OT: BITCOIN

machomadness22 · Nov 5, 2015

I wanted to bump this thread, looks likes bitcoin has soared up this week. I was reading its not going to hold due to a pyramid scheme in Russia. Do you guys think it will hold go down or up? thoughts?

hollaatyaboyy1 · Nov 5, 2015

I really have no idea. It is a great idea but now it is being regulated like in ny. And residents can't get them anonymously.

Sent from my iPhone using Tapatalk

machomadness22 · Nov 5, 2015

hollaatyaboyy1 said:
I really have no idea. It is a great idea but now it is being regulated like in ny. And residents can't get them anonymously.

Sent from my iPhone using Tapatalk

Wow really!? The fuckin man huh that's ridiculous

hollaatyaboyy1 · Nov 5, 2015

I know. I was all geared up to try one of the sponsors here that seems like a game changer and I think that's his only form of payment if I'm not mistaken

Sent from my iPhone using Tapatalk

johnjuanb1 · Nov 8, 2015

machomadness22 said:
I wanted to bump this thread, looks likes bitcoin has soared up this week. I was reading its not going to hold due to a pyramid scheme in Russia. Do you guys think it will hold go down or up? thoughts?

I've been watching it closely this week trying to find a pattern. I think it will drop back down to $250 soon. I'm trying to decide if I have the balls to risk buying and selling with the strategy of getting a quick 10% return then get out, never holding the bitcoins over night, much like day trading stocks. I'm searching for patterns to get those quick returns. I'd like to just observe for awhile until I feel more confident.

mitochondria · Nov 8, 2015

sorry to sound behind and uneducated on the topic. I have read a bit on bitcoins but some things just arent clear if anyone cares to explain it more in detail. like how is it fully anymous and how you are purchasing and receiving your money in cash or real value and how the price of the bitcoin goes up and why does it do so? I heard somethig about that its algorythm will expire one day?

sluggy · Nov 8, 2015

mitochondria said:
sorry to sound behind and uneducated on the topic. I have read a bit on bitcoins but some things just arent clear if anyone cares to explain it more in detail. like how is it fully anymous and how you are purchasing and receiving your money in cash or real value and how the price of the bitcoin goes up and why does it do so? I heard somethig about that its algorythm will expire one day?

It's not anonymous.

Some effort is required to protect your privacy with Bitcoin. All Bitcoin transactions are stored publicly and permanently on the network, which means anyone can see the balance and transactions of any Bitcoin address. However, the identity of the user behind an address remains unknown until information is revealed during a purchase or in other circumstances. This is one reason why Bitcoin addresses should only be used once. Always remember that it is your responsibility to adopt good practices in order to protect your privacy.

The reason the price goes up and down is the same reason oil prices, gold prices, or stock prices change. They're traded commodities/currencies that see supply and demand.

The alogrithm will stop producing bitcoin. After there are 21 million produced there will never be any more. So the value will go up with demand but no more production. Unlike the US dollar, or gold.