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  #1 (permalink)  
Old 02-16-2014, 09:02 AM
clevfan clevfan is online now
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Default Welcome to 21st-century Ponzi scheme: Bitcoin

Welcome to 21st-century Ponzi scheme: Bitcoin | New York Post
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Old 02-16-2014, 11:45 AM
analyzer analyzer is offline
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Don't bother reading this. There is nothing of substance here; nothing new.
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Old 02-16-2014, 12:30 PM
Caitlyn Cwissy Caitlyn Cwissy is online now
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The greatest, largest, longest Ponzi Sanza scheme in the history of mankind is the US dollar.
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Old 02-16-2014, 12:32 PM
Hartley Hartley is offline
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I disagree Analyzer - not so much saying that it's a ponzi scheme but the value of the currency makes no sense at the current prices. When it was $1,000 there were over 500 traders for every person that wanted to buy one. As a result Mtgox was trading about 10 bitcoins a day and the smaller sites sold none at times. The stock had 3 huge jumps - first when Silk Road was discovered and people realized there was a way to buy guns and heroin online and get it delivered to your door; second when the U.S. Treasury indicated it was going to look closely at bitcoin leading some to believe the U.S. government was prepared to accept it as a real currency; and third when a ton of Chinese investors started buying up and mining bitcoins with the hope that the Chinese government would accept bitcoins as a legal form of payment.

Well what happened? 1- Silk Road owners were eventually caught, had all their bitcoins seized and no further contraband sites have emerged; second the U.S. Treasury instead of accepting bitcoin as a currency seized the funds of a U.S. bitcoin trader and effectively sent out a message to bitcoin exchange companies that they were skating on thin ice and are being monitored closely; and third the Chinese government laughed off bitcoin as a legitimate currency and called the whole thing bunk.

Since then the price has dived from a high of $1,250 to it's current level of $250 and it will be below $100 by the end of February IMO.

Like it or not currency is not built on the whims of some computer programmer who believes that his algorithm is more valuable than the U.S. treasury or UK mint.
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Old 02-16-2014, 01:13 PM
Caitlyn Cwissy Caitlyn Cwissy is online now
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BTC: $256 at Mt.Gox. That really means Mt.Gox is done not bitcoins. Me and Cwissy have had no problems getting our money at Coinbase and the BTC price was close to $700. Probably dropped but not tanked like Mt.Gox. These assholes are Broke Landers. Shit happens with banks two. Right, W?
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Old 02-16-2014, 01:18 PM
Caitlyn Cwissy Caitlyn Cwissy is online now
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I'm seeing $629 @ Coinbase?
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Old 02-16-2014, 01:22 PM
Caitlyn Cwissy Caitlyn Cwissy is online now
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Quote:
Since then the price has dived from a high of $1,250 to it's current level of $250 and it will be below $100 by the end of February IMO.
Do your own homework Hardly. Typical 'journalist' who accepts other 'journalists' reports as fact. Wi Tu Lo Ho Le Fuk.
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Old 02-16-2014, 01:31 PM
SlipperyPete SlipperyPete is offline
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anything digital is always gonna be at the mercy of the gov't.

If too many of these things pop up, the gov'ts will just outlaw them.
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Old 02-16-2014, 01:49 PM
Caitlyn Cwissy Caitlyn Cwissy is online now
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A Swippery Feet post. This coming from the self pawclaimed reverse Martingale expert.
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As gamblers we must understand that there is no such thing as too big to fail. It is bettor to lose it all than win some of it.
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Old 02-16-2014, 02:13 PM
Hartley Hartley is offline
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Quote:
Originally Posted by Cwissy Basketball View Post
Do your own homework Hardly. Typical 'journalist' who accepts other 'journalists' reports as fact. Wi Tu Lo Ho Le Fuk.
Not accepting any other sources as fact. Mtgox has always been the site that was quoted for the value of virtual currencies (it's the largest and highest traded) and about a month ago it was $1,200 and now it's $250.

Another problem with bitcoins is that there are so many other digital currencies out there that bitcoins could become dilluted in a sea of alternate currencies.

