Digital 'bitcoin' currency surpasses 20 national currencies in value

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posted on Mar, 30 2013 @ 04:09 PM
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post removed because the user has no concept of manners

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posted on Mar, 30 2013 @ 06:48 PM
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Originally posted by wemustbreakyou
I dont understand how it is legal.

It's legal by virtue of the fact that it's not illegal. Actions are legal by default unless a law is made expressly making them illegal.



posted on Mar, 30 2013 @ 07:19 PM
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The people I know buy Gold Silver and Bit coins... so much better then fiat!!!! Its a free market coin, and of course the FED hates it cause it can't control it.. just wait in 6 months these things will be the RAVE for sure.. For some reason people think there dollars are backed by something,, with the fed printing 85 billion a month of fiat and giving that to the Banks, what do you think the dollar is worth...

Buying these coins takes the Fed out of the picture and lets the free market take over... Check i'm out yourself you will see what I mean.. If you don't like then stay with your fiat..



posted on Mar, 30 2013 @ 08:10 PM
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reply to post by sk8ter
 


What exactly are bitcoins backed by again?

*Second line.*



posted on Mar, 30 2013 @ 08:17 PM
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reply to post by TheNewRevolution
 


This Link is interesting...and should be scary to bitcoin buyers, if legit.



posted on Mar, 30 2013 @ 08:27 PM
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Originally posted by TheNewRevolution
reply to post by sk8ter
 


What exactly are bitcoins backed by aga

The Bitcoin does not have a wizard in the back ground creating 85 billion more coins every month.. IE the Fed.. Every month the fed add's to the supply of money and your money buys less and less.. and the Fed will keep adding to the money supply every month cause they can't stop it now.. ones the Fed stops the control P the music will stop and a lot of us won't have a chair...



posted on Mar, 30 2013 @ 08:30 PM
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reply to post by TheNewRevolution
 


So, in other words...bitcoin is backed by nothing.


The question that is often asked of any currency is: what is it backed by? Ancient currencies, like grain, were backed up by the currency's intrinsic use value. The US dollar, up until the latter half of the 20th century, was backed by gold. Now, it is backed up by a government willing to accept taxes in them. Second Life's Linden Dollars are backed by a price peg on Linden Labs's exchange for USD. But what is Bitcoin backed up by? The answer seems to be nothing: there is no central authority that guarantees Bitcoin's value, so, according to some, there is no reason why the value of bitcoin should be anything higher than zero. But the true answer to the question is a different one, one whose validity is rather counterintuitive: Bitcoin is backed up by the market.

Link



posted on Mar, 30 2013 @ 08:30 PM
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Originally posted by ChaoticOrder
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.ik

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.



You may be able to mine it,
But at the end of the day, it's still worth sh*t.

Its backed by nothing but the fact that people attach value to it, which I dont.

This may be handy for things like in game purchases or something like that, but who will ever exchange any physical goods for this? Who is going to give you cold hard cash for this? I know this is where we're headed either way,ut I dont welcome it, I'll reject this till its a crime to refuse going virtual, because as bad as paper money is, still beats a bunch of pixels...



posted on Mar, 30 2013 @ 08:34 PM
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reply to post by Strawberry88
 


I agree with you, however, there is a Bitcoin ATM in Cypress, and a guy in Alberta, Canada is selling his house for bitcoins., although there was also a guy that traded up from a red paper clip to a house as well. Everything is only worth what someone wants.

Edit: Nevermind about the ATM, it is not true.
edit on 30-3-2013 by superman2012 because: (no reason given)



posted on Mar, 30 2013 @ 09:15 PM
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Originally posted by superman2012
So, in other words...bitcoin is backed by nothing.


Just like all the other money you attach value to.



posted on Mar, 30 2013 @ 09:25 PM
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Originally posted by SilentKoala

Originally posted by superman2012
So, in other words...bitcoin is backed by nothing.


Just like all the other money you attach value to.


Ya your right I'm just glad the bitcoin does not have a huge printing room printing out billions of coins every month,,



posted on Mar, 30 2013 @ 09:56 PM
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Originally posted by SilentKoala

Originally posted by superman2012
So, in other words...bitcoin is backed by nothing.


Just like all the other money you attach value to.


