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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.
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.
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.
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)
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.
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