Bitcoin?

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AEON

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I've been following Bitcoin for the last few years and I think it has real potential to be a terrific alternative to fiat currency.

It's been in the news quite a bit lately since the value has skyrocketed.

I was wondering what FYM thought about it? Do you think it's just another ponzi scheme? The currency of the future? Geek gold? Never heard of it?

I would think that libertarians and conservatives would embrace it because they "generally" oppose the endless money printing by the Fed. (although religious conservatives and conspiracy theorists might fear one world currency as a sign of the Beast/Bilderbergs). I would think liberals would embrace it because it has to potential to "equalize" the financial game - so to speak.

You thoughts?
 
I want to get wealthy by making the first automated trading platform for bitcoin futures and options.
 
Can someone briefly explain what these are and how they work?

Bitcoin is an electronic currency currently being produced at a decreasing rate (I believe that the production will end at some point). Right now, its value is on a roller coaster ride, and it is often used to facilitate shady/illegal online transactions (see: Silk Road (marketplace) - Wikipedia, the free encyclopedia). I've heard some somewhat reasonable-sounding arguments for it as a global reserve currency (replacing either USD or gold, depending on who you ask), but, on the whole, I'm fairly skeptical of the whole enterprise. But I also am a Fed-lover.
 
This got some attention today:

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I had no idea this was an actual thing - I thought it was someone's "brilliant" idea that most people just LOL'd at.
 
Silk Road, surely Penn State's greatest achievement.

Silk Road is closed.

Bitcoin is being accepted by more and more vendors everyday. I think Subway sandwiches just announced they will accept them.

The real problem right now is the volatility in exchange rates. One day a single bitcoin is "worth" $250. A few weeks later - $750.

When simply moving bitcoins from one address to another (without worrying about converting to fiat) - bitcoin is rather seamless.
 
Silk Road is closed.

Bitcoin is being accepted by more and more vendors everyday. I think Subway sandwiches just announced they will accept them.

The real problem right now is the volatility in exchange rates. One day a single bitcoin is "worth" $250. A few weeks later - $750.

When simply moving bitcoins from one address to another (without worrying about converting to fiat) - bitcoin is rather seamless.
I know, I was joking. Dread Pirate Roberts is a Penn State grad so it's been making the rounds among us alumni since shit hit the fan.
 
you seem to be promoting, perhaps too strong of a word, well at least encouraging this?

have you bought any? if so, how much and at what price?

Promote - no. Encourage - perhaps.

Yes, I do have a few bitcoins, certainly not enough to get that excited about. I was "mining" them awhile back (I am in IT after all) and I did purchase a few last year to help get the idea going (and try to understand them). Again, not an investment - just a small "up vote" of the tech with a few dollars.

I only started this thread because the news about it has shown up in my daily round of sites (mashable, wired, techcrunch, singularityhub...etc). I think it could have a tremendously positive impact on many of the issues we face (mostly, the rigged game on Wall St.).

It is my hope, that instead of a wealth creation scheme, bitcoin simply becomes a means of exchange between people in a post scarcity world (like Star Trek or Star Wars credits). Meaning, if there is no more need for basic resources - then creativity will be the last "scarce" resource. And instead of trading a painting for a song (or something along those lines), people would use something like bitcoin to make an exchange.
 
But they must be generated somewhere

They are mined by a huge network of GPU's. These resources solve ever increasingly difficult algorithms and 25 coins are released to the "winner."

Every time coins are released, it gets tougher to mine them. For isntance, last year I could mine with my pc - now, there's no way.

There will only be 21 million coins in existence. Right now there are about 12 million I think.
 
The purpose of Bitcoin is to actually become a currency that can be used to purchase and sell goods globally, however its volatile nature prevents this from happening; hence eliminating its purpose and desired function.

If people want to earn cash trading bitcoin, they should stop promoting it as a currency and its adoption as a currency, they should instead promote it as an investment instrument. Otherwise its price will get fixed when it goes mainstream and the opportunity for investment will be severely limited.
 
The purpose of Bitcoin is to actually become a currency that can be used to purchase and sell goods globally, however its volatile nature prevents this from happening; hence eliminating its purpose and desired function.

If people want to earn cash trading bitcoin, they should stop promoting it as a currency and its adoption as a currency, they should instead promote it as an investment instrument. Otherwise its price will get fixed when it goes mainstream and the opportunity for investment will be severely limited.

Agreed. I was hoping the price would stabilize around $100 - then we would more or less know what fraction of a BTC it would take to buy a sandwich.

Now - why would anyone spend some BTC today when it may be "worth" 10x that much a few months down the road (or why would anyone sell for BTC if it is crashing and possibly "worth" 10x less down the road?)

In order for bitcoin to go mainstream as a currency, then the price has to remain consistent for several years.

We are still in the innovation/early adoption phase. As more people use it, the better chance it will have at becoming a true, alternative currency instead of a simple place to invest and hold.
 
I had no idea this was an actual thing - I thought it was someone's "brilliant" idea that most people just LOL'd at.

I realized a few months ago that it was a real thing, but I'm still laughing at it.

This just seems like asking for disaster not long down the road.

Those who don't know their history are doomed to repeat it, I guess.
 
They are mined by a huge network of GPU's. These resources solve ever increasingly difficult algorithms and 25 coins are released to the "winner."

Every time coins are released, it gets tougher to mine them. For isntance, last year I could mine with my pc - now, there's no way.

There will only be 21 million coins in existence. Right now there are about 12 million I think.


do you actually believe that

with a system like that there is plenty of room for collusion

the twitter wealth, value is totally speculative and this bit coin is even worse, it is not a true Ponzi scheme, but like a Ponzi scheme it will collapse went it's users simply stop using, speculating in it.
 
do you actually believe that

with a system like that there is plenty of room for collusion

the twitter wealth, value is totally speculative and this bit coin is even worse, it is not a true Ponzi scheme, but like a Ponzi scheme it will collapse went it's users simply stop using, speculating in it.

I was just explaining the technical application of the software. How people use/trade/speculate is up to them.
 
Would you consider a different cryptocurrency? Something that is "backed" by gold or another commodity, but has the seamless functionality as bitcoin?
 
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