Digital 'bitcoin' currency surpasses 20 national currencies in value

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posted on Mar, 30 2013 @ 07:40 AM
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Mods i wasn't sure where to put this one.





More than $1 billion dollars worth of a digital currency known as "bitcoins" now circulate on the web – an amount that exceeds the value of the entire currency stock of small countries like Liberia (which uses “Liberian dollars”), Bhutan (which uses the “Ngultrum”), and 18 other countries.

Unlike traditional currency, bitcoins are not issued by a government or even a private company. Instead, the currency is run by computer code that distributes new bitcoins at a set rate to people who devote web servers to keep the code running. The bitcoins are then bought and sold for regular U.S. dollars online.

Bitcoin is in high demand right now -- each bitcoin currently sells for more than $90 U.S. dollars -- which bitcoin insiders say is because of world events that have shaken confidence in government-issued currencies.


So bitcoins are getting bigger. Maybe its time to invest? Do you think the use of bitcoins on the deep web are going to come into play at a later time? Will we see other currencies introduced into the mix like bitcoins?
edit on 30-3-2013 by onequestion because: (no reason given)
edit on 30-3-2013 by onequestion because: (no reason given)




posted on Mar, 30 2013 @ 07:49 AM
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reply to post by onequestion
 


S&F! Very interesting. I am going to do more research on this. My inquiry is this: Are these "bitcoin" similar to let's say FB coins? I see a simularity right off the bat and you can be assured that there will be competition between different "types" of bitcoins.

Nice find!



posted on Mar, 30 2013 @ 07:50 AM
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One fake currency is enough, do we need another that we can't even touch!? What happens if TSHTF? Sorry, it may just be my ignorance of bitcoin speaking..anyone care to weigh in?

Edit: Are they still based on US dollars then? $90 USD for one bitcoin? What happens if the dollar tanks?
edit on 30-3-2013 by superman2012 because: (no reason given)



posted on Mar, 30 2013 @ 07:54 AM
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This is backed up by nothing. As Superman above said...one form of fiat money is enough.

I have a feeling this is just another scam. Someone is going to get taken for a ride.

If you want to protect your assets against the collapse...

Gold, silver, copper..

Non-perishable food items

Vegetable seeds

Over the counter medications (aspirin, peroxide, etc)

Non-electric hand tools and gardening tools.

Just my opinion though.
edit on 3/30/2013 by Jeremiah65 because: (no reason given)



posted on Mar, 30 2013 @ 07:57 AM
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reply to post by Jeremiah65
 


From my limited understanding, it almost seems like it is a pyramid scam (stress on the like). Can anyone explain why bitcoin is better then owning other currency? This just seems like a way to get more people to invest their money in something that will not last.



posted on Mar, 30 2013 @ 08:08 AM
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Yes this is defo a scam............. again money that can be digitally made from nothing...... wasn't this part of the new world order plan that i heard Ian crane talking about it a few years ago , do away with note money and turn it into electrical money......

I smell a conspiracy



posted on Mar, 30 2013 @ 08:23 AM
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So is this really a scam?

Can you provide some information to support this claim?



posted on Mar, 30 2013 @ 08:26 AM
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So much ignorance in this thread it gives me a headache. Superman, bitcoin is not anchored to the US dollar in any way. The more worthless the US dollar becomes, the more US dollars each bitcoin will be worth.

By the way OP I already posted this article in a thread I started a few hours ago:
MSM Reporting on Cyprus Driven Bitcoin Boom



posted on Mar, 30 2013 @ 08:26 AM
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No thanks it's already been proven that it can be hacked and money stolen from it.

Inside the Mega-Hack of Bitcoin: the Full Story


The storm had been building for over a week now. Last Monday at around 5 p.m. 25,000 Bitcoins were transferred from 478 accounts on the currency's largest exchange -- Mt. Gox. But that was just the beginning. Now Mt. Gox is admitting to a major breach and has shut down, in an unprecedented action. In all, approximately $8.75M USD worth of Bitcoins appear to have -- at least temporarily -- been stolen in the intrusion.



posted on Mar, 30 2013 @ 08:29 AM
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reply to post by ChaoticOrder
 


Didn't see it when i searched. Sn F your thread.



posted on Mar, 30 2013 @ 08:31 AM
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reply to post by buster2010
 



No thanks it's already been proven that it can be hacked and money stolen from it.

I expected more from you buster. The Mt. Gox exchange was hacked, not the bitcoin network. Mt. Gox is just one of the many bitcoin exchanges. The security of that particular exchange has nothing to do with bitcoin. Plus Mt. Gox was able to handle the problem and repay the losses.



posted on Mar, 30 2013 @ 08:31 AM
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reply to post by onequestion
 


Nope, I cannot provide any substantial info as to why I feel this is a scam.

