Do you use Bitcoin?
Do you use Bitcoin?
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MrTickTock wrote...
if you dont know what bitcoin is, maybe this will help clear things up.http://bitcoin.org/en/
ok now i know what bitcoin is never heard of it before
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i remember reading some article about a guy who got rid of his hard-drive that contained a total of $7.5 million worth of bitcoins, haven't bothered to actually look to see what a bitcoin actually is though lol... so my choice was "What's a Bitcoin?"
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If I ran my SLI GTX 680's at 100%, I would mine 1 bitcoin in about 49 years...
That's seems like a worthwhile investment.
That's seems like a worthwhile investment.
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It amazes me that I come here to fap but always end up more knowledgeable by the time I leave. Who would have thought community for perverts by perverts would be such an enlightened place? Go figure.
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Roadkill007 wrote...
bitcoins are a fad. As soon as people's confidence in the fidelity of bitcoins is shattered, the value will drop to being worthless. Sure there's a lot of speculators making money right now, and I suppose if you join, you might be able to make some money yourself. But imo it's just not worth my time to care about.Bitcoins are as valuable as the demand for them. If people start widely accepting them as payment, they will not become worthless. If they are not utilized as a currency, it will drop to the price it was a short while ago (~100$). I don't think this qualifies as worthless.
As for me, I've used it a couple times for...uh...'certain' things.
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I still don't understand why anyone would pay real money for something that was gained without any real effort.
It's only "good" for the early adopter who just mined them for sh*t and giggles when it first started and now suddenly have millions of dollar worth of bitcoin, but today after bitcoin pretty much went mainstream, good luck mining a bitcoin, you'll have more luck finding a bag of money in the street.
It's only "good" for the early adopter who just mined them for sh*t and giggles when it first started and now suddenly have millions of dollar worth of bitcoin, but today after bitcoin pretty much went mainstream, good luck mining a bitcoin, you'll have more luck finding a bag of money in the street.
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SneeakyAsian
CTFG Vanguard
Well it seems like a good idea and all, but once the bitcoin thing that happened in Congress blew over and the prices crashed, it seemed really unstable. If it were me, I'd use it if it could standardize but with a little more leeway on its ability to fluctuate. Basically, take the money we have now but let it be able to change in price a little more dramatically than usual currency fluxes
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maverick850 wrote...
Roadkill007 wrote...
bitcoins are a fad. As soon as people's confidence in the fidelity of bitcoins is shattered, the value will drop to being worthless. Sure there's a lot of speculators making money right now, and I suppose if you join, you might be able to make some money yourself. But imo it's just not worth my time to care about.Bitcoins are as valuable as the demand for them. If people start widely accepting them as payment, they will not become worthless. If they are not utilized as a currency, it will drop to the price it was a short while ago (~100$). I don't think this qualifies as worthless.
As for me, I've used it a couple times for...uh...'certain' things.
It's not that simple. If people lose confidence in a currency, its demand will shrivel up. Although the number of bitcoins is regulated, there's plenty of outside factors that could totally tank the whole system of trust that's built into it, essentially making the coins useless at that point.
I'm saying it's worthless because there's no guarantee comparable to currency of many stable countries. You have NO idea when some event might happen that will destroy almost all demand for bitcoins, causing a crash in the bitcoin market, which since it's unregulated, will destroy it.
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Roadkill007 wrote...
maverick850 wrote...
Roadkill007 wrote...
bitcoins are a fad. As soon as people's confidence in the fidelity of bitcoins is shattered, the value will drop to being worthless. Sure there's a lot of speculators making money right now, and I suppose if you join, you might be able to make some money yourself. But imo it's just not worth my time to care about.Bitcoins are as valuable as the demand for them. If people start widely accepting them as payment, they will not become worthless. If they are not utilized as a currency, it will drop to the price it was a short while ago (~100$). I don't think this qualifies as worthless.
As for me, I've used it a couple times for...uh...'certain' things.
It's not that simple. If people lose confidence in a currency, its demand will shrivel up. Although the number of bitcoins is regulated, there's plenty of outside factors that could totally tank the whole system of trust that's built into it, essentially making the coins useless at that point.
I'm saying it's worthless because there's no guarantee comparable to currency of many stable countries. You have NO idea when some event might happen that will destroy almost all demand for bitcoins, causing a crash in the bitcoin market, which since it's unregulated, will destroy it.
Its crashed before though.
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monkeyop wrote...
It funny you ask. Bitcoin seem pretty unstable. Are you sure you want to use it as money?I did lots of reasearch before on this look pretty scary for an online currency to go up that high in a short period of time.
As of now, Bitcoin is very volatile. Price may have been inflated recently (taking in account how it went from 200 dollars to 1000, an increase of 500%), and/or it may have been undervalued. Buying Bitcoin right now is very risky, but price will become stable in the future, when people start asking for a fixed price (in Bitcoin) for goods or services, instead of an amount of Bitcoin equivalent to certain amount of dollars.
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Meh, its useful, but not yet stable so I'm siting out until they hit the 23 million bitcoins and the flurry stops.
