Anyone collecting BitCoins ?

[TonerGuy]

I went to the store yesterday to pick up some Sam Adams, they wouldn't accept my bitcoins so I had to pay cash...

 

You should have bought the Porsche instead...

 

$40,000 Cayman sells for 1200 bitcoins... initial cost for the 1200 bit coins = $4800.00

 

https://bitcointalk.org/index.php?topic=143722.0

[TonerGuy]

Bitcoin ATM in Los Angeles ?

 

http://money.cnn.com/2013/04/04/investing/bitcoin-atms/

[Kurtdog]

There are websites on the Internet where you can buy and sell these. To learn everything you ever wanted to know about these, go to www.bitcointalk. Oh, wait, you already know about that.

[World Colonial]

No, I do not have long term confidence in the USD. But what does this have to do with Bitcoins or for that matter, the price of anything? The answer is absolutely nothing because as I told you (though apparently you do not agree), Bitcoins is really nothing more than a substitute for a penny stock trade.

 

Now, if you want to substitue Goldmoney which is an electronic currency managed by James Turk and which is actually backed by an equivalent amount of gold to its current USD price, then this claim (but not the others) would actually make sense.

 

For the reason I just gave you, buying Bitcoins is neither a hedge against inflation nor a substitute for buying the real thing (physical metals) because there is almost no correlation between them.

 

A market cap of $1.3B is puny in the context of financial flows in either the US or the world. Heck, the US coin market is a lot more than that and it is the equivalent of a spit in the ocean.

 

My comments on the gains you made in Bitcoins have nothing to do with how wealthy I am or anyone else is. Either my comments are logical or they are not, regardless of whether a SPECULATIVE trade such as yours happens to be successful or not. I believe that Bitcoins is actually just a bag of hot air and a ponzi scheme so if you end up cashing out in time, that just means that those who followed you later will be left holding the bag and end up as financial losers.

 

The idea that a trade in Bitcoins represents a diversification trade is nonsense and neither you nor anyone else can make a rational argument that it is one. From the standpoint of diversification, it makes about as much sense as claiming that speculating in Beanie Babies in the late 1990's was also one.

 

Your claim that diversification is the number one rule in making money is not actually what you believe it to be either. Most of the time, diversification appears to work (in the sense of reducing the likelihood of losing money) but that is mostly because credit inflation has increased the nominal price of most asset classes.

 

In actuality, there are times when it makes sense to diversify and times when it doesn't. To give you the most obvious example, Warren Buffet became wealthy by practicing the opposite of diversification. At the current juncture, I believe that speculative trades in most "risk assets" are a disaster waiting to happen thogh I admit I cannot tell you when.

 

What I can absolutely guarantee you is that no matter how long it takes, eventually those who are reading our posts will live to see a world where the lopsided majority of people are going to be either poorer or much poorer. The standard of living of the typical American and probably most elsewhere are going to decline because the global economy is not going to escape the consequences of the absolutely awful government economic policies and individual choices most people have made. These awful choices include the type of speculation covered by our post exchange, irrespective of whether a minority such as you are successful.

 

The fact of the matter is that you have correctly timed your trade and also have the psychological profile to both enter the trade and maintain your position, at least to now. Most people cannot do both but your result doesn't have anything to do with any claim you have made about Bitcoins.

 

Everyone of us has to live with the consequences of the economic decisions we make. If I fail to manage my money properly which by the standards of many or most today includes participation in reckless speculation, I will be a relative financial loser versus those who did. Given the historical record and what I see today, I think I will take my chances with my current course of action and if you do better than I do, good for you.

[PerryHall]

Sounds like the tulip bulb craze. If you can't use it to pay your taxes it ain't real money. Period.

[TonerGuy]

Well so much for that...

 

Looks like Bitcoins are real and the US govt is going to regulate them...

 

They hate anyone else being in the money biznez...

 

http://www.newscientist.com/article/mg21729103.300-us-to-regulate-bitcoin-currency-at-its-alltime-high.html?cmpid=NLC|NSNS|2013-0104-GLOBAL|mg21729103.300&utm_medium=NLC&utm_source=NSNS&utm_content=mg21729103.300

[e1cnr]

an interesting article about the bitcoin volatility and crash

 

bitcoins by yahoo

[TonerGuy]

Okay so how long before we seen one in a TPG slab ?

