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spreadeagle
01-17-2014, 01:25 AM
Really weird, never really understood bitcoins, I know they are some sort of payment system used in the underground web. Weird as hell Kings are taking them as legit payment.
Dollars and cents are so last century when it comes to paying for stuff at pro sporting events. For the Sacramento Kings, bitcoin is now an acceptable form of currency. From the press release:

Today, the Sacramento Kings announced they will become the first major professional sports franchise to accept Bitcoin, a popular online currency. The bitcoin purchases will be processed through BitPay – the world’s largest payment processor for virtual currencies.

Since purchasing the Kings earlier this year, majority team owner Vivek Ranadivé has directed a business philosophy coined “NBA 3.0,” which focuses on investments in technology, globalization and deep community partnerships. The BitPay relationship marks another manifestation of the 3.0 philosophy in Sacramento.



Tapping into a new and innovative digital currency community in which bitcoins can be earned and saved by users across the globe, the Kings have begun to accept bitcoins in the Kings Team Store through a simple checkout process, and will offer fans the ability to pay online for team merchandise and tickets by March 1. With this technology provided by BitPay, Kings fans will be able to purchase Kings merchandise and experiences in a faster and more secure way using bitcoin. http://www.slamonline.com/online/nba/2014/01/sacramento-kings-the-first-team-ever-to-accept-bitcoin-payments/

5ass
01-17-2014, 01:30 AM
Risky

spreadeagle
01-17-2014, 01:35 AM
someone in the comments said the IRS is trying to shut bitcoin down

dhopisthename
01-17-2014, 02:26 AM
I am sure they are since they are tax free

bmd1101
01-17-2014, 03:28 AM
someone in the comments said the IRS is trying to shut bitcoin down

Best they could do is make it illegal in the US, but I would think that FinCEN would have already done it considering all the regulation they recently handed down on Bitcoin's, in the process they somewhat "legitimized" it. That was probably the catalyst for the King's to start accepting it.



I am sure they are since they are tax free

I wouldn't assume that, if I remember right if you accept bitcoin for payment then use it to pay someone else there is tax involved. As well, if you traded Bitcoin for US cash, I think you would have a tax burden. Again, these changes were recently made by FinCEN. There is some tricky wording to it.

waveycrockett
01-17-2014, 09:55 AM
IDK wtf Bitcoin is but I do know a kid I went to grammar school with invested like $30,000 into some hardware that makes bitcoin 2-3 years ago. I wonder if it is paying off.

D-Leethal
01-17-2014, 10:46 AM
Bitcoin is pretty interesting stuff. I think its too risky to invest in it, but there is BOOM potential.

D-Leethal
01-17-2014, 10:47 AM
Investing in the new marijuana industry is more of a sure thing to me, for real.

BRICKCITYPIMP12
01-17-2014, 11:44 AM
im reading bout this bitcoin **** and still dont get it..haha its interesting but like some out of this world ****.

D-Leethal
01-17-2014, 12:02 PM
im reading bout this bitcoin **** and still dont get it..haha its interesting but like some out of this world ****.

Its value is derived from its scarcity and the merchants that accept it. As long as there are websites, stores, companies that accept bitcoin, its gonna have value. The more that start to accept it, the value goes up. If less start to accept it, value plummets. If you look at it like gold - what really makes gold have value? The simple fact that its scarce, people believe it has value and you can exchange it for other things of value (dollars etc.).

From day 1 on this Earth, before money even existed, value was determined by what people were willing to exchange and trade. Its all about the exchange. If people think it has value and will exchange goods, money, anything else of value for it, than the value is real.

xabial
01-17-2014, 12:04 PM
For those of you who are doubtful bitcoins are actually worth money. Some people choose to use them for evil, (virtual currencies are untraceable so as I said earlier drug websites use them) The Gov't recently confiscated $25M worth of Bitcoins by recently shutting down an illegal drug website.. Guess what? Their selling it back to the public LoL.

