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2013-04-24 01:26 6625607 Anonymous (bitcoin_euro.png 900x900 379kB)
Is it too late to get involved in Bitcoin? If not, what's the best way to make money off it?
1 min later 6625624 divendi
Here's the best bitcoin advice you'll ever receive:
Don't get involved with bitcoin
2 min later 6625641 Anonymous
You missed the boat
4 min later 6625661 Anonymous
>>6625607
Very early adopters made a lot of money.
People who came next made a good bit of money.
People like yourself gave them all the money.
It's not a pyramid scheme, but it might as well be.
Of course I could be wrong and the price could shoot up to 10,000 in a few years time like Bit-tards always say. But I doubt it.
If you choose to go more towards their viewpoint than mine, treat it like a crazy gamble rather than an investment. Don't invest anything you wouldn't put on a roulette table.
5 min later 6625675 Anonymous
Im wondering that too op. I made a mtgox account but i havent bought any bitcoin yet. I was thinking of buy 0.01 bitcoins (like $12 real money) and just watching it grow for fun. But i dont wanna give the site my bank info
anyway, i heard you can get free bitcoin on bitvegas, which is a casino made in minecraft where users can gamble with bitcoins. Not sure how, i think you get it for browsing a bit.
5 min later 6625676 Anonymous
If you didn't buy them at 5 cents a while back you lose. Also don't do it period because the people who cashed out and made shittons of money are getting calls from the IRS. Good ol Uncle Sam always gets his.
5 min later 6625680 Anonymous
slowpoke as fuck
6 min later 6625700 Anonymous
>>6625607
should of bought yesterday they went up 20$ today
6 min later 6625702 Anonymous
>>6625675
Or you could watch it shrink for fun.
7 min later 6625712 Anonymous
Watch the market a few weeks before you do anything, or just start with $10 or something. It has pretty regular mini-crashes, just basic buy low sell high.
And never get pissed if you mess up and miss an opportunity; there'll always be more.
7 min later 6625714 Anonymous
>>6625675
>minecraft
>bitcoin
Fucking hell it's like the booths at an autism convention.
7 min later 6625715 Anonymous
>>6625675
you can trade for coins on silkroad with prepaid cards
or buy with western union
8 min later 6625732 Anonymous
>>6625714
most autism conventions dont have a lot of autist but their caregivers are there
10 min later 6625753 Anonymous
I recently made over $10,000 off of it. I had 55 btc left over from when I used SR back in 2011(it was worth 3-4$ back then). I had to move on from drugs because of unrelated circumstances, but that 55 BTC just sat there, I completely forgot about it. About 2 weeks ago I learned that the BTC was exploding, quickly logged back into the site, transferred the coins to my mtgox account, and sold them for $190 apiece(and I lowballed the market price by 15$ just to make sure they would sell). I Just called up a tax lawyer yesterday because I'm sure there is some tax law out there waiting to fuck me in the ass. I'm letting him investigate what it is I have to do before I transfer the money from my mtgox account to my actual bank account.
Pretty amazing that what was worth ~200$ to me 18 months ago was worth $10,000+ at one point. I feel like I won the grand prize from a scratch off ticket.
11 min later 6625763 Anonymous
>>6625661
I don't know, someone made over a million dollars during the last crash.
Afterwards, the price was $50 per coin.
Now its back up to $175.
Day traders can make a fair bit of coin from bitcoin by buying when its low and selling when it's high, as it bounces between two extremes pretty frequently.
Not to mention, the silkroad drug trade will ensure bitcoins always have value.
11 min later 6625764 Anonymous
wait until the new machines come out and see what that does to the price, they'll be mining at a huge increment faster than they are now and lots of the current miners will go under.
I can see every bitcoin hitting 60k, but I can just as easily see a new digital currency (litecoin or whatever) , taking precedence
11 min later 6625766 Anonymous
It's never "too late". Bitcoins fluctuate really wildly, and probably always will. It's not like a national currency that has a huge economic backing. It's basically stock in a company that doesn't really exist.
11 min later 6625771 Anonymous
>>6625676
Investment returns aren't taxable, though.
12 min later 6625784 Anonymous
where the fuck do you people buy your bitcoins?
13 min later 6625798 Anonymous
>>6625763
the price of coins are irrelevant to silk road because the prices are pegged in usd
the fluctuations are bad for the market though as the money is held in escrow till the package arrives
13 min later 6625800 Anonymous
You don't think that the ASICs will decrease the value of bitcoins?
13 min later 6625808 Anonymous
>>6625771
>what are capital gains
14 min later 6625811 Anonymous
>>6625784
everything and anything that is illegal
14 min later 6625822 Anonymous
>>6625763
$175 per coin? Really?
I've seen some people sell them for 10 euro per coin not too long ago.
