Posted on 04/11/2013 11:38:29 PM PDT by Ernest_at_the_Beach
NEW YORK – With $600 stuffed in one pocket and a smartphone tucked in the other, Patricio Fink recently struck the kind of deal that's feeding the rise of a new kind of money -- a virtual currency whose oscillations have pulled geeks and speculators alike through stomach-churning highs and lows.
The Argentine software developer was dealing in bitcoins -- getting an injection of the cybercurrency in exchange for a wad of real greenbacks he handed to a pair of Australian tourists in a Buenos Aires Starbucks. The visitors wanted spending money at black market rates without the risk of getting roughed up in one of the Argentine capital's black market exchanges. Fink wanted to pad his electronic wallet.
(Excerpt) Read more at foxnews.com ...
Surreal. I read the entire article.
This is unbelievable!!
BTTT!
Get educated about Bitcoin and the global currency wars
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The Cody Word
Cody Willard
April 11, 2013, 4:25 PM
I’m going to start writing a lot more about the currency wars. Global currency wars, the Bitcoin currency rollercoaster, and how all this is causing the giant stock market bubble I’ve been preparing for that is finally here.
Let’s start with a few resources on these topics today (along with a few must-read articles for every investor and trader) and stay tuned for much more analysis and news on this currency war topic from me here on Marketwatch and on TradingWithCody.com.
Currency Wars: Real-time BitCoin Chart & News – I’ve seen a huge demand from readers and subscribers for more information about Bitcoin, so we created a real-time chart, news and #bitcoin twitter feeds page where you can get all the latest on this wild new currency.
As a currency, BC is useless because it requires a computer and the Internet to execute transactions. It is also vilnerable to several types of attacks; if the merchant wants to avoid double use of the same coin he has to hold the customer at the store for 10 to 30 minutes, until the network confirms the transaction.
The assertion that BC is "loved by hackers" is very much wrong. Most geeks know that BC is a scam - a very good scam, and technically correct one, but still a scam. The majority of coins are owned by the creator of the protocol - an unknown person, by the way. If BC becomes a real currency this guy will own the world. Or so he thinks. That's why now and then various articles show up on news sites to maintain interest in BC.
Today BC is only used for two things: for speculation, and for illicit deals. There is even a Web site that is selling drugs for bitcoins. There is no reason to use BC for anything else. Currency is backed by the willingness of other people to take it in exchange for goods and services. So far there are far more paper currencies of different countries that have better acceptance. BC cannot be used unless you understand *exactly* how it works and you are *absolutely sure* that the payment that you just accepted is in good bitcoins. There is nothing standing between you and a counterfeit bitcoins except a piece of software that anyone can change, recompile, and put onto your payment computer. A merchant has no protection if he is given bad money. IRS and your state will be after you for failure to pay taxes on this revenue. And how would you pay those taxes? None of common merchants are set up to accept foreign currency. Few CPAs are trained to do accounting in multiple currencies.
Larry was suggesting they tie it to Gold,...thought that would remove the wild swings....
That is also a SCAM.
LOL.
This sounds like a scam wrought with fraud.
Time to shut down here.
Night!
PM’ing you...
I thought about trying to generate early on, too bad that I didn’t. If I had a few dozen, coulda sold out now for sure. But oh well.
i view bitcoins similar to a scam, pyramid scheme or ponzi scheme. It’s a massive wealth transfer from working ppl to early adaptors
the sad thing about bitcons is that its being pushed by hard money ppl. They fail to see the immorality of this new system
Virtual currency is definitely dangerous. I wouldn’t want to be paid in it.
Bitcoin had a massive panic sell off yesterday, which almost ccrashed it’s ‘exchange
Seems crazy. Last year I first heard about bitcoins from one of the Blackhelicopter/Conspiracy/Prepper channels on Youtube. Not someplace you would put extensive credibility in.........find it odd I’m reading about these things again.
What DO you put "extensive credibility" in?
Time to bring back the tulip as a unit of currency?
The most amusing thing about BTC is the ignorant comments it generates.
ASSumptions outweigh facts about 20-1, so anyone interested in learning more about it should not try to do so amongst the comments of any article on the subject.
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