Bitcoin - currency of THIS industry

[comabanana]

Hallo guys, i am an ex-pat who moved to SG a number of years back and chanced upon this crowdsourced gem. The resources have been entertaining, reliable and extremely insightful for an “angmo” like myself. I have noticed that SBF has a strong air around certain topics, mainly sex and gambling. Have you guys heard of this cryptocurrency called Bitcoin?

In 3 points, i would like to summarise why SBF and bitcoin should tie the knot:

Perfect payment method for Sam, since transactions are irreversible and come with close-to-zero fees. Bitcoin is a anonymous, global P2P cash system. Those paying for premium will not receive the subscription statement at the end of the month.

Bitcoin treads in where credit cards fear to tread. Craigslist and back page were forced to shut down their adult section or the card companies would stop processing their transactions. Today, back page accepts Bitcoin for collecting Ad revenue.

Adult site lovers and gamblers aren't required to pay high fees to suspicious payment providers. Personally, i would not risk giving out my credit card information to those websites.

I was shocked to see zero informative posts on Bitcoin on SBF and decided to chip in my fair bit after lurking for so long. Me been evangelising bitcoin for some time now, and it is now time to get all of you on board. To kick things off… fire away some questions and me would be more than happy to answer.

Some sites you might be interested in:
xotika.tv - cam girls paid in Bitcoin (http://$$$$$$$/1SvTs6K)

Nitrogensports.eu - sportsbook + poker + casino (http://$$$$$$$/22NpnYP)

[Noun]

Who created bitcoin?
Why do we need to use bitcoin?
Who guarantee for bitcoin?

[Pleasure_empire]

Maybe you can tell us more how to go abouts, how to buy the coin, receive payments and convert back to cash?

[bigangry]

bitcoin is good. it can be used for many things. it is a good currency to trade on platforms like the silk road market place.
that is until the PRCs discovered how to mine it and having seen how the PRCs do it, i have to admit those jokers are damn good!

anyway i dont see it see singaporeans picking it up, (unless you are in specific industry that will use it), because we are one united herd of sheeps, master never say bitcoin is good grass we dont eat. :D:D

[comabanana]

Who created bitcoin?
Why do we need to use bitcoin?
Who guarantee for bitcoin?

Bitcoin was created by an anonymous person called Satoshi Nakamoto. It's been almost 8 years and nobody knows his true identity.

Bitcoin is a p2p decentralised cash which removes intermediaries from transactions. i.e. payment processors, remittance service providers and even banks. For Samsters like us, payments could be easily made without having to give up any details. This is unlike your credit card or paypal. On the merchants' side, fees are negligible (about 3 cents) compared to 3.5% for credit cards. Imagine collecting 1m via credit cards each year....35k goes to the processor for fees alone.

Looking under the hood of the bitcoin protocol helps give insight to the mathematical foundations of the digital currency. The protocol is maintained/governed by everybody taking part. Closest reference would be the bittorrent network that keeps consistent files across seeders. Every transaction in the bitcoin network is verified and maintained in a public ledger called the block chain. To hack the bitcoin network today, you will require tremendous computational power to take over all the participants. Even all the supercomputers in the world combined will not be able to do so. Safe? Confirm plus chop

[comabanana]

bitcoin is good. it can be used for many things. it is a good currency to trade on platforms like the silk road market place.
that is until the PRCs discovered how to mine it and having seen how the PRCs do it, i have to admit those jokers are damn good!

anyway i dont see it see singaporeans picking it up, (unless you are in specific industry that will use it), because we are one united herd of sheeps, master never say bitcoin is good grass we dont eat. :D:D

Yes, you are right. The largest mines are in china. These computers secure the bitcoin network :) https://www.youtube.com/watch?v=K8kua5B5K3I

This is the specific industry which can drive the adoption i would sae. Dou you know how the internet became famous? Porn and gambling my friend.
I foresee a time where escorts start accepting bitcoin. Why?
1) For escort agency: No chargebacks for credit cards. Costs and chargeback rates are high from what i last heard.

