Bitcoin / Bitcoins / Crypto Currency

Why do you recommend this method?
I can see the benefit to anonymity in paying in cash.
I would actually favour an auditable method when investing the majority of my estate.

Also how do you confirm the bitcoin are authentic before payment to a man in the street?

Lack of onerous background checks on you that involve you sending your full identity and scan of passport to a foreign third party that you don't really know.

And you can add a fee to the bitcoin transaction to increase the priority of the transaction. A fee of a couple of quid should get it done in 30 minutes.

So meet someone, perform the transaction on the understanding you stay together and with the money until it shows in your wallet, then leave.

It's a much quicker, and safer, process than using a company in country X that requires you to bank transfer via country Y and send your passport and identity to country Z.

I'm not sure having to go and meetup with someone in a prearranged location is any less 'onerous' than uploading some scanned documents.

If you actually purchase the bitcoin using the site there is still a Escrow process i don't fully understand/trust and a need to activate two factor authentication.

https://localbitcoins.com/guides/security

I could see cash working for low value quantities say less than a few hundred but ive got bigger amounts in mind.

Article on a study regarding the transaction activities of the original founder
(who we know next to fuck about)

http://thehackernews.com/2013/11/Bitcoin-Satoshi-Nakamoto-Ross-William-Ulbricht-Silk-Road.html

Link to the actual study below - its worrying because unless we know exactly what percentage of bitcoin are currently in the hands of the original developers its hard to place faith in it as a store of value.

https://s3.amazonaws.com/s3.documentcloud.org/documents/839348/silk-road-paper.pdf

Now accepting BTC on my classified ads :)

Dec. 5 (Bloomberg) -- China’s central bank barred financial
institutions from handling Bitcoin transactions, moving to
regulate the virtual currency after an 89-fold jump in its value
sparked a surge of investor interest in the country.

 Bitcoin isn’t a currency with “real meaning” and doesn’t

have the same legal status as a currency, the People’s Bank of
China said. The public is free to participate in Internet
transactions provided they take on the risk themselves, it said.

 An unregulated digital currency may pose a threat to

China’s capital controls. Regulatory oversight may restrain
demand for Bitcoin in China, which exchange operator BTC China
said has become the world’s biggest trader with more than half
of global volumes. The surge in Bitcoin has spurred investor
protection concerns and prompted former Federal Reserve Chairman
Alan Greenspan to call it a “bubble.” Prices plunged after the
PBOC announcement.

It is tanking.

Harsh punning is harsh.

This was always gonna happen, I'm glad the money i bought a few weeks ago i dumped already.

Does anyone have a market tracker? The one I am looking at is super slow, probably due to traffic surge.

bitcoin wisdom?

massive rise in transactions since this news and the price is dropping fast

http://bitcoinity.org/markets
http://mtgoxlive.com/orders

http://bitcoincharts.com/

Gonna buy some more, a dollar a coin. Whats the worst that can happen now

MtGox says $888 so how is that dropping? I was expecting devastation.

I cannot believe how much they have went down, fuckin hell i'd be greeting if I still had my ones!

MtGox says $888 so how is that dropping? I was expecting devastation.

Well it has dropped from $1200 yesterday so it's quite a significant fall no?

It wasn't even at 800 a week ago so I don't see all the fuss.

Especially since we all know it's stupidly variable. The last time it dropped to 700 it shot up again a day later to over 1000.

Conclusion?

buy buy buy buy

sell sell sell

This is driven by new information. I think it will fall a lot further today. I could be wrong.

It will fall
It will rise
It will laugh
It will cry
I could be wrong
Such is life
Fin.

Damn, my btc is worth the same as yesterday morning.

I just bought another house. #notsatoshi