Bitcoins

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evolutionpep

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Any brothers own any? Any brothers prefer to pay for their gear with it? i want to hear some feedback from all the brothers on their opinions on the Bitcoin!! If you are not sure what a Bitcoin is click the link below.

http://bitcoin.org/en/getting-started

bitcoin_logo_flat_coin_star_by_carbonism-d3h79mu.jpg
 
BikerTrash said:
I have heard of this many times but never used or looked into it as of yet .
Click to expand...

Could be potentially the next big form of payment in our industry. Knocks out WU and MG.
We have developers programming our shopping cart as we speak. Even though we accept CC, Evolution will be the first Research Company to accept this form of payment. If it all works out. :teleport:
 
I have a mod that had something like 1200 of them and bought them at next to nothing... sold that at 10.00 per .. Is now sick at not holding onto them as he would be a millionaire now if he had kept them ..

price varies on them
 
basskiller said:
I have a mod that had something like 1200 of them and bought them at next to nothing... sold that at 10.00 per .. Is now sick at not holding onto them as he would be a millionaire now if he had kept them ..

price varies on them
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I have a similar business associate who bought them at $40.00 and still has them. Somewhere around 500 of them, Still a great hit.
Bass what is your personal opinion about them?
 
I thought the pirate got busted and they (LE) stopped all that?
 
I've heard about them too but I'm still shaky about it. It just seems to me that the Govt will find some way to get control of it and manipulate it in a bad way just like they have done and are doing to the value of the US dollar.
 
A few others sponsors have tried this form of payment, things didn't work out to good.let us know how it goes i'd be interested to hear the results.
 
They are being used to launder money internationally and are being watched by the feds and interpol, imo just a matter of time before the whole thing goes belly up. Using them can draw unwanted attention.
 
Chinese ban weighs on Bitcoin?s global fight for acceptance

NATHAN VANDERKLIPPE

SHANGHAI ? The Globe and Mail

Published Wednesday, Dec. 11 2013, 6:30 PM EST

Last updated Wednesday, Dec. 11 2013, 6:33 PM EST

The Chinese clampdown on bitcoin has taken some of the wind out of a frenzy that has, in recent months, been fuelled by the promise of a new way of using digital money ? and left difficult questions for those who just days ago stood at the heart of a booming online trade.

Beijing has barred commercial banks from accepting bitcoin, amid worries about its unstable nature and the ease with which it can be used in illegal activities such as money laundering. Though bitcoin can still be traded like a stock, it has now, in China at least, been officially sidelined ? and its value has since fallen nearly 40 per cent.
 
Security

security

Illegal online marketplace disappears, along with up to $100 million in Bitcoins
By Dave Jeffers, IDG Creative Lab

Dec 4, 2013 12:24 PM

Anyone who goes to the movies knows what happens to those who steal from organized crime. It isn't pretty. (Okay, sometimes they live happily ever after, but that's only because it's a movie.)

But now that familiar script could be happening for real in the dark recesses of the Internet. And the ending is yet to be written. A major underground bazaar, Sheep Marketplace, suddenly closed down Saturday, claiming that hackers stole 5,400 Bitcoins (BTC). At the current (extremely volatile) rate of exchange, that's about six million dollars.

After the FBI shut down Silk Road in October, Sheep Marketplace became the largest seller of illegal drugs and other illicit product on the Internet. Not surprisingly, it did its business in Bitcoins, a peer-to-peer currency not backed by any government. Like cash, Bitcoins leave no record of where they have been or who they belong to. And like cash, that makes them attractive for illegal business.

That six million dollars may be the tip of the iceberg. Various reports claim that more than $40 million, or even as much as $100 million, has been stolen.

The first hint of trouble came Sunday with a Sheep Marketplace announcement on Reddit. "We are sorry to say, but we were robbed on Saturday 11/21/2013 by vendor EBOOK101? We were trying to resolve this problem, but we were not successful. We are sorry for your problems and inconvenience..."

Not surprisingly, the reactions to this notice were not complimentary. "You run a site partially dedicated to thieves and scammers selling their wares, yet somehow wonder how it ends up getting robbed?" asked Twigburst. CrazeeFruito guessed that "if [the thief] is clever he has escaped somewhere nice with a flash drive containing millions," and VulgarTruth wondered if "that guy is going to get assassinated by his drug lords."

