Off-topic Discussion

That which does not fit elsewhere. Please remember the community rules when posting and try to be polite and inclusive.


O.B.1 8:09 PM - 17 December, 2013
Have any of you bought into it? I think it is an interesting concept, and I've been following it recently. Just curious of what some other people's thoughts are about this new breed of monetary device...
s3kn0tr0n1c 1:00 PM - 18 December, 2013
My friend is a digital currency fiend. Hes been trading them thinkin he gonna get rich..

There tons out there from quarks, lite coins, dev coins....

Seems like another .com bubble IMO.....Defo think there is still time to make some money there but I do think it will all crash hard at somepoint.....just gotta get out at the right time i guess.

Not for me likes.
CMOS 8:23 PM - 18 December, 2013
I haven't had much luck with Bitcoin, but ive made about $1000 by mining BBQcoins in the past 30 days.

Bitcoin algorithm uses SHA-256. That can use FPGA and ASIC. Alt coins that use Scrypt algorithm can only be mined with GPUs currently. This allows for the smaller people with less capital to join in on the action without having to pay a ton of capital.

This website will tell you what gear you need to use to have the most optimal speed on your hardware. My preference would be to get an R9 280X Vapor-X OC video card. This will pull 750KH/s each and at roughly $310 it’s a steal. To put it in perspective. 1 PC i5 processor NEW, would pull in at 75KH/s. Each card has the power of 10 CPU’s by buying 1 GPU. Put 3 in your computer, you can pull at a rate of 2250KH/s. When I mined with full power, I hit 3000KH/s or 3MH/s in Scrypt mining.

Here are 2 websites that tell you profitability between difficulty/hardware/market price.

Using dustcoin website, Scrypt mining at this time of the email, 2250KH/s (3 R9 graphics cards $1000) will give me: $1648 a month. 2 weeks ago, I could of made $5000 a month. The price changes greatly. If you have a few powerful machines, it’s a safe bet to mine more than 1 type of coin at a time.
CMOS 8:25 PM - 18 December, 2013
PS there is a lot of money to be made right now, before it all comes crashing down.

If you dig deep enough into Bitcoin, its setup a bit like a Ponzi scheme. The top 100 bitcoin cryptologic addresses control 22 percent of all bitcoins, so imagine if a few want out.

It would be like the financial collapse of Bear Sterns for the coin.
CMOS 8:28 PM - 18 December, 2013
PS I don't buy any coins, I mine for them. With the right processing power you can earn 1k a month free cash.

I have a number of places where I can use the PCs at night so electricity doesn't factor in for me as they would've been on any way.

With mining for coins, I don't have any out of pocket expenses, if the market crashes I don't lose a thing except the virtual currency that I didn't really have yet in the first place.

Lol the whole coin thing can make your head spin when trying to figure it out.
Dj Nyce 10:05 PM - 18 December, 2013
i only mine. i don't buy or sell with bitcoin. i have one knc jupiter. i may upgrade to a 2nd knc jupiter (if i can find one), a monarch bpu or a hashfast babyjet.
CMOS 11:37 PM - 18 December, 2013
I found I wasn't going go make as much with the bit coins as I was with lite coin or bbqcoin.

Doesn't matter anyways, China bank stopped taking it as payment. It's either gonna be everyone follows suit and it dies soon or everyone says fuck china and this shit goes wild lol.
DJJOHNNYM_vSL3 6:04 PM - 27 January, 2014
It was just a matter of time....

Two Bitcoin exchange operators charged in money laundering scheme

NEW YORK (Reuters) - U.S. prosecutors on Monday announced charges against two men operating Bitcoin exchange businesses for attempting to sell $1 million in the digital currency to users of the underground black market website Silk Road, which was shut down by authorities in September.

The U.S. Attorney's office in Manhattan said in a statement that authorities arrested Charlie Shrem, chief executive officer of the exchange, on Sunday and Robert Faiella, who ran an underground Bitcoin exchange called BTCKing, on Monday. The two were charged with conspiring to commit money laundering and operating an unlicensed money transmitting business.

Shrem is also vice president of the main Bitcoin-focused trade group, the Bitcoin Foundation, according to the foundation's website and Shrem's LinkedIn profile.
DJJOHNNYM_vSL3 1:00 PM - 25 February, 2014
Bitcoin exchange Mt. Gox disappears in blow to virtual currency

TOKYO (Reuters) - Mt. Gox, once the world's biggest bitcoin exchange, looked to have essentially disappeared on Tuesday, with its website down, its founder unaccounted for and a Tokyo office empty bar a handful of protesters saying they had lost money investing in the virtual currency.

