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Posted: 10/29/2013 8:28:27 AM EST
http://www.theguardian.com/technology/2013/oct/29/bitcoin-forgotten-currency-norway-oslo-home

The meteoric rise in bitcoin has meant that within the space of four years, one Norwegian man’s $27 investment turned into a forgotten $886,000 windfall.

Kristoffer Koch invested 150 kroner ($26.60) in 5,000 bitcoins in 2009, after discovering them during the course of writing a thesis on encryption. He promptly forgot about them until widespread media coverage of the anonymous, decentralised, peer-to-peer digital currency in April 2013 jogged his memory.

Bitcoins are stored in encrypted wallets secured with a private key, something Koch had forgotten. After eventually working out what the password could be, Koch got a pleasant surprise:

"It said I had 5,000 bitcoins in there. Measuring that in today's rates it's about NOK5m ($886,000)," Koch told NRK.

Link Posted: 10/29/2013 8:33:10 AM EST
Why can't I ever find something I lost only to find out it's worth $$$ now.

Only thing I'm losing lately is my sanity
Link Posted: 10/29/2013 8:33:39 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By JDeere7296:
Why can't I ever find something I lost only to find out it's worth $$$ now.

Only thing I'm losing lately is my sanity
View Quote


Beanie Babies
Link Posted: 10/29/2013 8:35:50 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By gym007:


Beanie Babies
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Originally Posted By gym007:
Originally Posted By JDeere7296:
Why can't I ever find something I lost only to find out it's worth $$$ now.

Only thing I'm losing lately is my sanity


Beanie Babies


Lol I just returned a garbage bag full of those things in display cases to my ex.

Beanie babies... lol
Link Posted: 10/29/2013 8:37:50 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By 3O8junkie:


Lol I just returned a garbage bag full of those things in display cases to my ex.

Beanie babies... lol
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Originally Posted By 3O8junkie:
Originally Posted By gym007:
Originally Posted By JDeere7296:
Why can't I ever find something I lost only to find out it's worth $$$ now.

Only thing I'm losing lately is my sanity


Beanie Babies


Lol I just returned a garbage bag full of those things in display cases to my ex.

Beanie babies... lol


My SIL bought so many of those...must have spent a fortune.
Link Posted: 10/29/2013 8:38:03 AM EST
That's actually really cool.

I'd fly out to the ATMs that just got installed and cash the fuck out.
Link Posted: 10/29/2013 8:39:06 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By 3O8junkie:


Lol I just returned a garbage bag full of those things in display cases to my ex.

Beanie babies... lol
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Originally Posted By 3O8junkie:
Originally Posted By gym007:
Originally Posted By JDeere7296:
Why can't I ever find something I lost only to find out it's worth $$$ now.

Only thing I'm losing lately is my sanity


Beanie Babies


Lol I just returned a garbage bag full of those things in display cases to my ex.

Beanie babies... lol


Ty Warner is laughing as well. $2.5 billion net worth. Unfortunately, he just plead guilty to tax evasion, will pay $50+ million in fines and back taxes, and could go to prison.
Link Posted: 10/29/2013 8:41:07 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By TheRealSundance:

My SIL bought so many of those...must have spent a fortune.
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Originally Posted By TheRealSundance:
Originally Posted By 3O8junkie:
Originally Posted By gym007:
Originally Posted By JDeere7296:
Why can't I ever find something I lost only to find out it's worth $$$ now.

Only thing I'm losing lately is my sanity

Beanie Babies

Lol I just returned a garbage bag full of those things in display cases to my ex.

Beanie babies... lol

My SIL bought so many of those...must have spent a fortune.

Ha! I wish the Beanie Babies in my basement were worth something
Link Posted: 10/29/2013 8:45:07 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By HKUSP45C:
That's actually really cool.

I'd fly out to the ATMs that just got installed and cash the fuck out.
View Quote


Id just buy gold bullion. A few places online you can get gold for BTC.
Link Posted: 10/29/2013 8:45:49 AM EST
how would he exchange it tho? wouldn't that raise a red flag w/ the IRS?
Link Posted: 10/29/2013 8:46:38 AM EST
[Last Edit: 10/29/2013 8:47:26 AM EST by 1Andy2]
Capital gains tax here in the USA on that would be a BITCH.

