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Nateman · 18-07-2011, 10:17

The Bitcoin concept has me interested! It seems that one could have multiple mining rigs setup on land making income for you while you were out and about cruising. The main problem would be the initial investment and the fact that bitcoin isn't accepted as a "standard" currency. I think the benefits of bitcoin would be great, especially for cruisers. It's a P2P currency so there is no need for a bank or middle man to make transactions.

I don't really see Bitcoin going anywhere, but it's an interesting concept. Have any of you geeky types looked into bitcoin at all?

Here's more info! Bitcoin P2P Virtual Currency

Astrid · 18-07-2011, 10:36

Sounds an awful lot like the old vendor tokens of years past--such as what one would spend in company stores, brothels, speakeasies, etc.

MarkJ · 18-07-2011, 10:42

If you can use it to pay Bribes then its a great idea!

"My Friend, do you have a present for my family?"
"YES my beloved new Brother! One Million Dollars in Bitcoins!"

Nateman · 18-07-2011, 11:04

LOL, you guys went straight to bribes and brothels quick! If this is what cruising is about, I want IN!

PirateBooty · 19-02-2014, 12:00

Thought I should necro this thread since a lot has changed in the bitcoin world since this was posted.

So who out there has figured out bitcoin and is it starting to take foot in the cruiser community?

letsgetsailing3 · 19-02-2014, 12:08

Well, one bitcoin was worth about $1200 in December, and now it's worth $620.

It's been a rough year for bitcoin, though lots of people still believe in it.

PirateBooty · 19-02-2014, 12:14

Quote:

Originally Posted by letsgetsailing3

Well, one bitcoin was worth about $1200 in December, and now it's worth $620.

It's been a rough year for bitcoin, though lots of people still believe in it.

What do you mean a rough year? Exactly a year ago it was trading for less than $10. How is going from $10 to $620 rough? I went from not being able to ever afford a yacht in my lifetime to yacht shopping in one year!

zerompg · 19-02-2014, 12:25

Not really what I thought my first post on CF would be but my take is. You could mine but it's not very profitable. Your better off buying BTC thru a site like coinbase. You certainly can do a lot of BTC and Alt coin trading. I use MCXNOW which is a great site. Don't know if the IRS ever figures out how to treat it but you can make some good gains there and move BTC back to $ with coinbase.

As for a rough year, I think he means just the YTD year to day. which is rough. but a one year chart is very good.

My 2 cents..

Chasing the Dream in 5 yrs.

PirateBooty · 19-02-2014, 12:32

Hi zerompg, thanks for the reply. I've got my coins so I'm not interested in mining or how to acquire. I'm more interested if people are starting to see it being accepted at their destinations. And if there are any big boat brokers out there that accept it as payment, that would interest me too!

Lake-Effect · 19-02-2014, 12:43

Quote:

Originally Posted by PirateBooty

What do you mean a rough year? Exactly a year ago it was trading for less than $10. How is going from $10 to $620 rough? I went from not being able to ever afford a yacht in my lifetime to yacht shopping in one year!

Apparently, you scored big... congratulations. The folks who bought at $1000+ aren't too happy, probably.

Like most people, I don't completely get BitCoin, other than that some people think they're worth something... Feels a little like the Dutch Tulip mania.

PirateBooty · 19-02-2014, 12:48

Quote:

Originally Posted by Lake-Effect

Apparently, you scored big... congratulations. The folks who bought at $1000+ aren't too happy, probably.

Like most people, I don't completely get BitCoin, other than that some people think they're worth something... Feels a little like the Dutch Tulip mania.

As a firm believer in the currency, I believe those people who bought at 1000+ will get their money back. But I'm not really here to sell anyone on it, plenty of people out there doing that already.

I'm interested in whether people are starting to see it accepted at their destinations.

letsgetsailing3 · 19-02-2014, 13:10

Quote:

Originally Posted by PirateBooty

What do you mean a rough year? Exactly a year ago it was trading for less than $10. How is going from $10 to $620 rough? I went from not being able to ever afford a yacht in my lifetime to yacht shopping in one year!

What I meant was that going from $1200 to $620 (this year) was probably pretty rough. The CEO of BitInstant, one of the primary traders of Bitcoin, was arrested two weeks ago for money laundering.

Speculation, like gambling, makes winners and losers. If you acquired some earlier and can sell at a great profit, congratulations. It may even still be a good bet, given people's never-ending quest to get something for nothing, but I'm guessing there will be a little more caution there now.

valhalla360 · 19-02-2014, 13:20

I was at the boat show yesterday and no one was taking bitcoins that I could see.

You never know those tulip bulbs may come back one day.

PirateBooty · 19-02-2014, 13:22

Quote:

Originally Posted by letsgetsailing3

What I meant was that going from $1200 to $620 (this year) was probably pretty rough. The CEO of BitInstant, one of the primary traders of Bitcoin, was arrested two weeks ago for money laundering.

Speculation, like gambling, makes winners and losers. If you acquired some earlier and can sell at a great profit, congratulations. It may even still be a good bet, given people's never-ending quest to get something for nothing, but I'm guessing there will be a little more caution there now.

Can you quantify how the CEO of BitInstant is "one of the primary traders of bitcoin"? I'm always trying to learn something new.