Bitcoin

[unccrombie]

Originally Posted by justink

It's basically gold without having to exchange heavy bars.

or you know, gold.

[dre2142]

Originally Posted by water_into_wine

Bitcoin would be fine if it stayed around $5 in terms of worth. It will never garner mass appeal because it simply isn't sustainable. Mass users won't pay high prices to use as a payment tool. They'll use it to gamble on the currency. And because there is a set supply if mass users were entering the market that would only inflate that price way too high to the point where it can't be used anymore. It's a self-fulfilling prophecy.

It is a significant and interesting innovation though.

how is there a set supply? Nakamoto has that power to create more whenever he wants. And anyone else can (and will) create other types of "bitcoins".

This wont last.

[justink]

Yeah, you can't convert gold into binary and shoot it across the Internet.

[unccrombie]

Originally Posted by justink

Yeah, you can't convert gold into binary and shoot it across the Internet.

sure you can, it's called the american dollar, euro, etc.

[dre2142]

Originally Posted by justink

It's basically gold without having to exchange heavy bars.

oh boy...

[dre2142]

Originally Posted by justink

Yeah, you can't convert gold into binary and shoot it across the Internet.

you cant shoot currency across the internet?

[justink]

Originally Posted by unccrombie

sure you can, it's called the american dollar, euro, etc.

Originally Posted by dre2142

you cant shoot currency across the internet?

Not gold.

[water_into_wine]

Originally Posted by justink

It's basically gold without having to exchange heavy bars.

It is the exact opposite actually. It's a currency with no intrinsic value.

[water_into_wine]

Originally Posted by dre2142

how is there a set supply? Nakamoto has that power to create more whenever he wants. And anyone else can (and will) create other types of "bitcoins".

This wont last.

There is a limited number of Bitcoins that can be mined. There is a ceiling.

[water_into_wine]

So excited for Chuck's arrival...

[seekupchuck]

Originally Posted by Beebz

The people who think all money is going to eventually be bitcoin crack me the hell up

of course they do Beebz...of course they do

Originally Posted by dre2142

Lol. Its similar to a Ponzi Scheme that collapses when people realize that the money is feeding to the top....though in this case, it will collapse when people realize that all it is a collective delusion.

take this shit to the Stock Market thread, we are discussing alternative currency here

Originally Posted by justink

It's basically gold without having to exchange heavy bars.

ummm...no.

Originally Posted by water_into_wine

So excited for Chuck's arrival...

definitely lol'd as I scroll'd

I have been watching this, as it is all over the Libertarian news feed...I applaud their optimism and attempts to get something going...but I will not be participating.

[bonzo48280]

I'm so confused how a bitcoin was worth $10 4 months ago, let alone $100 now?

But I also don't understand what any paper money is worth anyway, so this makes sense in the same way real money makes sense.

[whygohome?]

Oh hey it's justink

[water_into_wine]

Limited supply plus massive demand interest/increase equals massive value increase. The price of $'s and other currencies are regulated by central banks who can support or devalue their currency accordingly to help in monetary policy and the underlying economies.

Chuck, perfect timing

[water_into_wine]

Only fitting that the Winklevi are major investors

[bonzo48280]

What is the demand for bitcoin? Who would want one and why would they want one?

[water_into_wine]

Either to use as currency and not pay as any fees. To be anonymous. Or as most people have been talking about: to bet on the currency going up.

[Beebz]

Originally Posted by water_into_wine

Bitcoin would be fine if it stayed around $5 in terms of worth. It will never garner mass appeal because it simply isn't sustainable. Mass users won't pay high prices to use as a payment tool. They'll use it to gamble on the currency. And because there is a set supply if mass users were entering the market that would only inflate that price way too high to the point where it can't be used anymore. It's a self-fulfilling prophecy.

It is a significant and interesting innovation though.

Plus, no one needs this. Bitcoin isn't addressing any need in the market. It's just something to gamble on.

[bonzo48280]

This seems absolutely completely unsustainable.

The entire economic system can't sustain though. Bitcoin just doesn't have the "backing" of a government

[justink]

Beebz is gonna Beebz.

[dre2142]

Originally Posted by water_into_wine

There is a limited number of Bitcoins that can be mined. There is a ceiling.

says who?? this was created by one person- he has the power to do with it what he wants. he can "create" more if if wants, no?

[Beebz]

The point that it only has the value we give it is a valid one, although you can say that about all forms of money. If the economy ever collapsed and we descended into anarchy, food and water will be the currency, not gold or money.

[justink]

Originally Posted by Beebz

The point that it only has the value we give it is a valid one, although you can say that about all forms of money. If the economy ever collapsed and we descended into anarchy, food and water will be the currency, not gold or money.

Sure. If Rick Grimes ever goes into a coma, I'd be worried.

[water_into_wine]

Originally Posted by Beebz

Plus, no one needs this. Bitcoin isn't addressing any need in the market. It's just something to gamble on.

Well the payment system and idea of getting around credit card companies is a nice innovation.

Originally Posted by dre2142

says who?? this was created by one person- he has the power to do with it what he wants. he can "create" more if if wants, no?

He has said there is a ceiling. I don't know what to tell you outside of that That's how Bitcoins are set up. With a ceiling.

[justink]

And they become harder and harder to mine as time goes on.

[wnderwoman]

I keep reading this thread title as Bitchcoin

[dre2142]

Originally Posted by water_into_wine

He has said there is a ceiling. I don't know what to tell you outside of that That's how Bitcoins are set up. With a ceiling.

oh...because he said so. ok

people will start hoarding them, (basically to gamble on them), and that will crush it.

[TwoStep2888]

ahahahaha of course justink likes bitcoin.

[justink]

Originally Posted by TwoStep2888

ahahahaha of course justink likes bitcoin.

I am BTC-less

[ToddJoyride]

Originally Posted by water_into_wine

All money really is just an idea.

yeah, once you move off gold standard, or any kind of backing, it's really worth nothing besides what the government tells you

Originally Posted by water_into_wine

I do. It won't be.

I'll give you a 1,000,000 Shrute bucks if it is though.

will you take stanley nickels?

Originally Posted by defcon

bitcoin mainly exists to buy illegal shit online.

I use it for SR.

I know someone who picked up a shit ton of it when it was new, basically four or five dollars a piece, don't know for sure. She sold them a few days ago and posted to FB about how all she wanted to do was launder money, but bitcoin made her money.

It's an interesting concept, but nothing like having cold, hard cash in hand.

When shit hits the fan, having your $ tied up in electronic currency isn't a good idea.

when shit hits the fan, no one is safe, except gold, silver, oil, and water hoarders.