how they work despite having read numerous articles about them, means that I will stay away from them for the time being.

Good luck to the clever / brave / ignorant / lucky people that play in this space!
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Old 21.06.2014, 20:13
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Re: Who is familiar with Bitcoins?

They benefit the seller more than the buyer at the moment (unless you purchased before 2014) but that will change soon, compared to PayPal they are great, they can when a transaction takes place be immediately turned into cash just by checking a box so traders don't really need to know the tech behind it, they lose or benefit, much like forex.

You are right about not finding any easy to understand information about them and how they work, not being a techie I find it difficult to understand, however we will soon try and provide a simple guide that everyone can understand, I'm quite surprised no one has done it yet.
  #23  
Old 21.06.2014, 23:09
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Re: Who is familiar with Bitcoins?

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You are right about not finding any easy to understand information about them and how they work, not being a techie I find it difficult to understand, however we will soon try and provide a simple guide that everyone can understand, I'm quite surprised no one has done it yet.
Why the surprise? A couple of basic lessons in economics and you'd realise what a daft idea it is!!! There is no intrinsic value in a Bitcoin nor is it a regulated currency representing goods & services and as such it could come tumbling down just as fast as tulipomania did in the 1630s.

The technology that surrounds it is total irrelevant and is typical of the smoke and mirrors that is associated with this kind of thing. Mark my words, if for any reason the people holding these coins loose confidence in it, it will become worthless within hours because all that is holding it together is the believe of the people involved, just like the tulip bulbs of old.
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  #24  
Old 21.06.2014, 23:55
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Re: Who is familiar with Bitcoins?

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Why the surprise? A couple of basic lessons in economics and you'd realise what a daft idea it is!!! There is no intrinsic value in a Bitcoin nor is it a regulated currency representing goods & services and as such it could come tumbling down just as fast as tulipomania did in the 1630s.

The technology that surrounds it is total irrelevant and is typical of the smoke and mirrors that is associated with this kind of thing. Mark my words, if for any reason the people holding these coins loose confidence in it, it will become worthless within hours because all that is holding it together is the believe of the people involved, just like the tulip bulbs of old.
No idea about the economics man, stranger things have happened in the past.
I have heard that a lot of big VCs including Sir. Richard Branson, have been investing millions into Bitcoins. I guess they might have done some homework. If it's worth IRSs time and FBI's time I guess it's got something to it. I for one want to quickly accumulate some coins. I think 10 - 100 would be a good amount for holding as an investment IMO.

My friend just sent me this link about Bitcoins ATM being approved in Switzerland.
http://www.coindesk.com/swiss-regula...n-atm-network/
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Old 22.06.2014, 00:14
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Re: Who is familiar with Bitcoins?

Where can I pay with bitcoin?
  #26  
Old 22.06.2014, 10:49
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Re: Who is familiar with Bitcoins?

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Why the surprise? A couple of basic lessons in economics and you'd realise what a daft idea it is!!! There is no intrinsic value in a Bitcoin nor is it a regulated currency representing goods & services and as such it could come tumbling down just as fast as tulipomania did in the 1630s.

The technology that surrounds it is total irrelevant and is typical of the smoke and mirrors that is associated with this kind of thing. Mark my words, if for any reason the people holding these coins loose confidence in it, it will become worthless within hours because all that is holding it together is the believe of the people involved, just like the tulip bulbs of old.
Just like all fiat currency!
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Old 22.06.2014, 10:52
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Re: Who is familiar with Bitcoins?

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Where can I pay with bitcoin?
Try these guys

http://btcsuisse.ch/en/
  #28  
Old 22.06.2014, 10:55
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Re: Who is familiar with Bitcoins?

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No idea about the economics man, stranger things have happened in the past.
I have heard that a lot of big VCs including Sir. Richard Branson, have been investing millions into Bitcoins. I guess they might have done some homework. If it's worth IRSs time and FBI's time I guess it's got something to it. I for one want to quickly accumulate some coins. I think 10 - 100 would be a good amount for holding as an investment IMO.

My friend just sent me this link about Bitcoins ATM being approved in Switzerland.
http://www.coindesk.com/swiss-regula...n-atm-network/
Expedia have just started to use them so are a few mayor players.

Now is quite a good time and price to buy, I bought $500 worth last March, my investment went up 5Xs when I sold in December 2013 the price was around the same then
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  #29  
Old 13.07.2014, 14:32
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Re: Who is familiar with Bitcoins?

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I have a Butterfly labs monarch bitcoin mining card on back-order.
Christ on a bike. You ordered a Monarch in June?

Did you do any research before making this order? Let me give you a bit of background:

(TL;DR go here: http://bitcoin.equipment/)

BFL has a terrible reputation in the bitcoin mining industry. Their first-generation ASIC (65nm) took nearly a year to start delivering from when they first started taking orders. Clearing the backlog (strictly by date of order) took many months from then on. (The Monarch, BTW, started taking orders in September last year). You'll be lucky to see this card before the end of the year.

