Bitcoin, the explosion continues (today's high on Mt.Gox $750!)

reply to post by crankyoldman


So it is like Beanie Babies then. There are only so many of them (rare ones) and that is what makes them have value?

superman2012
reply to post by crankyoldman

 

So it is like Beanie Babies then. There are only so many of them (rare ones) and that is what makes them have value?

Correct, and the willingness of others to use it as the medium for exchange. We could all say tomorrow, "beanie babies are the new means of exchange" and that would be just as valid as the dollar. Except............ the dollar allows the Fed to dictate what is done with their medium of exchange AND to take a little piece of each transaction. A real money gold or beanie baby item does not allow the Fed to take a taste of each transaction. That is what the problem with the bit coin is.

For those who do not understand bit coin. How do you tax it? How does a 2 cent tax factor into the equation? How do you tax income if you can't measure what bit coin income is?

reply to post by crankyoldman


I'll hold onto my comic collection. It's the only thing that has appreciated consistently over the years. It's too late for me with bitcoins now. Anyone know anything about Feathercoins?

reply to post by crankyoldman


Another thought.

What's to stop the banking cartels and governments from buying up all the bitcoins possible and just destroying the wallets? Would that not destroy the cryptocurrency? They would also be using taxes to do it! lol

superman2012
reply to post by crankyoldman

 

Another thought.

What's to stop the banking cartels and governments from buying up all the bitcoins possible and just destroying the wallets? Would that not destroy the cryptocurrency? They would also be using taxes to do it! lol

Nothing would stop it, and now you get it. Buy up gold, buy up oil, buy up food, buy up bit coins. Buy up all things of "real" value and replace them with Fiat Currency and proclaim the slaves a wealthy and prosperous class because the have SCRIPT they can use at the company store.

Oh poo. BTC deflating to 986 right now. What a shame, it was up to 1200. Meh, not worried

superman2012
Anyone know anything about Feathercoins?

FTC was created to be the "Litecoin to Litecoin"...which means that since Litecoin is the 'silver' to Bitcoin 'gold, Feathercoin would play the same role to Litecoin. But that was the intentionand not necessarily the reality. There are 4 times the amount of Litecoin as there are (or will be) Bitcoin and 4 times the amount of Feathercoin than there are (will be) Litecoin. The security is supposedly a little better with FTC than Litecoin but that is where the differences end.

It isn't projected to take off like either of the above mentioned and has none of the following that Namecoin, Peercoin, Quark and Ripple have though there is a small group of devotees (a handful just met at the only pub in the world that will accept Feathercoin for purchases in Oxford.

I have some but am not expecting much right now...especially with the way the crypto community has reacted to China's almost complete ban of Bitcoin...

It's going to take some perseverance for Bitcoin to rebound...which might happen but the outlook is long term at this point.