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The Currency Revolution - With Bitcoin

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So the difficulty increase with an increase in mining speed in the total network. This is one of Bitcoins ingenious features. It aims to have a block mined every 10 mins avg through adjusting the difficulty. This means all coins will be mined ~2145. As the block reward halves periodically...So by then a block found rewards a fraction of a fraction of a coin. However, inversely the predicated rate of transactions will have increased significantly by then (if btc lives for another 100 years) making the the greater end of the reward.

This method of supply introduction is fantastic as it helps reduce the truth of the argument 'All early adopters just took every coin etc.' because there is still a little under half that haven't yet been mined of the 21 mil. Not to mention that adopting early was riskier and in turn offered a higher ration of risk and reward, as most investments go.

Personally, I'm not captured by the mining side of things in BTC. The hardware will become obsolete relatively quickly, the captital investment is quite large and BTC is growing at a rate that would be better to just have that money invested into the actual bitcoins rather than a method of acquiring them in a trickle over time. Just My 2 mBTC

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bitcoins now $1064

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bitcoins now $1064

where do you get your price from is that a mt gox or btc China

edit spelling

Edited by Bigred

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i installed the program MultiBit on my mac

i have a wallet, so when i fire it up it connects to MtGox and displays in AUD the LAST, BID and ASK prices.

right now last btc sold for 1,052.58289, Bid is 1,040.01, and ASK is 1,052.58289. i fire it up a few times a day to check trends. it can swing 100$ in a few hours easily.

when buying you make an MtGox account and can transfer from your bank account, it takes 3-4 weeks to process. and then transfer it to your wallet for safe keeping, or make a btc cloud account so if your pc dies you don't lose your cash!

Edited by C_T

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This is who I use within Australia. They're Melbourne based. Very friendly and responsive customer support and from what I've seen the best rates around. 2% buy fee and 1.1% sell fee. Bank deposits in person or get ID approved to enable online banking transfers. Once that's all set up (Easily under a week) you can buy, sell and have those btc or $$$ in your wallet or bank account within minutes (or hours or days - depending on their holdings and current market demands)

I'm not affiliated with them as much as I'd like to be... apart from being a customer of theirs for a while now.
https://filler.coinjar.com/
Also there's some Bitcoin ATM's (for cash->BTC buying) that are going to be in place and accessible in the very near future. ( Was talking with the owner today)
src: http://madinmelbourne.com.au/category/atms-in-melbourne

Bitcoin black friday deals appearing now too.
...I'll link later when I got the time.

But yea, with China even advertising BTC on state owned T.V ... China markets are a very good indicator of direction. China is preparing for the future, moving away from unstable 3rd party fiat and into metals (gold and silver mainly) and Bitcoin. Because it's very similar but also has the added advantage of super smooth E commerce.

Edited by LUWA
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but instead of a mirror, use magnified glass and you will achieve power with just the size of 1 of those mirrors, you can hit over 2000 deg C easily.

this large scale $150m bullshit is actually holding the industry back! Every house could have a power station on their roof.

So are you saying to make one big magnifying glass the size of that mirror array or that magnifying glasses magically "add more sun" to a given area?

either way, no that doesnt work.

Edited by Yavimaya

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no absolutely not, im saying to use HEAT as the source of power, not the LIGHT. yes it does work.

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Broke $1000 USD last night, reached $1070, dipped down to $915 again and is now around $1040.

Now if it would just settle around here, that'd be great.

LUWA: China is chasing us. Even some of our cheapest exchanges like Bitstamp still have a premium over BTCN.

Edited by at0m

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Yea, te run up this month from ~200 -now mostly mostly with China leading the pack, now a significant amount of their investors are in, there's likley a lot of speculation going in other markets. Like Litecoin has reach $30 too! (I'm actually anti litecoin in the sense I see it really as a investment tool/ ponzi / speculation bubble...with Nothing really adding to the crypto currecny scene. So if you're interested in riding that bubble in some day trading, it's much riskier but also far easier to double your investment.

AUD/BTC @ 1.1k ~ now. If it holds 980-1000+ for a week more I'd feel pretty safe in saying the 1k marks a new, safe fall back albeit merely a physiological one at that.

Interesting times ahead no doubt.

