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Thread: Still can't wrap my head around bitcoin, but what a nice surprise for this guy:

  1. #31

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    Above $8,100.
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  2. #32
    Senior Member Eddie's Avatar
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    My brother in law was talking about this last night - he bought some when it was around $1K.

    Says he wishes he had bought more. (Yeah - me too.)

  3. #33
    Local Character clackamascoug's Avatar
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    Quote Originally Posted by clackamascoug View Post
    I've been reading up on bitcoin, and I could see where it could really gain some traction as it emerges from a curiosity to the currency of the internet. I'm predicting here in Jan of 2014 that in 5 years we'll be looking at the explosion of bitcoin as one of the bigger paradigm shifts brought upon by the internet.

    No house of cards vote for me Indy.

    Edit: Thanks to BFM below I'm back in the right year!
    No... I didn't buy any. But the prediction was solid.

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  4. #34
    UofU/BYU mixed marriage Scott R Nelson's Avatar
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    Excellent article explaining where Bitcoin came from, how it got where it is now, and where it may be headed: https://arstechnica.com/tech-policy/...e-worth-10000/

    It has passed $10,000. Gee, if I had just invested $10K in it when it first started, I would have over $8M today. Or I could have manged to lose it all.

    I'm curious how one would deal with paying taxes on the gain from such an investment.

  5. #35

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    Quote Originally Posted by Scott R Nelson View Post
    Excellent article explaining where Bitcoin came from, how it got where it is now, and where it may be headed: https://arstechnica.com/tech-policy/...e-worth-10000/

    It has passed $10,000. Gee, if I had just invested $10K in it when it first started, I would have over $8M today. Or I could have manged to lose it all.

    I'm curious how one would deal with paying taxes on the gain from such an investment.
    It's treated as a commodity for tax purposes.

  6. #36
    Bald not naked Pelado's Avatar
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    Quote Originally Posted by Scott R Nelson View Post
    Excellent article explaining where Bitcoin came from, how it got where it is now, and where it may be headed: https://arstechnica.com/tech-policy/...e-worth-10000/

    It has passed $10,000. Gee, if I had just invested $10K in it when it first started, I would have over $8M today. Or I could have manged to lose it all.

    I'm curious how one would deal with paying taxes on the gain from such an investment.
    Interesting article. Not sure I fully grasp the part about nodes and miners and blockchains.

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  7. #37
    UofU/BYU mixed marriage Scott R Nelson's Avatar
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    Quote Originally Posted by Pelado View Post
    Interesting article. Not sure I fully grasp the part about nodes and miners and blockchains.
    It probably takes a computer engineer to understand that part.

  8. #38
    Adventurer Walter Sobchak's Avatar
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    People have spent over $1M buying virtual cats on the Ethereum blockchain

    Launched a few days ago, CryptoKitties is essentially like an digital version of Pokemon cards but based on the Ethereum blockchain. And like most viral sensations that catch on in the tech world, it’s blowing up fast.

    Built by Vancouver and San Francisco-based design studio AxiomZen, the game is the latest fad in the world of cryptocurrency and probably soon tech in general.

    People are spending a crazy amount of real money on the game. So far about $1.3M has been transacted, with multiple kittens selling for ~50 ETH (around $23,000) and the “genesis” kitten being sold for a record ~246 ETH (around $113,000). This third party site tracks the largest purchases made to date on the game. And like any good viral sensation prices are rising and fluctuating fast. Right now it will cost you about .03 ETH, or $12 to buy the least expensive kitten in the game.

    So now we have people using Ether, an asset with arguably little tangible utility – to purchase an asset with unarguably zero tangible utility. Welcome to the internet in 2017.
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  9. #39
    It is NOT a monkey! creekster's Avatar
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    I blame the Russians.
    PLesa excuse the tpyos.

  10. #40
    UofU/BYU mixed marriage Scott R Nelson's Avatar
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    https://arstechnica.com/tech-policy/...e-in-48-hours/

    Bitcoin is now at $15,000. I'm just wondering how far it will drop when the bubble bursts.

  11. #41
    UofU/BYU mixed marriage Scott R Nelson's Avatar
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    Here's another article that explains BitCoin. I've been reading a lot of articles lately on the subject, and this one has done more to help me understand it all than any of the others.

    https://arstechnica.com/tech-policy/...bitcoin-works/

  12. #42
    My Mic Sounds Nice falafel's Avatar
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    Maybe this has been discussed before, but the craziest bitcoin story I've ever heard was the guy that made the very first bitcoin purchase. He paid 10,000 for 2 pizzas from Dominos.

    In today's bitcoin, those pizzas cost $176,999,000.00, or more than $88M each.

    http://mashable.com/2017/05/23/bitco.../#m6mrsFb3Qmq1
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  13. #43
    UofU/BYU mixed marriage Scott R Nelson's Avatar
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    Quote Originally Posted by falafel View Post
    Maybe this has been discussed before, but the craziest bitcoin story I've ever heard was the guy that made the very first bitcoin purchase. He paid 10,000 for 2 pizzas from Dominos.

    In today's bitcoin, those pizzas cost $176,999,000.00, or more than $88M each.

    http://mashable.com/2017/05/23/bitco.../#m6mrsFb3Qmq1
    I don't believe it. I'm pretty sure the lowest value BitCoin hit in 2010 was $0.08 or eight cents. That would still be $800 for those two pizzas.

    Sometimes the tiniest bit of fact checking can easily point out bogus stories.

  14. #44

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    Quote Originally Posted by Scott R Nelson View Post
    I don't believe it. I'm pretty sure the lowest value BitCoin hit in 2010 was $0.08 or eight cents. That would still be $800 for those two pizzas.

    Sometimes the tiniest bit of fact checking can easily point out bogus stories.
    You realize that bitcoin was valueless when it all started, right? So, no, .08 was not its lowest value.

    The pizza story is pretty well-known. After about 15 seconds of fact-checking:

    The small band of early bitcoiners all shared the communitarian spirit of an open source software project. Gavin Andresen, a coder in New England, bought 10,000 bitcoins for $50 and created a site called the Bitcoin Faucet, where he gave them away for the hell of it. Laszlo Hanyecz, a Florida programmer, conducted what bitcoiners think of as the first real-world bitcoin transaction, paying 10,000 bitcoins to get two pizzas delivered from Papa John’s. (He sent the bitcoins to a volunteer in England, who then called in a credit card order transatlantically.) A farmer in Massachusetts named David Forster began accepting bitcoins as payment for alpaca socks.
    https://www.wired.com/2011/11/mf_bitcoin/.

    Bitcoin was about $.005 at the time.
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  15. #45
    My Mic Sounds Nice falafel's Avatar
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    Quote Originally Posted by Scott R Nelson View Post
    I don't believe it. I'm pretty sure the lowest value BitCoin hit in 2010 was $0.08 or eight cents. That would still be $800 for those two pizzas.

    Sometimes the tiniest bit of fact checking can easily point out bogus stories.
    So you couldn't even do the tiniest bit of fact checking?
    Ain't it like most people, I'm no different. We love to talk on things we don't know about.

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    GIVE 'EM HELL, BRIGHAM!

  16. #46
    UofU/BYU mixed marriage Scott R Nelson's Avatar
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    Quote Originally Posted by falafel View Post
    So you couldn't even do the tiniest bit of fact checking?
    I spent half an hour looking up what I could find. I must not be quite as good at fact checking as the rest of you.

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