 

"One Bitcoin supporter with a unique perspective on the boom might be Mike Caldwell, a 35-year-old software engineer based in suburban Utah. Caldwell is unusual insofar as he mints physical versions of bitcoins at his residence, cranking out thousands of homemade tokens with codes protected by tamper-proof holographic seals — a retro-futuristic kind of prepaid cash.

 

Caldwell acknowledges that the physical coins were intended as novelty items, minted for the benefit of people "who had a hard time grasping a virtual coin."

 

But that hasn't held back business. Caldwell said he'd minted between 16,000 and 17,000 coins in the year and a half that he's been in business. Demand is so intense he recently announced he was accepting clients by invitation only."

 

BTW - I dont think Bitcoins are going anywhere. There is a huge issue with processing on the Internet especially throughout the third world and even countries like India. No credit cards, no ATM cards = no electronic commerce. Whomever can open China and India in regards to processing is going to make a huge fortune and redistribute wealth throughout the world. Bitcoins has that ability.

[e1cnr]

A similiar operation just got closed down->

 

U.S. officials have targeted companies like GoldAge and Liberty Reserve for years, saying they are hotbeds for criminal activity including money laundering, drug trafficking and tax evasion.

 

article about Liberty Reserve

[yonico]

I went to the store yesterday to pick up some Sam Adams, they wouldn't accept my bitcoins so I had to pay cash...

 

You should have bought the Porsche instead...

 

$40,000 Cayman sells for 1200 bitcoins... initial cost for the 1200 bit coins = $4800.00

 

https://bitcointalk.org/index.php?topic=143722.0

 

"initial price"..?

Initial price for an 1889-cc was $1, at a bank. You know what you could do with 1200 of these..?

[gmarguli]

I went to the store yesterday to pick up some Sam Adams, they wouldn't accept my bitcoins so I had to pay cash...

 

You should have bought the Porsche instead...

 

$40,000 Cayman sells for 1200 bitcoins... initial cost for the 1200 bit coins = $4800.00

 

https://bitcointalk.org/index.php?topic=143722.0

 

"initial price"..?

Initial price for an 1889-cc was $1, at a bank. You know what you could do with 1200 of these..?

 

Based on the articles:

 

1) It was 300 Bitcoins for an initial investment of $1,200.

 

2) It is very misleading title. The buyer cashed out his Bitcoins and used the cash to buy the car. That's like saying someone bought a Porsche with GE stock when all they did was sell the stock to get the cash.

 

And pure speculation on my part, but I'm guessing...

 

3) The buyer of the car is completely unaware of the tax consequences of the transaction and will be shocked to get a $10K+ tax bill for his profit on the sale of his collectibles (Bitcoins). This will probably force him to sell the car.

 

4) The buyer is young and foolish and can't really afford a Porsche. He'll mess himself in 1300 miles when he realizes the car needs its first oil change and it is $400. (thumbs u

 

 

[#]

Bitcoin breeched $1000.00 this week; currently at $945. There are ATM's in place, two car dealers accepting them and no not exchanged cash but actual bitcoins. Overstock.com accepts them. Zynga online games are testing them for online gambling. Four homes have been sold and paid for with bitcoins. A total of 11,000 business accept them though some are just mom and pop. So to all the haters out there I repeat welcome to the 21st century. TonerGuy and I are the only ones that have hope in this new world currency; I say hope because it's still in its start up and wading through the govt paperwork. Yes I know China had outlaw there use; but they also outlawed Google and anyone under 40 have no problem getting around the big bad firewall. I just wish I had stayed in longer instead of getting out at $800; well 720% in less than a year not to bad considering my 401k only grew 16% with the professional money managers. My dad said this reminds him of the mid 1950's when diners club and master card started up; most frowned upon plastic and thought it was for people who had zero cash....just saying

[wdrob]

 

I cashed out back in November after doubling my initial investment. I have yet to receive any of that money. I am not alone. There are numerous complaints with Mt. Gox not honoring the withdrawal.

 

It broke $1k a few weeks back also. Dealing with a Japanese based business, Polish Banks, and the US Government sizing all funds just a while back until they registered with the Financial Crimes Enforcement Network (FinCEN) with the Department of the Treasury. They did so a couple months later.

 

Now they have nothing but excuses after excuses about a backlog of fund transfers. In one week I am filing a complaint with the FinCEN if I don'r see some money hitting my bank account.

 

Once they receive enough complaints they will probably end up suspending their registration with the FinCEN and once again seize funds....

