Happy Birthday Bitcoin!

[mituozo]

The first half of the solution will be mopped up by Bitcoin ATMs being pumped out worldwide. There are no less than four companies doing mass production of them as I type these words, three of them full ATMs with 2-direction sales, and one (the Lamassu, which only costs $5k each, made in New Hampshire) only Sells bitcoins, so they can get sold in the USA without the need of the payment network license nor AML/KYC compliance. This means that all Americans will be able to BUY bitcoins easily, but the rest of the world will be able to buy & sell bitcoins easily... Which of course will destroy western union pretty damn quickly.

The 2nd half of the solution is more dangerous but exciting; decentralized exchange marketplaces will give just about everyone on earth the ability to start their own business selling (illegal but untraceable) financial instruments that can be used in place of local currencies on these exchanges. There is some seriously heavy interest in this area already; even some silicon valley funding! Naturally I wouldn't trust the provider who shows his face, however.

Yes, the world's governments are definitely going to let Bitcoin ATM's proliferate, and thus part 1 will definitely unfold with one hundred percent certainty. They also definitely won't attempt to introduce new legislation that allows them to criminalise anyone who installs a BTC ATM on their property, or accept physical payments via BTC in their stores.

The future is bright. The future is Bitcoin.

 

[mattseh]

anyone who knew how big this was going to be when it launched could have made an absolute bank

They did, it was called bitcoin.

 

[lukep]

Yes, the world's governments are definitely going to let Bitcoin ATM's proliferate, and thus part 1 will definitely unfold with one hundred percent certainty. They also definitely won't attempt to introduce new legislation that allows them to criminalise anyone who installs a BTC ATM on their property, or accept physical payments via BTC in their stores.

Perhaps I shouldn't have simply said "worldwide" then... Of course there will be holdout countries that fight it, especially when bitcoin business starts replacing a measurable portion of their local GDP. Argentina and Thailand already have already targeted it, so I apologize for not being more specific.

However, some non-BRICS countries like Canada, Norway and Uruguay have already said that bitcoin IS kosher there, allowing ATMs... Meanwhile the BRICS countries are showing lots of signs that they accept bitcoin as a valuable tool in dethroning the USD as the global reserve currency. -And since the majority of the world's population lives in BRICS countries, I'm quite happy with this outcome. That's way more than we need to get a firm foothold.

Keep in mind, even if bitcoin is made completely illegal somewhere, doesn't mean it gets used less there. (Until of course every merchant openly takes it at storefronts) Argentina is one of the strongest bitcoin strongholds BECAUSE of the severe capital controls down there. Cyprus showed the world that it's appropriate to dump cash for bitcoin when governments do bad things.

Then there is the fact that much of the world's services are moving online where you can spend them, too. Check out this Doctor's services (online medical advice) website that just got created recently:

CoinMD - medical consultations and advice for Bitcoin

As services keep moving online and out of other economies like this, there eventually won't be a need for ATMs... You'll be able to earn and spend ONLY in bitcoin... At least that's the goal. :banana_sml:

 

[Jameel]

How do you buy bitcoins I just need a fraction so I can order something

 

[jacky8]

How do you buy bitcoins I just need a fraction so I can order something

pm igl00

i will sell few bitcoins. if somebodys interested PM.

 

[jacky8]

@lukep do you think the current uptrend is going to "pop"? Compared to the April bubble which happened very rapidly, the recent growth looks more stable because it's happened over weeks rather than days, and it's obviously influenced by "real" factors and improvements in the btc market. However I'm still wondering if all the April-babies are getting geared up to unload everything and significantly hit the price for awhile.

Mainly asking from a short-term perspective regardless of the fact that it will (surely) recover after awhile even if it does "pop" because I've been wanting to buy more and trying to get in at a good time. I picked up the huge majority of my btc right after SR crashed and it was ~100, then wanted to buy another chunk when it hit 200 (due to me having capital on hand, nothing related to btc itself) but kept thinking it would drop back to 180-190 and I could get it then ... hasn't happened.

This uptrend seems to be the work of Chinese consumers. Be on the lookout for some unfavorable move by Chinese government and dump when there is any

 

[jacky8]

If I may...

You're cool and funny

Are you really a chick?

sorry for my ignorance

...I guess that explains why I'm so broke right now.

Really?

and I thought you had a big stash of bitcoins

anyone who knew how big this was going to be when it launched could have made an absolute bank

one guy did. Heres a pic of him I found

 

[jacky8]

anyone who knew how big this was going to be when it launched could have made an absolute bank

btc was a part of a greater plan. Have you not read the lukep conspiracy theory yet?

