8 Replies to “Everything you needed to know about Bitcoin”

  1. Everything you needed to know about bitcoin? Uh, NOPE.
    I now understand some of the postings I read yesterday, though.
    Bitcoin had a sharp spike and some people made a bundle when Spaniards demanded to be paid in the digital currency (last year.) Bitcoin has as much credibility as the U.S. Federal Reserve.

  3. Bitcoin has as much credibility as the U.S. Federal Reserve.

    Hey now let’s not get carried away here.. bitcoin isn’t THAT far gone.

  5. Ehh, I’m sure he just thought he was being sneaky keeping a low profile like that. There are plenty of practical benefits to using bitcoin, it just isn’t really accessible enough at the moment.

  6. Amazing how a supposedly capitalist government detests examples of pure capitalism such as Silk Road. It was a completely self-supporting entity in which it matched up people desiring certain psychoactive drugs with sellers in an anonymous manner. Not something which would be readily accessible to young script kiddies as it requires significant expertise to setup a Tor connection, purchase bitcoins and then shop. Apparently, from the reviews of this operation I’ve read online recently, the sellers were very reputable and the products advertised were truly what they were advertised as. Seems that one could get virtually any compound listed in Pikhal and Tikhal on Silk Road. Like it or not, there are a lot of hackers who also have an interest in consciousness expansion and likely there will be a system to replace Silk Road very soon but probably a bit more discrete.
    Haven’t invested in any bitcoins yet but will probably do so to a limited degree. I like the idea of a totally anonymous currency which will preserve my identity when I shop online. Currently, the only thing I use my credit card for is online shopping and I don’t like the state knowing what I buy. Everything else I pay for with cash. The premise of Bitcoin is that one won’t be dealing with a SHTF scenario soon but, in a true SHTF scenario the best type of “currency” to have is useful things such as tools, antibiotics, other drugs, food, guns and ammo.
    What surprised me was the degree to which people are ready to throw away their privacy as, when a group of us went out for drinks last weekend only 20% of the party paid with cash. When I pointed this out, I got comments such as “I don’t like to carry too much cash” and the same people who made those comments were dumbfounded when I told them I try not to carry less than $1000 in my wallet at any given time. None of the debit card paying individuals had given any thought to the fact that the amount they spent on dinner and drinks as well as who they were with that night was now in the hands of the NSA.
    Bitcoin will flourish because Tor is an integral part of NSA communications. The spooks need secure communications and they’re not going to take down a system that they’re just as dependent on as people who like their anonymity.

  7. “Had a stash of $80M worth of Bitcoin.”
    Nope. Has.
    The $3m the Feds seized is the petty cash that was lying around the office when they bust in – customer funds held in wallets on the server, with accessible private keys. Ulbricht still controls his own ($80m?), and the Feds can’t get at it without his (and only his) co-operation. There are no bank accounts to freeze.

  8. And that is why BTC is awesome and will conquer the world-in addition to low transaction costs and limited numbers of BTC. Lance talks of what he doesn’t understand.

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