BitCoin - Intellectual Fraud or a Stunning Idea??

[achilles28]

Quote from atticus:

It's still at a year to cover your investment.

With ASICMINER? That's exactly right. About a year. I haven't done the math, but the outstanding shares are fixed (no dilution). Average dividend payout is around .02 (on the high side) to 0.003 (on the low side) BTC a week, per share (every Wednesday, I believe). I could be wrong, tho. Not sure if I read the schedule right. Pass through shares are trading at 0.77 BTC.

https://btct.co/security/ASICMINER-PT

 

[achilles28]

Quote from Algo_Design_Kid:

80 BTC a rig is worth it. If my coins weren't locked up in Mt. Gox I would order that today.

Ya, I'd think about it. Batch#3 sold out last week tho. We just missed it. Rumor is Avalon is gunna take a break from production to retool or something. Who knows.

 

[achilles28]

Quote from Pekelo:

There are Butterfly pre-orders on Ebay, so the possible scam is switched to the average Ebay seller.

Anyhow here is what the guy says:

http://www.ebay.com/itm/Butterfly-L...039?pt=LH_DefaultDomain_0&hash=item3a7fccd34f

Speculating on speculation....

People got deep pockets and are willing to gamble, i suppose. The dynamics of the whole thing are quite fascinating.

 

[Stok]

What is the best place to buy BTC? I guess looking for the most trusted exchange. Mt.gox?

 

[Algo_Design_Kid]

Quote from Stok:

What is the best place to buy BTC? I guess looking for the most trusted exchange. Mt.gox?

Depends who you ask, but they offer the most liquidity. If you want to use paypal/visa or something you can buy them slightly cheaper at btc-e.com. You can get them through the bitpay option*

 

[Stok]

Quote from Algo_Design_Kid:

Depends who you ask, but they offer the most liquidity. If you want to use paypal/visa or something you can buy them slightly cheaper at btc-e.com. You can get them through the bitpay option*

Yeah, I want to use paypal/visa instead of depositing money to an exchange. Somewhat safer it seems.

 

[atticus]

Quote from achilles28:

With ASICMINER? That's exactly right. About a year. I haven't done the math, but the outstanding shares are fixed (no dilution). Average dividend payout is around .02 (on the high side) to 0.003 (on the low side) BTC a week, per share (every Wednesday, I believe). I could be wrong, tho. Not sure if I read the schedule right. Pass through shares are trading at 0.77 BTC.

https://btct.co/security/ASICMINER-PT

Yeah, of course it's another story at $50/200.

 

[atticus]

Quote from gip3:

I don't really understand this point: what's the benefit of BTC's decentralized nature that's not solved (better) than a suitcase full of cash?

To wit: anytime BTC interacts with the real world, it ceases to be decentralized. Financial transactions in BTC is subject to the same reporting rules as normal currencies (as is gold, cars, etc). And, importantly (not sure if you are aware of this) - BTC is NOT by design anonymous. All BTC transactions can be traced and tracked.

So, in the real world, if BTC were widely used it would lose all these 'benefits'.

Why are we trading around prime numbers again?

Portability for one, but I agree with your arguments. My only interest arises out of trading the volatility in some OTC optionality along the lines of MPEx. I bot it solely bc of the dot-shot chart.

 

[achilles28]

A great example of Bitcoins value


<iframe width="560" height="315" src="http://www.youtube.com/embed/Ilh5iUQIb4s" frameborder="0" allowfullscreen></iframe>

 

[sle]

Quote from achilles28:
You don't get it. Bitcoin is backed by:

1) superior transferability
2) superior privacy
3) superior safety
4) scarcity.

Those intangibles are what gives it it's value. Because those intangibles are VALUED by the marketplace. I'm sorry you can't understand that.

In short, you are saying that it's a great illicit monetary tool. I agree, if bitcoin was a fairly stable and liquid currency, it would be a perfect tool for buying drugs, money laundering etc. Except, there is one problem - at one point or another, you have to pay for bitcoin using regular US currency. So, it would take a very simple step for the Big Brother to follow your "private and safe" transaction - a reporting requirement for anyone who wants to purchase or sell bitcoin. It would make bitcoin at more disadvantage to even gold and precious stones - at least I can pay cash for a batch of uncut diamonds and stuff 'em up my ass before I am flying to Uruguay.