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Bitcoin Take? (https://www.chiefsplanet.com/BB/showthread.php?t=270065)

9/8/14 Bitcoin Update
Price: $465 Circulation: 13,239,225 Cap: 6.2 Billion

- Ebay payment processor Braintree announces acceptance/integration of Bitcoin payments
- UK Chancellor to outline 2015 budget plans for Britain to become Bitcoin hub
- Dell.com & Newegg.com accept Bitcoin as payment
- Two Bitcoin ETFs heading to market soon with tickers "COIN" and "BIT"
- Apple IOS allows 'Blockchain.info' Bitcoin wallet App (recommended btw)
- xHamster.com accepts Bitcoin
- Circle.com poised to be next US Bitcoin onramp
- Venture capitalist Tim Draper wins 30K Bitcoin auction by US Marshals service

Wow. It's at 465? Hope people cashed out when it was 800-900

New York Looks to Slap Digital Currency With Death Sentence

Link

Remember the pain and suffering we all experienced when China banned Bitcoin last year? Well, a new form of punishment is on the horizon for Bitcoin thanks to New York’s Superintendent of Financial Services, Benjamin Lawsky. This new artificially imposed homicide might as well be called – Death by Regulation.

Imagine walking up to a New York street vendor in Times Square to purchase a foot-long hot dog and being asked to provide your name and home address. If you’re paying with cash, no need to fret. But if you’re paying in Bitcoin or some other digital currency, be prepared to answer a series of questions before enjoying your tasty treat.

benjamin_lawskyThe State of New York is proposing BitLicense, a set of rules and regulations that would mandate licenses for merchants that accept Bitcoin and its digital cousins. The proposal creates expensive costs and barriers-of-entry for vendors, and infringes upon the rights of both businesses and casual users alike, according to a recent article published by the electronic frontier foundation.

The fact is, the World looks to New York for guidance as it relates to financial and banking regulation and if this proposed legislation passes, it would mean an end to Bitcoin in New York, and likely set a wrench into motion that could “gum up” the entire cryptocurrency machine. In essence, the Bitlicense would become the Ebola Virus of digital currency with Benjamin Lawsky becoming “patient zero”.

The open comment period on these regulations is expected to end soon, after which time, the Department of Financial Services will release an updated version of its proposed regulatory framework. That means that digital currency adopters worldwide have a limited amount of time to speak out against these new proposals or face regulation that is sure to strike a crippling blow to cryptocurrencies across the globe.

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Bitcoin is the worst investment of 2014

It was bound to fall.

There was plenty of ugliness to be found in the markets this year. Ukranian and Venezuelan sovereign debt. High-yield, energy-related corporate bonds. Argentine pesos. Russian rubles. Greek stocks.

But none of these investments has been as atrociously awful as bitcoin, the heavily hyped crypto-currency that stormed onto the financial scene in the last few years, threatening to disrupt the cornerstone of global finance that is fiat currency.

It hasn’t worked out. Year-to-date bitcoin is down roughly 52% at last glance.

http://img.qz.com/2014/12/the-worst-...lder.png?w=640

http://img.qz.com/2014/12/bitcoin-pr...er-1.png?w=640

Clearly bitcoin bulls have found themselves on the bleeding edge. But the question is why? One of the clearest answers seems to be that some of the shadier usages of the currency—say for evading taxes and buying drugs—have been tougher to execute as governments increasingly try to clamp down on the “dark web” sites where bitcoin quickly became the cryptocurrency of choice. Collapses of large, unregulated bitcoin exchanges—such as Mt. Gox—have done little to instill confidence in the currency either.

Some of us have argued that bitcoin actually never was a currency, but rather a plaything of speculators. When such playthings start to lose value, speculators have a tendency to abandon them en masse, which they appear to have done in this case.

Now, it’s worth noting that some argue that the value of bitcoin is not in the currency, but in the technology platform. And who knows? Maybe conventional payment systems will come around someday and start incorporating some of the structural advantages that transacting in bitcoins provides.

But in the meanwhile, the saga of relentlessly sagging bitcoin prices—as well as stagnant usage indicators—underscores an unpleasant fact for libertarian technologists. Money derives much of its value from its government support, in that the government has the power to make it legal tender. That is, the government says not only that currency can be accepted, but it must be accepted. That political choice is what ensures that the currency has an actual utility, that is, it can be used widely for actual transactions. That’s what makes a currency useful. Bitcoin bulls are learning this the hard way.

http://qz.com/312598/bitcoin-is-the-...tment-of-2014/

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Originally Posted by TambaBerry (Post 10262495)

I just started mining litecoins, I get a projected .09 per day.

your hash must be terrible.

I have had a miner running for about a year mining litecoins.

But really just hold on to them for awhile. Dont be one of the dumbs who invest their cash in it. I only invest money in computer parts, but since I'm a computer guy anyways. If they dont materialize anything in value, worst case I have some decent GPUs that I can do stuff with.

I've got a friend who spent like 50k setting up miners..lol he isnt very happy since they started falling. I just let the miners run. If it rises again, I will be cashing out my litecoins. But right now just going to hold on to them.

Bitcoin is just free market money. If enough accept it for exchange then I'm fine with it.
If it's risky in some way than it's one those who accept or use them. Live and let live on it as far as I'm concerned.

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Originally Posted by FD (Post 11194408)

http://qz.com/312598/bitcoin-is-the-...tment-of-2014/

LMAO I tweeted my bit coin aficionado friend this article and came here to post but you beat me to it.

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Money derives much of its value from its government support, in that the government has the power to make it legal tender. That is, the government says not only that currency can be accepted, but it must be accepted. That political choice is what ensures that the currency has an actual utility, that is, it can be used widely for actual transactions. That’s what makes a currency useful. Bitcoin bulls are learning this the hard way.

A Fed loving big govt pov of course. Might was well say the truth, govt forces their idea of money to be accepted. Govt doesn't have to support a currency...it should be a market that supports is with govt being a player in the same market.

So I have like $2,000 worth of Bitcoin, just to mess around on this small poker site that ONLY takes Bitcoins just to mess around. Never really play on it, just bought some as a terrible idea of an investment. Ever since I bought it 9 months ago it appears to keep dropping.

What should I do? Sell or keep?

Quote:

Originally Posted by BucEyedPea (Post 11194947)

Also, a free market doesn't dictate supply via a central bank.

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Originally Posted by BWillie (Post 11195010)

Make sure they are secure and hold them for three years, you won't be sorry. Definitely get them the hell off that poker site if they're still there.

Microsoft is now accepting the digital currency bitcoin.
Bitcoin is accepted as "a payment option to buy apps, games and other digital content from Windows, Window Phone, Xbox Games, Xbox Music or Xbox Video Stores," according to the Microsoft (MSFT, Tech30)'s payment and billing policy.

"The use of digital currencies such as bitcoin, while not yet mainstream, is growing beyond the early enthusiasts," said Eric Lockard, Microsoft's corporate vice president of Universal Store at Microsoft, posted on the company blog.
"We expect this growth to continue and allowing people to use bitcoin to purchase our products and services now allows us to be a front edge of this market," he continued.
Microsoft joins a handful of other companies that accept bitcoins as payment, including PayPal and a scattering of restaurants, car services and at least one bar in New York City.
Related: I lived on Bitcoin for 24 hours
Bitcoin is the most popular form of digital currency, though it is still controversial and nebulous, since it is not government-issued currency and has experienced extreme volatility.