Bitcoin - currency of THIS industry

[comabanana]

Originally Posted by Abcdefghijklmn

Bitcoins are a famous medium for hackers too.

well, hackers are all about the dough. banks are obviously out of reach for script kiddz.

[comabanana]

Originally Posted by LateHunter

What I heard now is it is bo hua to mine le.. it takes too much effort to mine bitcoin..

You are right. Mining has transcended the limits of GPU and even server farms. It is impractical to mine without proper equipment (and cheap grid).

[Mito]

Originally Posted by Arse-nal

no issues wif bitcoin bt skeptical about ts being an angmo

Points return

[avet]

Bitcoin also now reach blockchain limit, so, to process it quickly you need to find miner and pay high transaction fees...So.... Why use bitcoin?

[comabanana]

Originally Posted by Mito

Points return

how bout a dickpic?

[comabanana]

Originally Posted by avet

Bitcoin also now reach blockchain limit, so, to process it quickly you need to find miner and pay high transaction fees...So.... Why use bitcoin?

Wouldn't it be a good problem if your arcade machine is full and you can't accept coins? The value propositions of bitcoin are still the same - permissionless, no intermediaries, no fees. I personally feel that bitcoin is not here to replace the credit card rails

[comabanana]

As promised, i will cover sending and receiving Bitcoin.

In banking context, sending money requires one to know the recipient's bank, acc no, SWIFT/IBAN code, name etc.
For bitcoin, the sender only requires the receiving bitcoin address aka public key - an identifier of 26-35 alphanumeric characters, beginning with the number 1 or 3.

e.g.
1BvBMSEYstWetqTFn5Au4m4GFg7xJaNVN2
3J98t1WpEZ73CNmQviecrnyiWrnqRhWNLy

Steps to send bitcoin using a wallet service:
1) Click on send function
2) Set the amount you would like to send - usually denominated in USD, BTC(bitcoin) or local currency
3) Address to send to

Steps to receive bitcoin using a wallet service:
1) Click on receive
2) Create a new address to receive Bitcoin
3) Copy and paste the new address to sender

Once a bitcoin transaction is made, it will be instantly visible on the network, but it takes 3-6 confirmations till a user has full control of the coins. Confirmations happen roughly every ten minutes - a new block is created and added to the blockchain through the mining process. This block verifies and records any new transactions. The transactions are then said to have been confirmed by the Bitcoin network.

[Noun]

Originally Posted by Evelynnnnnn

Transactions are untraceable.

Now you open the can of worms. Bitcoin is good for illicit money.

Any government will recognized this bitcoin good for money laundering.

[Noun]

The cat is out of the bag!

You are here to do biz

Question - we dun know you why trust you to handle cash USD?

Note - please pay advertising fees to SBF since you are doing business here.

Originally Posted by comabanana

As promised, i will cover sending and receiving Bitcoin.

In banking context, sending money requires one to know the recipient's bank, acc no, SWIFT/IBAN code, name etc.
For bitcoin, the sender only requires the receiving bitcoin address aka public key - an identifier of 26-35 alphanumeric characters, beginning with the number 1 or 3.

e.g.
1BvBMSEYstWetqTFn5Au4m4GFg7xJaNVN2
3J98t1WpEZ73CNmQviecrnyiWrnqRhWNLy

Steps to send bitcoin using a wallet service:
1) Click on send function
2) Set the amount you would like to send - usually denominated in USD, BTC(bitcoin) or local currency
3) Address to send to

Steps to receive bitcoin using a wallet service:
1) Click on receive
2) Create a new address to receive Bitcoin
3) Copy and paste the new address to sender

Once a bitcoin transaction is made, it will be instantly visible on the network, but it takes 3-6 confirmations till a user has full control of the coins. Confirmations happen roughly every ten minutes - a new block is created and added to the blockchain through the mining process. This block verifies and records any new transactions. The transactions are then said to have been confirmed by the Bitcoin network.

[comabanana]

Bitcoin and the sex industry

Across the country, law enforcement is cracking down on sex trafficking of minors by going after online escort ads.

Five years ago, Craigslist was pressured to shut down its adult-services forum. The new target is Backpage.com — Visa and MasterCard stopped processing transactions with Backpage this summer.

