Thoughts about Bitcoin?

myp

Site Founder
Jan 14, 2009
5,841
50
#1
Bitcoin is a relatively new online currency that has some very attractive and in some ways revolutionary features. Unlike other forms of online (or offline currency), it is completely decentralized- think of it somewhat like bittorrent- in that it is just a network among users. The currency expands via "mining" and does not have any central organization that can unnaturally inflate it.

It really is an interesting concept. More and more businesses are starting to use it, especially those who might be worried about money traces if their practices are illegal. There are apparently even online recreational drug stores where one can buy marijuana, heroin, cocaine, just about anything online with bitcoins and have it shipped to their house.

The Feds will obviously feel threatened by the currency sooner or later (if they aren't already). This is going to be interesting...
 
Dec 10, 2009
22
0
#2
I enjoyed the idea. People have discussed topics such as what will happen once the limit of bitcoins is reached? is it possible to purchase all bitcoins? can these be hacked? are they a legitimate competitor to the green back? etc. I think that having multiple competing currencies is the way to go in a free market. We shall see how this goes but i've heard about 100% jump in value (as in bitcoin to USD conversion rate) in the last month so it may be a good investment!
 

myp

Site Founder
Jan 14, 2009
5,841
50
#4
I don't even trust paypal. So I probably will not be getting into this little group.;)
Well this is nothing like paypal since there is no central body or company running anything. Just various 3rd party vendors and clients providing services.
 
Mar 24, 2009
2,751
6
Undisclosed
#5
Well this is nothing like paypal since there is no central body or company running anything. Just various 3rd party vendors and clients providing services.
Then who is responsible when it goes wrong? Heck anyone could try using virtual sheep turds and call it currency.;)
 
Aug 8, 2010
92
0
NH
#6
I've heard mixed opinions. It is good because it is voluntary. Some say it is bad because it is not backed by a hard asset. However, the market will decide whether it has value or not, as it is.
 

myp

Site Founder
Jan 14, 2009
5,841
50
#7
Then who is responsible when it goes wrong? Heck anyone could try using virtual sheep turds and call it currency.;)
Who is responsible when government fiat currencies go wrong? Government. But if the value is gone, it's gone- does it really matter if the government is responsible but can't do anything about it?

I've heard mixed opinions. It is good because it is voluntary. Some say it is bad because it is not backed by a hard asset. However, the market will decide whether it has value or not, as it is.
Agreed. I am just on the sidelines looking to see how it goes.
 
Aug 8, 2010
92
0
NH
#8
Then who is responsible when it goes wrong? Heck anyone could try using virtual sheep turds and call it currency.;)
It's true that people could use virtual sheep turds as currency. The point is that it would be voluntary. You couldn't force anyone to use that currency - if they use it, it's because they believe it is a good medium of exchange. Bitcoin is no different, if people use Bitcoin, it's because they think it's a good currency.

So no one is responsible for when/if it goes wrong. Those who bought into Bitcoin and went down with ti would have to bear the responsibility of that bad or unfortunate decision. All the more reason to make sure you thread carefully when choosing what currency to use!
 
Jun 29, 2011
6
0
#9
Do Bitcoin depend on gstreamer? or Do i need to install the Base-devel,? because i had error coding after i installed all the g streamer packages,:help:
 
Aug 11, 2011
15
0
#12
The concept is good but I personally don't think that it will go too far, buying with bitcoins is as difficult as earning them. It is not like Paypal where you can invest your real money to convert it to virtual directly and vice versa. Correct me if I am wrong, as I have heard this concept for the first time.
 
Nov 9, 2011
144
0
#15
The concept is good but I personally don't think that it will go too far, buying with bitcoins is as difficult as earning them. It is not like Paypal where you can invest your real money to convert it to virtual directly and vice versa. Correct me if I am wrong, as I have heard this concept for the first time.
Excerpts from wikipedia "Conversion to and from other currencies can be done in person at local exchangers, but is more commonly performed online through sites such as Mt. Gox, Intersango (formerly Britcoin), and TradeHill exchange services.As of July 2011, Mt. Gox handles over 80% of all Bitcoin trade volume."
 
Jun 4, 2018
8
2
Orlando
#16
Hello, ladies and gentleman. Have you ever tried to get involved in electronic cryptocurrency? They are like money except that they physically don't exist. The main advantage of it over traditional money is that it can be easily transferred instantaneously across the internet with the help of this website https://bestmixer.io/.
 
Nov 21, 2017
2,777
57
Behind the 8 ball
#17
Hello, ladies and gentleman. Have you ever tried to get involved in electronic cryptocurrency? They are like money except that they physically don't exist. The main advantage of it over traditional money is that it can be easily transferred instantaneously across the internet with the help of this website https://bestmixer.io/.
Way safer to use a credit card! Instantaneous also! :cool:
 

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