17 min later 6625858 Anonymous
>>6625800
ASICs are a waste of time/money, because there are a limited number of bitcoins that can exist, and more than 75% of all possible bitcoins have already been mined.
19 min later 6625886 Anonymous
>>6625808
Also non-taxable?
Anyway, the only people being harassed by the IRS are people who did dumb shit like suddenly drop a cool million into their bank accounts.
26 min later 6625980 Anonymous
i heard there will only ever be 21 million bc created.
Anyway, for the guys that cash out for thousands and are paying tax on it, how will the government know that you were making this money?
27 min later 6625993 Anonymous
I was also looking into this recently but after reading what seems like the entire bitcoin wiki idk anymore. It just doesn't seem like the cool currency i thought it was.
>there's no guarantee on stability
>economic models cant predict whether it will gain value or lose value over time
>there is absolutely no way to refund a transaction
>if you lose your wallet, password or harddrive (or cloud service goes down or wherever your keeping these coins) they are lost forever
and the most offputting thing for me
>literally every single transaction is made public and tracked FOREVER
I'm not even into anything illegal but that's a level of surveillance you dont even get with ordinary currency transactions. Basically even if you juggle it around, move your money from one wallet to the next - as soon as you take it out you are identified and where that money's been (if you got it from somewhere dodgy or bought something personal) can be attributed to you through simple data mining. Your entire monetary history would be recorded. It is NOT an anonymous currency - it's quite the opposite. Or thats what i took from it anyway
29 min later 6626016 Anonymous
>>6625993
Every single transaction is tracked, but you have NO IDEA who they're going to and from. They're going to and from BTC addresses. No one knows which one, or ones, are yours.
29 min later 6626024 Anonymous
>>6625980
Large deposits are automatically reported to the IRS.
31 min later 6626044 Anonymous
>>6626024
you just have to move 9,999$ at a time and your good to go
31 min later 6626050 Anonymous
>>6625993
>dude
>XHuidjslkfdsah&^1h5192j4klaefdsT2z xcnjdsf just transfered 30 bitcons to 7u3290pjf9ndc89oha8907y3890hffsdszH LFJkds
>WE'VE GOT HIM NOW
32 min later 6626069 Anonymous
>>6626044
No. Banks will report anything over $3000 automatically and keep extensive records of anything over $1500.
32 min later 6626071 Anonymous
>>6625993
bitcoins have the same amount of physical martial backing them as the dollar
NOTHING
33 min later 6626084 Anonymous
>>6626069
then you just go 1499
or just trade for gold on silkroad then pawn it
33 min later 6626087 Anonymous
>>6625993
Hey, hey, did you know its possible to track everyplace a dollar has been based upon it's serial number?
Did you know that means absolutely jack fucking shit?
34 min later 6626092 Anonymous
>>6626084
>pawning gold
AKA: burning money
35 min later 6626111 Anonymous
>>6626084
You've got to be more subtle than that.
35 min later 6626112 Anonymous
>>6625624
This is truly a wonderful endorsement of bitcoin.
Thank you for letting your opinion be known, tripfag.
35 min later 6626113 Anonymous
>>6626016
>>6626050
until that transaction is used to buy dragon dildos delivered to 10 Robot Street, USA, USA
The bitcoin wallets are anonymous (ie dont need sign up details), but any purcjase of anything REAL will identify you. And not just that final transaction but the entire history of all the money moving around the network. Many parts of that may for a while be anonymous, but when all is said and done eventually every single transaction will be scrutinised.
35 min later 6626115 Anonymous
>>6626092
its the price of being anonymous
36 min later 6626129 Anonymous
>>6626113
transactions are silkroad at done through their servers
the transaction is indirect
you can also trade for 100$ bills
37 min later 6626140 Anonymous
>>6626113
All personal information is discussed under heavy encryption. There is no personal information tied to any bitcoin wallet.
Smart buyers/sellers don't initiate transactions when they're talking about shipping/recieving/etc. They wait a suitably random amount of time and the significance of the transaction is completely erased.
40 min later 6626162 Anonymous
>>6626071
true, but its also a deflationary currency because there are only a finite number.
>Because the monetary base of bitcoins cannot be expanded, the currency would be subject to severe deflation if it becomes widely used. Keynesian economists argue that deflation is bad for an economy because it incentivises individuals and businesses to save money rather than invest in businesses and create jobs
>>6626087
you cant track a dollar. If i spend a dollar on a buttplug the government does not know. Cash is the best currency. Better than bitcoin, better than bank transfers. Cash in hand all the way baby
41 min later 6626191 Anonymous
>>6626162
>you can't track a dollar
http://www.wheresgeorge.com/
42 min later 6626196 Anonymous
>>6626162
deflation is not bad for the economy
its bad for the jews who are closest to the source
in inflation only those close to the source such as banks are the only ones who benefit
43 min later 6626225 Anonymous
>>6626162
fun fact: if bitcoins exit circulation, the value of the rest of the bitcoins increase.