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A British IT worker has launched a frantic search of a landfill site after realising he accidentally threw away a computer drive holding $7.5 million (5.5 million euros) in the online currency bitcoin.

Edited by Dreamwalker
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1300 now they gaining publicity

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Its great for investing but i find its not worth buying anything with as the value is soaring . Do you guys think the average

punter will be scared off by its big fluctuations.

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Its great for investing but i find its not worth buying anything with as the value is soaring . Do you guys think the average

punter will be scared off by its big fluctuations.

I agree and it's a bit annoying but at the same time I hope it gets it out of it system and finds it's price. Hyper inflation.

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Retailers can offer cheaper prices in BTC from fee's saved over using paypal / master/Visa etc. As well as their own speculation that might incentivise to sell even cheaper to enable them to get more BTC easily as they see them gaining value in the future.

Deflationary nature of it means instead of putting in the bank to get a % return, your the bank by holding it.

The larger it's monetary base grows the harder it is to influence fluctuations. Like changing the temperature of a glass of water and a swimming pool.

I mean shit, people are willing to pay more for this than an ounce of gold now!

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shit they crashed, down to 650, 1/2 the price of a few days ago!

good time to buy lol, before they go up again!

Edited by C_T

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Exactly. Seems like the exact same thing that happened with the silkroad shutdown, that caused a wave of panic sells...Based on the misunderstanding of it's actual role in the btc economy. China's news regarding how banks are to be treating bitcoin is perfectly reasonable. It's classifying it more as a commodity (like gold,silver etc.) rather than a currency that would be give strict regulations.

I'm sure the waters will find find their own level in time. It's just get swished around a bit with all these trigger happy speculators in the game with seemingly no understanding of btc core concepts... unless of course it's preying on those that do not and simply some people trying to initiate a panicked market. Give it 2 weeks tops, and we'll be back at daily new highs. *I think - Not actual investment advice, just a personal view *

*didn't proof read, not going to correct it this late... early mornings aren't my best writing time as you can see from above. Early being before mid day...

Edited by LUWA

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The Strategy to Make Bitcoin the Global Currency

To replace the present fiat monetary system, the global financial elites have employed the following strategies:

 To demonise Gold and depress the true value of gold;

 To promote Bitcoin as the ultimate alternative currency by price manipulation; and

 Energy (oil, gas & computer power) to back Bitcoin.

In the first phase of this grand strategy, the Controllers of Bitcoin have decided to focus on the markets of the developed world. This is common sense as the technological infrastructure is already in place in the developed world.

In this phase, the Controllers would by-pass the global banking institutions and will focus on the existing alternative payment systems widely used in internet marketing such as PayPal, E-Bay, MoneyGram etc. This is because, Bitcoin can only survive and grow in the internet environment as it is a technology-based currency. Bitcoin cannot be used in the same way as fiat paper money is used. It is not a “cash” currency. It is digital!

This makes sense because in our daily lives, more and more transactions are being facilitated through the internet, our mobile phone, credit cards etc. Paper money is used less and less.

In the Second phase, and after assuming total or near total control of all internet markets, only Bitcoin would be accepted as ―legal tender‖ for payment of goods and services. No Bitcoin, no sales for goods and services! The Controllers would not need any laws to compel full compliance as in the present case with fiat paper money when laws must be enacted to compel acceptance of paper money as ―legal tender‖ in full discharge of all debts!

In the final phase, it is my belief that banks will be transformed from their present form and structure to be inter-alia ―Bitcoin Exchanges or Clearing House‖. This is one of the items in the Controllers‘ Wish List.

This is indeed a very elegant structure and it will surely appeal to all reformers who are against central banks, the present structure of global banking institutions and paper fiat money. The call to end government / Central Bank control of money would no doubt be greeted with enthusiasm and relief given the present policies of the FED and other central banks enriching Wall Street and the 0.01 per cent of the global population.

The debasing of global currencies is being carried out with the approval and connivance of the global financial elites as a prelude to the use of Bitcoin because the present financial architecture can no longer be sustained. The debt-based fiat money system is so toxic that it is beyond repair

(source) http://www.globalresearch.ca/will-digital-currency-replace-the-us-dollar-wall-street-strategy-to-make-bitcoin-the-global-currency/5361021

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The Strategy to Make Bitcoin the Global Currency

To replace the present fiat monetary system, the global financial elites have employed the following strategies:

 To demonise Gold and depress the true value of gold;

 To promote Bitcoin as the ultimate alternative currency by price manipulation; and

 Energy (oil, gas & computer power) to back Bitcoin.

