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edited October 2013 in Off-Topic
Hi folks,

Hope everyone is doing well.

What's the story on Bitcoins? Yeah, I heard about SilkRoad but how about Bitcoins? Any way to play them to make a buck?





  • edited October 2013
    This is an excellent article covering Bitcoins and is long, but required reading for those interested.

    I find the construction of the whole system remarkably complex and rather fascinating from a technical standpoint. I would not invest in them but I think you can read the Wired article above and maybe find the whole background impressive - that people were able to come up with this system.

    That said, I wouldn't go anywhere near them. The Winkelvoss Twins, who famously fought for credit for their role in Facebook, own a lot of it and are (were?) trying to offer an ETF product. Someone on CNBC the other day discussed a product for "accredited investors."

  • Dear Ron: Bitcoins have had their fifteen minutes of fame ! I recommend you stay as far away as you can. Are you familiar with this website ?
  • Do any mutual funds invest in these?
  • Reply to @Mindy: No. I'd question if they even could.
  • Thanks good peeps. How about Tor browsers and the Deep Web? Cripes, it shouldn't be surprising for us old geezers that were around when UseNetNews was the rage and the internet had never heard of the WWW. The common theme is that the newsgroups were not centralized but on 9 million news servers around the globe. That makes them impervious to gov't intervention. Govt' can shut down a site or the whole system but when it's at max dispersion . . . That's sort of the theory behind bit coins - no home and therefore subject to pure Capt Price and none of our CBs.

    And so it goes,


  • Reply to @Mindy: Yeah, I definitely like alternative investments and bitcoin's origin story (in the above Wired article) is pretty fascinating, but I just don't see it lasting.
  • By coincidence there was a good article about Bitcoins on the PBS Newshour last Friday, and I actually have it up on another browser tab to go over it again in detail- just out of curiosity.

    Here's the link for that transcript: Bitcoins
  • Old friend, I wouldn't touch them even with your money.
  • Please read the following article. I think the wired article is good and I think this should complement it.

    I personally would not touch Bitcoins as investments.
  • Bitcoin is best viewed as a lotto bet - win big or lose all. While bicoin has greatly appreciated in the past 3 years (1000%), a technical flaw could make it worthless.
  • From the above polygon link;
    "Once you have that exchange in value being efficient, then people start to look for something that they can use as a currency, be it any type of virtual items that are available within that social network, or something provided by the network itself. So the world is truly in a place where it has never been before, and this is something that I don't think a lot of either academics or governments have realized at this point."
    Getting More Efficient in Canada! A new Loonie Exchange Rate?
  • Feds seize $28 million in bitcoins from alleged Silk Road operator
  • Howdy all and thanks much for the great info,

    You knew they were going to get his stash one way or another. Bitcoin is a pretty decent idea and who knows, it may still have legs. God knows we could use some alternatives. That said, at most it is another alternative form of purportedly, storing value and being a medium of exchange.

    So, how about 3D printing? Who likes it? How to play it?


  • beebee
    edited December 2013's an interesting "bitcoin" of news...interesting embedded video as well:
  • Too many risk factors some of which aren't even known yet. They have no tangible/book value and so worse than Gold which has tangible value but no returns. More like Dutch tulips. Ok if you have more money than you know what to do with.
  • beebee
    edited December 2013
    Reply to @cman: ...or no money at all, which, many of us can relate to.
  • You know rono, I've been thinking. Bitcoins are a lot lighter weight and easier to store than gold. But, what would you do for door stops? (Disclosure - last time I had such thoughts was during the gold rush; rono got rich and I just got left with the dummies.)
  • Reply to @Anna: "Bitcoins are a lot lighter weight and easier to store than gold"

    The problem is that bitcoins, while a fascinating concept, are ones and zeros somewhere. Coins, wine, artwork, etc are tangible and you physically own them. Bitcoin has gained and gained more attention than I would have thought, but I think it's really still facing the issue of regulation.

    Then, this:
  • Reply to @scott: Sigh, they always take the fun out, don't they. I wonder if anyone traded their gold for bitcoins.

    Oh, give me gold, lots of gold under sealed vaults below
    Bitcoin me in
    Let me dive through high piles of coins I love
    Bitcoin me in

    Let me be with my gold in the underground vault
    Listen to the din of binary onslaught
    Bite me off some nuggets but I ask you please
    Bitcoin me
  • Reply to @Anna: "The Bitcoin Crash Of 2013: Don't You Feel Silly Now"
  • Reply to @scott: Bitcoin may have been the first cryptocurrency but it has plenty of competition now:
  • It is definitely a profitable investment to dive in. Bitcoin holds a very promising future for those who wholeheartedly believe in it. If you’re not yet familiar with this popular cryptocurrency, find out more about this here:
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