vernonFL: I don't understand the draw of Bitcoins, isn't Paypal easier?Unless I'm doing something illegal, I really don't see the benefit.
jake_lex: Bitcoins seem to have gotten mixed in with a lot of RON PAUL nonsense about "fiat currency".
namatad: vernonFL: I don't understand the draw of Bitcoins, isn't Paypal easier?Unless I'm doing something illegal, I really don't see the benefit.IT is all about illegal. From paying for illegal items and services to illegal as in avoiding taxes and governments.In theory you could buy child porn while on you trip to asia to also buy ... gold.And no one would have any clue.You could then bring those items illegally into a country, say India, and make a huge profit and avoid all taxes and laws. Unless you get caught of course.What bitcoins are doing perfectly is showing the problems inherent all currencies.As soon as you cant use the currency for trade, the value of the currency goes down.Image the fall in the dollar if say, OPEC refused to take dollars and would only take Riyals.No euros, No dollars. Nothing.Those currencies would fall. By a lot.Of course, the saudis would have to let their currency float against the dollar rather than keeping it fixed at 3.75 riyals to the dollar. Strangely enough, gold is WORSE than fiat currencies because no government can control its supply.If you had enough money, you could buy up a ton of gold and take it out of circulation driving inflation up.Or if you had gold mines you could totally fark with the market on a daily basis.You open a new mine and dump a huge amount on the market? TADA deflation.You could threaten to do this, and TADA, panic and deflation.You could blackmail governments to KEEP your gold off the market.TADA inflation.This of course would lead to insane problems.Governments would make moving gold across borders VERY HARD to do, in order to avoid some of this problem. Rich people not spending gold (which is what they do today with the wealth) would lead to less and less gold in circulation, leading to ... inflation!! WOHOOOWhile fiat currencies always have the potential problem of hyper inflation, the major currencies havent seen that since Germany. And the Mark was not really a major currency back then.Might be time to reread Snow Crash again. Just for the fun with multiple currencies!
OtherBrotherDarryl: Not that I'm spending money on this but is there some sort of Bitcoin futures exchange?
GreenAdder: That's right. There's a cryptocurrency based on an Internet meme.
jayhawk88: Bitcoin seems like an mental exercise, asking "How long will it take for the FBI to own every Bitcoin ever created?"Also, I'm sure that the two dozen other digital currencies currently/soon to be made available will do wonders for the health of Bitcoin as well.But no, crazies! It's rock solid! Invest heavily!
spawn73: Also, the purpose of the Bitcoin isn't investment. The quicker people stop doing that, the stronger it becomes as a currency. Because the volatility is frankly annoying.
captainktainer: spawn73: Also, the purpose of the Bitcoin isn't investment. The quicker people stop doing that, the stronger it becomes as a currency. Because the volatility is frankly annoying.All currencies function as both a medium of exchange and a store of value. Every currency is used as an investment; George Soros became wealthy through currency exchanges and other such manipulations. One of the dozens of problems with Bitcoin is that there is no way to expand or shrink the supply of money to ensure stability. A growing realization that non-fiat currencies are susceptible to uncontrollable spikes and dips is one of the many reasons nations dropped gold in the middle of the 20th century. It is not coincidental that historically unprecedented global economic stability followed.
some_beer_drinker: should i buy a bitcoin miner? kind of seems like a good idea.
some_beer_drinker: should i buy a bitcoin miner? kind of seems like a good idea.[cdn.arstechnica.net image 850x566]
namatad: Might be time to reread Snow Crash again. Just for the fun with multiple currencies!
Ivo Shandor: some_beer_drinker: should i buy a bitcoin miner? kind of seems like a good idea.Look at the hash rate of the unit you're thinking of buying, then compare it to the difficulty curve:[i.imgur.com image 720x480]The higher that curve goes, the lower your BTC/day mining rate will be. Eventually it won't be making enough money to pay for the electricity it uses, unless the USD/BTC exchange rate keeps going up along a similar curve.
Nuclear Monk: And as another blogger pointed out, why would anyone sell a useful miner? If it's truly productive, it would make more sense to just use it to mine, rather than sell it.
sendtodave: Why didn't I buy these when they were free?I scoffed at the crazy libertarians and their government-free currency. Because everyone told me to scoff.That'll never work!:(
HotWingAgenda: namatad: Might be time to reread Snow Crash again. Just for the fun with multiple currencies!You mean Cryptonomicon, right? That book specifically has a plotline about a bunch of Magic the Gathering dweebs basing an internet money off of SE Asian consumerism. Bitcoins may as well be called Stephensons.
limeyfellow: sendtodave: Why didn't I buy these when they were free?I scoffed at the crazy libertarians and their government-free currency. Because everyone told me to scoff.That'll never work!:(Just be glad you didn't buy them two weeks ago at $1056 before the price dropped well under $500 last week. Those poor buggers get hit badly.
Ivo Shandor: OtherBrotherDarryl: Not that I'm spending money on this but is there some sort of Bitcoin futures exchange?Yes - one example, from this Slashdot story.
spawn73: The crux is, the actually value of the Bitcoin is irrelevant, what matters is that it's more or less stable. Everyone jumping on the investment bandwagon, and then panicking, just hurts the Bitcoin as a useful currency.
LemSkroob: spawn73: The crux is, the actually value of the Bitcoin is irrelevant, what matters is that it's more or less stable. Everyone jumping on the investment bandwagon, and then panicking, just hurts the Bitcoin as a useful currency.In other words, it was doing its intended job just fine amongst the internet crowd, until the Wall Street mind-set jumped on and farked it all up, as they do with everything they touch.
Asako: I really wish BTC was just pegged to the dollar, that would make using it as a store of value much more stable and easier to convert prices without busting out a calculator every single time.
plcow: Which ever side of the debate anybody is on...That was a horribly written article, full of assertions with absolutely no logic or supporting evidence behind them.Was this article written by a farker?
DMDmarty: So much dis-information from those who don't want to see this succeed.I'm on board for the long haul and will gladly ride the wave.I also accept bitcoin and alt-coins at my LEGAL store for LEGAL PRODUCTS.I truly despise these idiots spouting off about "it's only good for illegal things!!!1!111!!".
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