Originally Posted By LibertarianYankee:
how would he exchange it tho? wouldn't that raise a red flag w/ the IRS?
View Quote



The mob doesn't give a shit how much money you make so long as you give them their cut.
Link Posted: 10/29/2013 8:48:27 AM EST
If I were him, that wallet would be my new biggest secret.
Link Posted: 10/29/2013 8:50:32 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By 1Andy2:
Capital gains tax here in the USA on that would be a BITCH.




The mob doesn't give a shit how much money you make so long as you give them their cut.
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Originally Posted By 1Andy2:
Capital gains tax here in the USA on that would be a BITCH.

Originally Posted By LibertarianYankee:
how would he exchange it tho? wouldn't that raise a red flag w/ the IRS?



The mob doesn't give a shit how much money you make so long as you give them their cut.


No. He's in Norway.


Link Posted: 10/29/2013 8:51:09 AM EST
Bitcoins arent anonymous technically. A professor from my alma mater did a paper on cracking the transactions and tracking them if I remember right.
Link Posted: 10/29/2013 8:51:39 AM EST
wtf is a bitcoin?
Link Posted: 10/29/2013 8:51:49 AM EST
Seriously. I will never understand why people go to the press with things like this.
Link Posted: 10/29/2013 8:52:09 AM EST
Norway.

If it was in the US, I think the article would read differently and include a photo like this.

Link Posted: 10/29/2013 8:52:24 AM EST
Use the money to buy gift cards then mail them to the US
Link Posted: 10/29/2013 8:52:36 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Commurado:
wtf is a bitcoin?
View Quote
Read the OP.
Link Posted: 10/29/2013 8:53:09 AM EST
[Last Edit: 10/29/2013 8:53:43 AM EST by LinkedM4]
dammit still waiting on my dinar to take off I bought my dinar in 2009, same time as that guy bought his bitcoin. if id have invested it in bitcoin instead of dinar id be sitting on more millions than I could possibly ever spend.
Link Posted: 10/29/2013 8:53:58 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Fat_McNasty:


Id just buy gold bullion. A few places online you can get gold for BTC.
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Originally Posted By Fat_McNasty:
Originally Posted By HKUSP45C:
That's actually really cool.

I'd fly out to the ATMs that just got installed and cash the fuck out.


Id just buy gold bullion. A few places online you can get gold for BTC.

I don't like the way gold bullion looks when you stuff into a stripper's g-string.

But, HEY! It's your money!
Link Posted: 10/29/2013 8:54:19 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By DonKey153:
If I were him, that wallet would be my new biggest secret.
View Quote



Why? Cash out that unstable as fuck currency and put it in something tangable, or at least government backed.
Link Posted: 10/29/2013 8:54:51 AM EST
thats crazy i had never even heard of them until like a month ago.
Link Posted: 10/29/2013 8:55:04 AM EST
[Last Edit: 10/29/2013 8:57:40 AM EST by Buzz69]
As much as I dislike Business Insider, they have a better article.

Koch exchanged one fifth of his 5,000 bitcoins, generating enough kroner to buy an apartment in Toyen, one of the Norwegian capital’s wealthier areas.
View Quote


edit: It seems Business Insider scraped most of OP's linked article and IB Times.
Link Posted: 10/29/2013 8:57:55 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By 8mmDale:
Use the money to buy gift cards then mail them to the US
View Quote

Fuck that, pay the 25% and enjoy the windfall.

Goddamnit.. I KNEW i should have gotten in on that shit back in the early days. I didn't see it going anywhere though.

FUCK!
Link Posted: 10/29/2013 8:58:15 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By thatguywiththeak:
Bitcoins arent anonymous technically. A professor from my alma mater did a paper on cracking the transactions and tracking them if I remember right.
View Quote


all transactions are on the ledger. you can see where everything comes and goes. You can see the wallets, just not the name thats tied to it.

I.E. 1Andy2 telle me has got brass for sale and will take BTC. Im like groove I have a few extra. so i get his address (which looks like a string of number and letters). I put that in to my wallet and send him some BTC. in a short time frame he gets his BTC sent form me to him. in the master ledger it shows my address sending to 1Andy2's address and how many BTC. You can do a search for his address and can see all the in and outs for it. BUT a wallet can have multiple address and you are to use a new address for each transaction to be semi secret.
Link Posted: 10/29/2013 8:59:52 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By HKUSP45C:

I don't like the way gold bullion looks when you stuff into a stripper's g-string.

But, HEY! It's your money!
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Originally Posted By HKUSP45C:
Originally Posted By Fat_McNasty:
Originally Posted By HKUSP45C:
That's actually really cool.

