The last thing bitcoin needs is to become the official currency of the 'jihad'. Hopefully it's NOT sharia compliant in any way at all.
Such an ugly ignorant comment. This was posted under "press" - the comment is only in reference to the PR-implications for bitcoin. Nothing else. More specifically in reference to the comments to the original article. |
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Bitcoin has enough challenges as it is. The press is constantly associating bitcoin with SilkRoad, money laundering, etc etc... The last thing bitcoin needs is to become the official currency of the 'jihad'. Hopefully it's NOT sharia compliant in any way at all.
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Coinbase is a great place to point new bitcoin users to start buying/using bitcoin. The "paypal-like" concept where you can send bitcoins to anyone with an email address makes it pretty easy to get started without having to grasp any of the underlying technology or deal with long addresses (also supported of course).
Also, they maintain a large % of bitcoin balance in off-line/off-site storage (electronic media and paper, printed keys) - safe even from Kim Jong Un and his rogue EMPs
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Regarding fees: Just a tiny ($0.25?) ACH fee and a thin buy/sell spread compared to most other US-based services
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... I believe they require you to link a bank acct for any USD/BTC transactions. They are a pure BTC environment so any incoming USD is converted to BTC at the rate when the ACH (2-3 days) transfer is initiated. Conversely any BTC is converted to USD when an outgoing transfer is initiated.
Their biggest innovation may be the ability so send/receive bitcoin from anyone using "only an email address" - sort of like a Paypal for Bitcoin.
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IMHO the better way is called coinbase.com
You can transfer in/out of any US bank account fast and (almost) free via ACH transfers.
I have no affiliation with them whatsoever other than having sent many new users their way. Unlike some other exchanges run out of basement bedrooms, they are a "real" company, an angel-funded silicon valley startup with a clear business model.
If anyone can survive the inevitable, coming regulatory shakedown they should be among the best postioned. Some may remember that when Paypal first appeared they were almost shut down by regulators for operating as a "bank" (without regulatory approval). It was only their momentum and their ability to pay lawyers that saved them.
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This is all about where Bitcoin *could* be gaining traction. It seems that mobile operators are moving into this space instead, using proprietary interfaces and electronic accounts in local currencies. Bill Gates talks about "digital currency" and its potential impact (at approx 10:20 into the interview): http://www.charlierose.com/view/interview/12436(link from the Coinbase blog) More about mobile payment / digital currency in Kenya: http://c251808.r8.cf3.rackcdn.com/86336_small_5.pdfComments? |
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Average IQ of population decreases as capitalism and interracial breeding takes place.
excuse me? MM is an inveterate troll...that's why I like him/her. Of course hybridization tends to provoke the expression of positive characteristics, among them general intelligence. Inbreeding is the opposite...it tends to produce racist scum who's populations are not self sustaining. ...that would explain the shortage of anti-capitalist skinheads on most campuses - too busy mining litecoins in their mom's basement. |
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...but will it run Windows? How can I install Windows if there's no CD/DVD? Do I plug it in - or feed it? lol.lol.lol.
BTW this ain't gonna happen guys. Your bitcoins are safe. Reality check please.
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If and when there's any legal action against pirateat40, you can be just as sure that anyone running "pirate pass-through" scams will also be indicted as co-conspirators, whether they profited or not. No court would likely believe that anyone could be that stunningly naive, and would probably find such behavior entirely complicit. Especially since no one apparently ever claimed to know anything about the nature of pirateat40's "profits".
Pirateat40 might very well avoid any legal liability, but anyone threatening him publicly probably will not. Unlike the legal murky waters of unregulated lending of intangible and non-legally recognized pseudo-currencies, physical threats are never taken lightly, and the legal consequences are very real and well established.
The good news is that Bitcoin seems to have weathered this latest bout of idiocy quite well and is back on the inevitable trajectory. If anything, pirateat40 cashing out 500K BTC as he received them has probably held prices artificially low for the past few months.
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After 6 mos of relative stability... this is a huge setback for BTC and most serious (i.e. commercial, non-speculative) bitcoin adopters.
If you count your cash with a scale, this won't deter, but for most legitimate businesses even 10-20% short term fluctuation makes it a non-starter.
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After this pirate debacle, bitcoin will hopefully mature to something beyond what a single entity with a 2% stake can manipulate to this degree.
Anyone who didn't see this coming - or at least realize it was a distinct possibility - was simply naive or just doesn't understand market dynamics (at all!).
If you hand over all your money to someone with a peg-leg and an eyepatch calling himself a pirate, what can you expect! Welcome to the world of zero-regulation - it bites both ways! lol.
A certain WC Fields quote comes to mind...
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Lets say for the sake of argument that a hypothetical investment program offering 7% is just some ponzi HYIP scam. How does the discredit Bitcoin? Do USD based HYIP scams discredit the dollar?
I don't think it does, but it sure makes the bitcoiners look silly. At the drop of a hat people on this forum bitch about sinister central banks with their money press, but these same people seem pretty sanguine while con men hock all sorts of obvious fraud in their very community. That said, I'm with you in so far that I doubt there's a deliberate campaign to discredit a fringe grey market. I just wish the enthusiasts weren't so tolerant of charlatans. forget about that crap. bitcoin has a defacto central bank. mtgox. while mtgox does not mint bitcoins, they still have shown that they can decide whether bitcoins are legit or not. People are still too stupid to use bitcoin to its full potential, even those that are in so far. Exactly. The Mt. Gox rates are currently being manipulated by a few major players. Even a cursory analysis can show this is true without a doubt. It's great if you're a trader and capitalize on it to make quick returns, but investors should have no illusion of a free market at work, the total BTC economy is just too small at this point, and the only short term way it can get larger is for bitcoin to increase in value substantially. There are a few businesses where it might be acceptable to lose 20-30% in conversion. If you count cash with a scale instead of a bill counter, you probably don't care about sustaining ongoing trading losses to keep things on an even keel. There's way to much of bitcoin's future riding on Mt Gox right now. If Gox gets taken down for whatever reason (several scenarios come to mind) the bitcoin credibility hit would be huge. When no single entity answers for more than 15-20% of total transaction volume we might see the beginnings of a real market economy here. |
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I'd bet on a viking over a pirate any day, especially at disneyland.
This is the kind of market even the Hunt bros. could only fantasize about... Tiny market, naive players, zero traceable paper trail, absolutely no regulation, and 1000s of capitalized, naive players...
Go boys!
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Lets say for the sake of argument that a hypothetical investment program offering 7% is just some ponzi HYIP scam. How does the discredit Bitcoin? Do USD based HYIP scams discredit the dollar?
Bitcoin is a medium of exchange. If someone falls victim to a Ponzi it isn't the fault of the medium of exchange.
Try telling that to the nice people of Iceland who have actually been considering adopting the Canadian Dollar: "...It's easier to use Disney Dollars in 2012 than the Icelandic Krona" And the Icelandic economy is actually orders of magnitude larger than bitcoin will be anytime soon. |
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Some here on the forums (including a few who should be old enough to know better) seem to think that certain people/funds offering up to 7%/week for "undisclosed investment activity" is not particularly concerning... Really?
Just suppose for a moment, hypothetically of course, that someone had an incentive to undermine the widespread adoption of bitcoin, while simultaneously defunding a significant number of participants/early adopters and discrediting the entire concept, and was able to recruit a significant portion of the community to assist in that goal....
How would a project like that look?
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