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Thread: Bitcoin

  1. #1
    Freaking Ratchet Rail Tracer's Avatar
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    Default Bitcoin

    Yay? Nay? I am honestly surprised.....

    I'm looking at the headlines and how much 1 bitcoin cost and I am just @.@.......

  2. #2
    Wake, See, Sing, Dance Cellmold's Avatar
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    Just found a conversion calculator for it and I see what you mean:

    http://preev.com/btc/usd
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  3. #3
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    Quote Originally Posted by AffirmitiveAnxiety View Post
    Just found a conversion calculator for it and I see what you mean:

    http://preev.com/btc/usd
    Yeah, this thing started taking off a bit online, but during those time... they were pretty much just junk. But the people that started this thing a long time ago... some of them are practically millionaires.

  4. #4
    Senior Member SensEye's Avatar
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    Ponzi scheme. The speculative bubble will burst. It's just a matter of time.

  5. #5
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    Data Dump..... (one of those modes when I'm researching such and such... and my mind wants as much information as possible.)


    @SensEye

    I'm not sure. I've been looking at C-Span... a segment dedicated solely on Bitcoins, some of the Senators were ok with the "new" currency, others were a little skeptical... especially when the virtual currency is "anonymous." China has a portion of its economy dedicated to Bitcoins, while merchants have been using it for quite some time. But I think the merchants are a little wary about the spike in cost for each BTC... ad for good reason... it does look like a bubble.

    I'm actually intrigued, I think I should of majored in Economics or Business, or something. I don't want to commit a representative bias because of what is going on, but damn, is it hard to ignore.

  6. #6
    Senior Member SensEye's Avatar
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    I can't claim to be a Bitcoin expert. And I don't think the actual concept of a digital currency is completely without merit.

    But I am convinced the current "value" of bitcoin is purely speculative. A currency itself should not have value. The very notion that by not spending your currency, but by holding on to it it becomes more valuable, defeats the very notion of what a "currency" is for. Eventually, all the bitcoin speculators will try and exchange their bitcoins for something (another currency or products) and the value will nosedive. Time will tell, but I am certain this will happen. Probably within the next 2 years.

    If Bitcoin can shed its speculative nature, and settle at a relatively stable exchange value, it may survive as a form of currency. OTOH, the great "bitcoin crash" may tarnish it beyond the point of recovery such that nobody ever wants to touch it again.

  7. #7
    Senior Member ptgatsby's Avatar
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    Bitcoin is fundamentally flawed as a currency. It's volatile, deflationary and can't have a zero risk rate of return.

    It is unlikely to succeed, but there will be a currency like bitcoin coming that will succeed. The need for one is evident. That's not to say that bitcoin does't have legs. It's being heavily used when you consider what it is.

    I don't think it is viable, but I believe it's a real need that is driving it. It's just not the right solution to the need... A newer algorithm will come out but it'll probably take years before a major flaw is found that causes bitcoins to die off. Nothing says you can't have multiple currencies - each will add to the confidence (bitcoins being "too different" is the main reason for the hate).


    Quote Originally Posted by SensEye View Post
    Ponzi scheme. The speculative bubble will burst. It's just a matter of time.
    It's not really a Ponzi scheme. It's uncanny how similar to gold it is, except maybe traction. Better, since I can actually buy stuff directly with bitcoins and the trading market wasn't insignificant (ie: not being horded and redistributed to fuel the speculation).

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    Bitcoin has some flaws. But it's a hell of a lot better than fiat currencies like the Pound or Dollar, as it isn't artificially manipulated by governments, and has some intrinsic worth.

    If Bitcoin is too expensive for you now, try Lightcoin. A similar concept and will probably achive the same level of success eventually.

    Still, gold and silver are the fallback currencies of choice, and that's how it should be.

  9. #9
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    Quote Originally Posted by Orange Fusion View Post
    Bitcoin has some flaws. But it's a hell of a lot better than fiat currencies like the Pound or Dollar, as it isn't artificially manipulated by governments, and has some intrinsic worth.

    If Bitcoin is too expensive for you now, try Lightcoin. A similar concept and will probably achive the same level of success eventually.

    Still, gold and silver are the fallback currencies of choice, and that's how it should be.
    Namecoins, it has some use outside of economics, in that it is a different type DNS from the one we are using now.

  10. #10
    Senior Member ptgatsby's Avatar
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    Quote Originally Posted by Orange Fusion View Post
    as it isn't artificially manipulated by governments, and has some intrinsic worth.
    Wait, intrinsic value? It probably has the lowest of any "recognized" currency.

    Also,the artificially manipulated part probably won't seem so good if it goes into a deflationary spiral. Which is doubly bad when the bid/ask spreads are still ridiculously high as the currency is just becoming established.

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