It deflates and inflates almost simultaneously.
44 min later 6626232 Anonymous
>>6626129
Where would the 100$ bills get delivered to? Or would you collect them in person? Wouldn't that identify you either way? Also it still just proves the point that it almost always needs to be converted back into normal currency to be worthwhile, which means it has very little real reason to exist. I'm just not sure it will live up to the hype
>>6626140
>Smart buyers/sellers don't initiate transactions when they're talking about shipping/recieving/etc. They wait a suitably random amount of time and the significance of the transaction is completely erased.
This is clever. But it relies on trust and wouldn't work in all scenarios
45 min later 6626239 Anonymous
Cryptocurrencies are the way of the future, allowing for easy and secure global transactions.
>>6626162
>can't track a dollar
They have serial numbers man. Also, look into Zerocoin.
46 min later 6626255 Anonymous
>>6626232
You'd have them delivered to PO box or equivalent (there are a few private companies doing that type of thing) registered under a bogus name.
You pick it up in person. If you're really paranoid, you case the joint before the transaction. Then leave it there for a couple months if something spooks you.
46 min later 6626263 Anonymous
>>6626225
I don't think you understand what inflation/deflation mean.
47 min later 6626275 Anonymous
>>6625886
> capital gains
> non taxable
nigga, hire a fucking accountant if you ever get a job
47 min later 6626283 Anonymous
>>6626225
You can never know when one is out of the economy though. It would just look identical to a bitcoin sitting in someone's wallet for a long time unspent. In fact, thinking about there is no way to ever know how many bitcoins are in active circulation which again makes it highly unstable.
I'm not often in favour of governments regulating things, but you know what? Centralised banking isnt such a bad idea. It gives security and credence to a currency, which is something everyone benefits from
48 min later 6626287 Anonymous
>>6626232
All internet transactions rely on a level of trust.
And if you don't send the coins to the guy you're buying from, he doesn't ship. If you send the coins and he doesn't ship, silkroad has a reputation system like ebay.
48 min later 6626292 Anonymous
>>6626283
>everyone benefits from
Nope, just the rich bankers who get a bailout whenever the fuck up investing.
48 min later 6626297 Anonymous
>>6626283
Actually, you can. Since you know exactly where every bitcoin is.
49 min later 6626313 Anonymous
>>6626283
>Centralised banking isnt such a bad idea
Yea, its a great idea if you own a central bank. Probably the best idea ever.
Its bad for everyone else.
50 min later 6626314 Anonymous
>>6626292
Maybe in your country where corporations own you
51 min later 6626323 Anonymous
>>6626314
In a central bank system, the central bank owns you. The central back is a corporation.
51 min later 6626330 Anonymous
>>6626239
nobody registers the serial number though. It could exchange 5 hands or 500 hands and nobody knows what exact transactions went into that chain of events. Bitcoin records EVERY transaction so if your identity is compromised at the end, its compromised everywhere else also. The problem is buying REAL things HAS to leave some trace
52 min later 6626345 Anonymous
>>6626323
welp I got told
52 min later 6626346 OP
Wow this turned into a crazy meta-discussion. If I want to just do some day trading on it, which website is the best for buying/selling Bitcoins? I've heard iffy things about Coinbase.
53 min later 6626361 Anonymous
>>6626330
Laundering bitcoins is piss-easy though. And hopefully zerocoin will be adopted soon so there will be no need for laundries.
55 min later 6626384 Anonymous
>>6626330
What part of "every bitcoin wallet is a string of pseudo-random alphanumerics that is based upon nothing beyond the time in which it was created" are you not understanding?
This isn't a credit card. You don't give your information to anyone, ever. If you buy something with a bitcoin, its sent someplace that has no relation to you.
58 min later 6626432 Anonymous
I'm buying back in when it goes below 10USD again.
59 min later 6626449 Kitchener
Why would you buy bitcoins? Can't you mine them?
1 hours later 6626457 Anonymous
>>6626432
It won't. It got as low as $54 a few days ago, but its already shot up to $144.
Which is actually a bigger margin than any of the previous "crashes."
1 hours later 6626469 Anonymous
Oh fuck I just remembered I left a chocolate coin in my pocket for the last hour
Aaaaand it's melted, bollocks
1 hours later 6626473 Anonymous
>>6626449
Sure, you can mine about 0.00001 bitcoins an hour with a fancy rig.