To me, as this is a "privatized" currency...someone out there can make as much of it as they want and charge whatever they want during the "rush" to get some...and then...just devalue the sh!t out of it when people start to try and pull them out and convert them to "real" currency...

I see a large group of people holding an empty bag in the future and a small group (the creators/makers) laughing at the idiots who bought it at high prices.



posted on Mar, 30 2013 @ 08:42 AM
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reply to post by Jeremiah65
 


I have to agree with you on this one my gut just tells me its a scam , my gut is never wrong either...

Who makes this currency then, and who controls it.........?



posted on Mar, 30 2013 @ 08:49 AM
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reply to post by Jeremiah65
 



Nope, I cannot provide any substantial info as to why I feel this is a scam.

So all you have to go on is vague "feelings" rather than facts.


To me, as this is a "privatized" currency...someone out there can make as much of it as they want and charge whatever they want during the "rush" to get some...and then...just devalue the sh!t out of it when people start to try and pull them out and convert them to "real" currency...

lol maybe before you make up a bunch of crap off the top of your head you might try researching the subject first. Everything you just said is completely wrong. Everyone has the ability to "mine" new bitcoins, but they must contribute computing power to the network to do so. There is no one person who can do this any easier than any other person because the process requires a "proof of work". To put it simply, if you wish to create new bitcoins you must have your computer carry out complex calculations until you reach a solution to the given problem, and that solution is the proof you did the work necessary. The value of bitcoin is determined according to free market forces on the bitcoin exchanges, no one determines the value by themselves, open market buy and sell orders determine the low and high prices, very similar to the process which determines the value of gold or silver on a day to day basis.

edit: to add that the total number of bitcoins which can ever be created is limited to 21 million. Although each bitcoin is divisible by up to 8 decimal places to ensure sufficient granularity of the money supply.
edit on 30/3/2013 by ChaoticOrder because: (no reason given)



posted on Mar, 30 2013 @ 08:52 AM
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reply to post by theruthlessone
 



Who makes this currency then, and who controls it.........?

No one controls it. It's a decentralized currency which operates on a P2P network. No Government controls it and there is no central bank. The P2P software its self is completely open source so anyone can see exactly how it works.
edit on 30/3/2013 by ChaoticOrder because: (no reason given)



posted on Mar, 30 2013 @ 09:03 AM
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reply to post by ChaoticOrder
 


No worries...I admit I am completely ignorant of the stuff. It just seems there is a possibility of manipulation if not right out fraud.

I know nothing...So don't pay attention to me or my opinions...it's just a hunch I have...no justification at all.

but me personally.... I'll protect my assets the old fashioned way...



posted on Mar, 30 2013 @ 09:05 AM
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Originally posted by ChaoticOrder
So much ignorance in this thread it gives me a headache. Superman, bitcoin is not anchored to the US dollar in any way. The more worthless the US dollar becomes, the more US dollars each bitcoin will be worth.

By the way OP I already posted this article in a thread I started a few hours ago:
MSM Reporting on Cyprus Driven Bitcoin Boom


You seem to be the bitcoin expert.

What is it backed by?

How and who works out its price compared to a currency like USD? Who and how exactly?




To put it simply, if you wish to create new bitcoins you must have your computer carry out complex calculations until you reach a solution to the given problem, and that solution is the proof you did the work necessary. The value of bitcoin is determined according to free market forces on the bitcoin exchanges, no one determines the value by themselves, open market buy and sell orders determine the low and high prices, very similar to the process which determines the value of gold or silver on a day to day basis.


Sounds sketchy at best.
edit on 30-3-2013 by wemustbreakyou because: (no reason given)



posted on Mar, 30 2013 @ 09:07 AM
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reply to post by ChaoticOrder
 


So who generates it then and who do you purchase it off....?



posted on Mar, 30 2013 @ 09:09 AM
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reply to post by Jeremiah65
 



but me personally.... I'll protect my assets the old fashioned way...

Do what ever you wish. No is claiming bitcoin to be superior to gold or other "old fashioned" stores of value. In fact many people hedge their bets by buying precious metals as well as bitcoin because the Government can always confiscate gold if it wants to (and it has done so before) and because there's always a risk something could go wrong with bitcoin.

However what I find annoying is that you spout a whole bunch of information which is completely false and almost the opposite of the truth. If you're going to be skeptical of it then at least learn how it works and present real arguments which are based on facts and not feelings. All too often people react exactly like you did thinking they know it all when they really know nothing.



posted on Mar, 30 2013 @ 09:12 AM
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reply to post by ChaoticOrder
 


Incorrect...I "spouted" my opinions...I never ever said it was accurate information...never claimed to know anything.

Opinion...that which I am entitled to for no apparent reason.
edit on 3/30/2013 by Jeremiah65 because: (no reason given)





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