Could anyone out there explain in laymans terms what this Bitcoin currency is all about. If you do know about it, explain it to me like I'm a dog that got hit in the head with a hammer. I consider myself to be of average intelligence, but I just don't get this. If it does in fact work and is legal it looks like you could save some good money. 10% ain't nothin' to sneeze at. Any help is appreciated.
Bitcoin
- Thread starter Carpenter69
- Start date
Hoshneer
Drew Estate NotRex
I have been curious about this for awhile now and it sounds like an interesting venture. Here is one of my favorite podcasts explaining it.
http://www.stuffyoushouldknow.com/podcasts/bitcoin-works/
http://www.stuffyoushouldknow.com/podcasts/bitcoin-works/
If it can be explained in laymans terms, I haven't heard it yet. It is a virtual currency. That sounds pretty 'out there'....at least until you start to question real currency. Have some Tylenol close by.
I consider investing in Bitcoin to be too risky for me. There are a lot of negatives: no government backing or security; and governments are trying hard to learn to follow the bitcoins...largely because they are reportedly most widely used for drugs, money laundering, people in Greece, guys with tin foil hats, etc.
Investing doesn't interest me. But, I think buying exactly what you need for a single transaction MIGHT make sense to some at 10%. A big problem with that is that even though Bitcoins are somewhat secure, the brokers may not be. I know a 16 year old who was recently arrested as part of a complex scheme that ripped off bitcoin transfer houses to make overseas drug transactions. Not sure who lost the money, but I'm going to bet it was buyers who used credit cards or bank accounts to purchase bitcoins. If possible, I'd use a single use credit card for any bitcoin transactions.
I consider investing in Bitcoin to be too risky for me. There are a lot of negatives: no government backing or security; and governments are trying hard to learn to follow the bitcoins...largely because they are reportedly most widely used for drugs, money laundering, people in Greece, guys with tin foil hats, etc.
Investing doesn't interest me. But, I think buying exactly what you need for a single transaction MIGHT make sense to some at 10%. A big problem with that is that even though Bitcoins are somewhat secure, the brokers may not be. I know a 16 year old who was recently arrested as part of a complex scheme that ripped off bitcoin transfer houses to make overseas drug transactions. Not sure who lost the money, but I'm going to bet it was buyers who used credit cards or bank accounts to purchase bitcoins. If possible, I'd use a single use credit card for any bitcoin transactions.
Yeah, I think your absolutely right. Getting one of those single use cards is a great idea. The fact that it has no gov't backing is scary too. I believe Thailand has made Bitcoin use illegal. I'm guessing because of their hash and heroin problems.
STAY AWAY FROM IT.
Anything "virtual" referring to a commodity/currency is dangerous(take a look at the economy:yes
. It's primary purpose is for acquisition of drugs on the black market and to circumvent regulated ways of transferring funds.
It's being watched, that's a guarantee.
Anything "virtual" referring to a commodity/currency is dangerous(take a look at the economy:yes
. It's primary purpose is for acquisition of drugs on the black market and to circumvent regulated ways of transferring funds.It's being watched, that's a guarantee.
LigaPrivadaFanboy
Unrepentant Hoarder
At the moment it's effective for money laundering, and you have it actively traded and converted to/from "real" currencies on some currency markets. However, at the time of the Chinese/Russian/US gov'ts' choosing, they could crush the shit out of it at will. Of course they'll short it massively first, but that's how institutional investors wipe out day traders who act contrary to their interests.
LigaPrivadaFanboy
Unrepentant Hoarder
For sure. It's trivial for governments to pop the servers where exchanges are made. No point in taking them down as long as they don't pose a threat to paper. Instead it's better intelligence to see who's actively trading what with whom, especially overseas. This is all black market criminal-to-criminal though. Governments still pay real criminals with real paper.STAY AWAY FROM IT.
Anything "virtual" referring to a commodity/currency is dangerous(take a look at the economy:yes
It's being watched, that's a guarantee.
So, your saying big trading houses would have a fire sale on bitcoins just to fuck some day traders .
It's interesting to consider as my bank wasn't so happy about an authorization and blocked my card. It might be easier then using a Visa.
Bitcoins make me nervous. They are just there with no backing at all. If someone figured out how to hack the whole thing and dump a billion bitcoins in the system it would destroy the whole thing. It has happened once before. Also because of the whole issue of it being a way around taxes and such if it keeps growing governments will find a way to tax or ban them.
I'm so confused