Anyone know if any of our fine vendors take bitcoin?

[Aashenfox]

As title...by the way, if anyone has questions about bitcoin, fire away, I've been dabbling in mining and trading for about a year.

[P1]

Maybe I'm ignorant, but I thought Bitcoin had come and gone?

[PINeely]

Originally Posted by P1et

Maybe I'm ignorant, but I thought Bitcoin had come and gone?

There are still a few zealots out there.

[Billup]

What's a bitcoin?

[apexit]

Digital currency. I never looked too into it but your computer "mines" for it. It used to be easier for the computer to get it but it's gotten progressively harder and now it's basically only dedicated computers that can mine it anymore. If i'm not mistaken it's not really controlled like other currencies and the "banks" aren't insured.

I'm sure OP will correct or add on to this but it's what I understand

[P1]

Originally Posted by apexit

Digital currency. I never looked too into it but your computer "mines" for it. It used to be easier for the computer to get it but it's gotten progressively harder and now it's basically only dedicated computers that can mine it anymore. If i'm not mistaken it's not really controlled like other currencies and the "banks" aren't insured.

I'm sure OP will correct or add on to this but it's what I understand

I was just teasing mate...

[Aashenfox]

Its definitely fair to say the boom has come and gone. However, Bitcoin has been fairly stable this year so far. It was always about stability, not value, nobody really believed it would hold a value over a thousand for long. I'm not proud to say I missed the boom, and I shouldn't have, I kick myself often. If I had heard about bitcoin only a month earlier than I did, I'd be on he lamborghini forums today.

In any case, what use as a digital currency that fluctuated so wildly. At best it was a prospectable commodity, much the same as gold or silver, but now that it's stablising, it could become more useful.

I am kind of a zealot, I still believe one day a milibitcoin (mbtc to bitcoin's BTC) will be worth a dollar, and at that time I will be rich. At least, I'll stay in touch with the marlet as well and make sure I flip to whatever the next big thing will be, I doubt bitcoin will be the one digital currency from thousands that will succeed, but it has the best chance currently. I was actually a litecoin (LTC) believer for a while, hat's what I was mining in early 2014. I lost a fair amount of money so far over the time, invested in mining equipment. I was able to keep my head above water (i.e. not lose any value), when I was trading every day, but it became a full time job simply not to lose money, with very rare large jumps upward, that were manipulated by large holders and unpredictable.

Anyway, today I'm willing to let $500 worth go. It isn't a bad investment, just stick them in a digital wallet somewhere, make a paper backup and wait a few years, who knows. If they do take off and become the future (which really, they should be, they are such a more elegant solution to money), you'll be kicking yourselves for not picking a few up, and there's never been a better time, except right at the start, and if you'd been there then, well, you probably wouldn't be reading this post on a BMW forum.

Just as an example for anyone going 'yeh, right!', if I had bought 20 bucks worth of bitcoins in early 2011, I'd be a multi millionnaire even at today's price, a fifth of what it was at its peak. Another interesting factoid...one of the first famous bitcoin transactions, was someone spending 20 thousand of them on a pizza. If he hadn't done that and instead had sold them in november of 2013 on the exchanges, he'd be sitting on $24m.

This is one site for anyone interested in trading... www.bitcoinwisdom.com

[grimlock]

^lol no one is even bothering to debunk this..

Kmarei was alot more fun

[Aashenfox]

Originally Posted by apexit

Digital currency. I never looked too into it but your computer "mines" for it. It used to be easier for the computer to get it but it's gotten progressively harder and now it's basically only dedicated computers that can mine it anymore. If i'm not mistaken it's not really controlled like other currencies and the "banks" aren't insured.

I'm sure OP will correct or add on to this but it's what I understand

This is a fairly accurate statement, except about the banks. There are no banks, that's the beauty of it, its in the hands of the people.

To put it succinctly, the people who mine are the network. When they are mining, they are also processing and confirming transactions with their local copy of the blockchain, a list of every bitcoin and every transaction ever made (that's the security aspect, no new coins can be manufactured or copy/pasted, as their transactions wouldn't match the blockchain to date). So there are no overheads, the people who mine are rewarded with a steady flow of bitcoin income from their mining activities, and process transactions for free. When the coins are mined out (defined, finite, there will one day be no new bitcoins being made), these 'miners' will simply process transactions, which will no longer be free, they will have a small fee attached, which can actually be chosen by the sender. Similarly, the receiver can choose to use their equipment to process only transactions which meet a certain fee threshold. Some will leave their equipment processing transactions for free, for sure, such is the nature of open source. So when I send a transaction now, I get it confirmed pretty quickly (a number of these transaction processing nodes (currently miners) will verify my transaction with the blockchain, and when I have 6 confirmations, my wallet or the other person's wallet is credited the bitcoins). Without the confirmations, the coins won't ever leave your wallet, so you can't accidentally lose them in the ether either. The people in the future who want free transactions, will simply have to wait a lot longer for their confirmations, though it will eventually go through, when 6 confirmations has been reached. Similarly, those who are willing to pay a high fee will have their transactions processed literally instantly.

