Originally posted by Exuberant1
reply to post by Crakeur
Most people will do as you will and keep their fed reserve notes.
Times are tough and bitcoin is a risk. That being said, those who bought $10 worth of bitcoin back when this thread started now have $29 worth
(roughly). For some people, that sort of increase is worth the risk.
Time will tell whether or not this currency works. As you say, it could be a flop and all that would take is one double-spent bitcoin. Or the IRS
(or homeland security) could start tracking it and that would scare people off.
Some guy just got raided for mining bitcoins; they thought he was growing dope with the amount of hydro he was using.
edit on 8-6-2011 by
Exuberant1 because: speeling and such
No one is using bitcoins exclusively. No one probably ever will. There are several places you can buy bitcoins and most people buy them not mine them
so it stands to reason they can be sold if you have some . It does not cost next to nothing to make bitcoins. You need time. electricity, and
equipment to make them and that cost money. You cannot make them on your PC or rather it is not worth it, it would take you years and the cost of
electricity would far exceed the worth of the bitcoins,.
They cannot be tracked the encryption is too strong. The IRS and homeland security cannot track them. They have a conundrum, if they label them as not
being currency then they can be legally traded. If they label them as currency then they will inadvertently promote them as the next big thing. So
they tout them as "being used by criminals" as if criminals don't use dollars or other national currencies.
You might only be able to use them to buy certain internet stuff now but it will not be long before you will be able to buy anything. If we have a
solar flare that knocks out power for any significant amount of time then we will have much bigger problems then worrying about bitcoins.
The only reason bitcoins are trading at higher prices is as they become accepted thier price reflects the inflation of the dollar just like silver and
gold does. Buying bitcoins as an investment to make money is not a scam it is a risk just like any commodity. They main value is they are a free
market, secure and convenient medium of exchange the cannot be controlled and inflated/deflated by central authority solving an age old problem of
centrally controlled money. The market decides what thier buying power is without any government intervention protecting certain markets for thier
politically connected cronies as they do now.
We can always conjure up some extreme circumstances as to why bitcoins might become worthless, like if a comet hits the earth and kills 9/10s of the
earth's populations what will bitcoins be worth then, haha playboy tell me that... ?
In reality however as I have said we will have much bigger
If TPTB go after them and make them illegal then like any commodity they will drive the price up and the commodity underground where it will be even
harder to track, but they will never get rid of them like they can never get rid drugs and other illegal commodities. Where ever their is demand there
will be a supplier.
However if that happens it is not inconceivable we may eventually be seeing raids on shows like Cops where they see excess electrical use or heat
signature on a home or building and raid bitcoin miners. As if it is not absurd enough that they arrest people for growing plants. Those that think
this is just a fad and will die just need to look at the drug trade and file sharing among other things.
edit on 8-6-2011 by hawkiye because: (no reason given)