Or you can spend $10,000 and buy a proper mining rig, so you can mine 0.0001 bitcoins an hour
1 hours later 6626482 Anonymous
>>6626449
Each time a bitcoin is mined, the next bitcoin is harder to mine.
So unless you're the tech guy at a university library and have installed background mining programs on every computer...
1 hours later 6626491 Anonymous
>>6626384
Your only thinking about 1 side of a transaction. Yes you pay a bitcoin to some guy. That is anonymous. We are agreed. BUT....
You are paying that guy IN EXCHANGE for something - a product, a service, something you will receive that will identify you. Name one real world example where this is not the case. I cant think of any. If your buying drugs, hookers, whatever your identity has to become public. And if its some honey trap they've got you not just for the thing you just bought, but they can follow the bitcoins back through the years and identify everything else you've done that they've linked to that pseudorandom string.
1 hours later 6626528 Anonymous
>>6626491
>hey yo, send dat shit USPS to [random address, likely an empty for-sale house, I've scoped out]
There are ways to keep the exposure to an absolute minimum.
Besides, someone would have had to been monitoring both sides of the interaction between you and the seller to find out you ordered a dimebag and are having it shipped to the aforementioned random house. Which, while possible, would cost more than it would be worth to nab the kingpin of the great "ship a dimebag to a random house" caper.
1 hours later 6626585 Anonymous
It's supposed to become a currency, not a get rich quick scheme.
1 hours later 6626599 Anonymous
>>6626585
That's what they've said about every currency.
1 hours later 6626624 Anonymous
>>6626528
Ok. Let me come clean. I only looked into this yesterday so idk what i'm talking about. All I know is I was initially excited about the prospect of bitcoins but now i'm not so sure.
Here's my actual problem: I want to buy a bitcoin. I will buy this bitcoin with money that i own (from my bank account). I will spend that bitcoin on some nefarious thing.
Would it not be possible for the authorities to see that that bitcoin that was used to buy something dodgy was initially bought by Mr Anon Anonson from Faggot Street, Ohio? Or have I misunderstood the concept entirely?
Thats all I want to wrap my head around really. How exactly does it protect my anonymity? I know the bitcoin transactions are anonymous, but isn't any point of entry or exit from the bitcoin economy linked to a real person? It has to be!
1 hours later 6626626 Anonymous
>>6626491
Its security through obfuscation. All the transactions are indirect and encrypted, all interactions are heavily encrypted, no one ever has that shit shipped to their home address, but they could, because no one would care enough to spend the time and manpower to decrypt said transactions so they could know exactly how many state lines they'd need to cross to arrest someone with a few grams of tar heroin.
1 hours later 6626659 Anonymous
>>6626599
What? When was a currency mistaken for a get rich quick scheme before?
1 hours later 6626751 Anonymous
>>6626624
Anything is possible.
The problem is you're only one of a great number of people buying nefarious shit, All the transactions are low volume, and barely any of them will have any common threads. Not to mention, your every interaction with the seller will be heavily encrypted. You could, if you wanted to, ship that shit directly to your house and sign for it and there'd only be an extremely slight chance of anything bad happening. Hell, I know people who ship tons of shit from silk road directly to their house and nothing bad has happened to them yet. Why? Because they're the end user. Law enforcement doesn't give a single fuck about the end user. Since you won't know shit about the person who sold you whatever nefarious shit you're going to buy, you can't be threatened with prison to testify against anyone.
But you won't send it to your house. You'll have a private PO box you paid for with cash and showed no ID to rent. If you're cheap, you'll send it to a house you know is vacant on a quiet street with no hiding places. You'll check out the house before the shit is shipped, then, when the shit is shipped, you'll wait relevant number of days, then check the house and find your package. You'll probably even have tracking information because, once again, no form of law enforcement gives enough of a shit to cross several state lines to arrest you for holding less than "intent to distribute" quantities of nefarious shit.
Yes, you're exposing yourself. But ti doesn't matter because no one is looking.
1 hours later 6626769 Anonymous
>>6626659
People trade currencies all the time in desperate attempt to turn them into money.
1 hours later 6626841 Anonymous
>>6626751
>Yes, you're exposing yourself. But ti doesn't matter because no one is looking
Thanks. I think i've just over thought things and made 2+2=5. It does make sense now that you explain it. Still not sure it has a future as a lefit currency though
1 hours later 6626851 Anonymous
>>6626841
oops didnt mean to quote that line
1 hours later 6626872 Anonymous
Can't you buy prepaid cards at the store? Like isn't that shit sold at Wal-Mart now? Or does I be tripping?
1 hours later 6626907 Anonymous
>>6626872
You ain't trippin, yo. You can buy bitcoins pretty much anywhere these days.
1 hours later 6627074 Anonymous
So basically this is like "Itchy & Scratchy dollars". Useless.
11.500 0.172