That 5400 BTC figure may be low-balling. People who keep a watch on Bitcoin activity have noted the recent movement of 39,918.00816 BTC--about $44 million dollars. And someone known on Reddit as sheeproadreloaded2 thinks that it's much more than that. In a Monday post, he claims to have discovered "96,000 stolen, freshly-laundered bitcoins [sic]." That's about $100 million U.S. dollars.

Spectacular Bitcoin robberies appear to be a new trend. Late last month, the Bitcoin Internet Payment System (BIPS) lost almost 1,300 BTC. And in October, an Australian virtual bank called Inputs.io lost 4,100 BTC. For more on that last robbery, see The Great Bitcoin Bank Robbery.

Like the Inputs.io affair, a lot of people are assuming that the alleged primary victims--the person or people who run the Sheep Marketplace--are actually the perpetrators. And the dark site's recent behavior hasn't exactly made them look innocent. In late November, the site stopped allowing people to withdraw their money, and were offering good deals on bulk drug purchases if people would pay in advance.

That sounds like a very lucrative way to make a living. But not a very safe one.
 
willsgotrythm said:
I've heard about them too but I'm still shaky about it. It just seems to me that the Govt will find some way to get control of it and manipulate it in a bad way just like they have done and are doing to the value of the US dollar.
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I agree with that as well. My biggest fear is what is the US going to do to stop this. Banks hate it and IRS has not publicly come out with any statement on it. If you buy at $40.00 and it goes up to $1,000 thats a great hit. However your more than likely going to have to pay capital gains.
 
Cabo Jo said:
A few others sponsors have tried this form of payment, things didn't work out to good.let us know how it goes i'd be interested to hear the results.
Click to expand...

Can you elaborate on "Things didn't work out to good" i want to hear all and any information i can about this.
 
liftsiron said:
Security

security

Illegal online marketplace disappears, along with up to $100 million in Bitcoins
By Dave Jeffers, IDG Creative Lab

Dec 4, 2013 12:24 PM

Anyone who goes to the movies knows what happens to those who steal from organized crime. It isn't pretty. (Okay, sometimes they live happily ever after, but that's only because it's a movie.)

But now that familiar script could be happening for real in the dark recesses of the Internet. And the ending is yet to be written. A major underground bazaar, Sheep Marketplace, suddenly closed down Saturday, claiming that hackers stole 5,400 Bitcoins (BTC). At the current (extremely volatile) rate of exchange, that's about six million dollars.

After the FBI shut down Silk Road in October, Sheep Marketplace became the largest seller of illegal drugs and other illicit product on the Internet. Not surprisingly, it did its business in Bitcoins, a peer-to-peer currency not backed by any government. Like cash, Bitcoins leave no record of where they have been or who they belong to. And like cash, that makes them attractive for illegal business.

That six million dollars may be the tip of the iceberg. Various reports claim that more than $40 million, or even as much as $100 million, has been stolen.

The first hint of trouble came Sunday with a Sheep Marketplace announcement on Reddit. "We are sorry to say, but we were robbed on Saturday 11/21/2013 by vendor EBOOK101? We were trying to resolve this problem, but we were not successful. We are sorry for your problems and inconvenience..."

Not surprisingly, the reactions to this notice were not complimentary. "You run a site partially dedicated to thieves and scammers selling their wares, yet somehow wonder how it ends up getting robbed?" asked Twigburst. CrazeeFruito guessed that "if [the thief] is clever he has escaped somewhere nice with a flash drive containing millions," and VulgarTruth wondered if "that guy is going to get assassinated by his drug lords."

That 5400 BTC figure may be low-balling. People who keep a watch on Bitcoin activity have noted the recent movement of 39,918.00816 BTC--about $44 million dollars. And someone known on Reddit as sheeproadreloaded2 thinks that it's much more than that. In a Monday post, he claims to have discovered "96,000 stolen, freshly-laundered bitcoins [sic]." That's about $100 million U.S. dollars.