Some in the sex industry are getting around that by using the virtual currency bitcoin. That's the latest adaptation by an industry used to getting creative to avoid detection.

After making more than 800 arrests off Backpage since 2009, Cook County Illinois Sheriff Tom Dart called a news conference to announce a victory this summer.

"We want to commend both Visa and MasterCard for their civic responsibility, for so quickly acting when we talked to them. American Express has already done that. They've now been narrowed down to where there's very little options for people who want to work with that website," Dart said.


Many of those ads then migrated to Backpage.

For human rights lawyer Malika Saada Saar, who led the Craigslist action, that nimble pivot was a disappointment.

"I am no longer willing to play a game of whack-a-mole with these websites. Until we start arresting buyers for statutory rape and putting them on the sex offender registry, Craigslist, Backpage or the next mainstream website will continue to be popular and used in a widespread way," Saada Saar says.

Backpage, owned by a Dutch company, is fighting back. It's suing Sheriff Dart and making its ads free.

It won't provide revenue figures and an attorney for the company declined to comment.

Backpage's free ads spurred a blizzard of listings, but free isn't always free. Advertisers who want to make their ads more prominent pay a premium.

Some bitcoin fans hope Backpage's credit card obstacle might become bitcoin's boon.

Ray Youssef is the CEO of Paxful Inc. in New York, a website that sells bitcoin. He says "the Backpage Effect" drove in a whole new clientele.

"I was getting calls from people and they were just calling me up begging me to help them and I said, 'OK, just log on, create an account,' and they were like, 'Account where?' They didn't even know what our website was. People were just passing around our number on social media," Youssef says.

He says these customers, many of them unbanked and not tech-savvy, found bitcoin clunky.

Tutorials sprang up to help this kind of customer on the Web, and in-person — gatherings like one near San Francisco publicized by the Bay Area Chapter of the Sex Workers Outreach Project.


It feels like a neighborhood meeting, with snacks and soft drinks. A tax attorney arrives with his PowerPoint.

He shows the group how to trade the virtual currency on their cellphones, and he points out they can also use bitcoin to reserve hotel rooms on Expedia.

Those attending this session view the easy movement of virtual currency, and the difficulty of tracing it, as appealing. But for those trying to combat the sex trade, strangling the money flow to an industry this adaptable remains a challenge.

TL;DR bitcoin is gaining momentum in the sex industry. payments are received in bitcoin, and even hotel rooms can be paid for on expedia via bitcoin

[alexmason86]

how about we put our efforts together on how to capitalize bitcoin ?? im thinking doing pool mining but alone and limited budget will not yield any return. maybe we can share knowledge and resources on how to make money out of bitcoin

[comabanana]

Originally Posted by Noun

Now you open the can of worms. Bitcoin is good for illicit money.

Any government will recognized this bitcoin good for money laundering.

Let us backtrack a little. At low level talks, Bitcoin is untraceable. Otherwise they are PSEUDO anonymous. Again, at low level thinking, bitcoin is good for money laundering. Otherwise, the cartels still prefer using this paper called the green back.

[comabanana]

Originally Posted by Noun

The cat is out of the bag!

You are here to do biz

Question - we dun know you why trust you to handle cash USD?

Note - please pay advertising fees to SBF since you are doing business here.

Do i have to pay to evangelize bitcoin and provide an alternative solution to make/receive payments? In no way am i pushing sales homie. Bitcoin is an enabler - not an investment

[comabanana]

Originally Posted by alexmason86

how about we put our efforts together on how to capitalize bitcoin ?? im thinking doing pool mining but alone and limited budget will not yield any return. maybe we can share knowledge and resources on how to make money out of bitcoin

I would love to give my view on making money outta bitcoin. Are we allowed to talk about making money?

[Noun]

Originally Posted by comabanana

Do i have to pay to evangelize bitcoin and provide an alternative solution to make/receive payments? In no way am i pushing sales homie. Bitcoin is an enabler - not an investment

If you are sharing info and not making money then no need to pay. But if you are making money here then please pay otherwise you see this thread removed fast by admin.