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Bitcoin ATM

Social, economic and environmental issues in our ever-changing world.

Re: Bitcoin ATM

Postby V-Rated » Jan 1st, 2015, 8:41 am

I never really understood it.
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Re: Bitcoin ATM

Postby Phoenix Within » Jan 1st, 2015, 8:44 am

V-Rated wrote: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.
So I love the Okanagan but it's a place best enjoyed from atop a very large pile of $100 bills. - Spocky

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Re: Bitcoin ATM

Postby kumazatheef » Jan 2nd, 2015, 1:02 am

Phoenix Within wrote: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.
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Re: Bitcoin ATM

Postby Phoenix Within » Jan 2nd, 2015, 1:33 am

Those are products you purchase. Two different things. Bitcoin is attempting to be a currency based on nothing.
So I love the Okanagan but it's a place best enjoyed from atop a very large pile of $100 bills. - Spocky
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Re: Bitcoin ATM

Postby kumazatheef » Jan 2nd, 2015, 1:57 am

Phoenix Within wrote: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.

Phoenix Within wrote: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
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Re: Bitcoin ATM

Postby samsquench07 » Jan 2nd, 2015, 10:27 pm

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.
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Re: Bitcoin ATM

Postby Captain Awesome » Jan 2nd, 2015, 11:27 pm

samsquench07 wrote: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.
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Re: Bitcoin ATM

Postby Bunnyhop » Jan 4th, 2015, 6:29 pm

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.
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Re: Bitcoin ATM

Postby Fancy » Jan 4th, 2015, 6:35 pm

Bunnyhop wrote: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.
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Re: Bitcoin ATM

Postby steven lloyd » Jan 4th, 2015, 7:28 pm

Phoenix Within wrote: 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.
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Re: Bitcoin ATM

Postby Bunnyhop » Jan 4th, 2015, 9:31 pm

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

https://en.bitcoin.it/wiki/Mining
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Re: Bitcoin ATM

Postby JLives » Jan 4th, 2015, 9:34 pm

The podcast I posted on page 1 has some good explanations for the layman.
"Every dollar you spend is a vote for what you believe in."
"My country is the world, and my religion is to do good."
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Re: Bitcoin ATM

Postby samsquench07 » Jan 5th, 2015, 9:40 pm

Captain Awesome wrote:
That is incorrect.


How is that incorrect? Lots of google articles. Even from Forbes
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Re: Bitcoin ATM

Postby Kenisfun » Feb 17th, 2015, 10:01 pm

samsquench07 wrote: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.
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Re: Bitcoin ATM

Postby Symbonite » Feb 18th, 2015, 2:25 pm

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!
**Disclaimer: The above statement is in my OPINION only.
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