 

I will never again invest in Bitcoin even though a person can, and recently did, make a killing. What good is it if you can not retrieve your money?

 

 

 

[#]

I'm sorry for your delay but I bet you'll get paid. Americans lost all their gold in the 1930's and didn't get it back until the 1970's. I believe but not sure something similar happen with silver in the 1870's. I guess my point is people shouldn't be against change; everything changes. I wish we were like the Newman collection being sold now and a few months ago. The current issue of the numismatist stated he paid a total if $7500 for his collection. Last I heard total sales were north of 28 million. Talk about Capitol gains tax!

I don't want to sound arrogant so I'll admit I lost over 10k in the liberty dollar scam; which I had more faith in than bitcoins. I did end up with some cool silver, gold and copper coins though. NGC won't certify them even though the secret service has given the ok to legally own them and stated they are not contraband. The liberty dollars are a very interesting part of U.S. financial history. It's also nice that a least most of us ended up with some precious metals along with those notes or warehouse receipts as they were called.

I wish you the best in getting your return.

[wdrob]

 

I guess my point is people shouldn't be against change; everything changes.

 

 

I was embracing the Bitcoin concept long before this last transaction. I was buying and selling Bitcoin a year ago until things really started getting more difficult to transfer funds into my Mt. Gox account.

 

The concept of digital currency doesn't scare me but knowing I am having to rely on a bank in Poland or even Japan does not excite me at all and has caused me to loose interest.

 

My abridged email to them this morning:

 

To whom it may concern,

I have no further faith in ever receiving my funds so I am proceeding to the next step within one week (7 days) of this notification. I will be filing a formal

complaint with the Financial Crimes Enforcement Network (FinCEN), under jurisdiction of the United States Department of Treasury. It is well known that Mt.Gox accounts were seized in May of 2013 and on 27th June, 2013, you registered and agreed to the stipulations set forth as a Money Services Business

pursuant to the Bank Secrecy Act (BSA) of the U.S. Code 31 CFR, 1022.380(a)-(f), which is administered by the Financial Crimes Enforcement Network.

 

I will follow up this complaint with a internet wide campaign to identify the fraudulent activities that Mt. Gox, and it's parent company, Tibanne Ltd., are

involved in and will further correspond with the Tokyo Chamber of

Commerce, and any and all agencies with jurisdictional operational oversight of the above two mentioned entities.

 

 

And there response.... almost same as always:

 

Hello William,

 

We understand that the withdrawal has taken a while. Please be advised that the withdrawal is delayed purely because of the backlog, we are working hard to clear this at the earliest. We have been in talks with different banks and it has not been an easy road given the number of banking policies. But we are committed to get things back to track and we will update you as soon as possible.

 

Regarding the withdrawal I will post a request to the banking team and update you as soon as possible.

 

Best regards,

 

MtGox Team

 

 

 

Maybe one day I will receive my money. I sure hope it does not take 40 years.

 

 

 

[Kominsky Collection]

I surfed into the Mt. Gox forums and saw so many complaints from "investors" that their fiat money was not being credited upon payment nor returned upon withdrawal. I immediately felt better about not listening to my tech geek buddies who tout bitcoin as the future of money.

[Kurtdog]

I haven't yet bit at bit coins. Although I do know some people who have bit at least a little bit.

[Nutmeg Coin]

Just another anti-government scheme and a libertarian pipe dream. There were quite a few articles a while back on the libertarian site "Lew Rockwell" exposing Bitcoin and a few defending it.

 

This is another reason why we need government agencies to guarantee certain contracts. You could also try complaining to your state attorney general as various state attorney generals like to get on the same page when they see systemic fraud applicable to these new virtual currencies. I'm just waiting for the other shoe to drop in this particular operation, already the Feds have seized quite a lot of Bitcoin in money laundering operations.

[#]

MtGox may the problem. I do total ground up restorations on muscle cars and have accepted bitcoins from two very well know car collectors with deep pockets and they nor I have had any problems. Admittedly my circle of customers is VERY small and not really concerned with money. Having my conscious dictate my pricing is very difficult at times especially when the customers are so happy and wealthy.