In the first phase of this grand strategy, the Controllers of Bitcoin have decided to focus on the markets of the developed world. This is common sense as the technological infrastructure is already in place in the developed world.

In this phase, the Controllers would by-pass the global banking institutions and will focus on the existing alternative payment systems widely used in internet marketing such as PayPal, E-Bay, MoneyGram etc. This is because, Bitcoin can only survive and grow in the internet environment as it is a technology-based currency. Bitcoin cannot be used in the same way as fiat paper money is used. It is not a “cash” currency. It is digital!

This makes sense because in our daily lives, more and more transactions are being facilitated through the internet, our mobile phone, credit cards etc. Paper money is used less and less.

In the Second phase, and after assuming total or near total control of all internet markets, only Bitcoin would be accepted as ―legal tender‖ for payment of goods and services. No Bitcoin, no sales for goods and services! The Controllers would not need any laws to compel full compliance as in the present case with fiat paper money when laws must be enacted to compel acceptance of paper money as ―legal tender‖ in full discharge of all debts!

In the final phase, it is my belief that banks will be transformed from their present form and structure to be inter-alia ―Bitcoin Exchanges or Clearing House‖. This is one of the items in the Controllers‘ Wish List.

This is indeed a very elegant structure and it will surely appeal to all reformers who are against central banks, the present structure of global banking institutions and paper fiat money. The call to end government / Central Bank control of money would no doubt be greeted with enthusiasm and relief given the present policies of the FED and other central banks enriching Wall Street and the 0.01 per cent of the global population.

The debasing of global currencies is being carried out with the approval and connivance of the global financial elites as a prelude to the use of Bitcoin because the present financial architecture can no longer be sustained. The debt-based fiat money system is so toxic that it is beyond repair

(source) http://www.globalresearch.ca/will-digital-currency-replace-the-us-dollar-wall-street-strategy-to-make-bitcoin-the-global-currency/5361021

With all due respect, that is the biggest load of shit I've read recently.

Just about every paragraph in there is incorrect/hyperbole/flat out bullshit.

Perhaps if I have the energy I'll respond to them but it really is just about every paragraph :\

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You mean from the excerpt I copy pasted or the the whole article ?

I know you mean no disrespect man :) I don't endorse his views but I did find it interesting.

But as you know all too well At0m, I am so uneducated when It comes to IT and you definitely know your shit.

What do you foresee as the future for bitcoin ? It's so volatile.. but I have been thinking of making a large investment next time it takes a big dive. Or should I invest In Physical gold/silver ?

maybe I could employ you as my financial consultant ;)

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The whole article.

They don't seem to understand that allure of bitcoin is that it's decentralised, 'anonymous' and without regulation. They also think it's trying to compete when, imo, it's really not. It will always survive as a side/secondary currency, likely not as 'legal tender' but falling under some bartering/trade laws?

In short, there are no "Controllers" of bitcoin... there may be whales, sure, but I don't believe they alone have the power to manipulate the market to the extend he's talking about.

As for the future of bicoin... my prediction is there's still a way to go before stability. There will be a few spikes and a few crashes but all in all, the trend remains up. Whether you should buy in as an investment is based on how much you have to spare and for how long. If you've got a couple grand floating around that you're happy to put invest for a few weeks or a few months... I'd buy now at whatever the cheapest you can find is. There is also money to be made in day trading but that's way beyond my knowledge. A whole different field.

As opposed investing in gold/silver? I have no idea. I don't see the appeal to be honest. If the economy collapse or whatever the supposed plan is, why would people want pretty shiny things?

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Yea, I'm going to have to agree with at0m here. That article is riddled with claims that have absolutely no supporting evidence written by the author or existing empirically in the real world.

I'll tackle the main points quickly.

1. Bitcoin isn't the guaranteed 'money 2.0' of our times. Crypto Currency certainty is though. Bitcoin is a top contender for being the leading one, being the first to unleash Pandora's box of this paradigm shifting technology.

