• You are currently viewing our forum as a guest, which gives you limited access to view most discussions and access our other features. By joining our free community, you will have access to additional post topics, communicate privately with other members (PM), view blogs, respond to polls, upload content, and access many other special features. Registration is fast, simple and absolutely free, so please join our community today! Just click here to register. You should turn your Ad Blocker off for this site or certain features may not work properly. If you have any problems with the registration process or your account login, please contact us by clicking here.

Bitcoin

Rail Tracer

Freaking Ratchet
Joined
Jun 29, 2010
Messages
3,031
Instinctual Variant
sx/so
Yay? Nay? I am honestly surprised.....

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

SensEye

Active member
Joined
May 10, 2007
Messages
485
MBTI Type
INTp
Ponzi scheme. The speculative bubble will burst. It's just a matter of time.
 

Rail Tracer

Freaking Ratchet
Joined
Jun 29, 2010
Messages
3,031
Instinctual Variant
sx/so
Data Dump..... (one of those modes when I'm researching such and such... and my mind wants as much information as possible.)


[MENTION=226]SensEye[/MENTION]

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.
 

SensEye

Active member
Joined
May 10, 2007
Messages
485
MBTI Type
INTp
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.
 

ptgatsby

Well-known member
Joined
Apr 24, 2007
Messages
4,476
MBTI Type
ISTP
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).


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).
 

Anna Jorovic

New member
Joined
Dec 18, 2013
Messages
113
MBTI Type
INTP
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.
 

Rail Tracer

Freaking Ratchet
Joined
Jun 29, 2010
Messages
3,031
Instinctual Variant
sx/so
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.
 

ptgatsby

Well-known member
Joined
Apr 24, 2007
Messages
4,476
MBTI Type
ISTP
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.
 

Rasofy

royal member
Joined
Mar 7, 2011
Messages
5,881
MBTI Type
INTP
Enneagram
5w6
Instinctual Variant
sp/sx
I suspect you'd be paying an unwanted premium due to its value for money laundering.
 
Joined
Sep 23, 2013
Messages
55
MBTI Type
INFJ
I had never heard of them until last year, i'm still not entirely sure what they are and why there seems to be so much hype over them recently?
 

chaoticbrain

New member
Joined
Jul 17, 2013
Messages
82
MBTI Type
NeTi
Enneagram
6
Instinctual Variant
sx
Yay? Nay? I am honestly surprised.....

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

Be prepared in the next few years to see it go up another 100-1000 times.
 

chaoticbrain

New member
Joined
Jul 17, 2013
Messages
82
MBTI Type
NeTi
Enneagram
6
Instinctual Variant
sx
I had never heard of them until last year, i'm still not entirely sure what they are and why there seems to be so much hype over them recently?

Well bitcoin is a new technology that involves keeping information secure through a system of consensus among hundreds of thousands of computers. They all put computing power into maintaining a record of all transactions, basically it can't be hacked because hacking ONE computer or 10 computers does nothing, it could be the most secure network in the world, and it isn't run by any one company or individual, it's decentralized.

What this means for currency is.

-Incredibly low (or free) transaction fees. (.000000005% or something close to that)
-A banking system for people in third world countries
-Potential complete anonymity
-A high guarantee of a currency's value
 

Rasofy

royal member
Joined
Mar 7, 2011
Messages
5,881
MBTI Type
INTP
Enneagram
5w6
Instinctual Variant
sp/sx
Stages-for-AAPL.png
 
Top