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So i have been talking to my friend since JUNE about bitcoins. its like talking to a cement wall. he so none of the positive stuff and all the negative things about bitcoin. How do we combat this shit.
Here are his latest replies. GRRRRRR
"I been watching the Bitcoin market and the value has tanked, 1 Bitcoin is only worth $366 now! Back in July is was over double that. I see In the market that bitcoins are not becoming as popular as people thought. On CNN money market, there saying bit coin is "the tip of a dangerous iceberg", Top investors say bit coins got a lukewarm welcome to the real world 2 months ago from the IRS and The IRS ruled that, for tax purposes, bitcoins should be treated as investments like stocks and bonds, rather than as traditional currency.
That’s a potential nightmare for currency users, because it could make any bitcoin transaction a “taxable event.” If your bitcoin rose in value between the time you obtained it and the time you used it, you could owe capital-gains tax—not something you need worry about when you pay with, say, a $20 bill. Lol.
From what I'm seeing is that Bitcoin’s fate relies on people’s willingness to accept it, use it and think it has some value. Banks won't accept it and many businesses that use to accept it no longer does. There's also some major changes in motion here too, New York state recently proposed virtual-currency rules that would require “BitLicenses” for people who trade, store or issue virtual currencies, along with disclosure, anti-laundering and security requirements. So you can actually be fined or jailed if you don't have a license for bitcoins.
I also read an article that miners are hacking people's bank accounts so it's more of a reason bitcoins might fall off the digit map, here's that article:
James Singleton, a digital manager at the Red Bull Music Academy in Germany, was coding one February afternoon and left his computer to go home at about 4 p.m. Three hours later, he received an email from Amazon saying his account had racked up a mysterious $2,600 bill, as well as 100 new, large databases that he never created in Dublin, Hong Kong, Tokyo and the U.S.
“I was furiously deleting these things,” Singleton says. But his account soon topped $5,100. Amazon removed the charges, he says, and told him the company had seen similar cases where people had infiltrated others’ accounts to mine for cryptocurrencies like bitcoin. “I can’t think of any other reason you might need to have that much computer power,” Singleton says.
Bitcoins are created through “mining,” a process in which computers solve complex math problems. It requires massive volumes of processing power and electricity, so some miners do it on somebody else’s dime. Some hackers are infiltrating peoples’ cloud accounts to set up data centers that mine for digital currencies.
Rob Ragan, a senior security associate at the security firm Bishop Fox, found that by scraping search engines, he could find users’ Amazon Web Services private keys—usernames and passwords. Hackers could access their accounts and control servers to set up mining operations. “There’s obviously a whole lot of money to be made by having someone else pay for all the power of your cryptocurrency mining,” Ragan says, adding that the process could run up a tab of up to $800,000 on someone’s cloud account.
A spokeswoman for Amazon Web Services called these cases “basic fraud” and declined to comment on how often they occur.
I guess I'm still not sold on it yet, I'm closely watching the market but it seems more like a "fab" that may or may not phase out over the next few years, hard to tell.."