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pg 394 days ago | link | parent

None. But I'm very conservative.


igorsyl 394 days ago | link

I always tell financially conservative people they can buy US$1 worth of Bitcoins just so they can learn how it works. I think many newcomers believe Bitcoins are indivisible.

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zacksjoden 394 days ago | link

I've been reading off and on about Bitcoins on HN for a while and had no idea that they could be broken down into smaller units. From Wikipedia:

"In trade, one bitcoin is subdivided into 100-million smaller units called satoshis, defined by eight decimal places.[4]"

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wmf 394 days ago | link

I think this partly stems from the term "Bitcoin" itself, since coins are not divisible (having moved beyond pieces of eight long ago). But there are no coins in Bitcoin! It's all just txouts and txins.

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vbuterin 394 days ago | link

You can think of it as a magically valuable liquid flowing down a system of ever-growing pipes representing the blockchain where the transactions are linking points and txins and txouts are pipes with their cross-section areas corresponding to their respective values. Once you think about it, the analogy fits perfectly.

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patrikr 393 days ago | link

"Coin" in the Bitcoin system is a nickname for a transaction output. The value of a coin can be anything, 1 BTC, 0.000345 BTC, 500,000 BTC...

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PanMan 394 days ago | link

oke, sounds like a plan. What's the easiest place to buy 1/50th bitcoin? I created a Coinbase account, but that seems US only :(

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tlrobinson 394 days ago | link

https://mtgox.com/

https://localbitcoins.com/

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nym 394 days ago | link

Send me a message with your email address on http://howdoyoubuybitcoins.com/contact/ and I'll send you a small amount for free.

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PanMan 393 days ago | link

I just figured out I have this adres at coinbase: 1AL1NkXgkoCHA4VCFwyn4E12orw4cSbWhQ

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jacoblyles 394 days ago | link

Post your BTC address and I'm sure someone will throw a bitcent or two your way.

edit: mine is 1BFzpDHT69SrwLXndVogGgoSf5W4A8TMVS if you want to share the love :)

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Yahivin 394 days ago | link

Anyone got any bit-pennies for a newb? 16524z1k5Xk8BsEVcSo1ZXLvank4ukUVdE

I think Bitcoin or currencies like it will be important in the future so I'm trying to figure it out.

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jacoblyles 394 days ago | link

2 internets for you sir (0.02 BTC)

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brezina 394 days ago | link

sweet! hook a brother up 13d1B83HJZqgwwDUmVDB8dTtmgkp7BK62Q

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jacoblyles 394 days ago | link

an internet for you sir! (0.01BTC)

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brezina 394 days ago | link

gracias amigo

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loginatnine 393 days ago | link

Any internet left? :) 1LPjVfUFtwqy1DToVogtT2Fob3du4qXSa5

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jacoblyles 393 days ago | link

I apologize, it looks like coinbase servers hit a snag today and they aren't generating transactions in a timely manner. Hopefully they will fix this soon! They are a good service, but haven't figured out the load problems yet.

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jacoblyles 393 days ago | link

1.1 internets for you sir! Don't spend it all on Satoshi Dice :)

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loginatnine 393 days ago | link

Hahaha the more I learn from BTC, the more I like it! Thanks a bunch!

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elux 394 days ago | link

Do you want some? I could give you one.

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nym 394 days ago | link

Thanks for sharing!

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benajnim 394 days ago | link

You are a venture capitalist, yes? ;^)

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reaclmbs 394 days ago | link

Wouldn't a conservative hedge?

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ajross 394 days ago | link

Hedge vs. what? The collapse of the entire world financial system and its replacement by .... bitcoin?

To be serious: obviously bitcoin can be used as in any investment strategy, including "conservative" ones. You seem to be arguing that a bitcoin position must be part of one, which is kinda insane.

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javert 394 days ago | link

Hedge vs. loss of value in major world fiat currencies. I think this is actually an important problem, and Bitcoin is a nice alternative to gold.

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reaclmbs 394 days ago | link

I think you're being rude.

I am referring to the collapse of financial systems, but not necessarily the replacement by bitcoin. Maybe precious metals, heirloom seeds, or guns?

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joezydeco 394 days ago | link

Why buy chips when you can own the Casino (Coinbase)?

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tlrobinson 394 days ago | link

I see it the other way around. For Coinbase to succeed, Bitcoin necessarily needs to succeed. If Bitcoin succeeds the price of Bitcoin will increase by many orders of magnitude.

Right now I'd put Bitcoin's odds of success on par with an early stage startup.

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joezydeco 394 days ago | link

The analogy was in reference to pg's investment in Coinbase while holding no Bitcoins themselves.

If Bitcoin succeeds, would you rather have owned the coins... or the banks and exchanges that constantly take a percentage of the flow?

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tlrobinson 394 days ago | link

I'm saying it's quite possible the coins themselves would be a better investment at this point.

Casino chips aren't going to significantly increase in value. If Bitcoin succeeds then Bitcoins will. If Bitcoin doesn't succeed, then neither will the "banks".

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joezydeco 393 days ago | link

But building a decent and trusted infrastructure of "banks" will improve Bitcoin's chances of success. Just holding a given quantity of coins on your laptop will not.

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tlrobinson 393 days ago | link

Oh I agree completely. If you have a significant amount of Bitcoin you should do everything you can to make Bitcoin a sucess.

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