I just dug it up for you. Its gold. Here it is

It all makes sense now.

Lukep creates bitcoin. Gets in on the ground floor. Starts Silk Road for the fast/easy money and to create early adoption. Starts gambling sites. Starts bitcoin forum.

Creates MTGox.

Begins widespread promotion of bitcoin. Manipulates public into artificial buying frenzy. Creates demand for mining hardware. Takes pre-orders. Flees to Thailand.

Hosts bitcoin blog on Wordpress.com to throw us off his trail.

He's created his own artificially inflated money supply, a drug cartel, a casino empire, a currency exchange and an entire market for overpriced computer hardware.

Mother of God.

Lukep owns the internet.

Waiting for enlightened members thread/WSO.

 

[gdubs12345]

are there any other digital currencies that you watch other than bitcoin?

 

[guerilla]

anyone who knew how big this was going to be when it launched could have made an absolute bank

That was the racket.

 

[lukep]

are there any other digital currencies that you watch other than bitcoin?

No. And there won't be again for many, many years.

The Problem with Altcoins

 

[mattseh]

Bitcoin was mentioned on HIGNFY by Max Kaiser on Friday. I feel like I'm doing your job for you, Luke.

 

[jonbird]

There's a few copycats like litecoin - but nothing with the profile, community and traction of bitcoin..

I got on the bitcoin hype Dec 2012. Traded some redundant LRUSD for just over a coin (think it was something like £20 a coin at the time and not long before LRUSD went down, so a bit of a result.) Basically wasn't enough for the totally legitimate purchase I wanted to make - so I hit the old Bitzino.. Got up to 7 before losing it all. Lolz gambling.

I was looking to set up a slightly shady but legal e-commerce site around Bitcoin, really using it as a marketing tool more than anything, but the fluctuation (and lack of assurance from payment providers) of bitcoin:fiat put me off.

I really like the idea. Fuck knows maybe it is the next thing. But somehow I think those with existing interests, not mentioning the good folk that keep us safe, already view it as a 'concern' and somehow I don't see them rolling over and taking it without a fight.

That aside, the AML/KYC thing (not to mention uncertain legality in this country at least) along with the lack of liquidity in the market and fluctuations turn me off.

Build a cashflow positive business around bitcoin and keep back some profit as coin, perhaps. But fuck investing. And I ain't particularly risk adverse.

If I had bought at a dollar a coin or whatever, I would be seriously contemplating cashing out (or at least a chunk) now. Hear about that Norweigian who just bought a house?

My theory: ^ that's exactly what people ARE doing. Bubble created by earlier adopters (either through passion for the project or potential gain) and greed of mug 'investors.' Not saying it's a ponzi or anything like that, I really like bitcoin. I'm just a cynical cunt and can't help thinking 'Napster'...

 

[p0ck3taces]

Any good documentaries you can recommend on bitcoin, it's founders, and or these types of movements (defcad, cypherpunks etc.)?

 

[gdubs12345]

No. And there won't be again for many, many years.
The Problem with Altcoins

I kind of feel like i missed the boat with bitcoin, but
i see so much potential in digital currencies.

There are so many things that make them valuable. (anonymity, the ability to buy drugs and other things online, hide money, etc.)

 

[dmnEPC]

...I guess that explains why I'm so broke right now.

Is Bitcoin Guru......













has no bitcoin

 

[guerilla]

where we have no cypherpunks today

Don't be so sure about that.

At the end of the day, I feel like we should be talking about our bitcoin businesses, so we can make money off the future or the mania, whichever it is. Getting ideologically invested hurts profitability.

 

[o hai guyz]

are there any other digital currencies that you watch other than bitcoin?

I've been watching litecoin for awhile since I noticed *a few* sites are starting to accept it. Wanted to buy a few thousand dollars of it just on the off-chance that it exploded, but it's so hard to buy and that's part of the reason it's a flop. lukep disagreed with me on this but I think eventually another coin will be in a close second place to bitcoin because when you have something so valuable there's always going to be something else trying to take its place and eventually succeeding (ex. all the social networks that are exactly the same, one thrives for a few years then another dominates it for some arbitrary reason even though it isn't actually better in any way).

I kind of feel like i missed the boat with bitcoin, but

I would still jump in and buy it now if you have the cash. I bought a lot when it was around 100 USD thinking I'd unload it all when it went back to 120ish just to make some quick cash, then it ended up shooting up to 200+ and I've been holding all of it. It doesn't really seem like it's slowing down any time soon so I've been contemplating just dropping another 100k into it and holding it for a couple years to see if it turns into a few million.

