بٹ کوئن کی قدر 1000 امریکی ڈالر سے زیادہ

[Topi_Drama]

What is the maximum number of Bitcoins possibly be mined through mining and how much are already in the market...???

You can't mine bitcoin unless you have a powerful ASIC.
Days of mining BTC on CPU or GPU is long over.

 

[Topi_Drama]

And may be most of people don't know but the person who created bitcoin, no one has ever seen him or talked to him. No one knows where he lives. There is no photograph of him anywhere. He only used to communicate via email and that too stopped in 2010.
No one even know if he is just one person or group of persons or some company behind it. The creator of bitcoin is a ghost!

 

[AsifAmeer]

"guaranteed by a government" - Are you too big to fail? They only guarantee Govt gives is taxation and confiscation via inflation.

There's another thing that guaranteed... POMO/OMO/JOMO
http://www.newyorkfed.org/markets/pomo/display/
http://www.sbp.org.pk/ecodata/OMO-Inject-Hist.pdf

You can hold their paper currency which they can inflate with their fingertips. Bailout their buddies, run democracy or dictatorships they see fit.. Then have the audacity to call their actions 'The Law'

Create 1 wallet using armory. See the concept behind bitcoin. Read its white paper (just 8 pages). You'll get the difference.

So if bitcoin is a virtual currency then why do they need us to pay dollars/pounds etc. to buy the bitcoin? In exchange for the bitcoins "they" get our cash and have that safely put away.
I am sure it is an idea against banks but not necessarily a safe one, and I would be very wary of investing anything which is not tangible or guaranteed by a government at least.

 

[Star Gazer]

"guaranteed by a government" - Are you too big to fail? They only guarantee Govt gives is taxation and confiscation via inflation.

There's another thing that guaranteed... POMO/OMO/JOMO
http://www.newyorkfed.org/markets/pomo/display/
http://www.sbp.org.pk/ecodata/OMO-Inject-Hist.pdf

You can hold their paper currency which they can inflate with their fingertips. Bailout their buddies, run democracy or dictatorships they see fit.. Then have the audacity to call their actions 'The Law'

Create 1 wallet using armory. See the concept behind bitcoin. Read its white paper (just 8 pages). You'll get the difference.

I am not disputing the difference that this currency has from the conventional one I am worried about the similarities of both being controlled by organizations or groups I have no control or say with.
I have a hard time understanding current financial systems,the reasons for ups and downs, the controls and complications Thus I rely upon the simple which my head wraps around.
If it is too complicated then it is suspicious to me.

 

[AsifAmeer]

U understand the current financial system?
Do you understand how the currency (dollar, Rupee, pound) comes into existence?

Yet you use the dollar, credit card, gift cards. Dont u?

Bitcoin is not backed by any Govt OR ORGANIZATION. No 1 entity controls it. Miners, sort out transactions, with their mining rigs for which they charge bitcoins. There are thousands of miners out there. Basically its these miners who control bitcoin.

I am not disputing the difference that this currency has from the conventional one I am worried about the similarities of both being controlled by organizations or groups I have no control or say with.
I have a hard time understanding current financial systems,the reasons for ups and downs, the controls and complications Thus I rely upon the simple which my head wraps around.
If it is too complicated then it is suspicious to me.

 

[Star Gazer]

U understand the current financial system?
Do you understand how the currency (dollar, Rupee, pound) comes into existence?

Yet you use the dollar, credit card, gift cards. Dont u?

Bitcoin is not backed by any Govt OR ORGANIZATION. No 1 entity controls it. Miners, sort out transactions, with their mining rigs for which they charge bitcoins. There are thousands of miners out there. Basically its these miners who control bitcoin.

Thanks. I want to pick your brain a little here.

I have two more questions at this point:
1) How can anyone insure who will control the currency and how, if there are no laws, if there are no laid down procedures. Miners mine and take out something from the earth and charge bitcoins for their products so the bitcoin is linked with some minerals and how the minerals trade will determine the value of the bitcoin?

2) If the miners make a monopoly like the banks have done currently then the miners will be like bankers? If you see banks are controlled by a few thousand people in the world and so are the mines.

 

[Ali raza babar]

That is incorrect. I think they are capped at 20 million or so, not sure about the exact. More than 50% have already been mined.

Second this is a bubble. Stay away from it.

Bitcoins were a good buy few months ago. Not now.