A little bit of searching on bitcointalk.org (still the premier forum for bitcoin stuff) throws up such delightful threads as 'BFL f**ks us over again' (no censoring on bitcointalk - the naughty word is spelled out in full) which started in March 2013 (when people were going crazy waiting for delivery of the first-gen ASICs) and is still active at over 6000 posts. You'll find plenty of posts from people going crazy waiting for Monarchs.

Did you do any kind of calculation to see what return you'd get from this card? We can do a quick-and-dirty one here:

Current total bitcoin hash rate: 130,000,000 GHash/s (this is anyway an astonishing number and dwarfs what the total of all the world's supercomputers could do)

Monarch hash rate: 600 GHash/s (this is their stated rate and could well be lower on delivery because one of the problems they're having is cooling the card)

Bitcoins per day: 3600

If they delivered the card to you right now you'd get about:

(600 / 130000000) * 3600) = 0.0167 BTC per day.

This is a bitcoin in about 60 days. That sounds fine maybe (the card cost you about 4 bitcoins so you might think it it repays itself in 240 days and then it's pure profit), but the trouble is that hash rate is doubling every 60 days (at some point the earth won't have enough silicon to make hashing chips, but this is beyond your caring) and the outcome of this is that you'd be lucky to make 2 bitcoins before you have to turn it off from power costs.

C'est la vie. Look upon this as one of life's lessons: always kick the tyres.
  #30  
Old 13.07.2014, 14:59
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Re: Who is familiar with Bitcoins?

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Why the surprise? A couple of basic lessons in economics and you'd realise what a daft idea it is!!! There is no intrinsic value in a Bitcoin nor is it a regulated currency representing goods & services and as such it could come tumbling down just as fast as tulipomania did in the 1630s.

The technology that surrounds it is total irrelevant and is typical of the smoke and mirrors that is associated with this kind of thing. Mark my words, if for any reason the people holding these coins loose confidence in it, it will become worthless within hours because all that is holding it together is the believe of the people involved, just like the tulip bulbs of old.
I've got an O-Level in economics, will that do? Bitcoin's intrinsic value is in the technology (currencies don't have intrinsic value, but commodity money - which is what bitcoin is - do). The technology in question being the blockchain which brilliantly solves the Byzantine General's Problem (http://en.wikipedia.org/wiki/Two_Generals%27_Problem) and enables two parties to trust each other in a financial transaction without a centralized control.

The blockchain technology effectively enables you to run automatic (no-staff) banks and really cool generalizations of this: Distributed Autonomous Corporations (robot companies). This is a revolution which will have the same
effect in finance as the internet had (and still has) to many businesses.

Where bitcoin has value in all of this is you need a large and well-established network in place to be able to trust the blockchain. Bitcoin by now has several billions of dollars worth of mining equipment working right now to secure the network - this is the intrinsic value.
  #31  
Old 14.07.2014, 13:17
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Re: Who is familiar with Bitcoins?

You can email the organizers of the bitcoin meetups to get more insider info:
http://www.meetup.com/Bitcoin-Meetup-Switzerland/
  #32  
Old 14.07.2014, 13:45
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Re: Who is familiar with Bitcoins?

I think this year will see Bitcoin adoption grow, and ATM machines appear.
Checkout BTEX and Verso cards, new projects.Also Fastcoin.ch which is not
yet useable and in beta, but hopefully will improve.I still use Bitstamp but am hopeful
for better/faster exchanges to appear in CH.
  #33  
Old 14.07.2014, 14:22
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Re: Who is familiar with Bitcoins?

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Also Fastcoin.ch which is not
yet useable and in beta, but hopefully will improve.
That's quite a good idea using a photo of the paying-in slip; it leverages nicely existing infrastructure (so finally, the reference number has a checksum...).

Are they doing any KYC/AML or is it semi-anonymous?
  #34  
Old 14.07.2014, 14:45
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Re: Who is familiar with Bitcoins?

Speakeron - with fastcoin.ch you need to sign up, proof of ID and be
Swiss resident.So far I am not impressed, user-unfriendly website,
no feedback to input, not useable yet.
Verso cards are, however brilliant.
  #35  
Old 31.10.2015, 12:43
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Re: Who is familiar with Bitcoins?

Where did Brainreader's post disappear to? (I just saw it popping up in my email.)

It didn't seem terribly off-topic for this thread. Was it another one of these 'disruptive' posts?
  #36  
Old 31.10.2015, 12:55
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Re: Who is familiar with Bitcoins?

I think he/she was posting similar queries/comments in all bitcoin threads so mods removed them.
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