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Allten - Common Misconceptions About Bitcoin 13.37 USD/BTC

Update: 12/31/2012

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......

http://bitcoinmagazine.com/common-misconceptions-about-bitco...

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Update: 12/18/2012

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..........

http://finance.fortune.cnn.com/2012/12/18/bitcoin-money-laun...

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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:

http://bitcoin.sipa.be/

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.

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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.
http://bitcoinmagazine.net/block-reward-halving-a-guide/

Here's a picture of our celebration setup for my family and I:
https://www.dropbox.com/s/ryrmjql2zc45zyr/2012BitcoinDay.jpg

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:
https://bitcointalk.org/index.php?topic=127587.0
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.




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Update: 12/31/2012

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......

http://bitcoinmagazine.com/common-misconceptions-about-bitco...

“I’m fully diversified. I’ve got some under the mattress, some under the floor boards, some in the backyard.”

Update: 12/18/2012

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..........

http://finance.fortune.cnn.com/2012/12/18/bitcoin-money-laun...

“I’m fully diversified. I’ve got some under the mattress, some under the floor boards, some in the backyard.”

LOVE YOUR BITCOIN CAKE! ...and I presume you ATE IT TOO!!! :)

I think some of the detractors wish they could have eaten some of your delicious (looking) cake!

Nice to see you are not the hoarding, but instead, the SHARING TYPE!

Just plain 'Happy'about the direction the world is taking! Especially if we live to reach LEV [Longevity Escape Velocity]

No.7's picture

Give me one reason

that bitcoin might possibly outperform gold and silver over the next 2-5 years.
Also, who will take bitcoins when the dollar collapses?

I'll keep trading my fed notes for real money. I don't want any of your currency.

Money>Currency

The individual who refuses to defend his rights when called by his Government, deserves to be a slave, and must be punished as an enemy of his country and friend to her foe. - Andrew Jackson

"who will take bitcoins when the dollar collapses?"

To answer your questions, I, for one, will take your bitcoins or anyone's for that matter when the dollar collapses.

I have some stuff for sale that can be purchased in Bitcoins.

Check it out:

https://www.bitmit.net/en/user/allten

Don't get me wrong, I'm also very pessimistic. I prescribe to the BBB plan: Beans, Bullion and Bullets. But just because I've prepared doesn't mean I want the worst to happen.
If you don't want any bitcoins that is fine, but I do think it is cool enough with serious potential that I encourage you to learn as much about it as you can.

“I’m fully diversified. I’ve got some under the mattress, some under the floor boards, some in the backyard.”

Bitcoin will outperform Gold... maybe. Because...

...as the M-Pesa payment system in Kenya, it has the potential to reach the "poor"... and lemme tell you, there are a whole lot of "poor" on this planet who could use an honest payment system.

My guess, is that THEY WILL use it! And that alone gives it the potential for HUGE GROWTH!

And in the Bitcoin world, HUGE GROWTH means competition for a "scarce" resource, and higher value assigned to each unit.

Just plain 'Happy'about the direction the world is taking! Especially if we live to reach LEV [Longevity Escape Velocity]

No one knows the future, but

No one knows the future, but one can get an idea by looking at the past. While gold has been money for 6K years, and bitcoin only for four; over the past two years bitcoin has outperformed gold & silver as investments as well as stores of value.

There is one reason, do you need another one?

Cool and grats. Good to see a

Cool and grats.
Good to see a thread on bitcoin not headlined with, "All deniers of bitcoin must not be LiBeRtY people and are dumb!!11!1!"

Southern Agrarian

That's a Bitcoin STRAWMAN! ... a STRAWCOIN? :)

No one says that people who do not support Bitcoin in their work towards LIBERTY are "dumb"... instead, I believe, the article you are referring to says: "LAZY"

Actually it is the people who are against Bitcoin who keep throwing around words like "dumb" and "stupid"... some even SWEAR!

I haven't seen a single Bitcoin supporter be belligerent.

Just plain 'Happy'about the direction the world is taking! Especially if we live to reach LEV [Longevity Escape Velocity]

These certainly are not very

These certainly are not very welcoming, nor informative, post titles:
http://www.dailypaul.com/264581/why-do-i-bother-trying-to-ed...

http://www.dailypaul.com/264392/why-bitcoin-acceptance-shoul...

You have a word in all caps, equivalent of yelling on forums, then the second post you suggest an individual's opinion on Bitcoin should be used as a litmus test for their worth in the Liberty Movement.

Maybe if you presented, and posted, in a more 'online forum polite' manner more people would be interested. Your posts come off as aggressive and threatening and my reason for downvoting them.

Southern Agrarian

Caps are for EMPHASIS.

I guess you may look at it as yelling...but that is usually the case when the WHOLE post is capitalized. That is just how I view it. Perhaps I am misguided. I will try and keep things lowercase. Using < b > etc is a bit of a pain. Hence the capitalization.

Just plain 'Happy'about the direction the world is taking! Especially if we live to reach LEV [Longevity Escape Velocity]

Added your BITCOIN thread

It is sooo funny, the post about "not getting traction..." is the one getting MOST TRACTION!!!

Who would've thought... anyway, I added your Thread to it too!!!

LETS EDUCATE THE (GOOD) MASSES... and the bad too... though they are not in abundance here... DAILYPAUL ROCKS!!! :)

Just plain 'Happy'about the direction the world is taking! Especially if we live to reach LEV [Longevity Escape Velocity]

GREAT NEWS!

Allten, I can see you are a very "involved" person in the Bitcoin community and here on the DP also.

I think I am in a similar boat as you, but for the heck of it I want to share with you something I found here:

BE PATIENT WITH THE DP LIBERTY COMMUNITY! :)

It is taking time to have people see the "bitcoin" light here. Many are rightfully completely GOLD BUGGED, and have a hard time opening their minds/hearts to any new ideas.

So, if you notice your efforts down voted, do not be discouraged!

One of my most commented post on all this is here:

http://www.dailypaul.com/264406/bitcoin-posts-get-no-tractio...

GOOD LUCK! I will support you, and will be following you every chance I get!

Just plain 'Happy'about the direction the world is taking! Especially if we live to reach LEV [Longevity Escape Velocity]

Thanks for the advice.

I've been a member of the DP for quite some time and it really is a great group of people. I don't expect anyone to embrace Bitcoin; I just want to raise awareness and dispel myths and incorrect assumptions. I've been an activist on many subjects for multiple years now and in every case it took a lot of patience. It's human nature in general. You just want to avoid polarizing individuals so they are no longer receptive to an idea.

“I’m fully diversified. I’ve got some under the mattress, some under the floor boards, some in the backyard.”

LOVE Bitcoin I was the one

LOVE Bitcoin

I was the one that found block 210000!
https://bitcointalk.org/index.php?topic=128221.0

Congratulations

That's pretty Awesome.

“I’m fully diversified. I’ve got some under the mattress, some under the floor boards, some in the backyard.”