There are only two major bitcoin exchanges btc-e.com and mtgox who have money to exchange it and FBI wants a piece of both of them. FBI wants to shut Bitcoin down and taking all necessary measures such as freezing bank accounts of major exchanges or very soon might actually start punishing banks that deal with bitcoin exchanges.

Please stay safe and stay away. If you want to gamble, then please put the money you can AFFORD to lose. Do not sell your house or car like some stupid moron posted above...that is calling in suicide.

I meant virtually limitless not literally

 

[AsifAmeer]

Mining involves Mathematical calculation to verify and secure the transaction ledger. Its called "Hashing out in SHA256". Thats what mining is. You too can mine if you are dedicated... But its a money losing business.

No one controls this currency. Rules of the currency have been written into its code which cannot be changed. There is no transactional cost. And there is no need for a bank to deposit your capital. This way, banks cant 'lend' that money and start the whole debt based economy.

Thanks. I want to pick your brain a little here.

I have two more questions at this point:
1) How can anyone insure who will control the currency and how, if there are no laws, if there are no laid down procedures. Miners mine and take out something from the earth and charge bitcoins for their products so the bitcoin is linked with some minerals and how the minerals trade will determine the value of the bitcoin?

2) If the miners make a monopoly like the banks have done currently then the miners will be like bankers? If you see banks are controlled by a few thousand people in the world and so are the mines.

 

[LovelyVirus]

No fatwa against Bitcoin so far. Hey have the removed the fatwa from printing presses and loudspeakers?

Bhaiya, there is a movement against bankers and central bankers. And this is the weapon being used again the bankers. Not only is bitcoin (crypto-currencies in general) are to cash money what postal mail was to email.

Asif bhai I am not typical mullah mindset or fatwa muncher :lol:
With earning I am always serious and careful as not to indulge with some thing I don't deserve. I understand the concept of bitcoin and it may be a form of movement against bankers but I see people talking about making quick abd big money out of it (following all the hype and speculations). Just to mention I am skeptical of making money from shares and currency exchange as well.

 

[AsifAmeer]

Yaar baat to gehri hai tumhari. Reminds me of this quote from someone
"Its not enough to fight tyranny. Its equally important not to become a tyrant"

Fighting the banksters may turn the very fighters what they are trying to fight.

Lekin I would say this, keep your conscious alive. Listen to your conscious and act on it.

Asif bhai I am not typical mullah mindset or fatwa muncher :lol:
With earning I am always serious and careful as not to indulge with some thing I don't deserve. I understand the concept of bitcoin and it may be a form of movement against bankers but I see people talking about making quick abd big money out of it (following all the hype and speculations). Just to mention I am skeptical of making money from shares and currency exchange as well.

 

[monh zorr]

So if bitcoin is a virtual currency then why do they need us to pay dollars/pounds etc. to buy the bitcoin? In exchange for the bitcoins "they" get our cash and have that safely put away.
I am sure it is an idea against banks but not necessarily a safe one, and I would be very wary of investing anything which is not tangible or guaranteed by a government at least.

ویسے 100 روپے میں کتنے ہزار ، بٹ کوآئن آجائینگے،،،نقد میں؟

 

[Star Gazer]

Mining involves Mathematical calculation to verify and secure the transaction ledger. Its called "Hashing out in SHA256". Thats what mining is. You too can mine if you are dedicated... But its a money losing business.

No one controls this currency. Rules of the currency have been written into its code which cannot be changed. There is no transactional cost. And there is no need for a bank to deposit your capital. This way, banks cant 'lend' that money and start the whole debt based economy.

Thanks.
It is still too much of a new idea for me, will stay away but keep trying to understand it.

 

[Omrkhan]

http://www.forbes.com/sites/kellyph...bitcoin-wallet-on-hard-drive-worth-9-million/

 

[ahaseeb]

It is a roller coaster. I think taking out money to the bank and handling other issues will be tough

 

[Aventador]

Bitcoin is like the internet of early 90's when everyone was scared of it and not many ppl understand it and yet here we are. The price of bitcoin is irrelevant at this stage. Call it a bubble, call it a ponzi or pyramid scheme but before you do, try to read and understand the whole system before passing any judgements. When, the price of bitcoin hit an all time high of 265 in April this year and crashed to a low of $68, everyone said that the bubble popped and that it will never recover. 6 months later, it hit $1200+ on mt.Gox. In Brazil open market, it was even traded for $1500+ so take your pick. The price volatility is so high so i will never recommend putting your lives savings in it and do not invest more than you can afford to lose.