Allten - Common Misconceptions About Bitcoin 13.37 USD/BTCSubmitted by allten on Thu, 11/29/2012 - 01:14
Common Misconceptions About Bitcoin 13.37 USD/BTC
Although the problem is now considerably smaller than it was one year ago, a significant amount of misinformation about Bitcoin continues to float around the internet. Part of the problem is that the concept of Bitcoin is so unlike anything seen before; decentralized currencies that have no offline presence were not exactly a common sight before Bitcoin came along. Bitcoin is also unusual in that it is a high-tech subject which has consequences reaching far outside the technology world, leading to under-educated journalists churning out sentences like “the Bitcoin program is under licensing by MIT, the globalist-controlled think-tank college”. In reality, the MIT license used by Bitcoin does nothing more than give anyone the right to freely use, modify and redistribute the software, and has as little to do with MIT itself as Arabic numerals do with Al Qaeda and the governments of Syria and Iran......
Bitcoin looks primed for money laundering
FORTUNE -- HSBC and Standard Chartered may have gotten out of the money laundering and sanction-skirting game just in time. Bitcoin, a virtual online "currency," seems to be gaining traction and legitimacy among those who need to transfer or launder their cash outside of the prying eyes of regulators.
Spend some time in the sketchy online marketplace for this currency and you'll find that Bitcoin users range from the common Iranian on the street, who is worried about inflation, to hit men and drug dealers, who prefer to be paid in an untraceable currency. If Bitcoin is able to stabilize its value on the international markets, it could eventually creep into the legitimate world of finance, threatening major profit centers for both the banks and payment operators like Visa and MasterCard..........
Update: 12/15/2012 Title "Allten's Bitcoin - Bubble? $13.50/1BTC"
There seems to more reception about Bitcoin here and it is nice. I want to venture out and say some things most other Bitcoin enthusiasts and investors won't tell you right now. Of course all that I'm about to say is my opinions and observations so take what you like and leave the rest. The price of Bitcoin has a very uncertain short term (over the next 3 to 9 months) future IMO. It has increased over a 100% in the last 6 months. Most will tell you its on a rocket and it won't come back. This has been attributed to the future arrival of ASIC miners rolling out in Jan or Feb of next year and also the injection rate being cut in half by the algorithm that us miners have agreed to, and collectively enforce.
So, what will happen to the price? Wish I knew, but what I know to be certain is the connection between the price and the demand from miners is seriously distorted right now until everyone finishes upgrading to ASIC miners. I have a few grand worth of miners coming from the leading Hashing company (http://www.butterflylabs.com/).
So, if your are or considering buying and selling bitcoin right now just recognize that you are participating in speculation and take the sound advice of only investing that which you can afford to lose.
I will be selling all my Bitcoins (a few everyday) over the next few months until the connection between the price and miners demand start to match once again. I may not end up with as much money, but I won't lose out big either. I then have every intention of getting that money back into Bitcoins
Here are the Global Bitcoin Mining statistics if anyone is interested in checking it out:
The best investment you can do in Bitcoins right now IN MY OPINION is to get yourself some mining hardware pre-ordered from this company (www.butterflylabs.com) after they prove their product and start shipping. you can sign up for their news letter if you are interested.
Title: "Allten's Bitcoin"
Well, I'm finally getting around to doing something I've wanted to do for a long time. Start my own Bitcoin thread on the DailyPaul. Hopefully you will hear me out and not jump to conclusions, for my goal is to share my experiences, efforts, and opportunities on the Bitcoin project. It has become quite the passion of mine and it's a new technology I want to see improved. One of the main reasons I'm so excited about it: it is potentially a new tool for the masses to communicate. In other words, you can get a good snapshot of what people really want in society without relying on the MSM. Unfortunately it is far from this level.
Well, today was a big day for bitcoin.
Here's a picture of our celebration setup for my family and I:
The current project I'm most involved in allows people to participate in PKC (Public Key Cryptography) in a very secure way without the need to have a solid understanding of the PC setup for security issues:
It's a dedicated computing device that stores the Private keys and creates signatures. A important part of any Public Key cryptographic system that is meant to be used by everyone.
Why did I call this thread "Allten's Bitcoin"? Well, the way I see it, Bitcoin is a Technology that is utilized and directed in a decentralized and distributed fashion. Because of this, it makes Public relations very difficult because no one really has the authority to speak on its behalf. In fact, you can find multiple topics on Bitcoin where the Bitcoin users themselves disagree adamantly. Therefore, all the views and expressions here are my own and are not necessarily shared by other Bitcoin enthusiast, but I do what I can to try and influence Bitcoin and other peers in the direction I wish to see it go.