Bitcoin ATM

[V-Rated]

I never really understood it.
V!

[Phoenix Within]

I never really understood it.
V!

Same. I've seen how quickly something can implode when a company puts a false value on an item with nothing to back it up.

[kumazatheef]

Good in theory, but kinda hard to put hard currency behind a piece of data and claim it has a value.

While I know main topic is Bitcoin ... this statement is easily countered with anything off iTunes or Steam games or other streaming services ... or stolen info like credit cards, passwords, usernames, email addresses ... or "in-world" video game items, accessories, xp, subscriptions ... ... etc.

Careful of the confusion between worth, price/cost, and value.

[Phoenix Within]

Those are products you purchase. Two different things. Bitcoin is attempting to be a currency based on nothing.

[kumazatheef]

Those are products you purchase. Two different things. Bitcoin is attempting to be a currency based on nothing.

Read some of the EULAs ... and in the case of in-world video game experiences it's data within the game, can't take that data "out" of the game. Ergo, data.

I've seen how quickly something can implode when a company puts a false value on an item with nothing to back it up.

Also akin to "a wrong opinion with no supporting facts".

http://humancond.org/analysis/economics ... h_vs_value

[samsquench07]

Did everybody forget the bit coin rip off around a year or so ago. When all the money from bit coins was ripped off and everybody that bought them lost everything.

[Captain Awesome]

Did everybody forget the bit coin rip off around a year or so ago. When all the money from bit coins was ripped off and everybody that bought them lost everything.

That is incorrect.

[Bunnyhop]

I don't really understand bit coins but I do know someone who has purchased some and is mining them. They have made a fair amount on their investment. If it collapsed now,they'd still be ahead.

I'm not saying it's a wise investment or a rip off. Just that this person in particular has done ok.

[Fancy]

I don't really understand bit coins but I do know someone who has purchased some and is mining them.

What do you mean by "mining them"? I don't know much about bitcoins.

[steven lloyd]

Bitcoin is attempting to be a currency based on nothing.

Not much different than the currency we're using now. There is nowhere near the paper in circulation (or available) to match the numbers in the computers. When the internet crashes it will all be over. Even gold will be useless at that point.

Access to food, water, guns and ammunition (and lots of it) - that's what you want.

[Bunnyhop]

I don't understand it myself so this is the best I can do.

https://en.bitcoin.it/wiki/Mining

[JLives]

The podcast I posted on page 1 has some good explanations for the layman.

[samsquench07]

That is incorrect.

How is that incorrect? Lots of google articles. Even from Forbes

[Kenisfun]

Did everybody forget the bit coin rip off around a year or so ago. When all the money from bit coins was ripped off and everybody that bought them lost everything.

I think you must be referring to the failure of the Mt Gox exchange. Yes, it was a fiasco. That exchange "lost" 650,000 bitcoins. This is not the entire supply of bitcoins, and they didn't vanish. Many of them were stolen.

This is similar to a Brinks truck spilling its contents out along the highway. If it was your money, you're in trouble. Whoever snaps up the money on the road would be able to spend it.

Bitcoins are still being traded. Their value has dropped significantly in the last year, but it's far from true that everybody that bought them lost everything. Anybody who is holding Bitcoins that were purchased before the second half of 2013 would still be able to sell for a significant profit.

[Symbonite]

yep just checked...

its still being traded at 233 dollars US which again a far cry from the 1000 bucks last year...but still worth something especially worth more than our Canadian dollar!