2) Customer: No shady statement and questions from wife at the end of the month

[comabanana]

Maybe you can tell us more how to go abouts, how to buy the coin, receive payments and convert back to cash?

All of the above could be delivered by your local bitcoin wallet provider. Several exchanges have sprung up in SIngapore, example FYBSG and ITBIT. For any new user to bitcoin, I would recommend a company called COINHAKO - smooth transactions with simple interface. For Malaysia, you can check out Bitcoin Malaysia for recommendation.

Buying Bitcoin involves you sending cash locally to your provider. Then account gets credited and user proceeds to buy.

Sending and receiving is easy. The harder part would be understanding the "address" component - which will be taught when the mods approve

[Noun]

Looking under the hood of the bitcoin protocol helps give insight to the mathematical foundations of the digital currency. The protocol is maintained/governed by everybody taking part. Closest reference would be the bittorrent network that keeps consistent files across seeders. Every transaction in the bitcoin network is verified and maintained in a public ledger called the block chain. To hack the bitcoin network today, you will require tremendous computational power to take over all the participants. Even all the supercomputers in the world combined will not be able to do so. Safe? Confirm plus chop

I ask who guarantee bitcoin?

[Noun]

All of the above could be delivered by your local bitcoin wallet provider. Several exchanges have sprung up in SIngapore, example FYBSG and ITBIT. For any new user to bitcoin, I would recommend a company called COINHAKO - smooth transactions with simple interface. For Malaysia, you can check out Bitcoin Malaysia for recommendation.

Buying Bitcoin involves you sending cash locally to your provider. Then account gets credited and user proceeds to buy.

Sending and receiving is easy. The harder part would be understanding the "address" component - which will be taught when the mods approve

As a consumer we do not need bitcoin and why do we need to buy using cash without any government guarantee as legal tender?

[Noun]

Bitcoin is a p2p decentralised cash which removes intermediaries from transactions. i.e. payment processors, remittance service providers and even banks. For Samsters like us, payments could be easily made without having to give up any details. This is unlike your credit card or paypal. On the merchants' side, fees are negligible (about 3 cents) compared to 3.5% for credit cards. Imagine collecting 1m via credit cards each year....35k goes to the processor for fees alone.


Credit card is different...as consumer we pay after we bought?

So we not interested how the merchants side settle with banks or credit card company?

You did not answer why do we need to use bitcoin or buy bitcoin without any guarantee from central banks?

[Evelynnnnnn]

Who created bitcoin?
Why do we need to use bitcoin?
Who guarantee for bitcoin?

Transactions are untraceable.

[Abcdefghijklmn]

Bitcoins are a famous medium for hackers too. :)

[Arse-nal]

no issues wif bitcoin bt skeptical about ts being an angmo:rolleyes:

[alexmason86]

any bro can provide some guide how to setup Bitcoin mining pool ?

been trying to setup mining pool using windows machine + CPU and been trying to use free VM machine to mine bitcoin. not soo successful and the application that i use failed to start.

[LateHunter]

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

any bro can provide some guide how to setup Bitcoin mining pool ?

been trying to setup mining pool using windows machine + CPU and been trying to use free VM machine to mine bitcoin. not soo successful and the application that i use failed to start.

[comabanana]

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]

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]

no issues wif bitcoin bt skeptical about ts being an angmo:rolleyes:

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]

Points return
how bout a dickpic? :D

[comabanana]

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]

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:eek::confused:

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.

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]

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]

The cat is out of the bag!

You are here to do biz:eek::confused:

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]

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]

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.

[comabanana]

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.


Evangelism is not making money.
Do you even engrish bro?

[bigangry]

Evangelism is not making money.
Do you even engrish bro?

haha and now you want to educate us on english? :rolleyes::rolleyes:

[Egypt]

haha and now you want to educate us on english? :rolleyes::rolleyes:

All tcss only and this guy wants to teach English.