I'd fly out to the ATMs that just got installed and cash the fuck out.


Id just buy gold bullion. A few places online you can get gold for BTC.

I don't like the way gold bullion looks when you stuff into a stripper's g-string.

But, HEY! It's your money!


you then take the gold and get spot at a local shop. Duh and or Hello.
Link Posted: 10/29/2013 9:01:14 AM EST
[Last Edit: 10/29/2013 9:01:48 AM EST by runcible]
While gathering up some clothes for Good Will the other day, I found $2 in an old pair of jeans.

It wasn't nearly as cool as this.
Link Posted: 10/29/2013 9:07:53 AM EST
[Last Edit: 10/29/2013 9:09:44 AM EST by thatguywiththeak]
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Fat_McNasty:


all transactions are on the ledger. you can see where everything comes and goes. You can see the wallets, just not the name thats tied to it.

I.E. 1Andy2 telle me has got brass for sale and will take BTC. Im like groove I have a few extra. so i get his address (which looks like a string of number and letters). I put that in to my wallet and send him some BTC. in a short time frame he gets his BTC sent form me to him. in the master ledger it shows my address sending to 1Andy2's address and how many BTC. You can do a search for his address and can see all the in and outs for it. BUT a wallet can have multiple address and you are to use a new address for each transaction to be semi secret.
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Originally Posted By Fat_McNasty:
Originally Posted By thatguywiththeak:
Bitcoins arent anonymous technically. A professor from my alma mater did a paper on cracking the transactions and tracking them if I remember right.


all transactions are on the ledger. you can see where everything comes and goes. You can see the wallets, just not the name thats tied to it.

I.E. 1Andy2 telle me has got brass for sale and will take BTC. Im like groove I have a few extra. so i get his address (which looks like a string of number and letters). I put that in to my wallet and send him some BTC. in a short time frame he gets his BTC sent form me to him. in the master ledger it shows my address sending to 1Andy2's address and how many BTC. You can do a search for his address and can see all the in and outs for it. BUT a wallet can have multiple address and you are to use a new address for each transaction to be semi secret.

I mean to a physical, IRL identity not the name on you BTC wallet. I dont really follow his research so I'm sure I've explained it wrong, but I can find it for you if you like.

Link Posted: 10/29/2013 9:09:59 AM EST
[Last Edit: 10/29/2013 9:10:34 AM EST by BKC1869]
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By 3O8junkie:


Lol I just returned a garbage bag full of those things in display cases to my ex.

Beanie babies... lol
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Originally Posted By 3O8junkie:
Originally Posted By gym007:
Originally Posted By JDeere7296:
Why can't I ever find something I lost only to find out it's worth $$$ now.

Only thing I'm losing lately is my sanity


Beanie Babies


Lol I just returned a garbage bag full of those things in display cases to my ex.

Beanie babies... lol


My Sister in Law gave my daughter and box full of Beanie Babies from the 90's. I went through all of them and checked but they were worth $15 each at most. I was hoping for one of the rare ones worth hundreds or thousands. No such luck.
Link Posted: 10/29/2013 9:11:51 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By thatguywiththeak:

I mean to a physical, IRL identity not the name on you BTC wallet. I dont really follow his research so I'm sure I've explained it wrong, but I can find it for you if you like.

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Originally Posted By thatguywiththeak:
Originally Posted By Fat_McNasty:
Originally Posted By thatguywiththeak:
Bitcoins arent anonymous technically. A professor from my alma mater did a paper on cracking the transactions and tracking them if I remember right.


all transactions are on the ledger. you can see where everything comes and goes. You can see the wallets, just not the name thats tied to it.

I.E. 1Andy2 telle me has got brass for sale and will take BTC. Im like groove I have a few extra. so i get his address (which looks like a string of number and letters). I put that in to my wallet and send him some BTC. in a short time frame he gets his BTC sent form me to him. in the master ledger it shows my address sending to 1Andy2's address and how many BTC. You can do a search for his address and can see all the in and outs for it. BUT a wallet can have multiple address and you are to use a new address for each transaction to be semi secret.

I mean to a physical, IRL identity not the name on you BTC wallet. I dont really follow his research so I'm sure I've explained it wrong, but I can find it for you if you like.