I'll accept bitcoin as a legitimate currency when places like Bestbuy.com, Walmart.com etc. accept it as payment for goods. After all the only real value of any currency is the spending power it has for goods and services.
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Old 02-16-2014, 02:57 PM
Caitlyn Cwissy Caitlyn Cwissy is online now
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Nothing is ever stable with our idiot government. Bitcoins could be 0 at any second. Until that time they are a way to easily deposit and withdraw for online gambling. Have now gotten over a dime via eft's from Coinbase flawlessly. If the music stops on a future payout, no different than has happened before. Your cautionary tale is for those who invest large amounts in BTC. Doesn't apply to me and Cwissy.
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Old 02-16-2014, 03:09 PM
Caitlyn Cwissy Caitlyn Cwissy is online now
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You want to see a Crash Davis, just wait until the US dollar collapses. It will happen. I don't know when or how. USD's fate is sealed. Past the time it could have been prevented.
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Old 02-16-2014, 03:25 PM
analyzer analyzer is offline
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why do they keep showing a physical gold bitcoin? I thought it was a strictly virtual online code thing?
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Old 02-16-2014, 03:46 PM
Hartley Hartley is offline
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I think it's just a logo analyzer -means nothing.

What sites accept bitcoins for online gambling other than Switch Poker and bitcoin only sites like Seals with Clubs? I do know that BtcSportsbet which first got me looking at bitcoins for online gambling about 2 years ago is no longer in operation.
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Old 02-16-2014, 03:52 PM
Caitlyn Cwissy Caitlyn Cwissy is online now
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There are as many quality bitcoin books as USD books and the quality/quantity is rising for the former. The latter at best is treading water.

Quote:
Originally Posted by raiders72001 View Post
Current Bitcoin Books ratings

"A" rated books
SBObitcoin (top rated book)
Anonibet

"B"rated books
Betcoinsports
BitBook
Casinobitcoin
Cloudbet
NitrogenSports

"C" rated books
Bitbm
CoinBet
DirectBet

"D" rated books
BTCSportsbet
BTCSportsmatch
Jetwin
StakeBTC

"F" rated books
Betcoinlive
Bitcoinsport
Bitsaloon
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As gamblers we must understand that there is no such thing as too big to fail. It is bettor to lose it all than win some of it.
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Old 02-16-2014, 05:16 PM
Caitlyn Cwissy Caitlyn Cwissy is online now
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bitcoin-protester-confronts-mt-gox-executive/



Quote:
“You still have everyone’s bitcoin?” bitcoin trader Kolin Burges asked Mark Karpeles, the CEO of Japan-based company Tibanne, which operates bitcoin exchange Mt.Gox, on Friday morning.

Unhappy about information coming out of Mt.Gox about recent withdrawal problems, Mr. Burges, a London resident, this week bought a last-minute ticket to Tokyo for 850 pounds (around $1,400) to get better answers. He arrived in Japan on Wednesday and requested an appointment with Tibanne executives. He received no reply, he said, and thus showed up to protest at the offices of the exchange on Friday instead.

He isn’t alone among bitcoin users to worry about the state of the Tokyo-based company, once the dominant bitcoin trading platform, which announced on Feb. 7 that it was halting bitcoin withdrawals due to technical glitches. The statement caused bitcoin prices to fall sharply.

The exchange, which now accounts for 22% of the whole market volume, updated the statement on Monday, blaming the weakness of bitcoin’s infrastructure for the withdrawal problems. That caused another drop in prices and prompted open criticism from the Bitcoin Foundation.

Mr. Burges was also unhappy with Monday’s statement, saying he believes “not enough information is disclosed.”

“I want get my bitcoin back, or get Mt.Gox to bring back public confidence that the company is solvent and people’s money are safe,” said the 40-year-old protester. He deposited 250 bitcoins, with a current value of around $99,000, into his Mt.Gox account in early January, intending to keep them there temporarily, an action he now regrets. He said he won’t use the exchange again.
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Old 02-16-2014, 05:37 PM
SlipperyPete SlipperyPete is offline
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Quote:
Originally Posted by Cwissy Basketball View Post
A Swippery Feet post. This coming from the self pawclaimed reverse Martingale expert.
FYI I am martingaling Djoke to win a slam starting with Frenchy.

250 and then double till he wins or I bust

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