I was listening to Coast to Coast last night and a guy was talking about Bit Coins.
Can somebody explain to me in very very simple terms how these things work?
Blown Gas Flats to Rope...
In loving memory of
Chris "Church Mouse" Blevens
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I was listening to Coast to Coast last night and a guy was talking about Bit Coins.
Can somebody explain to me in very very simple terms how these things work?
Blown Gas Flats to Rope...
In loving memory of
Chris "Church Mouse" Blevens
I heard part of this on the re-run 4am hour. From what I understand, it is some kind of digital online currency.
The money is not physical. I heard someone actually bought a car with bit coins. It was the first person to ever do so.
Unfortunately there is no easy way to explain the currency or how it is technically mined/created.
Quote:
Originally Posted by Mateo
Garlic to a Vampire is like Bitcoin to a banker :D
Once you understand currency as opposed to money, you learn that 90 % of the monetary system is bitcoin(small b). Just digital inputs created out of thin air all created because somebody, including the US government needed it, and promised to repay it with interest.Quote:
Originally Posted by Mateo
The difference is, Bitcoin is more like gold than the US dollar is in some ways. Its virtually a commodity like gold, silver, oil, or pork bellies and oranges. Except it isn't physical, just as the US dollar. The vast majority of the velocity of the Bitcoin is the trading of it against the dollar on the open market just as oil and gold is, not in the actual using to buy and sell. More Bitcoin is moved everyday thru speculating its future value than actual use as currency.
To the banks, the fed, and the US government.Quote:
Originally Posted by Hotboat
Good point!Quote:
Originally Posted by gn7
The Feds are about to sell $28Mil in siezed coins......
http://www.foxnews.com/tech/2014/01/...cmp=latestnews
Yeah, the Bitcoin is becoming the currency of choice for large drug dealers. Not unlike EBT cards for the ghetto drug dealer. :biggrin:Quote:
Originally Posted by Mateo
Interesting that the fed would unload Citcoins seized by the US government, looking to convert them to US dollars, all the while looking for a means to shut down the whole thing.
They just know to sell it before they crash the price. :D
Interesting article I just found on the Bitcoin
http://www.foxnews.com/tech/2014/03/...ntcmp=features
CEO found dead!!
I'm sure it was an accidentQuote:
Originally Posted by pvhca1
Sent from my iPhone using Tapatalk
Was reading on her "suicide" a couple days ago. She was running an exchange company overseas. It appears JP Morgan has had some six suicides by banking executives within the last few months as well.Quote:
Originally Posted by pvhca1
Who knew my industry was so high risk! Better get more life insurance!
Is suicide insurable??Quote:
Originally Posted by Mateo
Yes. There's generally a waiver if you do it in the first year though. So it's best to think ahead!Quote:
Originally Posted by Hotboat
Lmfao!Quote:
Originally Posted by Mateo
CH3NO2
X2Quote:
Originally Posted by Stainless
Sent from my Bat Cave
A little more main stream but still crazy to me!
I will stick with the S&P 500 ETF INDEX funds... ;)
I'm not much of a gambler...