Thread Rating:

Poll

7 votes (17.94%)
1 vote (2.56%)
1 vote (2.56%)
3 votes (7.69%)
12 votes (30.76%)
12 votes (30.76%)
3 votes (7.69%)

39 members have voted

AxelWolf
AxelWolf
Joined: Oct 10, 2012
  • Threads: 118
  • Posts: 12889
May 25th, 2017 at 4:01:40 AM permalink
Quote: RS

I keep hearing this stuff about criminals using bitcoin. How does that even work? Like what, you got Osama Bin Laden on the phone with someone, "No, Ramallah Adubadi, I only spend 50 bitcoin on those guns and ammo, NO MORE!" Or a drug dealer, "Nah bro, this sh*t's the bomb, a gram for 0.005 bitcoins or an eighth for 0.015 bitcoins.....wait Bitcoin is now $2400 or whatever Axel said? Hmm, okay it's 0.0048 for a gram and 0.0144 for an eighth."

and now 2748.00 US Dollar
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
gamerfreak
gamerfreak
Joined: Dec 28, 2014
  • Threads: 34
  • Posts: 1335
May 25th, 2017 at 4:02:00 AM permalink
Quote: RS

I keep hearing this stuff about criminals using bitcoin. How does that even work? Like what, you got Osama Bin Laden on the phone with someone, "No, Ramallah Adubadi, I only spend 50 bitcoin on those guns and ammo, NO MORE!" Or a drug dealer, "Nah bro, this sh*t's the bomb, a gram for 0.005 bitcoins or an eighth for 0.015 bitcoins.....wait Bitcoin is now $2400 or whatever Axel said? Hmm, okay it's 0.0048 for a gram and 0.0144 for an eighth."


Drugs mostly. There's several anonymous websites where people login and buy/sell drugs similar to eBay. The drugs are sent via mail, and exceedingly few are ever intercepted. The stories I've read of people getting caught have been people buying/selling huge volumes, and most were found using old fashioned police work, not a flaw in the marketplace/bitcoin.
FleaStiff
FleaStiff
Joined: Oct 19, 2009
  • Threads: 216
  • Posts: 11364
May 25th, 2017 at 5:02:48 AM permalink
IT HAPPENED. I CAN'T BELIEVE IT, BUT IT ACTUALLY DID HAPPEN.


I've associated BitCoins with things like:drugs, nerds, casinos, shadowy jurisdictions, shadowy currency transfers. You know: money but for shady if not downright nefarious purposes.

Well, this morning it happened. I can't believe it.

I had occasion to log onto a web site of an Orchid Seller. Ain't nothing nefarious about orchids or the people who love them. They are gardeners, usually fairly well-off ones.

And Lo and Behold: There it was. Right in Plain Sight. A side window had a payment panel. Master Card, Visa, Discover, American Express, Paypal, etc. And a nice large icon that said: Bitcoin Accepte Here.

Yes, folks... if an online florist specializing in orchids is using bitcoin prominently on its website... it ain't no flash in the pan fad or some future tulip bulb.
Wizard
Administrator
Wizard
Joined: Oct 14, 2009
  • Threads: 1000
  • Posts: 16814
Thanks for this post from:
RogerKint
May 25th, 2017 at 5:54:41 AM permalink
Quote: beachbumbabs

Look at this chart from the Fidelity article referenced above :



That is just a shockingly direct cause-effect track.



Correlation does not necessarily mean causation.
It's not whether you win or lose; it's whether or not you had a good bet.
michael99000
michael99000
Joined: Jul 10, 2010
  • Threads: 9
  • Posts: 636
May 25th, 2017 at 8:08:06 AM permalink
Quote: FleaStiff

IT HAPPENED. I CAN'T BELIEVE IT, BUT IT ACTUALLY DID HAPPEN.


I've associated BitCoins with things like:drugs, nerds, casinos, shadowy jurisdictions, shadowy currency transfers. You know: money but for shady if not downright nefarious purposes.

Well, this morning it happened. I can't believe it.

I had occasion to log onto a web site of an Orchid Seller. Ain't nothing nefarious about orchids or the people who love them. They are gardeners, usually fairly well-off ones.

And Lo and Behold: There it was. Right in Plain Sight. A side window had a payment panel. Master Card, Visa, Discover, American Express, Paypal, etc. And a nice large icon that said: Bitcoin Accepte Here.

Yes, folks... if an online florist specializing in orchids is using bitcoin prominently on its website... it ain't no flash in the pan fad or some future tulip bulb.



If one bitcoin is now worth $2748, how does one buy flowers or anything relatively cheap with Bitcoin? Can you exchange fractions of bitcoins?
CrystalMath
CrystalMath
Joined: May 10, 2011
  • Threads: 8
  • Posts: 1511
May 25th, 2017 at 8:10:30 AM permalink
Quote: michael99000

If one bitcoin is now worth $2748, how does one buy flowers or anything relatively cheap with Bitcoin? Can you exchange fractions of bitcoins?



They are divisible to 100 millionth, called a satoshi.
I heart Crystal Math.
djatc
djatc
Joined: Jan 15, 2013
  • Threads: 81
  • Posts: 3651
May 25th, 2017 at 11:01:15 AM permalink
Anyone want to sell me some bitcoin? NOT FOR DRUGS, I PROMISE
They asked me how well I understood theoretical physics. I said I had a theoretical degree in physics. They said welcome aboard.
AxelWolf
AxelWolf
Joined: Oct 10, 2012
  • Threads: 118
  • Posts: 12889
Thanks for this post from:
kgb92
May 25th, 2017 at 11:13:02 AM permalink
Quote: djatc

Anyone want to sell me some bitcoin? NOT FOR DRUGS, I PROMISE

I take it you are going to hold them for a while? If so, Mike should sell you some "bitcoins" with some vig and fade the action himself when you go to cash out.
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
socks
socks
Joined: Jul 13, 2011
  • Threads: 15
  • Posts: 363
May 25th, 2017 at 11:40:39 AM permalink
Quote: MaxPen

This whole thing is an international rejection of the US Dollar, iMo. Hold on to your hats because things are about to get crazy if this lasts much longer. Will not be good for Stocks either.



1) Do you still have to convert to dollars to buy oil (the petrodollar)? This may temper the rate things can shift, but electric vehicles would still undermine this over time.

2) Rejection of the dollar could _look_ good for stocks at first as dollars are thrown into stocks, publicly listed in dollars.
socks
socks
Joined: Jul 13, 2011
  • Threads: 15
  • Posts: 363
May 25th, 2017 at 11:44:56 AM permalink
Quote: FleaStiff

IT HAPPENED. I CAN'T BELIEVE IT, BUT IT ACTUALLY DID HAPPEN.
...
And Lo and Behold: There it was. Right in Plain Sight. A side window had a payment panel. Master Card, Visa, Discover, American Express, Paypal, etc. And a nice large icon that said: Bitcoin Accepte Here.

Yes, folks... if an online florist specializing in orchids is using bitcoin prominently on its website... it ain't no flash in the pan fad or some future tulip bulb.



For political reasons, accepting bitcoin will be high on my list of priorities for anything I produce. My current project is gambling related, so maybe it's shady, in a way, but it's not in any way illegal. (edit: current project = AP training apps)

  • Jump to: