11-21-2013, 09:25 PM
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#1 |
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Rock n' Roll Doggie
Band-aid 
Join Date: Nov 2004
Location: California
Posts: 4,052
Local Time: 06:14 PM
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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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11-21-2013, 10:17 PM
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#2 |
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Blue Crack Addict
Join Date: Apr 2002
Location: A far distance down.
Posts: 28,602
Local Time: 06:14 PM
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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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11-21-2013, 10:19 PM
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#3 |
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ONE
love, blood, life 
Join Date: Jun 2007
Location: New York / Dallas / Austin
Posts: 14,117
Local Time: 07:14 PM
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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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11-21-2013, 10:20 PM
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#4 |
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ONE
love, blood, life 
Join Date: Mar 2005
Posts: 13,646
Local Time: 09:14 PM
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Can someone briefly explain what these are and how they work?
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11-21-2013, 10:24 PM
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#5 | |
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ONE
love, blood, life
Join Date: Jun 2007
Location: New York / Dallas / Austin
Posts: 14,117
Local Time: 07:14 PM
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Quote:
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11-21-2013, 10:26 PM
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#6 |
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ONE
love, blood, life
Join Date: Mar 2005
Posts: 13,646
Local Time: 09:14 PM
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Who is in charge of it? How are the units secured and verified?
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11-21-2013, 10:28 PM
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#7 |
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Blue Crack Addict
Join Date: Jan 2010
Location: South Philadelphia
Posts: 19,218
Local Time: 09:14 PM
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Silk Road, surely Penn State's greatest achievement.
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11-21-2013, 10:29 PM
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#8 | |
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ONE
love, blood, life
Join Date: Jun 2007
Location: New York / Dallas / Austin
Posts: 14,117
Local Time: 07:14 PM
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Quote:
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11-21-2013, 10:46 PM
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#9 |
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Rock n' Roll Doggie
Band-aid
Join Date: Nov 2004
Location: California
Posts: 4,052
Local Time: 06:14 PM
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This got some attention today:
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11-21-2013, 10:50 PM
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#10 |
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Blue Crack Distributor
Join Date: Dec 2002
Location: Seattle
Posts: 64,498
Local Time: 06:14 PM
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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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11-21-2013, 10:51 PM
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#11 | |
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Rock n' Roll Doggie
Band-aid
Join Date: Nov 2004
Location: California
Posts: 4,052
Local Time: 06:14 PM
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Quote:
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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11-21-2013, 10:52 PM
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#12 | |
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Rock n' Roll Doggie
Band-aid
Join Date: Nov 2004
Location: California
Posts: 4,052
Local Time: 06:14 PM
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Quote:
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11-21-2013, 11:23 PM
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#14 | |
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Blue Crack Addict
Join Date: Jan 2010
Location: South Philadelphia
Posts: 19,218
Local Time: 09:14 PM
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Quote:
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11-21-2013, 11:33 PM
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#15 | |
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Blue Crack Addict
Join Date: Apr 2002
Location: A far distance down.
Posts: 28,602
Local Time: 06:14 PM
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Quote:
have you bought any? if so, how much and at what price? |
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11-21-2013, 11:46 PM
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#16 | |
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Rock n' Roll Doggie
Band-aid
Join Date: Nov 2004
Location: California
Posts: 4,052
Local Time: 06:14 PM
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Quote:
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11-21-2013, 11:48 PM
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#17 | |
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ONE
love, blood, life
Join Date: Mar 2005
Posts: 13,646
Local Time: 09:14 PM
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Quote:
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11-21-2013, 11:58 PM
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#18 | |
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Rock n' Roll Doggie
Band-aid
Join Date: Nov 2004
Location: California
Posts: 4,052
Local Time: 06:14 PM
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Quote:
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. |
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11-22-2013, 12:00 AM
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#19 | |
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Rock n' Roll Doggie
Band-aid
Join Date: Nov 2004
Location: California
Posts: 4,052
Local Time: 06:14 PM
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Quote:
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. |
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11-22-2013, 12:21 AM
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#20 | |
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ONE
love, blood, life
Join Date: Mar 2005
Posts: 13,646
Local Time: 09:14 PM
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Quote:
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