Ya Id love to read it..
Link Posted: 10/29/2013 9:13:29 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By BKC1869:


My Sister in Law gave my daughter and box full of Beanie Babies from the 90's. I went through all of them and checked but they were worth $15 each at most. I was hoping for one of the rare ones worth hundreds or thousands. No such luck.
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Originally Posted By BKC1869:
Originally Posted By 3O8junkie:
Originally Posted By gym007:
Originally Posted By JDeere7296:
Why can't I ever find something I lost only to find out it's worth $$$ now.

Only thing I'm losing lately is my sanity


Beanie Babies


Lol I just returned a garbage bag full of those things in display cases to my ex.

Beanie babies... lol


My Sister in Law gave my daughter and box full of Beanie Babies from the 90's. I went through all of them and checked but they were worth $15 each at most. I was hoping for one of the rare ones worth hundreds or thousands. No such luck.


"Worth". You won't even get that for them. There's piles in quarter boxes at yard sales. Most people just give them to their dogs.
Link Posted: 10/29/2013 9:15:19 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By tesla120:



Why? Cash out that unstable as fuck currency and put it in something tangable, or at least government backed.
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Originally Posted By tesla120:
Originally Posted By DonKey153:
If I were him, that wallet would be my new biggest secret.



Why? Cash out that unstable as fuck currency and put it in something tangable, or at least government backed.



While I'm not intimately familiar with Norway's tax code, I'm sure the taxes on an $800,000 profit in Norway are... impressive.
Link Posted: 10/29/2013 9:15:56 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By tesla120:



Why? Cash out that unstable as fuck currency and put it in something tangable, or at least government backed.
View Quote View All Quotes
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Discussion ForumsJump to Quoted PostQuote History
Originally Posted By tesla120:
Originally Posted By DonKey153:
If I were him, that wallet would be my new biggest secret.



Why? Cash out that unstable as fuck currency and put it in something tangable, or at least government backed.


Link Posted: 10/29/2013 9:16:31 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Fat_McNasty:

Ya Id love to read it..
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Originally Posted By Fat_McNasty:
Originally Posted By thatguywiththeak:
Originally Posted By Fat_McNasty:
Originally Posted By thatguywiththeak:
Bitcoins arent anonymous technically. A professor from my alma mater did a paper on cracking the transactions and tracking them if I remember right.


all transactions are on the ledger. you can see where everything comes and goes. You can see the wallets, just not the name thats tied to it.

I.E. 1Andy2 telle me has got brass for sale and will take BTC. Im like groove I have a few extra. so i get his address (which looks like a string of number and letters). I put that in to my wallet and send him some BTC. in a short time frame he gets his BTC sent form me to him. in the master ledger it shows my address sending to 1Andy2's address and how many BTC. You can do a search for his address and can see all the in and outs for it. BUT a wallet can have multiple address and you are to use a new address for each transaction to be semi secret.

I mean to a physical, IRL identity not the name on you BTC wallet. I dont really follow his research so I'm sure I've explained it wrong, but I can find it for you if you like.


Ya Id love to read it..


http://cseweb.ucsd.edu/~smeiklejohn/files/imc13.pdf

I hadnt actually read it until now, but after just skimming it it looks like they were able to glean quite a bit from what is effectively traffic analysis aided by some known interactions using the transparency of actual transactions as a road map of sorts. I'll probably sit down and actually read it later as it looked fairly interesting.
Link Posted: 10/29/2013 9:27:19 AM EST
Holy crap you could buy drugs and hookers every day till the cops catch you then hire hitmen to take them all out.
Link Posted: 10/29/2013 9:29:44 AM EST
[Last Edit: 10/29/2013 9:31:12 AM EST by 1Andy2]
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Fat_McNasty:


all transactions are on the ledger. you can see where everything comes and goes. You can see the wallets, just not the name thats tied to it.

I.E. 1Andy2 telle me has got brass for sale and will take BTC. Im like groove I have a few extra. so i get his address (which looks like a string of number and letters). I put that in to my wallet and send him some BTC. in a short time frame he gets his BTC sent form me to him. in the master ledger it shows my address sending to 1Andy2's address and how many BTC. You can do a search for his address and can see all the in and outs for it. BUT a wallet can have multiple address and you are to use a new address for each transaction to be semi secret.
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Originally Posted By Fat_McNasty:
Originally Posted By thatguywiththeak:
Bitcoins arent anonymous technically. A professor from my alma mater did a paper on cracking the transactions and tracking them if I remember right.


all transactions are on the ledger. you can see where everything comes and goes. You can see the wallets, just not the name thats tied to it.

