I am thinking of delving into the scary world of bitcons. I have precious little idea where to begin, so thought I'd ask if anybody here knows something about them.
I have sort of figured out that I need a bitcoin wallet to start with, then buy some coin. No idea what wallet I should consider or where to buy bitcoins from.
Anybody have suggestions on where to start?
One should not gamble with any more money than your are willing to lose.
I have questions about bitcoins too.
There is apparently very little paperwork involved to map the money.
http://www.newsweek.com/2016/12/23/virtual-currencies-bitcoin-being-monitored-us-government-532063.html
In the same topic with opiates and washing.
Reading about bitcoins and most people are asking that question and are given a new world of answers.
It also seems that the IRS is having a problem tracking the transactions.
A Harris, post: 431967, member: 81 wrote: It also seems that the IRS is having a problem tracking the transactions.
I think that's by design.
I don't know anything about them other than this: http://www.marketwatch.com/investing/stock/btcs/profile
I only use PayPal for everything. If the site does not accept it then "no sale". 😎
I don't know what I am talking about....
However...
There is a local computer place, that has built computers, to solve bitcoin equasions. It was making them some $80.00 a month...
N
Nate The Surveyor, post: 431982, member: 291 wrote: There is a local computer place, that has built computers, to solve bitcoin equasions. It was making them some $80.00 a month...
I believe that's called bitcoin mining. I can't say I understand it, but I know there's a whole lot of hardware and electricity being devoted to it.
John, post: 431920, member: 791 wrote: Anybody have suggestions on where to start?
I guess it would depend on what you're trying to do with them. Are you trying to suirrel away the billions you made as an office tech, or holding them as an asset ?
You are talking about the billions of pennies I've made over the years, right? 😉
Part of what I was thinking was the investment value. Not bad that they are hovering around $2871 per bitcoin at the moment. I certainly understand that bitcoins are likely about as volatile as the stock market.
I find the anonymity part intriguing as well. Not sure quite why as I don't plan to venture into any shady transactions. Just a bit leery of being tracked for doing even legal things like moving larger sums of money around for buying a car or some innocuous thing that requires over 10k of cash type thing.
John, post: 431990, member: 791 wrote: I certainly understand that bitcoins are likely about as volatile as the stock market.
https://bitcoincharts.com/charts/bitstampUSD#tgCzm1g10zm2g25zv
Hopefully everyone doesn't decide to cash out all at once. That's pretty hyperbolic.
Some wild swings there for bitcoins. Suffice to say our wonderful stock market takes some wonderful swings (sometimes for no apparent reason other than a sneeze or something). The only real difference I can see with a glance is one is heavily regulated, the other isn't. But both can offer a better ride than a roller coaster.
I know nothing
the IRS is having a problem tracking the transactions, by design
https://99bitcoins.com/buy-bitcoin-anonymously-without-id/
The First Rule Of Fight Club comes to mind ...
[MEDIA=youtube]YJVGD6eTZ7g[/MEDIA]
They're getting clobbered. Did you manage to do your homework on this? Ever figure out how it works ?
Don't buy bitcoins unless you understand how they work. If you can't explain how, for example, to construct a service to authenticate documents and prove that they were authenticated in a certain order using "gpg --sign", you have no business owning bitcoins.
There is a serious flaw in Bitcoin in that the total number of bitcoins ever created has a fixed limit. The total amount of gold in the earth's crust also has a fixed limit. However, if someone loses a gold coin, someone else can find it with a metal detector (probably not the ones we use to find irons!). If someone loses a bitcoin, there is no way for someone else to find it. So the rate of creation of new bitcoins should be constant, not exponentially decreasing.
NCSpiralGuy, post: 435471, member: 12287 wrote: There is a serious flaw in Bitcoin in that the total number of bitcoins ever created has a fixed limit.
Not a flaw, it is by design... however you are free to wish it was designed differently.
NCSpiralGuy, post: 435471, member: 12287 wrote: If someone loses a bitcoin, there is no way for someone else to find it.
Also a design feature. It prevents theft and secures Privacy. Every coin (or fractional part) has a trail. If someone is careless and looses their credentials (or uses weak security) it only effects that one individual... it does not effect the integrity of the remainder.
Education on the subject is plentiful.
education, or light reading. you decide
"Blockchain is the technology which powers Bitcoin, Ethereum, and other cryptocurrencies. It is an immortal, immutable, openly accessible ledger of all transactions which have happened in the network since its inception."
https://cointelegraph.com/tags/blockchain
So this is what the mania is all about
https://bitcoincharts.com/charts/bitstampUSD#rg1460ztgCzm1g10zm2g25zv
The CFTC suppsedly granted a license for a new swaps execution facility dealing in crypto options and futures. I really don't know what that eventually means but I liked the idea of Bitcoin a lot better when it was more an under the radar peer-to-peer exchange.
https://bitcoincharts.com/charts/bitstampUSD#rg60ztgCzm1g10zm2g25zv
R.J. Schneider, post: 437122, member: 409 wrote: The CFTC suppsedly granted a license for a new swaps execution facility dealing in crypto options and futures. I really don't know what that eventually means but I liked the idea of Bitcoin a lot better when it was more an under the radar peer-to-peer exchange.
https://bitcoincharts.com/charts/bitstampUSD#rg60ztgCzm1g10zm2g25zv
I it still is peer-to-peer ... I think this is about trading futures in the stock market.
Nobody knows the actual owner of the coins... I think the IRS sure would like to know.
From Wealth Daily:
Bitcoin??s incredible rise is no secret.
Today it touched an all-time high of $3,400.
Had you bought just $1,000 worth of Bitcoin back in 2010, you??d be sitting on an over $100 million fortune today.
But here??s the thing...
The price of Bitcoin can be extremely volatile. It??s five times more volatile than the S&P 500. And it??s known for wild price fluctuations.
Bitcoins are limited in quantity. There??s only 21 million of them in circulation.
fortunately you can't buy bitcoin on the stock market... 😎
