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  #161  
Old 22.12.2013, 22:57
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Re: Bitcoin paper presented to Swiss parliament

Ultimately its not about the rise and fall of Bitcoins value (unless you're a lucky lady or lad who made an unexpected overnight profit), its about their albeit tenuous entry into the public concious. Digital money will be around for a long time, and whether it becomes more and more associated with criminal activity, or its legitimised through government action, its going to have an effect...

And one day those repercussions may affect us directly, rather than just making for a ridiculous news story that effected our friend's cousin's wife's dog who was making bitcoins at the beginning!
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  #162  
Old 23.12.2013, 01:46
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Re: Bitcoin paper presented to Swiss parliament

I think if you haven't invested in it the there's always the silver lining of the fact that it is an interesting subject a kind of trial run for digital currencies . As a non investor I am merely an. Interested spectator . however for those who invest in Bitcoin. They vacillate between desperately digging up lost fortunes on forgotten hard drives or are down in the dumps themselves. the psychological state of investors is entertaining
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  #163  
Old 31.12.2013, 18:07
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Re: Bitcoin paper presented to Swiss parliament

If you live anywhere near Zürich, attend one of the regular meetups there.

http://www.meetup.com/Bitcoin-Meetup-Switzerland/
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  #164  
Old 05.01.2014, 23:07
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Re: Bitcoin paper presented to Swiss parliament

Freakonomics radio podcast looking to find out about your interests in bitcoin.

The authors pose the question "What do you want to know about bitcoin and do you really care?
We get a lot of e-mails with requests/suggestions for podcast and writing topics. These days, the most popular request by far is for Bitcoin. I am still not sure we’ll do it but I’m thinking about it. If so, what do you want to know? Please be specific. Also: do you really care? It strikes me that, at the moment, Bitcoin is one of those things that a small number of people care about hugely but that most people couldn’t care less. (Freakonomics readers aren’t, of course, “most people.”) The rapid spikes and drops in value of course invites lots of news coverage but that is among the least-interesting aspects of a cryptocurrency, isn’t it?"
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  #165  
Old 29.01.2014, 13:10
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Re: Bitcoin paper presented to Swiss parliament

No, it is usurious compound interest which creates debt slavery

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Money is slavery?
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  #166  
Old 01.04.2014, 15:44
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Re: Bitcoin paper presented to Swiss parliament

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Of course it has intrinsic value. A bitcoin (the unit of exchange) has a well-defined cash flow that can be discounted back to present value (the very definition of intrinsic value). Also, Bitcoin (the system necessary to use bitcoins) has itself a replacement value of over one billion dollars.

So what's the intrinsic value of a bitcoin nowadays?
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  #167  
Old 01.04.2014, 16:33
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Re: Bitcoin paper presented to Swiss parliament

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So what's the intrinsic value of a bitcoin nowadays?
About 900,000 dogecoins.
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  #168  
Old 01.04.2014, 17:23
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Re: Bitcoin paper presented to Swiss parliament

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About 900,000 dogecoins.
Dodgycoins?
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  #169  
Old 01.04.2014, 18:40
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Re: Bitcoin paper presented to Swiss parliament

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Dodgycoins?
There is a school of thought that favours that pronunciation. I prefer a hard 'g' because a) it is actually a doggy and b) I've got the t-shirt and I'm wearing it now.

Dogecoin is actually quite interesting because the developers have switched it over to unlimited inflation (there will always be 10,000 new DOGE every couple of minutes) unlike Bitcoin will follows a deflationary path. So far, this doesn't seem to have affected its value too much (of course, there were huge profits to be made mining it in December/January but that's over now). Their aim is to make it the natural low-value 'tipping' and micro-transaction currency of the web. They've certainly done some impressive marketing since it's pretty much considered the second most important cryptocurrency after bitcoin.

Bitcoin itself is looking like it might resume its bull market (current price is $500) after the IRS has clarified its tax status as a commodity (now, who predicted that in this very thread? ) so it's now seen very much as a legitimate investment in the States.
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  #170  
Old 01.04.2014, 18:48
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Re: Bitcoin paper presented to Swiss parliament

Silver - needed for Solar panels (more future?)
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  #171  
Old 01.04.2014, 19:19
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Re: Bitcoin paper presented to Swiss parliament

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Silver - needed for Solar panels (more future?)
More future than bitcoin? Maybe in the long term, but you should diversify your investments anyway. Apart from the 2011 spike, silver hasn't been very exciting over the past few years (although the loss of the photo industry has to be factored in there); certainly it has a lot of increasing uses in technology.