People do odd jobs for bitcoins such as cleaning etc. on craigslist.. You can also "mine" them online a concept similar to digging for gold in real life--but your doing it online. Naturally there are viruses, and shady websites that say they offer bitcoins so educate yourself on Bitcoins before you go mining mindlessly for them. Mining for bitcoins is also a looong process but it adds up over time. I, myself am not that familiar with them but know enough..

Since they are virtual currencies their value fluctuates and I mean seriously, fluctuates up and down over time. You can invest in it and make some serious bank. Recently on Dec 23, they were worth $1,100. (Their current exchange rate now is 1 bitcoin = $794 USD)

A university in Cyprus was recently even the first university to accept them as payments!

I hope I taught you something on Bitcoins! Even that was just a scratch on the surface of a very fascinating subject for me.

xabial
01-17-2014, 12:04 PM
Double Post

D-Leethal
01-17-2014, 12:09 PM
So the Kings owners want to use a virtual currency that significantly inflates/deflates over time and most popular virtual currency used by international illegal drug websites that are untrackable by the government? Great..

They will either end up being real smart or real stupid.

But the part about the drug websites is completely irrelevant. People smuggle kilo's for US dollars too, should we stop accepting them?

xabial
01-17-2014, 12:16 PM
They will either end up being real smart or real stupid.

But the part about the drug websites is completely irrelevant. People smuggle kilo's for US dollars too, should we stop accepting them?

But virtual currencies--are untraceable--even more so than real life money whether or not you believe me. But your point still stands.

Still Bitcoins (virtual currencies) are a new and interesting concept. I honestly hope they stay because the potential for good is so much more than bad and I'm worried the people that use them for evil ruin it for the rest of us.

D-Leethal
01-17-2014, 12:25 PM
But virtual currencies--are untraceable--even more so than real life money whether or not you believe me. But your point still stands.

Still Bitcoins (virtual currencies) are a new and interesting concept. I honestly hope they stay because the potential for good is so much more than bad and I'm worried the people that use them for evil ruin it for the rest of us.

Yea man I am pretty fascinated by it to be honest. I just feel its too risky. I know it hit 1k and that was a huge milestone, than one day overnight it plummeted when a Chinese exchange stopped accepting it or something like that. Its scary to invest in something with that type of fluctuation but part of me thinks in 10 years Bitcoin is going to be a massive part of everyday exchange and those who get on it early are going to hit the lotto. Its already pretty late in the game, but in the grand scheme of it all, it still might be real early if you invest and more and more merchants continue to accept it.

D-Leethal
01-17-2014, 12:25 PM
The untraceable and untaxable factor could have some crazy contingency effects though, agree with you there. I would imagine if it gets bigger and bigger, it will start to get regulated close to the same way the dollar exchange does.

D-Leethal
01-17-2014, 12:26 PM
I wish I invested a bit directly after it plummeted last month.

xabial
01-17-2014, 12:43 PM
Yea man I am pretty fascinated by it to be honest. I just feel its too risky. I know it hit 1k and that was a huge milestone, than one day overnight it plummeted when a Chinese exchange stopped accepting it or something like that. Its scary to invest in something with that type of fluctuation but part of me thinks in 10 years Bitcoin is going to be a massive part of everyday exchange and those who get on it early are going to hit the lotto. Its already pretty late in the game, but in the grand scheme of it all, it still might be real early if you invest and more and more merchants continue to accept it.

yeah I'm pretty fascinated by it too. The crazy part is there is so much to learn. Its only the beginning and I'm looking forward to its growth! If you know how to mine them pm me Lol.

D-Leethal
01-17-2014, 12:58 PM
yeah I'm pretty fascinated by it too. The crazy part is there is so much to learn. Its only the beginning and I'm looking forward to its growth! If you know how to mine them pm me Lol.

