Buttcoin takes a p*ss on bitcoin.

[Theo]

This alternate currency packs some hefty back.

 

[Deleted member 5660]

It is funny looking back how people made fun of domain names back in the 90's. People thought I was out of my mind because I racked up $100K on credit cards and it got to the point that I was embarrassed to tell people about it. Who would use this Internet thing anyway? it is difficult to use, full of porn and criminals, and if you ever use your credit cards you can kiss all your money goodbye. Besides, no legitimate company is going to want to have an Internet site among all that junk and porn.

Fast forward to today. Now many of the people involved in those early days of domains now ridicule Bitcoin or just dismiss it. If that is what you think then you have gone over to the other side and you are now the same people who laughed at domainers back in the '90's.

 

[DomainsInc]

It is funny looking back how people made fun of domain names back in the 90's. People thought I was out of my mind because I racked up $100K on credit cards and it got to the point that I was embarrassed to tell people about it. Who would use this Internet thing anyway? it is difficult to use, full of porn and criminals, and if you ever use your credit cards you can kiss all your money goodbye. Besides, no legitimate company is going to want to have an Internet site among all that junk and porn.

Fast forward to today. Now many of the people involved in those early days of domains now ridicule Bitcoin or just dismiss it. If that is what you think then you have gone over to the other side and you are now the same people who laughed at domainers back in the '90's.

not every idea catches on. lots of people have put lots of money into things that flopped.

 

[Theo]

Plagued by DDoS attacks, the Mt. Gox exchange gets ripped: https://www.facebook.com/MtGox/posts/459849287432817

 

[Deleted member 5660]

Plagued by DDoS attacks, the Mt. Gox exchange gets ripped: https://www.facebook.com/MtGox/posts/459849287432817

Right, just like the 90's. Ebay and Amazon went down a few times and you saw all these articles and projections of how the Internet was going to melt down. Like all these stories of how the Bitcoin bubble has crashed yet I bought the things in Jan for $17 and now they are $121. As for the DDOS today, I picked up some coin down to $110 and it is already up to $121 a couple hours later which is why they are doing it. The lack of a stable trading platform is not just a problem, it is also a huge business opportunity. Western Union is now looking into it because people are just going to circumvent them. You can take Bitcoin now just like Paypal and have it converted immediately for 0.99%. Try taking a $1 payment from someone half way across the world and pay a 1 cent fee with paypal or Visa and let me know how far you get.

"Escrow" can be done by splitting the private key so 2 of 3 people need to approve the transaction (it is not really escrow because they never control the money). Forget waiting days to do wire transfers, wire fees, escrow companies holding your funds, limits, and country restrictions. Escrow.com - not needed. Western Union - not needed. Paypal - not needed. Bank Wire fees - history. Time to send and confirm funds from sent USA to China - avg 10 minutes, 60 minutes for almost absolute confirmation. Try that with your bank.

 

[amplify]

First time I actually read what bitcoin was.

Wow. It'll alone fix our economical issues. We can hire people with coins... more jobs!

 

[angel69]

"The Good Wife" (the legal show on CBS) had an episode precisely on that recently, they made it interesting and the supposed owner of the Bitcoin invention (or one of them) has become a recurrent character (the dude from American Pie, yeah, cool choice LMAO) Before that episode I had heard of Bitcoin as some form of a digital currency primarily used for online transactions but not that much more. The US Treasury will eventually have more of a problem w/it as it is used more frequently as an alternative form of currency, it's normally viewed as virtual currency, but any form of currency other than the US$ is by default forbidden in the US, and they're alredy all over it in the federal government....

As a show it's not my cup o'tea. I watched that episode cuz I knew the topic. "Law and Order" sucks (in all its forms) but I wouldn't be surprised if they took the Bitcoin subject and made it into an episode too

 

[Shane]

It's important to note that Bitcoin is commonly used to buy and sell drugs. One black-market site facilitates nearly $4,000,000 in sales a month; bitcoin being the primary currency. With numbers like that, it would not surprise me if the pseudo-currency found itself blacklisted by governments across the globe. It's only a matter of time before they say Bitcoin supports terrorism...

 

[Deleted member 5660]

It's important to note that Bitcoin is commonly used to buy and sell drugs. One black-market site facilitates nearly $4,000,000 in sales a month; bitcoin being the primary currency. With numbers like that, it would not surprise me if the pseudo-currency found itself blacklisted by governments across the globe. It's only a matter of time before they say Bitcoin supports terrorism...

These are kind of FUD posts you see all over the place. Of course cash and postal money orders are used if Bitcoin is not used and I don't hear people saying cash and postal money orders will be made illegal. the US treasury already issued guidelines a couple months ago involving these types of currencies. You cannot outlaw bartering or deny people right to send Bitcoin. Since nobody owns Bitcoin there is no central location or company to shut down any enforcement comes in when you exchange for Bitcoins. Bitcoin is just a piece of software that sits on people's computers so there is nothing that can be done to choke it off. These are the same sort of things you saw about the Internet in the 90's. People who have been involved with bitcoin just roll their eyes people start with this Silk Road issue. One of the main developers works for Google and Silicon Valley bank is now going to get involved with an exchange in the USA. The people that go around with these type of FUD posts are the same people who went around saying the Internet was all porn in the '90's.

The European Central Bank concluded in a report about digital currencies that:


“From time to time, Bitcoin is surrounded by controversy. Sometimes it is linked to its potential for becoming a suitable monetary alternative for drug dealing and money laundering, as a result of the high degree of anonymity. On other occasions, users have claimed to have suffered a substantial theft of Bitcoins through a Trojan that gained access to their computer…However, practically identical problems can also occur when using cash, thus Bitcoin can be considered to be another variety of cash, i.e. digital cash. Cash can be used for drug dealing and money laundering too; cash can also be stolen, not from a digital wallet, but from a physical one; and cash can also be used for tax evasion purposes. The question is not so much related to the format of money as such (physical or digital), but rather to the use people make of it.”



If you have any question the free Bitcoin support site is at

 

[DomainsInc]

the problem i have with it is the 'price' of a coin is based upon all these people buying them as an investment, not as a currency. the main use of bitcoins as a currency is for illegal activity, and that is not such a problem but if these are the only people using bitcoin as currency, its not going to remain at the price is is now. this is supposed to be a currency, not a stock. how do you buy things with a currency that can fluctuate so much in such a small period of time. you or the consumer would lose money every time something was purchased. not to mention there is little incentive for people to use it. unless you want to be anonymous bitcoins offer little benefit over traditional forms of payment.

 

[amplify]

Does anyone take bitcoin for domains?

 

[Shane]

@Keyword Factory

Try traveling with large sums of cash and see what happens.

They absolutely will restrict its use; one way or another they will find a way.