I am new to bitcoin and need some advice.

If the day ever comes when all that used toilet paper starts arriving back in the USA,
there's going to be a huge stink.

 

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I want to get to the Silk Road website (for those that don't know, its an online drug dealing website) and I can't figure out how to use TOR to get their. Anybody here even been there before?

 

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That is a rather stupid request since it's been announced that the main players involved in it are currently arrested.
This threads topic is actually "Bitcoin", the only reason that Silk road was mentioned was due to how such activities destabilise bitcoin from being seen as a legitimate alternative to money.

 

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Not true. it is backed by the full power and force of the US military. See Iraq, if you want to see challenges to the petro dollar.

 

Well, ladies and gentlemen, I present you a case against bitcoin. Here is a dude who is stupid for at least 2 reasons (SR is over, google TOR usage), but he is ready to use bitcoin. Now what are the chances that his online wallet won't be hacked in less than 3 weeks? I say, zero....

 

Silk Road got busted? When? I hadn't heard

 

America's Foreign Policy, in a nutshell

Annywun that sez the dollar isn't good is gonna get a nuke up their asshole.
We ammuwikens rule the world you bastards!

 

Ages ago.
So if you have bought any stuff on there, expect to hear a banging noise at 5am sometime soon.
That noise will be the Feds kicking your door in.

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"We gotta problem Lieutenant. This isn't weed like the tip-off said. These are WEEDS"

 

Check out this photo. The guy on the very left looks like he's doing some sort of dance move. The guy on the right looks like he's taking a nana nap, second from right looks as if he's never operated the gun he's holding and what heck is Sean Penn doing in the middle with a skipping ripe tied to his shoulder??... Can't decide which is dodgier, Silk Road or this photo!

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A Chinese software company has begun accepting the currency.

The value of Bitcoins is on the rise this week, climbing as much as 16%, as a major new vendor, a unit of Chinese Internet giant Baidu (BIDU), began accepting the virtual currency for payments.
Baidu logoBaidu’s Jiasule unit, which provides online security and firewall services, said in a Chinese language post on Oct. 14 that it had started taking Bitcoins.
http://finance.yahoo.com/blogs/the-...ity-price-gets-big-boost-baidu-160640862.html

1 Bitcoin is now worth $163

 

Bitcoin is now worth $449
How long before they are worth an ounce of Gold?
See https://www.mtgox.com/

 

Bitcoin now worth over $900. Anyone riding this bubble is having a terrific time.

The value of virtual currency Bitcoin has soared to over $900 (£559), after a US Senate committee hearing.
The committee was told that virtual currencies were a "legitimate financial service" with the same benefits and risks as other online payment systems.

http://www.bbc.co.uk/news/technology-24986264

 

Bitcoin is up 750.00 . It's went up 107% in one week . if it keeps going at this rate ,it will be the price of an ounce of gold.

 

If it keeps going up at 100% a week, one will be worth more than the whole universe within a few months.

 

It's out of controll, something will pop. Wait and see.

 

You need to go on YouTube(Bitcoin) , it tells everything you want to know ,it's awesome!

 

It started in Japan

 

Majority is not Enough: Bitcoin Mining is Vulnerable
http://arxiv.org/abs/1311.0243

In other words, if a whole bunch of groups start using such attacks, it will inflate the price of bitcoins, however they will be inflated to the point where as an economy alternative it crashes.
It will end up like a Ponzai scheme in the sense that you'll only make money if you got in and out at the beginning of a trend, or you'll be left with nothing but your virtual shirt.

 

See: http://www.sciforums.com/showthread.php?137156-Is-Bitcoin-Flawed&p=3134395&viewfull=1#post3134395
where among other facts about this Ponzi, it is noted that government will confiscate or make bitcoin illegal if it gets to be a significantly used currency - they make about 95+ cents on every "thin- air" dollar or pound etc. they print, and will not / can not lose that revenue.

I'll also note, that NSA, etc. can crack the codes and create more bitcoins. I.e. pay their employees with them, etc.

 

More conspiracy? Bitcoins are not a Ponzi scheme. It's more of a tulipomania, greater fool thing. Governments may take action against Bitcoins, not for nefarious conspiracy reasons, but because Bitcoins can be used to circumvent money laundering laws and evade taxes. Bitcoins are up some 1,400+ percent year to date.

$800 is a bit steep for a bar code.

http://en.wikipedia.org/wiki/Tulip_mania

And since Bitcoins are open source, virtually anyone can start up their own competing currency.