I.E. 1Andy2 telle me has got brass for sale and will take BTC. Im like groove I have a few extra. so i get his address (which looks like a string of number and letters). I put that in to my wallet and send him some BTC. in a short time frame he gets his BTC sent form me to him. in the master ledger it shows my address sending to 1Andy2's address and how many BTC. You can do a search for his address and can see all the in and outs for it. BUT a wallet can have multiple address and you are to use a new address for each transaction to be semi secret.



What a great idea...

Shit, I'd do it if I knew a little more about it.

I know there are people in person in some cities (san antonio, Austin, DFW etc) who will trade BTC for dollars in person. Not sure about the security of doing it that way BUYING the BTC in person, but selling... sure. Physical dollars in my hand is cool.
Link Posted: 10/29/2013 9:31:12 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By tesla120:



Why? Cash out that unstable as fuck currency and put it in something tangable, or at least government backed.
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Originally Posted By tesla120:
Originally Posted By DonKey153:
If I were him, that wallet would be my new biggest secret.



Why? Cash out that unstable as fuck currency and put it in something tangable, or at least government backed.

Link Posted: 10/29/2013 9:40:13 AM EST
It is worth only what people will give you for it.
Link Posted: 10/29/2013 9:45:45 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By TontoGoldstein:
It is worth only what people will give you for it.
View Quote


Yep. Just like everything else, including dollars.

We need more people accepting BTC for goods and services for clearer market signals about their worth.
Link Posted: 10/29/2013 9:46:31 AM EST
[Last Edit: 10/29/2013 9:47:00 AM EST by Rincon_11]
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Dunderway:
Seriously. I will never understand why people go to the press with things like this.
View Quote


Only the dumb ones. I'm sure were thousands of other similiar discoveries this year that you won't hear a peep about.
Link Posted: 10/29/2013 9:47:40 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Fat_McNasty:


you then take the gold and get spot at a local shop. Duh and or Hello.
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Originally Posted By Fat_McNasty:
Originally Posted By HKUSP45C:
Originally Posted By Fat_McNasty:
Originally Posted By HKUSP45C:
That's actually really cool.

I'd fly out to the ATMs that just got installed and cash the fuck out.


Id just buy gold bullion. A few places online you can get gold for BTC.

I don't like the way gold bullion looks when you stuff into a stripper's g-string.

But, HEY! It's your money!


you then take the gold and get spot at a local shop. Duh and or Hello.

Personally, I liked it better when you ended your posts with /finger
Link Posted: 10/29/2013 9:48:58 AM EST
Dang.
Link Posted: 10/29/2013 9:49:01 AM EST
And all I ever find is a dollar in a pair of jeans.....
Link Posted: 10/29/2013 9:50:46 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By HKUSP45C:

Personally, I liked it better when you ended your posts with /finger
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Originally Posted By HKUSP45C:
Originally Posted By Fat_McNasty:
Originally Posted By HKUSP45C:
Originally Posted By Fat_McNasty:
Originally Posted By HKUSP45C:
That's actually really cool.

I'd fly out to the ATMs that just got installed and cash the fuck out.


Id just buy gold bullion. A few places online you can get gold for BTC.

I don't like the way gold bullion looks when you stuff into a stripper's g-string.

But, HEY! It's your money!


you then take the gold and get spot at a local shop. Duh and or Hello.

Personally, I liked it better when you ended your posts with /finger


LOL /finger

better?
Link Posted: 10/29/2013 10:17:22 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By peekay:

Fuck that, pay the 25% and enjoy the windfall.

Goddamnit.. I KNEW i should have gotten in on that shit back in the early days. I didn't see it going anywhere though.

FUCK!
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Originally Posted By peekay:
Originally Posted By 8mmDale:
Use the money to buy gift cards then mail them to the US

Fuck that, pay the 25% and enjoy the windfall.

Goddamnit.. I KNEW i should have gotten in on that shit back in the early days. I didn't see it going anywhere though.

FUCK!


How do you know it's too late?

Serious question. What's to prevent a Bitcoin from being worth $5000 one day? There will only ever be 21 million of them tops so there is a built in deflationary bias if the currency continues to gain acceptance. If Bitcoins ever represented even just a percent or two of global liquidity, a coin could be worth tens of thousands or more.

I don't have any, but it's an interesting question worth thinking about. The whole thing could blow up too, who knows.
Link Posted: 10/29/2013 10:26:58 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By woodsie:


How do you know it's too late?