The thing is, it's not clear that bitcoin has finished its exponential growth yet (whether it ends up being a bubble or not), so even a moderate punt could bring some nice returns in the short/medium term. (Please ignore what I just said and don't invest anything in bitcoin. You will lose it all after your first harddisk crash/bitcoin-sniffing virus/pwning of your online wallet It's purely for professionals who are or can hire an IT guy).
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  #172  
Old 02.04.2014, 08:50
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Re: Bitcoin paper presented to Swiss parliament

Are you sure "commodity" is how the IRS defines it? Or do you stretch the definition to pat yourself on the back?
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  #173  
Old 06.10.2014, 15:33
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Re: Bitcoin paper presented to Swiss parliament

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Bitcoin itself is looking like it might resume its bull market (current price is $500) after the IRS has clarified its tax status as a commodity (now, who predicted that in this very thread? ) so it's now seen very much as a legitimate investment in the States.
That's a very tired bull, say.
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  #174  
Old 06.10.2014, 15:41
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Re: Bitcoin paper presented to Swiss parliament

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That's a very tired bull, say.
Apparently, it was below $300 at the weekend.

http://www.lbc.co.uk/bitcoins-fall-b...nvestors-98213

How anyone can get involved with a make believe currency is beyond me. I don't understand why it is worth any more than Monopoly money
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  #175  
Old 06.10.2014, 15:50
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Re: Bitcoin paper presented to Swiss parliament

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Apparently, it was below $300 at the weekend.

http://www.lbc.co.uk/bitcoins-fall-b...nvestors-98213

How anyone can get involved with a make believe currency is beyond me. I don't understand why it is worth any more than Monopoly money
not sure how cryptography is make believe, do you understand the infrastructure in place just to support the block chain?

all the players in a monopoly game agree on its value, its the same with any fiat currency.
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  #176  
Old 06.10.2014, 16:02
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Re: Bitcoin paper presented to Swiss parliament

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not sure how cryptography is make believe, do you understand the infrastructure in place just to support the block chain?

all the players in a monopoly game agree on its value, its the same with any fiat currency.
You've lost me! It just seems to me that someone invented a currency and convinced other people that it had a value. It just seems like 'The Emporor's New Clothes' to me. I must be missing something.

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  #177  
Old 06.10.2014, 16:19
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Re: Bitcoin paper presented to Swiss parliament

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That's a very tired bull, say.
Bitcoin is full of surprises and it's never wise it assume that it won't go up from any point that you're at. In the meantime, for a certain kind of trader, it's the gift that keeps on giving.

Here's a very good video about the bitcoin markets that tells you pretty much all you need to know:

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  #178  
Old 06.10.2014, 16:31
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Re: Bitcoin paper presented to Swiss parliament

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I don't understand why it is worth any more than Monopoly money
It's because it solves the Byzantine Generals Problem (http://www.drdobbs.com/cpp/the-byzan...blem/206904396 in an automated way. This is a long-standing problem in computer science in how to achieve trust between counterparties over an insecure communications channel.

Bitcoin is essentially an automated bank. In fact it's an automated corporation. It has:

- Employees. These are the miners who secure the network and bid for work in the manner of dock workers a hundred years ago.

- Shares. These are the bitcoins.

- A product. This is the low-cost and trusted exchange of value between any counterparties on a global scale. Bitcoin's technology can also be used for things like automated contracts.

Bitcoin has a market capitalization of about four billion dollars at the moment. It could be thought of as the "WhatsApp of banking". Now just remember how much WhatsApp cost...
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  #179  
Old 06.10.2014, 17:16
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Re: Bitcoin paper presented to Swiss parliament

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You've lost me! It just seems to me that someone invented a currency and convinced other people that it had a value. It just seems like 'The Emporor's New Clothes' to me. I must be missing something.

you mean like the euro? what gives any currency its value? the gold standard was removed some time ago.
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  #180  
Old 06.10.2014, 17:26
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Re: Bitcoin paper presented to Swiss parliament

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It's because it solves the Byzantine Generals Problem (http://www.drdobbs.com/cpp/the-byzan...blem/206904396 in an automated way. This is a long-standing problem in computer science in how to achieve trust between counterparties over an insecure communications channel.

Bitcoin is essentially an automated bank. In fact it's an automated corporation. It has:

- Employees. These are the miners who secure the network and bid for work in the manner of dock workers a hundred years ago.

- Shares. These are the bitcoins.

- A product. This is the low-cost and trusted exchange of value between any counterparties on a global scale. Bitcoin's technology can also be used for things like automated contracts.

Bitcoin has a market capitalization of about four billion dollars at the moment. It could be thought of as the "WhatsApp of banking". Now just remember how much WhatsApp cost...
i think bitcoin is fundamentally flawed in that it is possible for a moderately well funded party to get sufficient computing power to take over.
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