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Now accepting Bitcoin payments

Topic closed. 48 replies. Last post 3 years ago by Gleno.

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Artist77's avatar - batman14

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Posted: May 17, 2014, 6:59 am - IP Logged

Bitcoin is not without its risks and scandals. I've been following the Mt. Gox Bitcoin scam/scandal/hack/etc and this illustrates one problem for Bitcoin.

From the wiki:

"Mt. Gox was a Bitcoin exchange based in Tokyo, Japan. It was launched in July 2010, and by 2013 was handling 70% of all Bitcoin transactions. In February 2014, the Mt. Gox company suspended trading, closed its website and exchange service, and filed for a form of bankruptcy protection from creditors called minji saisei, or civil rehabilitation, to allow courts to seek a buyer. In April 2014, the company began liquidation proceedings. It announced that around 850,000 bitcoins belonging to customers and the company were missing and likely stolen, an amount valued at more than $450 million at the time. Although 200,000 bitcoins have since been "found", the reason(s) for the disappearance�theft, fraud, mismanagement, or a combination of these�are unclear as of March 2014. There has been some speculation of hackers being responsible for the missing Bitcoins, but no case has been proven..."

Forbes also had an interesting article on the Mt. Gox collapse a couple of months ago.

Now this is how to cite properly to other sources!

J'aime La France.

    Artist77's avatar - batman14

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    Posted: May 17, 2014, 7:13 am - IP Logged

    The mechanics behind digital currency appear complicated, but the major problem facing it is easy to understand. What would keep you from using it more than once? Assuming your digital currency was placed in your digital wallet, why couldn't you send it out to multiple people at the same time? With traditional currency there is a physical exchange, and unless you have exceptional resources that allow you to counterfeit, you can only use it once until you earn it back.

    Even her apparent "questions" and "analysis"  are lifted word for word from elsewhere. This is from investopedia.com.

    J'aime La France.

      Gleno's avatar - Lottery-001.jpg
      New Jersey
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      Posted: May 17, 2014, 8:31 am - IP Logged

      Thanks Todd , Artist77, and Marilyn for the reading sources. It's good to cite our reference sources and believe Marilyn was providing an explanation to us folks out of the know on things Bitcoin . Thought we are  writing or publishing facts for general knowledge and exchange of ideas. Would not be so hard in the criticism department. 

      Coffee

        Gleno's avatar - Lottery-001.jpg
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        Posted: May 17, 2014, 8:34 am - IP Logged

        Thanks Mypie for the reading source. Looks like a must read. 

        Smile

          Artist77's avatar - batman14

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          Posted: May 17, 2014, 9:13 am - IP Logged

          Thanks Todd , Artist77, and Marilyn for the reading sources. It's good to cite our reference sources and believe Marilyn was providing an explanation to us folks out of the know on things Bitcoin . Thought we are  writing or publishing facts for general knowledge and exchange of ideas. Would not be so hard in the criticism department. 

          Coffee

          Thanks Gleno , no worries. I only wanted to clarify that she was simply doing a word for word cut and paste over and over from other sites versus others who appear to have an understanding of the issue, like Todd. I am all for idea exchange but there was no original content in what she was presenting and it did not stem from any first hand general knowledge. I think red flags occur with some of us when we see this all the time in multiple areas of "knowledge." Why mislead anyone and fail to at least use quotation marks?

          J'aime La France.

            Drenick1's avatar - villiarna
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            Posted: May 19, 2014, 12:55 pm - IP Logged

            Even her apparent "questions" and "analysis"  are lifted word for word from elsewhere. This is from investopedia.com.

            Lol! no kidding. Perhaps you should change your name to "Detective77". Wink

              Artist77's avatar - batman14

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              Posted: May 19, 2014, 6:57 pm - IP Logged

              Lol! no kidding. Perhaps you should change your name to "Detective77". Wink

              Thanks. Wish I could add Ms. to my artist name though so people don't assume I am a guy.

              A lot of people were onto her cut and pastes before me.

              J'aime La France.

                rdgrnr's avatar - walt
                Way back up in them dadgum hills, son!
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                Posted: May 19, 2014, 9:34 pm - IP Logged

                I always thought bitcoins were quarters.

                When I was a kid my old man used to throw me a quarter and say: "Here's two bits, go get me a pack o' Herbert Tareyton's.

                  Artist77's avatar - batman14

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                  Posted: May 21, 2014, 6:20 pm - IP Logged

                  I always thought bitcoins were quarters.