Serious question. What's to prevent a Bitcoin from being worth $5000 one day? There will only ever be 21 million of them tops so there is a built in deflationary bias if the currency continues to gain acceptance. If Bitcoins ever represented even just a percent or two of global liquidity, a coin could be worth tens of thousands or more.

I don't have any, but it's an interesting question worth thinking about. The whole thing could blow up too, who knows.
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Originally Posted By woodsie:
Originally Posted By peekay:
Originally Posted By 8mmDale:
Use the money to buy gift cards then mail them to the US

Fuck that, pay the 25% and enjoy the windfall.

Goddamnit.. I KNEW i should have gotten in on that shit back in the early days. I didn't see it going anywhere though.

FUCK!


How do you know it's too late?

Serious question. What's to prevent a Bitcoin from being worth $5000 one day? There will only ever be 21 million of them tops so there is a built in deflationary bias if the currency continues to gain acceptance. If Bitcoins ever represented even just a percent or two of global liquidity, a coin could be worth tens of thousands or more.

I don't have any, but it's an interesting question worth thinking about. The whole thing could blow up too, who knows.


keep in mind that a single 'bitcoin' can be split nearly infinitesimally
Link Posted: 10/29/2013 10:32:11 AM EST
Link Posted: 10/29/2013 10:34:11 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By woodsie:


How do you know it's too late?

Serious question. What's to prevent a Bitcoin from being worth $5000 one day? There will only ever be 21 million of them tops so there is a built in deflationary bias if the currency continues to gain acceptance. If Bitcoins ever represented even just a percent or two of global liquidity, a coin could be worth tens of thousands or more.

I don't have any, but it's an interesting question worth thinking about. The whole thing could blow up too, who knows.
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Originally Posted By woodsie:
Originally Posted By peekay:
Originally Posted By 8mmDale:
Use the money to buy gift cards then mail them to the US

Fuck that, pay the 25% and enjoy the windfall.

Goddamnit.. I KNEW i should have gotten in on that shit back in the early days. I didn't see it going anywhere though.

FUCK!


How do you know it's too late?

Serious question. What's to prevent a Bitcoin from being worth $5000 one day? There will only ever be 21 million of them tops so there is a built in deflationary bias if the currency continues to gain acceptance. If Bitcoins ever represented even just a percent or two of global liquidity, a coin could be worth tens of thousands or more.

I don't have any, but it's an interesting question worth thinking about. The whole thing could blow up too, who knows.


I started mining over the summer.. When I started they were about $90 bucks each now they are up to about $190 each.. my miners net me about 4 bucks a day..
Link Posted: 10/29/2013 10:41:55 AM EST
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Originally Posted By LinkedM4:


keep in mind that a single 'bitcoin' can be split nearly infinitesimally
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Originally Posted By LinkedM4:
Originally Posted By woodsie:
Originally Posted By peekay:
Originally Posted By 8mmDale:
Use the money to buy gift cards then mail them to the US

Fuck that, pay the 25% and enjoy the windfall.

Goddamnit.. I KNEW i should have gotten in on that shit back in the early days. I didn't see it going anywhere though.

FUCK!


How do you know it's too late?

Serious question. What's to prevent a Bitcoin from being worth $5000 one day? There will only ever be 21 million of them tops so there is a built in deflationary bias if the currency continues to gain acceptance. If Bitcoins ever represented even just a percent or two of global liquidity, a coin could be worth tens of thousands or more.

I don't have any, but it's an interesting question worth thinking about. The whole thing could blow up too, who knows.


keep in mind that a single 'bitcoin' can be split nearly infinitesimally


That is exactly one of the facts that I have in mind. That's what allows the deflationary bias. If it was 21 million with no divisibility, then it's usefulness as a popular currency would be greatly diminished. As it is today, a single bit coin at $200 per each would not be useful for most transactions.

The value of the 21 million possible units will grow to represent the liquidity needs of the markets that use bitcoins as a currency. If these markets require $10 Billion equivalent in liquidity then a single bit coin (assuming all are mined) will be worth at least $476 at that time or more if people are hoarding them.

I can envision a world where the liquidity needs of these markets will greatly exceed $10 Billion. There are currently $1,170 Billion worth of Federal Reserve Notes in circulation if you need some context.

I can also envision a world where this currency fails and becomes worthless.


Link Posted: 10/29/2013 10:46:38 AM EST
Good for him...Awesome surprise
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