As far as schemes and money laundry problems it's a lot less than what goes on on Wall Street and NONONE does anything. JP Chase Morgan just voluntary paid a $2 billion fine for oversight in not noticing $200,000,000.00 being run though one of Bernie Madoffs trading account but he did not buy so much as one stock. Check the wall street journal. without admitting guilt or severing time. If you or I jumped a subway turn style we'd be arrested at the least. Financial crime is everywhere but that doesn't mean you should keep your cash in a mattress! The gold and silver markets have been manipulated for years on the Comex with many complaints yet nothing is done. Daily silver contracts are traded in amounts that are more than what physical exists on earth, again govt turns a blind eye.

[World Colonial]

Just another anti-government scheme and a libertarian pipe dream. There were quite a few articles a while back on the libertarian site "Lew Rockwell" exposing Bitcoin and a few defending it.

 

This is another reason why we need government agencies to guarantee certain contracts. You could also try complaining to your state attorney general as various state attorney generals like to get on the same page when they see systemic fraud applicable to these new virtual currencies. I'm just waiting for the other shoe to drop in this particular operation, already the Feds have seized quite a lot of Bitcoin in money laundering operations.

 

Libertarianism and Biitcoin are not synonymous. Libertarians generally do believe that a central authority needs to exist to enforce private contracts, regardless of whether a few do not.

 

I am not interested in Bitcoin because yes, there may be fraud but also because of its lack of liquidity as I stated in my prior posts. I do not see it (in its current form anyway) as a currency alternative but more of a speculative vehicle, like a penny stock.

 

At the same time, there isn't any reason why some people would not be interested in using an alternative currency to the USD or any of the other fiats which circulate in their home country. Anyone can see what a smashing success they have been longer term at preserving your purchasing power.

[Nutmeg Coin]

http://www.zerohedge.com/news/2014-01-24/bitcoin-2014-3-critical-factors

 

Time will tell, there are apparently better virtual currencies, but like non-marginible stocks, would you want to have a significant amount of money in them with a problem track record in similar ones? Most people can take 5-10% price variability, even silver has lost around 30% in recent time, but some of these "currencies" have shown a much greater volatility.

[MorganMan]

Uh Oh

 

MM

[GoldFinger1969]

My specialty is monetary economics and even I don't know how this thing works.

 

A gold standard, I understand. A monetary rule, I understand. Faith in a central banker like Volcker/Greenspan/Bernanke...I understand.

 

Who controls the supply of a virtual currency ? Someone in Silicon Valley ??

[wdrob]

The finite number of bitcoins that will be produced through computer power is what determines the value (and speculation). They have charts that explain how much work (computer processing time) - also called mining - was needed to create x amount of bitcoins during x time period.

 

That is as far as I got in trying to understand it .... I might have fell asleep reading. It happens often.

 

 

 

 

[Crohnos01]

Hmmm... Assuming that bitcoins are "real money" and I think that is a risky assumption, what happens when terrorist factions set off a EMP and shut down commerce of bitcoins? Stocks will suffer as well...hmmm I think I know now why gold and silver have been the historical monetary backbone of the financial system. Yes, I know our fiat money isn't backed by either right now, but I think that bird will come back to roost yet. I wish the world was not full of Bernie Madoff schemes, but it is. I will stick with the good old fashioned standards. Not to say I don't own stocks, but a nice physical cache of gold and silver is pretty cheap insurance in my estimation.

[Architecht]

 

 

http://dealbook.nytimes.com/2014/01/21/why-bitcoin-matters/?_php=true&_type=blogs&_php=true&_type=blogs&_php=true&_type=blogs&ref=marcandreessen&_r=2

[wdrob]

 

Did he address the inability to actually receive your withdrawal or did I just miss it in that article somewhere?

 

 

 

[Nutmeg Coin]

More worries as it trades under $600.

 

http://www.zerohedge.com/news/2014-02-11/another-bitcoin-flash-crash-imminent-second-major-exchange-follows-mtgox-suspending-

 

http://www.zerohedge.com/news/2014-02-11/bitcoin-update-your-money-may-be-tied-unconfirmed-transactions

[delta]

For persons holding bitcoins, wasn't it reported that the downtown Chicago coin and precious metal business Harlan J Berk, where I believe our esteemed Cap'n held sway for many years, is accepting bitcoins as payment? If so, instead of futilely trying to cash out somehow through an evasive Japanese website, why not shoot over to the loop, and get right into action there?

[wdrob]

 

I gave up. If I ever see my measly amount of money then fine. If not then fine as well. I did not have much in there to start with. I just wanted the gains I had made which was more than the capital by far.