The digital marketplace operator, which began as a venue for trading cards, had surged to the top of the bitcoin world, but critics - from rival exchanges to burned investors - said Mt. Gox had long been lax over its security.

It was not clear what has become of the exchange, which this month halted withdrawals indefinitely after detecting "unusual activity." A global bitcoin organization referred to the exchange's "exit," while angry investors questioned whether it was still solvent.

A document circulating on the internet, and purporting to be a crisis plan for the exchange, said more than 744,000 bitcoins were "missing due to malleability-related theft", and noted Mt. Gox had $174 million in liabilities against $32.75 million in assets. It was not possible to verify the document or the exchange's financial situation.

Tokyo investors in the frontier electronic currency, who have endured a volatile ride in the value of the unregulated cyber-tender, said the problem was with Mt. Gox, not with the revolutionary bitcoin itself.

Mt. Gox officials did not answer the telephone or respond to email requests for information. The concierge at the home of the chief executive, Mark Karpeles - an upscale apartment in the Shibuya district - said he was not answering his intercom. His mailbox was so stuffed with mail that the flap would not close.

The Mt. Gox homepage was not loading, although no error message appeared. Its source code contained a line saying, "put announce for mtgox acq here."


"I'm very angry," said Kolin Burges, a self-styled "crypto-currency trader" and former software engineer who came from London for answers after Mt. Gox failed to tell him what had happened to his bitcoins, which at one point were worth


"It looks like that's disappeared," said Burges, one of six protesters outside the Mt. Gox office, which was as deserted as a nearby cafe that had formerly accepted bitcoins as payment. In a statement last week, Mt. Gox said it had moved office because of security issues.

Some protesters carried signs saying, "Mt. Gox, where's our money?" and "Mt. Gox, are you solvent?"

"They prolonged this and kept telling people everything was OK," Burges said. "A lot of people did believe that, and it's very annoying what they've done to me and up to a million others."

Six leading bitcoin exchanges - which allow users to trade bitcoins for U.S. dollars and other currencies - distanced themselves from the Tokyo-based exchange.

"This tragic violation of the trust of users of Mt. Gox was the result of one company's actions and does not reflect the resilience or value of bitcoin and the digital currency industry," the companies - Coinbase, Kraken, Bitstamp, BTC China, Blockchain and Circle - said in the statement. "As with any new industry, there are certain bad actors that need to be weeded out, and that is what we're seeing today."

On Sunday, Karpeles resigned from the board of the Bitcoin Foundation, in a blow to the digital currency. Mt. Gox had once been the largest exchange handling bitcoins.

Karpeles told Reuters last week, "We know there are all kinds of criticisms made against Mt. Gox, but we believe we are doing all we can to solve problems as quickly as possible having our customers in mind."

His resignation from the foundation, the cyber currency's trade group, followed a number of technical issues, including a massive cyber attack from unknown sources that has been spamming bitcoin exchanges.

Mt. Gox was a founding member and one of the three elected industry representatives on the board of the foundation. Mt. Gox, a bitcoin exchange since 2010, is a relatively old player, having grown quickly when there were few alternatives.


Bitcoin has had a rocky ride, its dollar value soaring and crashing more like a highly speculative investment than a store of value. And oddly for a tradable instrument, its value varies greatly depending on the exchange.

The Mt. Gox bitcoin, which traded at $828.99 before February 7, when the exchange halted withdrawals, has since plunged 83.7 percent to $135. By contrast, coins at Bitstamp, another large exchange, have fallen 40.5 percent over the same period to $400.

While bitcoin globally has taken a beating to its value and reputation, users say the problem is with Mt. Gox, not with the virtual currency itself.

"I think the community will remain very tolerant of teething problems, or whatever you want to call them," said a Tokyo-based investor who noted he had a "negligible" amount of bitcoins with Mt. Gox. "The whole structure is still in its infancy, so there's just certain things that come with the territory as long as you keep people in the loop."

The Bitcoin Foundation said in a statement, "Mt. Gox is one of several exchanges, and their exit, while unfortunate, opens a door of opportunity. This incident demonstrates the need for responsible individuals and members of the bitcoin community to lead in providing reliable services."