Right, my point exactly. So why introduce another one that isn't even something you can put in your hand?



posted on Mar, 30 2013 @ 10:17 PM
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Originally posted by wemustbreakyou

Originally posted by ChaoticOrder
reply to post by wemustbreakyou
 


I already explained what determines the price, read my last few posts. As for what backs it, you could say its the energy which goes into creating them (if you have poor hardware it will cost more in electricity than what the mined bitcoins are worth). But that's not quite true because it's obviously impossible to convert your bitcoins back into electricity. In reality nothing backs them except trust in the system, if the system is hacked or something and it collapses there would be nothing tangible left at the end. A common saying in the bitcoin community is "in cryptography we trust". It's the same cryptography used all throughout the banking system and if it's broken we'll have a lot more problems to deal with than bitcoin collapsing.


reply to post by theruthlessone
 


Your questions were answered in my previous posts.
edit on 30/3/2013 by ChaoticOrder because: (no reason given)


I dont understand how it is legal. I would also like to know who is behind it all.

And if you are telling me that people that are good with computers are able to 'mine' the currency then I hate the idea. Why should someone be able to 'mine' currency? Thats value? I might design a currency that you earn by completing levels in a video game. Same thing right? If he gamecoin is created you know the work of completing the level has been done...

Lets all create digital currencies since its legal. Dibs on "gamecoin".


Look at this guys world falling apart...
THIS is ignorance, fear and envy in
plain sight....



posted on Mar, 30 2013 @ 10:27 PM
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Does anyone remember E-Gold a digital currency supposedly backed by Gold about 7 or 8 years ago. Did pretty well with it but my account would constantly get hacked and i just gave up on it. Think this Bitcoin is much the same...unless you have the physical asset in your possesion (not paper) you have nothing.



posted on Mar, 30 2013 @ 10:34 PM
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reply to post by Miccey
 


He brought up some good points, none of which you refuted in your rather glib post. Care to address any of the main problems with bitcoin brought up by myself and others on here and helping us deny our ignorance rather than being pompous?



posted on Mar, 31 2013 @ 12:09 AM
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Originally posted by superman2012

Originally posted by SilentKoala

Originally posted by superman2012
So, in other words...bitcoin is backed by nothing.


Just like all the other money you attach value to.


Right, my point exactly. So why introduce another one that isn't even something you can put in your hand?


Government fiat: no intrinsic backing, easy and cheap to create, no limit to how much can be created
Bitcoin: no intrinsic backing, difficult and expensive to create, finite limit to how much can be created

Government fiat: centralized monopoly where only banks can create new money out of thin air
Bitcoin: completely decentralized network where anyone has the ability to mine new coins

Government fiat: requires banks and other such entities to secure money and make transactions
Bitcoin: local wallet storage and peer-to-peer transactions which don't go through any banks

Government fiat: extremely expensive and very slow to send international transactions across borders
Bitcoin: little to no fees for any size transaction to anywhere in the world with very quick speeds

Government fiat: can be stolen by the Government or banks if they decide to freeze your accounts
Bitcoin: impossible to access your encrypted wallets or freeze your money for any reason at all



posted on Mar, 31 2013 @ 12:33 AM
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If you've never been in the deep web, you're never going to understand...



posted on Mar, 31 2013 @ 12:38 AM
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reply to post by sk8ter
 

Wait til the Cyberwarriors hack into the Bitcoin servers and transfer the wealth or there is a clamor for international controls over "unauthorized" (non state) cyber currency and they attempt to regulate (tax) or outlaw it. I sense a bubble - watch prices crash when they get to around $140-50.



posted on Mar, 31 2013 @ 01:04 AM
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reply to post by CosmicCitizen
 



Wait til the Cyberwarriors hack into the Bitcoin servers

There are no central bitcoin servers to hack. It's a decentralized P2P network.


and they attempt to regulate (tax)

They cannot enforce taxes in bitcoin, it would have to be voluntary and many businesses who accept bitcoin already pay taxes accordingly.


or outlaw it

They may be able to outlaw it in some places, but it's a world wide currency. Plus they'd need to outlaw all bitcoin variants too. It's just not feasible.



posted on Mar, 31 2013 @ 04:23 AM
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reply to post by ChaoticOrder
 


$250,000 worth of Bitcoins stolen in net heist
They can get stolen, nothing is impossible.
Care to weigh in here as well?





 
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