2. Bitcoin is open source. Secured not by secretive black box coding, but by observable, heavily scrutinized and audited code. It's secure because it can be seen to be secure not because some authority says 'this ship is unsinkable' , 'this vault is unbreakable' etc. etc.

3. Due to is now established foundations, it has a self incentive to be protected, maintained, expanded. Bitcoin isn't just static money, it's meerly what more than 50% of the Bitcoin network agree 'is Bitcoin'. If a new currency comes along offering everything bitcoin has + 1 new awesome feature. Bitcoins protocol can be changed to replicate that...and if that's truley what most people wanted, that is now what Bitcoin becomes. That doesn't other things won't appear that do add on benefits but not enough that would warrant the risk of adding a possible security flaw into the code.

4.Voluntarily accepted. Nobody owns Bitcoin. This is exactly how money should be. If one person is willing to trade in Bitcoin and so is another, they're good trade partners. If one person is ONLY willing to trade in btc, they're committing economic suicide by limiting their market their avenues of trade. Not to say there isn't good and bad forms of money....but that's what each individual is to decide.
Fruit is bad money because it rots but a good trade commodity because it's useful.
Sand is long lasting, but too plentiful to be able to carry large enough amounts to be worth anything.
Gold/Silver- Long lasting, scarce, has utility. But these are difficult to trade in ( 1 lollypop worth of gold plz). They're also difficult to transport securely without excessive fees, same goes with its storage requirements. Counterfeiting is also a big problem that can be hard to detect in day to day transactions. If I smelt some silver with tin or something and trade those coins.

Bitcoin... Doesn't decay, is theoretically infinitely divisible, scarce, trivially easy and cheap to transport globally (and interplanetary), encrypt-able ( imagine putting a password on a bar of gold or your wallet)... The blockchain has huge utility too... When sending a transaction you can send a message along with it. That message is then in the blockchain for everyone *forever.
example use:
- Have idea (Laser shoes) -> type up -> encrypt (%Faf#N$DSK) -> send time-stamped transaction -> 8 years later decrypt %Faf#N$DSK to prove I had the idea laser shoes back then. Without telling anyone about the idea till now. Works with contracts, e-property and a load of other things + a whoel new realm of possible innovation on top of it


So here we have a new form of technology that incorporates many characteristics of a 'perfect money'.

Decide for yourself if that sounds like a good place to put your wealth.

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So.......Maybe you'd consider using them in the webstore soon Torsten? You can even setup a merchant account with coinjar to auto convert any btc you get sent directly to AUD at the current exchange. So selling a plant for $10 worth of btc you get $10. And whomever bought it 'cashed out' their coin for a commodity of their choosing. (even though I'd suggest holding the btc)

It's pretty simple to add and I'd be more than willing to assist now that I've completed my degree.

Even the sites trading section could do well with btc integration. Either with direct trades or If you where willing to be the 3rd party holder to ensure a greater level of security.

As always of course 'tis your call.

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Price update: $530 (USD).

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I've been reading some stuff by Paul Krugman and other economists interested in Bitcoin and came across something I found quite interesting. Krugman quotes Charlie Stross saying "BitCoin looks like it was designed as a weapon intended to damage central banking and money issuing banks, with a Libertarian political agenda in mind—to damage states ability to collect tax and monitor their citizens financial transactions."

As someone with a very patchy knowledge of economics I wonder how much water this kind of a statement holds with those who have a better grasp on the surrounding issues. On the one hand, if Bitcoin can shift power away from banks that's fantastic (for obvious reasons including the recent evidence about price fixing by major banks http://www.rollingstone.com/politics/news/everything-is-rigged-the-biggest-financial-scandal-yet-20130425), but the statement about damaging states' already crappy ability to tax citizens (I'm all for taxes but do want them to be equitable) is worrisome. On the surface it seems like a wildly polemical statement, given that the biggest tax dodges are done by the rich and by corporations through offshore banking etc. and not by middle-class individuals making purchases online. What am I missing?

Are Bitcoins tied to a free-market libertarian agenda? The diversity of users and uses alone would suggest that it would be difficult to tie them to any particular agenda, so if that is the case, what would be the dangers of a 'bitcoin revolution'?

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