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Old 11-21-2013, 09:25 PM   #1
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Bitcoin?

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?
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Old 11-21-2013, 10:17 PM   #2
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I would not buy any, accept any or exchange any.


Here is one article for those with no familiarity with BITCOIN ™

http://www.usatoday.com/story/news/n...tcoin/3666279/

and a better one

http://lawstreetmedia.com/pro-con/bu...mate-currency/
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Old 11-21-2013, 10:19 PM   #3
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I want to get wealthy by making the first automated trading platform for bitcoin futures and options.
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Old 11-21-2013, 10:20 PM   #4
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Can someone briefly explain what these are and how they work?
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Old 11-21-2013, 10:24 PM   #5
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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.
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Old 11-21-2013, 10:26 PM   #6
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Who is in charge of it? How are the units secured and verified?
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Old 11-21-2013, 10:28 PM   #7
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Silk Road, surely Penn State's greatest achievement.
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Old 11-21-2013, 10:29 PM   #8
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Who is in charge of it? How are the units secured and verified?
It is decentralized and verification happens using fancy cryptographic systems that I do not understand.
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Old 11-21-2013, 10:46 PM   #9
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This got some attention today:

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Old 11-21-2013, 10:50 PM   #10
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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.
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Old 11-21-2013, 10:51 PM   #11
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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.
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Old 11-21-2013, 10:52 PM   #12
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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.
It's real. It's probably another year or so from the mainstream though...
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Old 11-21-2013, 10:56 PM   #13
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Here's a decent intro:
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Old 11-21-2013, 11:23 PM   #14
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Quote:
Originally Posted by AEON View Post
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.
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Old 11-21-2013, 11:33 PM   #15
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Quote:
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Here's a decent intro:
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?
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