Bitcoins at $360, Anyone Paying Attention To Whats Happening?

reply to post by OrphanApology


Thank you orphan for introducing an articulation of THE BITCOIN that i couldnt.

reply to post by OrphanApology

It may be honest and truly amazing but what is backing it? Haven't all currencies always been backed by something? What is keeping its value? The USD? Aren't there a finite amount of 1's and 0's that people can keep in their "wallet"? Is this sustainable or is this just a little test for the next one that won't be finite? Are my children going to be mining bitcoins just to pay their rent? What will one be worth then and how many will still be available?

Just a couple 'o q's that popped into my head.

reply to post by superman2012


Its time for change.

reply to post by OrphanApology

There are limited numbers of bitcoins that will exist.

What are your thoughts that this is nothing but a curiousity then if more can't be made? It obviously isn't/wasn't meant to be a big thing right? If everyone in the world can't own at least one bitcoin, how can it be considered a currency? We can trade them and buy them much like comics or hockey cards. I maintain that they are and will be looked back at, as a collectible not a currency.

onequestion
reply to post by superman2012

 

Its time for change.

True, but the change has to make sense.

reply to post by superman2012


Ill take anything over the Federal reserve and IRS.

superman2012
reply to post by OrphanApology

 

It may be honest and truly amazing but what is backing it? Haven't all currencies always been backed by something? What is keeping its value? The USD? Aren't there a finite amount of 1's and 0's that people can keep in their "wallet"? Is this sustainable or is this just a little test for the next one that won't be finite? Are my children going to be mining bitcoins just to pay their rent? What will one be worth then and how many will still be available?

Just a couple 'o q's that popped into my head.

What is backing Bitcoin up is all of the items I stated. Most importantly the fact that there will only be a certain amount of Bitcoins in existence.

Currency is and has always been, a concept that we place value on because it is in limited supply.

You cannot eat a gold coin, but I had much rather have a gold coin than a useful item like a bag of cereal. Why? Someone else will accept the rarity of that gold coin and in exchange I can buy 100 bags of cereal.

In the case of Bitcoin it has the potential to be even safer than gold due to the fact that it's rarity is virtual. There is physical object that the government can come and steal. Unless you give out your code or they find out, your money is yours.

Physical assets backing currency actually makes the currency far less safe in statist environments(which is everywhere in world). Government cannot touch Bitcoin or use banking cartels such as the Federal Reserve to manipulate it's value.

Kr0nZ

spartacus699
reply to post by onequestion

 

what does a bit coin actually look like?

01110100 01101000 01101001 01110011 00100000 01101001 01110011 00100000 01100001 00100000 01100010 01101001 01110100 01100011 01101111 01101001 01101110

01110100 01101000 01101001 01110011 00100000 01101001 01110011 00100000 01100001 00100000 01100010 01101001 01110100 01100011 01101111 01101001 01101110 = This is a bitcoin

superman2012
reply to post by OrphanApology

 

There are limited numbers of bitcoins that will exist.

What are your thoughts that this is nothing but a curiousity then if more can't be made? It obviously isn't/wasn't meant to be a big thing right? If everyone in the world can't own at least one bitcoin, how can it be considered a currency? We can trade them and buy them much like comics or hockey cards. I maintain that they are and will be looked back at, as a collectible not a currency.

Bitcoin do have limited existence but that would not keep people from owning Bitcoins in the future even if the price is extremely high. I will tell you why that is.

If in the year that Bitcoin mining is exhausted and the price of the coins is the equivalent of 1500 USD, which of course is out of the range of affordability of most people. There is nothing stopping someone from creating a financial product that would work very much like a mutual fund. So basically, I create a financial product based on the pooling of "investors". Basically it is a sub-currency of Bitcoin that would be based on the value of one coin.

That's just an example of a product I have thought about that might come up in existence even if Bitcoin reached very high values.

reply to post by OrphanApology


You can buy and sell them in fractions.

Im estimating that they cap somewhere around 1200.

reply to post by onequestion


I wasn't aware that you could do that. Even that aspect shows how far ahead Bitcoins are. The guy/girl that made this was a genius.

onequestion
reply to post by superman2012

 

Ill take anything over the Federal reserve and IRS.

I have some old comics that are worth over 1000% more then when I bought them! I would take those over those two as well.

OrphanApology

superman2012
reply to post by OrphanApology

 

It may be honest and truly amazing but what is backing it? Haven't all currencies always been backed by something? What is keeping its value? The USD? Aren't there a finite amount of 1's and 0's that people can keep in their "wallet"? Is this sustainable or is this just a little test for the next one that won't be finite? Are my children going to be mining bitcoins just to pay their rent? What will one be worth then and how many will still be available?

Just a couple 'o q's that popped into my head.

What is backing Bitcoin up is all of the items I stated. Most importantly the fact that there will only be a certain amount of Bitcoins in existence.

Currency is and has always been, a concept that we place value on because it is in limited supply.

You cannot eat a gold coin, but I had much rather have a gold coin than a useful item like a bag of cereal. Why? Someone else will accept the rarity of that gold coin and in exchange I can buy 100 bags of cereal.

In the case of Bitcoin it has the potential to be even safer than gold due to the fact that it's rarity is virtual. There is physical object that the government can come and steal. Unless you give out your code or they find out, your money is yours.

Physical assets backing currency actually makes the currency far less safe in statist environments(which is everywhere in world). Government cannot touch Bitcoin or use banking cartels such as the Federal Reserve to manipulate it's value.

Not the government but bitcoins have been stolen many times and in numerous amounts.

Say I stole someones "wallet" with one million $'s worth of bitcoins....and then just destroyed the wallet. What would that do to this "currency"? Now if I do the same with gold coins would that change the price of gold or affect it at all?

reply to post by OrphanApology

So much like treasury bills?

reply to post by onequestion


$375. usd actually

reply to post by tinyDAWK


Thats how fast they have gone up since i post this thread an hour or 2 ago.

reply to post by onequestion


For everyone that invested in them, I hope they make a PILE of money and I also hope I'm wrong (for their sake) when I believe that this is just a fad or no more different then buying stocks (or beanie babies).

Everything without value is worth nothing in the end.

reply to post by onequestion


Ha.. nooo way.
Now is the time to sell not buy.

I wish I would have bought when they were around 22 dollars a piece, but I didn't, but I dont expect them to go up much higher. Right now they are being hiked up out of the normal persons pay range so they are no longer a convenient alternative currency.

Last I heard this was all under investigation by the US government because it was being used for money laundering.