Spectacular Bitcoin robberies appear to be a new trend. Late last month, the Bitcoin Internet Payment System (BIPS) lost almost 1,300 BTC. And in October, an Australian virtual bank called Inputs.io lost 4,100 BTC. For more on that last robbery, see The Great Bitcoin Bank Robbery.

Like the Inputs.io affair, a lot of people are assuming that the alleged primary victims--the person or people who run the Sheep Marketplace--are actually the perpetrators. And the dark site's recent behavior hasn't exactly made them look innocent. In late November, the site stopped allowing people to withdraw their money, and were offering good deals on bulk drug purchases if people would pay in advance.

That sounds like a very lucrative way to make a living. But not a very safe one.
Click to expand...

I agree. I have some associates that have 6 figures in them. 1 Cashed out and is done, 1 currently still holds them. My main concern is capt gains.
 
interesting

(Reuters) - The price gap between bitcoins trading in Chinese yuan and those sold for other currencies has evaporated in recent days, highlighting the porous nature of China's capital controls.

Chinese bitcoin chat rooms buzzed last month as investors noticed that the digital currency as sold on China's biggest exchange was more expensive, in dollar terms, than bitcoins traded abroad using dollars, creating a tempting arbitrage play.

Traders could earn profits by buying bitcoins using dollars on a foreign exchange such as Mt. Gox, reselling them for yuan at the higher price on BTC China, the main local exchange, and finally converting the yuan back to dollars.

"Insane bitcoin. If you've got dollars, hurry and do arbitrage," a user called 'foxtree' wrote on Weibo, a Twitter-like micro-blogging platform, on November 19, the day the gap peaked at more than 30 percent.

A key driver of the price gap was China's capital controls, which make it difficult for speculators to swap yuan proceeds from the sale of high-priced Chinese bitcoins into dollars.

"Certainly a portion of the premium on BTC China was a result of the fact that any coins sold would be in RMB, which isn't the most portable currency," said Zennon Kapron, head of Kapronasia, a Hong Kong-based finance and technology consultancy, using an alternate term for the Chinese currency.

"So if you did trade that market, getting your money back into another currency is more difficult," he said.

RAPID EVOLUTION

In recent days, however, the spread between bitcoins as priced in yuan and those priced in dollars has disappeared. An announcement by China's central bank last week forbidding commercial banks from dealing in bitcoin also contributed to the price decline on BTC China.

But analysts say the price convergence also reflects the rapid evolution of the bitcoin market, which began with technology enthusiasts but quickly expanded to include those with the financial know-how to evade China's strict capital controls.

A 27-year-old e-commerce professional from the east coast city of Xiamen, who goes by the screen name 'King,' is typical of early-wave amateur punters.

He told Reuters that he used RChange, an online currency exchange and payment service based in the Seychelles, to exchange yuan for commercially-operated electronic currencies such as OKPay and EgoPay, which are accepted by several international bitcoin exchanges. But because such currencies carry hefty charges, this method is only profitable when the bitcoin spread is very wide.

SOPHISTICATED ARBITRAGEURS

Recently, as bitcoin has grown in popularity, more sophisticated arbitrageurs have stepped in. Early this month, Chinese media began reporting that investors from Wenzhou, the east coastal city known for its entrepreneurial and speculative zeal, were piling into bitcoin.

Wenzhou's famously tight-knit, business-savvy global diaspora has given rise to the adage "Wherever there's a market, there are Wenzhou people" and offers Wenzhou investors ready access to foreign currency.

Some bitcoin speculators are also likely resorting to other tried-and-true methods for skirting China's capital controls. The most common is falsified trade invoices, which disguise movements of speculative cash as payments for goods and services.

Indeed, unexpectedly strong export growth in November reignited suspicions that official data had been inflated by fake invoicing.

Those suspicions centered on the conversion of dollars to yuan in order to profit from appreciation of the Chinese currency. But the same technique has been used to move funds in the other direction.

Mis-invoicing in China resulted in illicit outflows worth $3.79 trillion between 2000 and 2011, according to a report last year by Global Financial Integrity, a think tank and advocacy group in Washington.

A Shanghai-based fixed income fund manager dismissed capital controls as a barrier to shifting money around. "All of my clients have plenty of money offshore already," he said.
 
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