7 votes

Uh oh, Bitcoin is going mainstream

So, it seems that the bitcoin ATM in Cyprus, and bitcoin as an idea have hit the big time. I just read this on CNN money.

http://www.money.cnn.com/2013/03/28/investing/bitcoin-cyprus...

This may mean a big spike in interest, and a further rally in bitcoin values versus the dollar. This may also mean a lot mor e unwanted attention as the FED realizes it has unwelcome competition. Something to watch closely.



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Alot of people are going to

Alot of people are going to lose alot of money when that scheme falls apart.

just hit $76

appears to be first decline since it has been rising the past few weeks

proverbs 20:15
There is gold, and an abundance of jewels;
But the lips of knowledge are a more precious thing.

mtgox.com is freezing up now!

i have not invested in bitcoins but it will be interesting to see what happens long term

proverbs 20:15
There is gold, and an abundance of jewels;
But the lips of knowledge are a more precious thing.

Bit Bump

Bump

Official Daily Paul BTC address: 16oZXSGAcDrSbZeBnSu84w5UWwbLtZsBms
Rand Paul 2016

Bitcoins @ 94.00$

Bitcoins @ 94.00$

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees

My apologies..

Im kinda derailing your thread as I have a BTC question and am posting here in hopes of a more fruitful repsponse:

I am a little confused as to the transaction fee concept of this currency.

At the coinad site, it asks if you want to delay transaction to reduce fees. The payout for visiting that site is less than the transaction fee.

If I were to 'cashout' & receive btc payout every hour to the same address, how will that affect my transaction fees when I purchase those llama socks from the BTC ebay counterpart?

Is the transaction fee contingent upon how many transactions went to the same address?

In other words, if i had thousands of addresses in 1 wallet, all containing 0.00001 BTC's, versus 1 address that had thousands 0.00001 BTC's deposits, would there be a difference in fees?

What is the optimum method to collect & spend from sites like this?

Any real feedback would be much appreciated as this info is being raised from some of the 'oldhats' I know in the physical world.

The Bitcoins Fees are still being worked out

Bitcoin is still considered in beta by the core developers.

Basically, there's a blocksize limit in the current protocol. The maximum block size is 1MB. This means only 1MB of transactions can be processed every 10 minutes. During times of peak load, there will be some transactions that are not included in the immediate block and will have to wait. The transactions that pay very low or nothing for transaction fees will be the ones that have to wait.

It is no trivial task to increase this limit as you would need to get the majority of miners to agree with it. Be interesting to see what happens.

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

Anything you can't hold

you don't own.

“Disobedience is the true foundation of liberty. The obedient must be slaves.”― Henry David Thoreau

"Knowledge is a weightless

"Knowledge is a weightless [non-tangible] treasure you can always carry" - Chinese Proverb

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

You can hold the key

in your mind. This key is the only way to decrypt the information record of perceived value. If you can use this key to pass the information of perceived value to someone else who will give you hard assets then you can hold and own that hard asset. It is the perceived value that is the same as a FRN, but limited to finite supply. If you hold a FRN you actually hold paper with ink but the perceived value is what people exchange for hard assets which simply relates to the pattern of ink on the paper; 1,2,5,10,20,100 etc aka information.

It seems to me that BTC has WAY more advantages than a FRN because it is finite, anonymous and can be totally private. How can government tax that?? The only logical way to tax with such a form of value exchange is by voluntary consent. How can the FRN or any central bank currency compete with that?

The most powerful Law of Nature is Time. It is finite and we all will run out of it. Use this Law to your advantage, for it offers you infinite possibilities...

uh, oh

wouldn't increased activity just continue to drive the price up? as it has been.. this publicity should just help drive the price up.. I know this is a simple assumption, just a thought..

I understand the worries of the fed getting frustrated with bitcoin and 'solving the problem' but I would consider this a short term investment.. wish I would have bought some a month ago or even earlier. seems like it may be worth it just to throw $100 or so in and see what happens over the next month or two

proverbs 20:15
There is gold, and an abundance of jewels;
But the lips of knowledge are a more precious thing.

egapele's picture

It got mentioned on Drudge today.

fyi

Now a reason not to trust it

They will start shoving it down our throats and somebody is going to get rich while others get poor.