                  When I was a kid my old man used to throw me a quarter and say: "Here's two bits, go get me a pack o' Herbert Tareyton's.

                  lol

                  J'aime La France.

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                    Posted: May 22, 2014, 3:39 am - IP Logged

                    Ah Todd, fellow Bitcoiner!

                    I've been interested in Bitcoin for a while, glad to see LotteryPost now accepting it! 

                    I see you're using BitPay (they recently raised 30M in investments) so exciting times ahead!

                    2016 Won/Lost

                    EuroMillions / Spent: £22 / Won £0 / Total -£22

                    UK Lotto / Spent: £4 / Won: £0 / Total: -£4

                    2016 Total: -£24

                    Jan: -£22 Feb: £0 ~ Mar: £0 ~ April: £0 ~ May: £0 ~ June: £0 ~ July: £2

                     

                    EuroMillions = £2 Line / Played: x11 [old price] 

                    EuroMillions = £2.50 Line / Played: x0

                    UK Lotto = £2 Line / Played x2

                      Todd's avatar - Cylon 2.gif
                      Chief Bottle Washer
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                      Posted: May 29, 2014, 1:47 pm - IP Logged

                      An industry update for people wanting to learn more about Bitcoin and its impact.  Here's the latest huge company to officially accept Bitcoin for payment:

                      Dish Network to Accept Bitcoin Payments for Pay-TV Service

                       

                      Check the State Lottery Report Card
                      What grade did your lottery earn?

                       

                      Sign the Petition for True Lottery Drawings
                      Help eliminate computerized drawings!

                        Igamble's avatar - spider
                        nj
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                        Posted: May 30, 2014, 1:58 am - IP Logged

                        Thank you for info Chief !i checked out that site and seems that are more cryptocurrencies coming into the market..is very intersitng what exactly determines their price !  i see that site sells one bitcoin for 568"fedcoins "   if i remembr corectly..it used to b that you can also buy small increments of bitcoin too ..definetly soemthingto reseach when i am not decrypting the lotto games Hiding Behind Computer ...

                          Todd's avatar - Cylon 2.gif
                          Chief Bottle Washer
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                          Posted: May 30, 2014, 11:46 am - IP Logged

                          Thank you for info Chief !i checked out that site and seems that are more cryptocurrencies coming into the market..is very intersitng what exactly determines their price !  i see that site sells one bitcoin for 568"fedcoins "   if i remembr corectly..it used to b that you can also buy small increments of bitcoin too ..definetly soemthingto reseach when i am not decrypting the lotto games Hiding Behind Computer ...

                          The 2 most popular are Bitcoin and Litecoin.  Think of them like Gold and Silver.  There are dozens of others, with varying amounts of popularity and potential for any kind of success.  Bitcoin is the most successful, and the one with the most potential for future success.

                          I'm not sure what Fedcoins are, but I assume you mean "dollars".    The current value of one Bitcoin is around $567.  The value fluctuates, but it has been above $500 for months, and as high as $1,200 per Bitcoin last year.  You can buy as small as an increment as you like -- it is not necessary to buy a full Bitcoin.

                           

                          Check the State Lottery Report Card
                          What grade did your lottery earn?

                           

                          Sign the Petition for True Lottery Drawings
                          Help eliminate computerized drawings!

                            Igamble's avatar - spider
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                            Posted: May 30, 2014, 12:02 pm - IP Logged

                            Thanks !  amazing that bitcoin is worth more then others right now...i know i missed the boat when one ounce of gold was 150bucks,i should invest in bitcoin asap.Yes a fedcoin is a dollar,i am mostly thinking of the gold looking 1dollar coin they issue since that is an actual coin..

                              Todd's avatar - Cylon 2.gif
                              Chief Bottle Washer
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                              Posted: May 30, 2014, 12:08 pm - IP Logged

                              Thanks !  amazing that bitcoin is worth more then others right now...i know i missed the boat when one ounce of gold was 150bucks,i should invest in bitcoin asap.Yes a fedcoin is a dollar,i am mostly thinking of the gold looking 1dollar coin they issue since that is an actual coin..

                              It's an exciting time for Bitcoin.  I really hope it continues to grow in popularity, because it is a wonderful idea that makes it easy to spend money either in person or over the Internet, and cuts out banks and other financial institutions just like paying someone in cash.  The only thing holding it back are governments that want to CONTROL the money supply and their citizens.  Bitcoin represents freedom and privacy.

                               

                              Check the State Lottery Report Card
                              What grade did your lottery earn?

                               

                              Sign the Petition for True Lottery Drawings
                              Help eliminate computerized drawings!