Bitcoins

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Mike_Scott

Free Member
Jul 10, 2008
16
1
  • #5
    I'm still confused by Bitcoin. It seems a little scammy to me, but very interesting. Did you see this on The Guardian site at the weekend? (I cant post an url yet as i haven't done 15 posts, but google Guardian Bitcoin - first link). a good video with the founders
     
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    leemason

  • #9
    I guess these do sound a bit risky however so (as the people of Cyprus have found) is putting lots of money in the bank! I'd certainly be interested if the market gets more mature. It's a bit like Zopa (which I do invest in) as being an alternative market not involving the banks (which I wholeheartedly agree with).
     
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    V

    vision25

  • #11
    smo said:
    I see little point in them, there are enough problem with real money backed by real banks and gold reserves without messing in an imaginary monetry system as well!!
    Click to expand...

    You are simply showing your ignorance.

    What you laughingly call "real money" is nothing more than a govt issued promissary note backed by either the govts ability to steal its citizens wealth using the threat of force or the ability to keep the printing presses running.

    The UK came fully off the gold standard in the 1930's.

    I suggest you google Detliv Schlichter.

    One good feature of Bitcoins is that no more can be created, hence their "value" cannot be inflated away.


    Vision25
     
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    Esk247

  • #17
    vision25 said:
    You are simply showing your ignorance.

    What you laughingly call "real money" is nothing more than a govt issued promissary note backed by either the govts ability to steal its citizens wealth using the threat of force or the ability to keep the printing presses running.

    The UK came fully off the gold standard in the 1930's.

    I suggest you google Detliv Schlichter.

    One good feature of Bitcoins is that no more can be created, hence their "value" cannot be inflated away.


    Vision25
    Click to expand...


    Wow, that's an aggressive way of defending the bitcoin system.

    Cannot be inflated? Sure?

    They're volatile though, even says so on their website. The global government currencies may be computerised but they are controlled, globally and nationally, bitcoin isn't subject to the same scrutiny or inter-government standards.

    Bitcoin is an experimental new currency that is in active development. Although it becomes less and less experimental as usage grows, you should keep in mind that Bitcoin is a new invention that is exploring ideas that have never been attempted before. As such, its future cannot be predicted by anyone.
     
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    S

    Ste Hughes

    Free Member
    Nov 27, 2010
    249
    59
    England.
  • #18
    They have been moving a lot.

    I believe at one point yesterday they were $40, and a few hours later they were at $70...

    Some say in a few years they will be worth around $10k per coin, this is probably why they have come back into 'fashion' lately.

    I've not been buying any but I have kept an eye on it all.

    You can track their value here:

    http://bitcoincharts.com/charts/mtgoxUSD#rg60ztgSzm1g10zm2g25zv

    In the last 2 months you could nearly have quadrupled your money, there are people who are selling their cars and homes to buy them in America.
     
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    V

    vision25

  • #19
    Esk247 said:
    Wow, that's an aggressive way of defending the bitcoin system.

    Cannot be inflated? Sure?

    They're volatile though, even says so on their website. The global government currencies may be computerised but they are controlled, globally and nationally, bitcoin isn't subject to the same scrutiny or inter-government standards.

    Bitcoin is an experimental new currency that is in active development. Although it becomes less and less experimental as usage grows, you should keep in mind that Bitcoin is a new invention that is exploring ideas that have never been attempted before. As such, its future cannot be predicted by anyone.
    Click to expand...


    Actually I wasn't defnding bitcoins merely pointing out that "real money" is nothing of the sort. In fact, to think of paper notes (fiat currency) to be in any way "real" is simply naively stupid and ignorant.

    The bitcoin system is designed so that no more bitcoins can be created, this means that the idea of combating inflation is intrisic to the system. Hence bitcoins are designed to keep their worth.

    You say that govt currencies (fiat currencies) are controlled, they certainly are controlled so that the issueing govts can take part of the wealth of their citizens every year through inflation.

    To sum up, bitcoins are purposely designed to be:-

    1. a store of wealth.
    2. untraceable to govt.

    This means that govts can't steal your wealth through inflation or confiscate it like the EU are doing to Cyprus banks.

    (I'm not claiming that the implementaion of the design is foolproof).


    HTH

    Vision25
     
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