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Bitcoins soaring

The Watcher

TRIBE Member
Anyone paying attention or have bitcoins?

It's in an almost parabolic move in the last 2 months and accelerating daily... seems capital flight is finding safety outside the banking system.

It's been in the news on mainstream media since Tuesday.

Oh, and new bitcoin ATM's are being developed and delivered to Cyprus.

The Watcher

TRIBE Member
oh, and it's worth noting, the current price in Canadian fiat dollars is 134$, today's range is about 120$ to 145$


TRIBE Member
this is a pretty big problem with bitcoins. The bitcoin supply expands at a predictable and stable rate, but demand is volatile. The value of bitcoins may well crash just as hard as any other bubble.

$80 Undershirt

TRIBE Member
I have a few. Bought them for around $32 apiece about a month ago. It's kind of exciting. Gonna hang on to them and see where this wild ride will take me.


TRIBE Member
Hmph. Nice way to launder money, given that its unregulated.

I'll stick with real dough.
You're not too far off the truth.

There are ways to convert the bitcoins back to cash. Those sites have been around for quite a while.

the price of the bitcoins will crash again.
I just wish i knew about this shit 4 years ago so i could have put some old computers and video cards to good use with linux and some mining scripts......

The Watcher

TRIBE Member
How am I to stash these under the floor boards?
USB Key if you want to stash it physically.

Just zip it, password protect it, rename it to something that only you'll know and stash it digitally on multiple hard drives/web servers/cloud.

Just write down or memorize the hash address of your bitcoins that are password protected rebuild your digital wallet when you need it to gain access to your coins.

Use online service like https://mtgox.com/ to store your bitcoins on a web accessible wallet.
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TRIBE Member
Eff mt gox!
Indeed, from that Globe article I posted:

But in June 2011, the Mt. Gox Bitcoin exchange was hacked, and on Wednesday it crashed. Last May, Bitcoinica, another Bitcoin exchange, saw a cyber attack result in 18,000 stolen bitcoins ($90,000 at the time). EU governments guarantee bank accounts for up to 100,000 euros, but purloined Bitcoins have no such safety net. Still, a proposed a hostile takeover of your bank account, like in Cyprus, isn’t too safe either.

Richard Henderson, a security strategist and threat researcher with Fortinet’s FortiGuard Labs, says he’s concerned by botnets, such as ZeroAccess, which are being use for “Bitcoin mining.”

“ZeroAccess’s main raison d’etre is to mine bitcoin for its owners,” Henderson said. “FortiGuard has been monitoring ZeroAccess infections for quite some time, and we’re seeing linear growth of infections on the scale of about 100,000 new IPs showing infections weekly.”