It really is very elegant.

[Aashenfox]

Originally Posted by grimlock

^lol no one is even bothering to debunk this..

Kmarei was alot more fun

Debunk what?

[grimlock]

Originally Posted by Aashenfox

Debunk what?

Bitcoin..?

[Aashenfox]

Originally Posted by grimlock

Bitcoin..?

What's to debunk? I don't understand, do you think bitcoin isn't real or doesn't exist?

[MrPrena]

Bitcoin, Litecoin, and others are basically running on supply and demand.
I mean, Our US currency is a fiat money too, but at least it is also somewhat linked with other currencies, bonds, and precious metals.
Some can argue that the precious metals (Au Ag Pt, etc) are basically based on supply and demand as well.

I don't feel too comfortable with bitcoin as a digital wallet. It might be a good trade on a technical trend.

[Aashenfox]

Its never a good trade any more unless you are privvy to the movement of the 'whales', those holding half a million dollars of bitcoin or more. They straight manipulate dabbling investors, its very hard to ever come out on top. Following the MACD lines can net easy profits SOMETIMES, because that's what all the noobs think is the best indicator, and through their mindless activity have made it so.

[Billup]

....., so what do I do with all this real money I have. Should I turn it into internet money that nobody accepts or what?



I mean..., you are here ASKING where you can even spend it, so there's that.

[gtron]

Originally Posted by Aashenfox

As title...by the way, if anyone has questions about bitcoin, fire away, I've been dabbling in mining and trading for about a year.

not sure if you play xbox but...

Microsoft now accepting Bitcoin at Xbox and Windows online stores
http://www.engadget.com/2014/12/11/m...akes-bitcoins/

[Aashenfox]

Originally Posted by Billup

....., so what do I do with all this real money I have. Should I turn it into internet money that nobody accepts or what?



I mean..., you are here ASKING where you can even spend it, so there's that.

I know where I can spend it. I could buy myself a new watercooling setup for my dual 290X desktop from newegg if I want, or I can gamble it, which is fun, or I can trade it on commodities exchanges and try to make profits which is also fun for a time. You can buy video games with it as pointed out by the other poster (thanks, I wasn't aware Xbox were accepting it) and there are hundreds of independent businesses which accept it (I was just hoping that one of our fine vendors might have been one of those, much respect to them if they do, regardless of the future of the currency, it would show a very forward thinking organisation).

What's more, I accept it for real estate purchases. I would happily sell you a summer home in the Greek islands for an appropriate amount of bitcoin in line with current exchange rates, if you have some you want to spend.

I know exactly what I have, what its worth and what I can do with it, make no mistake about that. I'm not here to beg people to take them off me or to sell out my portfolio onto some schmuck who thinks he's going to become an instant millionaire, I just wanted to spend a few because cash is tight and I want a couple of parts for my car. I could sell them on ebay (risky), or I could transfer them back to the exchange I use, trade them and send the cash back to my bank (this would take over 20 days and has an annoying amount of bureaucracy though), or I could spend them at any of the outlets I mentioned above.

If anyone is interested in my insights as someone who genuinely has a fair deal of knowledge on the subject, then I'd love to have a discussion, but you guys telling me about my 'fake internet money that nobody wants', are coming across ignorant. You have nothing to tell me on the subject and the way I write about it should tell you that.

I really don't mean to sound cocky or like an ass, but I'm not here to defend the currency, it is what it is, and you are entitled to your opinion about it, informed or otherwise, if you want no part of it, that's fine.

[gtron]

looks like you can buy this site http://bi.tcoin.co but not with bitcoin. irony?

[Aashenfox]

I already have a few crypto related URLs, my favorite being cryptobillions.com (hoping one day that it will sell for tens of thousands to a cryptocasino), but if it doesn't, well, nevermind, I only spent 17 bucks on it. lol

[Stage1]

I thought bitcoin died down when silkroad got busted? It used to be good to buy drugs over the interwebs

[gtron]

Originally Posted by Stage1

I thought bitcoin died down when silkroad got busted? It used to be good to buy drugs over the interwebs

that's why OP has an excess now. no more sr to spend his hard earned coin on but at least he's coherent enough to make a post now.

of course, i keed.

[grimlock]

Originally Posted by Billup

I mean..., you are here ASKING where you can even spend it, so there's that.

Originally Posted by Aashenfox

but you guys telling me about my 'fake internet money that nobody wants', are coming across ignorant. You have nothing to tell me on the subject and the way I write about it should tell you that.

i really.. okay, fine Bitcoin is real and will take over the world.
But, if by the off chance this doesn't happen and Bitcoin falls below the level of 911 conspriracists and moon landing deniers, I reserve the right to call out your name and ask you where you at..