[comabanana]

It was directed at user - Noun.

Bitcoin and the adult industry seem to go hand in hand these days, as it is one of the most convenient payment that will allow users to avoid embarrassing credit card statements. One of the biggest adult service to venture into the world of Bitcoin is Xotika.tv, a platform that has been in beta stage for over half a year now. That beta will come to an end very soon, and the company plans to bring additional features to the table.

[comabanana]

Honestly, what are your thoughts on Bitcoin?

[Noun]

Honestly, what are your thoughts on Bitcoin?

Is a total scam!

[alexmason86]

Honestly, what are your thoughts on Bitcoin?

fuck... what the fuck this thread is about. ? you are not directly posting thread about sex. instead indirectly use bitcoin ask what we think about it on sex things..

what next ? are you going to ask what we think if use HELL MONEY for payment? chinese tomb sweeping is this month btw. should we consider hell money too??

[Noun]

fuck... what the fuck this thread is about. ? you are not directly posting thread about sex. instead indirectly use bitcoin ask what we think about it on sex things..

what next ? are you going to ask what we think if use HELL MONEY for payment? chinese tomb sweeping is this month btw. should we consider hell money too??

Fully agreed with you.

First he said he wants to discuss bitcoin then he mentioned payment for adult entertainment. Next he wants our USD!!

We should pay him in HELL Bank Note in trillions.

[comabanana]

Is a total scam!

oh my god this guy deserves an award. Some of your receivers are off the hook! You know why when people say the internet is broken... i legitimately feel sad for you

[RapidoBoy]

Then can you tell us why was bitcon banned in certain countries ? :rolleyes: :eek: With more to follow . :rolleyes:

[Noun]

Then can you tell us why was bitcon banned in certain countries ? :rolleyes: :eek: With more to follow . :rolleyes:

This guy is a scammer!

What he doesn't tell you is he wanted your cash USD and no bitcoin will be deposited to your account?

Never trust anyone in cyber world especially when he comes to SBF to tell you he is evangelism.

[comabanana]

Then can you tell us why was bitcon banned in certain countries ? :rolleyes: :eek: With more to follow . :rolleyes:

In most countries, bitcoin is not approved as a legal tender. To most (including yourself and the governments), bitcoin perceived as currency for drugs and money laundering. Now who controls these mainstream media that paints bitcoin in such light? My next question to you would be, what is the money of choice for the drug cartels that move billions across borders? Is not bitcoin for sure. Today, bitcoin is still not liquid enough to move the amounts the cartels deal with. And when "people" say bitcoin is anonymous, think about the paper money you hold - it leaves zero trace when i transact with it, unlike bitcoin where every transaction is recorded on the public ledger.

Now coming back to the ban - notice that the bans are mostly in developing or communist countries, while first world cities and undeveloped countries are embracing it. (Japan, USA, Singapore, UK, Africa)

Bros, remittance is like a leaking tap, whereby i pay small portions to multiple middlemen each month. Have a thought for the maids giving up to 10% in fees to s western union, while those in priority banking enjoy low spread, zero fees. Technology is forever a double edged weapon - Bitcoin if misused could be a tool for criminals, but the upside allows financial inclusion and empowerment.

[comabanana]

This guy is a scammer!

What he doesn't tell you is he wanted your cash USD and no bitcoin will be deposited to your account?

Never trust anyone in cyber world especially when he comes to SBF to tell you he is evangelism.

Funny guy - intelligence level is like a bait.

If i do ask for USD, you will be the first i approach - OK? :p

[Noun]

Funny guy - intelligence level is like a bait.

If i do ask for USD, you will be the first i approach - OK? :p

Real funny!.

Did your name or associates appear in the Panama Names Leak?

If you are not scamming do you think you so free to come here post for free?

