Skip to comments.Signholder Receives Over $24,000 In Bitcoin After QR Code Appears On ESPN
Posted on 12/02/2013 8:54:05 AM PST by Baynative
a Bitcoin newcomer reportedly received over 22 Bitcoin after holding up a sign with a Bitcoin QR code. In what is one of the most genius demonstrations of the cryptocurrency to date, the Bitcoin enthusiast created and displayed a sign that read Hi Mom, send followed by the Bitcoin symbol. The user, who has thus far only been identified by his reddit username BitcoinPitcher2, had thought that someone might send him a bit as a gag, though the user wasnt sure the QR code would even be scannable.
Fellow Bitcoin enthusiasts showed their support for the stunt by sending BitcoinPitcher2 over 22 Bitcoin. While the transactions first came in small amounts, the Bitcoin address soon saw transactions as large as 5 Bitcoin coming in from unknown addresses. With an exchange rate in excess of $1,000 USD the account quickly accumulated a large amount of money, well in excess of the Bitcoiners expectations. The details of the Bitcoin address can be viewed on Blockchain.info.
(Excerpt) Read more at cryptojunky.com ...
"While the total amount of Bitcoin received at the address could very well increase still, it has roughly 22.35 Bitcoin in it at the time of this writing. With a current exchange rate of $1,090 USD/BTC on the Bitcoin exchange Bitstamp.net, the value of the received coins comes to $24,361.50 USD."
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IRS wants him to pay taxes on all that unearned income. lol
It’s talking about the currency of the hidden internet - the 7,480 terrabytes of it that is not indexed by search engines. Drugs, crime, murder-for-hire, sleaze. Look for a copy of the November 11, 2013 issue of Time Magazine. Check out the article that starts on p.26.
Also, Google up ‘Ross Ulbricht’
All that is ... is a bunch of other Bitcoin supporters sending him some of their “cash” (in Bitcoins) to show their approval.
It would be sorta like you putting something up on the net and saying “something” ... and then saying if you support this “send cash” — and a bunch of people end up sending you whatever amount of cash they want.
Right now that guy can “cash in” those Bitcoins and be a whole lot of money ahead.
Yes someone PLEASE explain in simple terms what this is? It can’t be used to pay for anything in the real world can it?
Y'just can't play with currency.
(It's ALL by faith ... dollars, rubles, yuan .. etc.)
Itty bitty bump
Bitcoin is very strange. I once dreamed of creating an online currency but it was modelled after real currency just online. Of course in the dream you can’t hack it or duplicate it. I called it Secure-Cash.
The best analysis I can give comes from Bubba_Leroy who said, "Bitcoins have value because other people think that they do. "
Bitcoin is a fad! It will fade!
What is QR supposed to mean?
where does this nut cash his bitcoins and receive dollars?
You “cash in” at the Bitcoin Exchanges. If he did that TODAY ... he would “make a killing” ... :-) ...
Here’s something from Wired Magazine that gives you some background and history on how it started. However, it’s not a current article as it’s two years old.
The Rise and Fall of Bitcoin
The same was said of; steam engines, locomotives, aircraft, automobiles, the internet, Amazon.com, email, cell phones, and etc.
In the shorter term, 1 or 2 years, this is just speculation about the future success of Bitcoin.
Speculators are gambling that Bitcoin will replace, or supplement, other forms of money.
If - and that is a huge if - more merchants begin to accept Bitcoins, and if more people and businesses begin to trust that Bitcoins will retain value, then demand for Bitcoins will increase.
Since there will be a finite number of Bitcoins, more demand means each Bitcoin will increase in value, more demand means that each Bitcoin will be subdivided into smaller and smaller units of exchange.
Unlike sovereign currency, which can be printed in infinite amounts, Bitcoin is a kind of digital “gold” because there is a limited and easily proven quantity of it.
Thus, in theory, Bitcoin should not be vulnerable to currency manipulation by bureaucrats and politicians and traders and bankers.
Plus, there is the additional attraction that, in theory, Bitcoin transactions can be conducted one-on-one, without the intermediation of a banking system, and without the scrutiny and covetous eyes of the taxman.
Will it work?
Can it reach a critical mass of usage necessary for success?
I mean, our current sovereign money system is built on a foundation of trust and cultural acceptance, too.
In the mean time, I plan to keep MY money in US Dollars.
In theory, this should provide real time verification of the total quantity of Bitcoins, plus, it should give real time insight into the demand for Bitcoins.
In theory, this “Log” cannot be hacked.
If it was hacked, a rogue trader could post false transactions that move the value of a Bitcoin up or down.
In theory, the accounts holding Bitcoins cannot be hacked either unless a thief has the correct pass codes.
But, there have been Bitcoin account thefts reported, so that may or may not be true.
Bitcoin actually has several really interesting, really exciting concepts behind it.
But, like I said, my money is staying in US Dollars for the foreseeable future.
Chinas biggest Bitcoin exchange, BTCChina, has stopped accepting deposits in Chinese yuan. The shutdown has sent the currency into a downward spin, stripping it of half its value overnight. It is trading at $572 on Mt.Gox, down from a high of about $1,200 last week. ...
And so goes the price of tulip bulbs.