Jump to content
House Price Crash Forum
Traktion

Bitcoins Going To The Moon?

Recommended Posts

http://bitcoinwatch.com/

4.5 GBP (7 USD) per 1 BC?! :o

Are bitcoins starting to go viral or will they collapse any minute now? I thought they may have peaked at 1 USD, but I couldn't have been more wrong.

So, what next for these digital coins, which only exist in the virtual word, through an encrypted digital process? Do they have a serious chance of supplementing physical commodities in the long run? They are certainly easy to store on your PC (no bank needed) and untraceable, so there are distinct advantages.

I find the whole thing rather fascinating.

P.S. I mined about 100 BC when they worth near worthless (not worth the electricity cost, IIRC) a year ago out of curiosity and speculation. It only cost a week or so of electricity for my PC, so I suppose I'm quids in either way!

Share this post


Link to post
Share on other sites

Printy, Printy.

Indeed.

There are no special flowers, and this includes both central bankers and technical guys with an understanding of bitcoins.

Share this post


Link to post
Share on other sites

Printy, Printy.

Of Bitcoins or USD/GBP?

Interesting article here: http://libertarianalliance.wordpress.com/2011/05/20/bitcoin-more-important-than-you-realize/

6 of 21 million BC mined so far, with them getting gradually harder to mine as the limit is approached. Figures confirmed here: http://bitcoincharts.com/markets/

Edited by Traktion

Share this post


Link to post
Share on other sites

Worthless, sorry.

:lol:

I can swap them for a GBP, gold, food, water, energy or anything else. Clearly, they aren't worthless, no matter how much you stamp your feet.

Share this post


Link to post
Share on other sites

:lol:

I can swap them for a GBP, gold, food, water, energy or anything else. Clearly, they aren't worthless, no matter how much you stamp your feet.

You can swap them, but they are worthless.

Share this post


Link to post
Share on other sites

FFS, the whole basis of these things is that they have some equivalent value in our broken fiat currencies and that people expect to trade them in return for fiat. No intrinsic value. All based on confidence. Utter stupidity. Again.

Share this post


Link to post
Share on other sites

Because they are worthless.

:)

I was asking why the goods would be given in exchange for Bitcoins, not why people would want to rid themselves of Bitcoins, as you well know! :P

Share this post


Link to post
Share on other sites

I was asking why the goods would be given in exchange for Bitcoins, not why people would want to rid themselves of Bitcoins, as you well know! :P

:lol:

Sorry, couldn't resist!

Because they know if anything goes wrong they'll be paid out in legal tender after court.

Bit coins are just another derivative.

Share this post


Link to post
Share on other sites

If they are worthless, why would anyone swap them for goods? :rolleyes:

For the same reason that people swapped f2500 (€1134) for a single tulip bulb back in 1637.

Share this post


Link to post
Share on other sites

I was asking why the goods would be given in exchange for Bitcoins, not why people would want to rid themselves of Bitcoins, as you well know! :P

Its like Antiques Roadshow says, something is worth only what someone will pay.

It doesnt matter what it is, or isnt in the case of ethereal money, it is worth what you get in exchange for it. It doesnt matter if Injin wont swap them for his new car, as long as you can get something for them, a tulip bulb for example, then it is worth precisely that.

If people chose to accept this as money, then money it becomes.

Share this post


Link to post
Share on other sites

If people chose to accept this as money, then money it becomes.

15 posts in, at last someone moves on past the usual "angels-on-a-pinhead,there-is-no-spoon" debating and actually writes something sensible :)

Share this post


Link to post
Share on other sites

bitcoin is an appallingly clever ponzi scheme, in which various earnest but naive techies and crypto-libertarians (e.g. cultists) are in the process of being royally butt-fvcked by a small cardre of ruthless techies/cult leaders (satoshi?) and a bunch of spivvy forex types.

Share this post


Link to post
Share on other sites

There is no fundamental difference between digital coins and any other fiat currency.

Just a different group of people making the promises and a nice new spin for an increasingly digital world.

Edited by Gigantic Purple Slug

Share this post


Link to post
Share on other sites

bitcoin is an appallingly clever ponzi scheme, in which various earnest but naive techies and crypto-libertarians (e.g. cultists) are in the process of being royally butt-fvcked by a small cardre of ruthless techies/cult leaders (satoshi?) and a bunch of spivvy forex types.

Money is going back to metal, because even small children can perform the test on it.

No need for trust in authority when you have density.

Share this post


Link to post
Share on other sites

Money is going back to metal, because even small children can perform the test on it.

There is zero possibility of that while the computers are still running.

Share this post


Link to post
Share on other sites

There is zero possibility of that while the computers are still running.

The mob is going to seize the computers.

That's the way these scenarios always end - with brick chukcing hordes demanding more money and then ultimately the printing press being melted down for scrap in a big ceremony before utter denial and hard money once more. I can't see this being any different, bar what gets melted down.

Share this post


Link to post
Share on other sites

The mob is going to seize the computers.

doesn't mean they won't come back. When rome fell people didn't forget how to work Iron.

That's the way these scenarios always end - with brick chukcing hordes demanding more money and then ultimately the printing press being melted down for scrap in a big ceremony before utter denial and hard money once more.

Examples from history?

Share this post


Link to post
Share on other sites

Its like Antiques Roadshow says, something is worth only what someone will pay.

It doesnt matter what it is, or isnt in the case of ethereal money, it is worth what you get in exchange for it. It doesnt matter if Injin wont swap them for his new car, as long as you can get something for them, a tulip bulb for example, then it is worth precisely that.

If people chose to accept this as money, then money it becomes.

My thoughts exactly. Who are we to say what people can and can't trade or use as money? Value is entirely subjective.

Share this post


Link to post
Share on other sites

bitcoin is an appallingly clever ponzi scheme, in which various earnest but naive techies and crypto-libertarians (e.g. cultists) are in the process of being royally butt-fvcked by a small cardre of ruthless techies/cult leaders (satoshi?) and a bunch of spivvy forex types.

I don't think it is the best currency, mostly due to in build deflation as the user base increases. However, as a commodity, it intrigues me. There are a limited number of bitcoins, as there are rocks of gold. The fact that it exists only in virtual space is interesting, but IMO it doesn't make it any more or less worthy of trade (each to their own etc).

That said, it could be a huge bubble, as could any commodity that has recently 'only gone up'. You pay your money, you take your chances.

I do find virtual commodities an intriguing concept though, and some of the responses to this thread amusing (and expected! ;) ).

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.