Bitcoins

[BigNumbers]

Originally Posted by Raekwon

What hash rate are you getting, I'm only going at 1Mh/s but after 3 days have yet to see a payout . . .

NM: I see myself on the list, looks like my rate is lower than I thought

I pay out every day - hashing about 800KH. Usually get .0105 or .011 the past few days, hashing 24/7.

[PsYcNeT]

Join a very sad man who mined a few hundred BTC back when using a CPU was viable, try to sell them for filthy fiat currency.

http://buttcoin.org/easy

http://buttcoin.org/easy-like-sunday-morning

http://buttcoin.org/easy-come-easy-go

I just got back from accompanying my friend, to meet someone who wants to buy bitcoins. So we go to Starbucks, and wait for this guy who is apparently willing to pay 500$/coin, and wants 50 coins. The buyer shows up, wearing a decent suit, buys me and my friend coffee (with filthy fiat of course), and starts talking about how he buys local bitcoins and puts them on the major exchanges (I asked him if he considered himself a Captain of Industry, and got a weird look emot-smith).

Everything was going well, until the buyer tried to write my co-worker a check. Not a cashiers check, just a plain old check that will bounce if there isn’t enough money emot-wtc. Which according to him is apparently as “good as a cashiers check”. He didn’t want to use an ESCROW service, and his “feedback on localbitcoins.something is all we needed to see that he is legit”. Because you know an exchange valued at 25,000$ obviously you can just trust the guys feedback. We left pretty fast.

My coworker is going to try to use bitstamp and see if he can get his money out.

*EDIT* I just realized how completely and utterly stupid this is. Who the #### does an exchange valued at 25,000$ in a Starbucks? Shouldn’t something like this be done with Lawyers, or Accountants present? Some sort of professional service to handle exchanges like this?

[Azure]

Yeah, pretty dumb to sell them like that.

I wouldn't even sell them all to one person anyways. Split them up into 200 different purchases.

[PsYcNeT]

Originally Posted by Azure

Yeah, pretty dumb to sell them like that.

I wouldn't even sell them all to one person anyways. Split them up into 200 different purchases.

200 separate purchases sure sounds like a lot of fun to facilitate with all those reputable buyers and exchanges.

[Azure]

If you know what you're doing it is pretty easy actually.

If you have a reputable buyer, you can do multiple purchases with him as well. I would never sell that many coins of any kind at once. You're asking for trouble if you do.

[PsYcNeT]

What a useful currency.

[Rathji]

Originally Posted by Azure

If you know what you're doing it is pretty easy actually.

If you have a reputable buyer, you can do multiple purchases with him as well. I would never sell that many coins of any kind at once. You're asking for trouble if you do.

I know I might be oversimplifying things here, but why the hell don't you just sign up for an exchange that allows you to transfer cash out.

I pulled about half my BTC out in cash last week, right before the dip. I clicked a few times and it was in my account the following Tuesday. If I was a bit more paranoid, I could have put it on an ATM card.

[Azure]

Or that. Usually you can get more money from certain buyers though.

[PsYcNeT]

So what's the over/under on the amount of time it will take before BTC is considered a publicly usable currency that can be exchanged with fiat by actual money houses/banks

[Hugh Jahrmes]

Originally Posted by Azure

Or that. Usually you can get more money from certain buyers though.

List on kijiji for $X/coin - someone offers $X + 20% via paypal - profit

[corporatejay]

Originally Posted by PsYcNeT

So what's the over/under on the amount of time it will take before BTC is considered a publicly usable currency that can be exchanged with fiat by actual money houses/banks

Unless it becomes unanonymous (is that a word?), never. First world governments are trying to crack down on bribery, fraud, terrorism funds and money laundering. They will likely prohibit banks from using this since they have no way of tracing it.

[PsYcNeT]

Originally Posted by corporatejay

Unless it becomes unanonymous (is that a word?), never. First world governments are trying to crack down on bribery, fraud, terrorism funds and money laundering. They will likely prohibit banks from using this since they have no way of tracing it.

So it's essentially useless for anything but buying more hardware to mine more Bitcoins with, or illegal goods on the Deepweb.

Neat.

[Azure]

For now. It depends how the various governments around the world treat it.

[corporatejay]

Originally Posted by Azure

For now. It depends how the various governments around the world treat it.

Why would any first world country, in particular the U.S., U.K., Canada, allow an untraceable currency to be handled by their banks?

[Tinordi]

I hope nobody had bitcoins at Mt Gox because they're gone.

[photon]

It's just one exchange (happened to be the biggest but still just one), but does this really impact Bitcoin overall? I.e. will people jump permanently to an altcoin?

[Tinordi]

Who knows the fall out, I don't expect it to be huge but it will chill the market for a period as people start to swallow down the large counter party risk in exchanging uninsured pieces of value at what are essentially frontier saloons.

Anyway, some people lost alot of money today. Any time that happens it will cool down a market. People swarmed to bitcoin in part because of the perception that it was less risky that paper money, well... how's that working out?

[photon]

Part of the problem is people using an exchange as a bank isn't it? Anywhere that I leave my cryptocurrency that isn't controlled by me has its own set of risks.

[nfotiu]

It's funny how these businesses like bitcoin exchanges and online poker sites could have run their businesses above board and been very successful in the long term. But they just can't seem to help themselves from running like a ponzi scheme and basically stealing money from their customers.

Its pretty funny though that people were putting serious money into an exchange that shortened their name from Magic the Gathering Online Exchange.

[photon]

Originally Posted by nfotiu

It's funny how these businesses like bitcoin exchanges and online poker sites could have run their businesses above board and been very successful in the long term. But they just can't seem to help themselves from running like a ponzi scheme and basically stealing money from their customers.

An unregulated free for all is a magnet to scammers and the like.

I'm sure at some point someone will write their thesis on watching Bitcoin being like watching a replay of history as it reinvented money and banking and all the mistakes and problems that explain why money is what it is now.