[RapidoBoy]

In most countries, bitcoin is not approved as a legal tender. To most (including yourself and the governments), bitcoin perceived as currency for drugs and money laundering. Now who controls these mainstream media that paints bitcoin in such light? My next question to you would be, what is the money of choice for the drug cartels that move billions across borders? Is not bitcoin for sure. Today, bitcoin is still not liquid enough to move the amounts the cartels deal with. And when "people" say bitcoin is anonymous, think about the paper money you hold - it leaves zero trace when i transact with it, unlike bitcoin where every transaction is recorded on the public ledger.

Now coming back to the ban - notice that the bans are mostly in developing or communist countries, while first world cities and undeveloped countries are embracing it. (Japan, USA, Singapore, UK, Africa)

Bros, remittance is like a leaking tap, whereby i pay small portions to multiple middlemen each month. Have a thought for the maids giving up to 10% in fees to s western union, while those in priority banking enjoy low spread, zero fees. Technology is forever a double edged weapon - Bitcoin if misused could be a tool for criminals, but the upside allows financial inclusion and empowerment.

I am not talking about the other issues you have brought up . I am talking about why is bitcon BANNED ?

Why is it not a legal tender ? Even the founder and CEO of bitcon have been arrested . I still prefer the hard currency that I am use to .

For people who are reading please go do research on bitcon and you will get tons of negative info . And TS please do not talk down to the people in this forum. People in this forum are much more intelligent than you think and they won't become easy prey to scams. Good luck to you . :D If you want to advertise your bitcon in this forum please kindly contact the forum owner. Have a nice day .

[RapidoBoy]

Real funny!.

Did your name or associates appear in the Panama Names Leak?

If you are not scamming do you think you so free to come here post for free?

Bro it is obvious that he is trying to promote bitcon in this forum for free. As for the US currency I rather trade in forex myself rather than in bitcon. Cheers. :)

[comabanana]

Real funny!.

Did your name or associates appear in the Panama Names Leak?

If you are not scamming do you think you so free to come here post for free?

I enjoy building and educating communities. Feel free to stay in your own bubble if you wish - don't sound like a box of hair :rolleyes:

[comabanana]

I am not talking about the other issues you have brought up . I am talking about why is bitcon BANNED ?

Why is it not a legal tender ? Even the founder and CEO of bitcon have been arrested . I still prefer the hard currency that I am use to .

For people who are reading please go do research on bitcon and you will get tons of negative info . And TS please do not talk down to the people in this forum. People in this forum are much more intelligent than you think and they won't become easy prey to scams. Good luck to you . :D If you want to advertise your bitcon in this forum please kindly contact the forum owner. Have a nice day .

Ok allow me to address them in points:

Why not a legal tender - if governments were to classify bitcoin as a legal tender, it will result in a full/partial substitution of their existing system -> weakness in their national currency

CEO and founder of Bitcoin is not dead - the reports were works by ignorant, irresponsible journalists. If you do a google, results will display at least 3 "dead" bitcoin CEOs, and perhaps another 2-3 more bitcoin CEOs being arrested. The real guy behind Bitcoin is still anonymous - and not found.

Hard fiat - Yes i personally use my fiat and credit card to purchase my day to day spendings, but when it comes to websites that are regionally restricted or suspicious - i use bitcoin. Sending money back to Europe is also quicker and cheaper via Bitcoin. Online cam girls paid with Bitcoin too :p - no hookers, yet.

i come with good intention and respect. seniors always taught me that if anybody were to speak down to you, don't ever give a flying fuck. it is alright to be less educated, but never ever disrespect your peers. life is easy behind the keyboard for our dear noun ;)

[comabanana]

Bro it is obvious that he is trying to promote bitcon in this forum for free. As for the US currency I rather trade in forex myself rather than in bitcon. Cheers. :)

Thank you for backing. I agree RapidoBoy. Market is not as liquid as the major currencies. I also prefer USDJPY or EUR. But don't underestimate the dark horse - back then national TVs were mocking the "@" sign used in emails :cool: