Bit Coin

[MrDenton]

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

[riverrunner1984]

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.

[ChumpChange]

Unfortunately there is no easy way to explain the currency or how it is technically mined/created.

[HB Vic]

Unfortunately there is no easy way to explain the currency or how it is technically mined/created.

Garlic to a Vampire is like Bitcoin to a banker

[gn7]

Unfortunately there is no easy way to explain the currency or how it is technically mined/created.

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.
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.

Garlic to a Vampire is like Bitcoin to a banker

To the banks, the fed, and the US government.

[riverrunner1984]

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.

Good point!

[ChumpChange]

The Feds are about to sell $28Mil in siezed coins......

http://www.foxnews.com/tech/2014/01/...cmp=latestnews

[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.
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.

[ChumpChange]

They just know to sell it before they crash the price.

[riverrunner1984]

Interesting article I just found on the Bitcoin

http://www.foxnews.com/tech/2014/03/...ntcmp=features