 

[lukep]

But somehow I think those with existing interests, not mentioning the good folk that keep us safe, already view it as a 'concern' and somehow I don't see them rolling over and taking it without a fight.

They'll fight; which will slow down progress, specifically at the point when exchanging btc back to fiat... Then one day the exchanges will be just as decentralized as bitcoin is and they'll have no way to fight at all.

If I had bought at a dollar a coin or whatever, I would be seriously contemplating cashing out (or at least a chunk) now. Hear about that Norweigian who just bought a house?

Yep. But he kept most of it in bitcoin.

My theory: ^ that's exactly what people ARE doing. Bubble created by earlier adopters (either through passion for the project or potential gain) and greed of mug 'investors.'

This theory doesn't explain the super-fast recovery time from the silk road takedown nor the cyprus scare hike. Basically any time a government somewhere on the planet announces any form of capital control, you can see a rise in bitcoin's price... So at the very least we can show that people are treating it like digital gold.

Any good documentaries you can recommend on bitcoin, it's founders, and or these types of movements (defcad, cypherpunks etc.)?

Wow, I can't find any docs on cypherpunks! Not directly, at least. That's really interesting considering that there were so many of them and they did so many things.

I see this short doc on Assange's early career when he was known as a hacker by the name of Mendax. RT made this longer piece too, but it mostly just features Assange. The best source of history we have is his book: Cypherpunks, available on amazon & CoinDL now.

I kind of feel like i missed the boat with bitcoin

You did not. $200 is MUCH closer to $0 than where bitcoin is going to wind up in a few years.

Is Bitcoin Guru....

has no bitcoin

Oh I haz bitcoin; I'm just broke in terms of fiatses. Thank adsense and ebay for that. :disgust:

At the end of the day, I feel like we should be talking about our bitcoin businesses, so we can make money off the future or the mania, whichever it is. Getting ideologically invested hurts profitability.

Fair enough; I'm all for directing the talk towards building a bitcoin business... I'm just not going to be dumb enough to change my gains back into worthless fiat.

 

[jonbird]

Don't be so sure about that.

At the end of the day, I feel like we should be talking about our bitcoin businesses, so we can make money off the future or the mania, whichever it is. Getting ideologically invested hurts profitability.

Yep, agreed. Not that I've got a bitcoin business but happy to share my thoughts on the sketchy idea I had.. This thread has kinda fired my interest up again, too.

They'll fight; which will slow down progress, specifically at the point when exchanging btc back to fiat... Then one day the exchanges will be just as decentralized as bitcoin is and they'll have no way to fight at all.

OK forgive me because I'm not actually that technical, but you do realise the people we are talking about created Stuxnet etc. Pretty much unlimited resources and will at their disposal.. When you say the exchanges will be just as decentralised as bitcoin itself - could you elaborate on that at all?

Technical stuff aside, you're right - the real issue is the transferring of the funds. If this is done through a bitcoin friendly territory, then you've still got to deal with the 'issues' of the fiat system - fraud, chargebacks etc. Otherwise what, the cash ATMs (not practical in an increasingly paperless society, also overheads..)

I suppose the path of least resistance whatever that proves to be, but it looks like a pretty hectic path to me either way.. I'm thinking an 'M2M' (Machine 2 Machine - buzzword meaning communicating between devices/servers using cellular networks) solution would work nicely for contacting the exchange and the cost would sit with the end-user..

You gotta bare in mind hostile governments aside, there are a lot of big players out there with a lot at stake commercially - Mastercard, Visa, AmEx, PayPal etc. Don't think they want to see Bitcoin succeed

Yep. But he kept most of it in bitcoin.

Nice.

This theory doesn't explain the super-fast recovery time from the silk road takedown nor the cyprus scare hike. Basically any time a government somewhere on the planet announces any form of capital control, you can see a rise in bitcoin's price... So at the very least we can show that people are treating it like digital gold.

Fair comment RE Silk Road. My own prediction was that the demise of the road would mean the demise of the coin. Proven wrong. Not sold on the Cyprus front tho.. Argentinian peasants are one thing, but nobody moving or hiding serious capital would use bitcoin. (Market liquidity, exchange fluctuations, technical barrier to entry - although that is shortening - and just general sketchiness!) Not just now anyway, although events like these certainly help to raise it's profile.