A commenter on the Reddit site, identified as evorhees, proudly defended bitcoin as an epochal development in finance.

"We are building a new financial order and those of us building it, investing in it and growing it will pay the price of bringing it to the world," he wrote. "This is the harsh truth. We are building the channels, the bridges, and the towers of tomorrow's finance, and we put ourselves at risk in doing so."


Japan's financial regulators, by contrast, have largely given bitcoin a shrug.

"Bitcoin is not a currency; it is an alternative to currencies, like gold," said a spokesman for the Financial Services Agency. "We are only responsible for currencies and therefore bitcoin is not subject to our regulatory oversight."

Finance Ministry officials also said they are not in charge of regulating the virtual currency. A Bank of Japan spokesman said the central bank had nothing to add to remarks that Governor Haruhiko Kuroda made in December, when he said he was "very interested in bitcoin".

"In one sense, it is similar to electronic-funds transfers and the spread of electronic money," Kuroda said then. "But there are also some differences and the price is somewhat volatile. I think each country's central bank is watching this ... but as of now I have nothing specific to report."

Other jurisdictions have been more proactive.

In the United States, Alabama's securities regulator said he will issue an alert on Tuesday, cautioning consumers and investors to stop trading on bitcoin exchanges or adding to their accounts if they are having trouble redeeming the digital currency or cashing out.

Karpeles himself, while insisting on his own exchange's reliability, has made no secret that bitcoin is, as he told Reuters last April, a "high-risk investment".

"If you buy bitcoins, you should buy keeping in mind that the value could be zero the day after."
Dj Nyce 3:29 PM - 25 February, 2014
its funny the whole point of bitcoin is to avoid situations like this. sheesh. back to pork bellies for me.
 6 5:32 PM - 25 February, 2014
There's a sucker born every minute.
O.B.1 7:20 PM - 5 March, 2014

Head of Online Currency Exchange Found Dead in Singapore

By Javier E. David

Autumn Radtke, the CEO of an upstart online currency exchange, died last week under mysterious circumstances at her home in Singapore.

Radtke, the U.S.-born head of First Meta, was found dead by local police Feb. 28, with the cause of death yet to be determined. In a statement on its website, First Meta said the company "was shocked and saddened by the tragic loss of our friend and CEO Autumn Radtke."

In an interview with The Wall Street Journal, the company's director and nonexecutive chairman, Douglas Abrams, said the exact cause of Radtke's death was "still under investigation."

Prior to taking the reins at First Meta in 2012, the 28-year-old Radtke had once closely worked with technology giant Apple, to bring cloud-computing software to Johns Hopkins University, Los Alamos Labs and the Aerospace Corp., according to her biography. She then took up business development roles at tech start-ups Xfire and Geodelic Systems, according to information on her LinkedIn profile.

First Meta bills itself as a clearinghouse for the purchase and exchange of virtual currencies, including bitcoin.

Her death comes as troubles swirl around the nascent cryptocurrency industry, and amid a rash of suicides in the financial industry as a whole.

Last week, the world's largest bitcoin exchange, Mt.Gox, imploded; meanwhile, nearly $500 million in client funds vanished overnight. Elsewhere, untimely demises unrelated to bitcoin have claimed the lives of bankers at JPMorgan, Deutsche Bank and Zurich Insurance Group.
CMOS 5:24 PM - 6 March, 2014
Bitcoin Designer Found:
radha00027 6:45 AM - 2 November, 2017
Bitcoins are being widely accepted: As you can see in the market now a day.
Taxes:There are still no specialized rules on how to treat these bitcoin transactions when it comes to taxes. This would be the best thing about bitcoins, For example an employee in the private sector could be paid more using bitcoins and it still would be paying less.
Not controlled by government: Which means that's all the transactions are anomalously done which means that this would be the best way for transitions for criminals.
It could be a long term but its still an imminent threat to nations economy.
Dollar has direct influence on bitcoins: This is bad for many reasons
o enabled speculation,
o increased the perception of risk involved in accepting bitcoins.
o the volatiles in price made it very difficult for merchants to price their goods in terms of BTCs.

Its a premature economy: Which means that it doesn't have any dedicated eco-system where every thing would be measured in terms of bitcoins including currencies of other countries.