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Any Bitcoin lovers still around?

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posted on Apr, 8 2012 @ 10:56 PM
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I'm amazed that the price of bitcoin is still strong, with the rate of inflation it has.

I was really hardcore when it started, but got distracted with other things. I think the GLBSE is an awesome idea, and will really be a big player in the future.

What are your thoughts on the whole bitcoin thing these days?
edit on 8-4-2012 by mayabong because: (no reason given)




posted on Apr, 8 2012 @ 11:23 PM
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I'm not gonna use it until it is backed by real gold or something. I don't think it is very reliable to be used as currency.



posted on Apr, 8 2012 @ 11:28 PM
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reply to post by THE_PROFESSIONAL
 


Do you understand how it works? Why do you say its not reliable? As far as backing it by real gold, I believe that is impossible and would destroy the whole purpose of it anyways.



posted on Apr, 8 2012 @ 11:33 PM
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reply to post by mayabong
 


Yes I know how it works, you can certainly modify the system and have it backed by real gold. I still think it is a great idea but I still don't trust it.



posted on Apr, 8 2012 @ 11:34 PM
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Originally posted by THE_PROFESSIONAL
reply to post by mayabong
 


Yes I know how it works, you can certainly modify the system and have it backed by real gold. I still think it is a great idea but I still don't trust it.


How can you actually modify the system? Who will be doing the backing? Banks? lol



posted on Apr, 8 2012 @ 11:34 PM
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Just like the US dollar, bitcoin has value because people believe it has value. There is no true value to the US dollar, either, but I bet detractors of bitcoin would have plenty of Ben Franklin's in their wallet if the opportunity arises.



posted on Apr, 9 2012 @ 12:05 AM
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I think the day that you can use it to go buy things at your local organic food market that they could be useful. Other than that when I look up bitcoin merchants on google, all I can find is stores that basically sell plastic junk (for the most part). It isn't a valid currency IMHO because there's not enough places that use it.

As far as the mining of bitcoins goes, I read recently that several government are mining the blocks of bitcoins using supercomputer technology to do so. So there it went for the "little guy" trying to boost their bitcoins by mining. I read that with all the supercomputers doing the mining out there, that this "currency" should collapse some time around 2017.

I am not one who is big on predictions, but I predict that these bitcoin currencies will have no future because they won't be accepted at stores in the long run. If people can't use it in their everyday lives, why would they throw away greenbacks (which still do have some form of purchasing power and are accepted everywhere)?

The only way they will be successful is if the paper currencies of the world collapse, and it changes to where the bitcoin type currencies are accepted everywhere.



posted on Apr, 9 2012 @ 12:22 AM
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Originally posted by InFriNiTee
I think the day that you can use it to go buy things at your local organic food market that they could be useful. Other than that when I look up bitcoin merchants on google, all I can find is stores that basically sell plastic junk (for the most part). It isn't a valid currency IMHO because there's not enough places that use it.

As far as the mining of bitcoins goes, I read recently that several government are mining the blocks of bitcoins using supercomputer technology to do so. So there it went for the "little guy" trying to boost their bitcoins by mining. I read that with all the supercomputers doing the mining out there, that this "currency" should collapse some time around 2017.

I am not one who is big on predictions, but I predict that these bitcoin currencies will have no future because they won't be accepted at stores in the long run. If people can't use it in their everyday lives, why would they throw away greenbacks (which still do have some form of purchasing power and are accepted everywhere)?

The only way they will be successful is if the paper currencies of the world collapse, and it changes to where the bitcoin type currencies are accepted everywhere.


Well yeah its still in its infancy, you can't expect every store to start accepting it right away. There are ways to buy lots of things online with them, for instance I can go to cheaperinbitcoins.com .. send them some bitcoins and they will send me equal value in an amazon gift card . There are also bitcoin debit cards out there... I don't really trust some of the companies though.

To be fair, I can't go into whole foods and give them an ounce of gold bullion and buy anything either but that doesn't stop people from using it as a store of value. You can send bitcoins to another person anywhere in the world for a fraction of what you would pay western union to do.

Can you link me to where these "supercomputers" are doing the mining. Because you can see the chart of how much hashing power is on the whole network and it hasn't really spiked to make one think supercomputers have come on board.

Bitcoins are an internet currency, maybe they will never be accepted in real stores in large scale I don't know.
edit on 9-4-2012 by mayabong because: (no reason given)



posted on Apr, 9 2012 @ 01:01 AM
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reply to post by mayabong
 


I read it on some page a few days back. Sorry, I don't have a specific link, I was just taking that from an article I read on the potential failure of bitcoins-someone posted on there that governments around the world are using the supercomputers to mine, and have been doing so since 2009.

Look, I don't have anything against them, I would actually like to know more about how to use them in everyday life, if they could expand the power of the failing greenbacks.



posted on Apr, 9 2012 @ 01:17 AM
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Originally posted by InFriNiTee
reply to post by mayabong
 


I read it on some page a few days back. Sorry, I don't have a specific link, I was just taking that from an article I read on the potential failure of bitcoins-someone posted on there that governments around the world are using the supercomputers to mine, and have been doing so since 2009.

Look, I don't have anything against them, I would actually like to know more about how to use them in everyday life, if they could expand the power of the failing greenbacks.


Yeah I don't think its true, I think there would be alot more hashing power going on if that was the case.



posted on Apr, 9 2012 @ 01:18 AM
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Bitcoin, the financial traders' anarchic new toy
By Naomi O'Leary
LONDON | Mon Apr 2, 2012 5:52am EDT

www.reuters.com/article/2012/04/02/us-traders-bitcoin-idUSBRE83108120120402



posted on Apr, 9 2012 @ 01:23 AM
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Originally posted by mayabong
I'm amazed that the price of bitcoin is still strong, with the rate of inflation it has.

I was really hardcore when it started, but got distracted with other things. I think the GLBSE is an awesome idea, and will really be a big player in the future.

What are your thoughts on the whole bitcoin thing these days?
edit on 8-4-2012 by mayabong because: (no reason given)


I just got interested in it now. I think it's a very good idea.



posted on Apr, 9 2012 @ 01:27 AM
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Originally posted by InFriNiTee
reply to post by mayabong
 


I read it on some page a few days back. Sorry, I don't have a specific link, I was just taking that from an article I read on the potential failure of bitcoins-someone posted on there that governments around the world are using the supercomputers to mine, and have been doing so since 2009.

Look, I don't have anything against them, I would actually like to know more about how to use them in everyday life, if they could expand the power of the failing greenbacks.


Governments can hoard as much as they want, but that will just decrease the value. It's not tied to anything, there's no value to it. They either have to trade it, invest it, or get ride of it.



posted on Apr, 9 2012 @ 01:34 AM
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Originally posted by xecoybh
Bitcoin, the financial traders' anarchic new toy
By Naomi O'Leary
LONDON | Mon Apr 2, 2012 5:52am EDT

www.reuters.com/article/2012/04/02/us-traders-bitcoin-idUSBRE83108120120402


Very interesting article. thanks



posted on Apr, 9 2012 @ 08:31 AM
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The value in Bitcoins is with its security. Gold in a bank is worthless once the robbers have been through. Bitcoin has also recently gotten on board with international banking regulations to help monitor cash flow and fraud. It does have a good long term plan with the current mining stage focused on the encryption of the currency. There are still some risks, but has been going for a few years now and over some of the tough ones.



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