I don't but its something I am going to look into.

asandhu23
01-19-2014, 02:58 AM
My brother is an investment banker. His firm isn't going anywhere near Bitcoin. "Too volatile" he says.

FarOutIos
01-19-2014, 09:22 AM
Anyone who invests in a bitcoin is just looking to waste their money. Their is no actual backing for the "currency"... such as governments back their currency. The value is only dependent on what others are willing to give you for it. So if no one wants to give you anything for it, its worthless.

And virtual mining? Is there virtual gold? Because real gold... is real. And that is why it has value.

This is only a ploy for people who own bitcoins to make money with it. Obviously, someone out there can "create" as many as they want. So they drive up the value. Create a ton. Sell then. And cash out. Instant millionaire as others lose money on the worthless "virtual currency".

Redrum187
01-19-2014, 12:21 PM
Anyone who invests in a bitcoin is just looking to waste their money. Their is no actual backing for the "currency"... such as governments back their currency. The value is only dependent on what others are willing to give you for it. So if no one wants to give you anything for it, its worthless.

And virtual mining? Is there virtual gold? Because real gold... is real. And that is why it has value.

This is only a ploy for people who own bitcoins to make money with it. Obviously, someone out there can "create" as many as they want. So they drive up the value. Create a ton. Sell then. And cash out. Instant millionaire as others lose money on the worthless "virtual currency".

I don't know which you know less about, the Federal Reserve/scarcity or Bitcoin.

spreadeagle
01-19-2014, 05:02 PM
I don't know which you know less about, the Federal Reserve/scarcity or Bitcoin.

lmao....What I dont get is who originally created bitcoins? like how are they dished out

CousinsEvansDUO
01-19-2014, 07:12 PM
This is the type of stuff that creates legacy, the kings are setting milestones all across the board, soon enough they will be recognized as the greatest basketball team in the world.

GottaLoveCubs
01-20-2014, 02:37 AM
I read an article about a guy who bought $25 worth of bitcoins when it FIRST came out. Forgot why he even did it. He forgot he even had them and when he looked at them again, it was worth something like 150K. Don't remember the exact dollar amounts but it was worth a hell of a lot more than what he bought them for. Lucky SOB.
And what about the student who held up his sign on ESPN and made $1000?

Ware_Spencer
01-20-2014, 03:19 AM
I don't know which you know less about, the Federal Reserve/scarcity or Bitcoin.

HA HA This is funny. Couldn't have said it better.

Federal Reserve is not backed by anything other than debt. That is like saying your credit card will pay for your other credit card. It doesn't make sense. And most most of the dollars are all digital.

Bitcoin is a great alternative to compete with the Federal Reserve note. Will it succeed? Nobody knows. But its great to find competition against the monopoly.

Would I buy bitcoin and sit on it?? Nope because its still bouncing around too much. But long term it can become more fixed.

I have friends that mine it but you only make like 6-7 bucks an hour if you are good. lol

Gold is not easy to find either. But that scarcity creates more value. We barely even consume gold yet its more valuable than silver which we consume a lot more especially in all our electronics.

kingsdelez24
01-20-2014, 11:35 AM
Maybe they can now overpay Rudy Gay in bitcoins too

D-Leethal
01-20-2014, 02:16 PM
Anyone who invests in a bitcoin is just looking to waste their money. Their is no actual backing for the "currency"... such as governments back their currency. The value is only dependent on what others are willing to give you for it. So if no one wants to give you anything for it, its worthless.

And virtual mining? Is there virtual gold? Because real gold... is real. And that is why it has value.

This is only a ploy for people who own bitcoins to make money with it. Obviously, someone out there can "create" as many as they want. So they drive up the value. Create a ton. Sell then. And cash out. Instant millionaire as others lose money on the worthless "virtual currency".

You are completely clueless.

NBA_Starter
01-20-2014, 08:38 PM
Maybe they can now overpay Rudy Gay in bitcoins too

Maybe they will stay away from that.