BITCOIN as an alternative to regular currency
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steven1976
- Posts: 1744
- Joined: Tue Jan 19, 2010 6:28 am
I've still no idea where I would start my mining jim even though there have been lots of help. I'm not tech savy but usually I can work my way around a few emails or google searches. God only knows how my mum would get on with all this bit coin mining. Which is why I believe it will fail because its not for the masses.
I'm sticking to coal mining!
I'm sticking to coal mining!
Euler wrote:I can't believe you have fallen for it!
Here is an asset that has no fundamental value, it's purely a speculative instrument. It isn't a currency either. There is nothing to base the value on at all apart from what the previous guy sold at. At least when you bought a Tulip you have a physical item in return.
When something goes up in price it gets less value not more, but for some reason people see a line pointing in one direction and see that instead. Of course they could go much higher, there is nothing stopping them if somebody is willing to buy them at a higher price. But nothing about the underlying value will have changed and therein lies the problem.
This is just one of many similar scenarios throughout history and none have ended well. I can tell they haven't topped out yet, because the cleaner hasn't bought any yet or asked about them!
I've carefully weighed up the arguments pro and con and come down on the pro side - - the key utility of Bitcoins is that they are a decentralized peer-to-peer medium of exchange - this cuts out the middlemen (banks, credit card companies etc.) , which is radically new - and could indeed revolutionize finance.
Lets see what happens with it over the next few years...as this blog comment notes:
"Brian Zisk, conference organizer , noted in opening remarks that there is “a really good chance it’ll go to zero and there’s a really good chance it’ll blow up like nothing we’ve ever seen.”"
http://blogs.marketwatch.com/thetell/20 ... -about-it/
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steven1976
- Posts: 1744
- Joined: Tue Jan 19, 2010 6:28 am
"There is a good chance of going to zero or a good chance of blowing up like nothing seen before."
Nowt like sitting on a fence offering advice
Nowt like sitting on a fence offering advice
Sounds like nothing more than a huge gamble!Zenyatta wrote:
"Brian Zisk, conference organizer , noted in opening remarks that there is “a really good chance it’ll go to zero and there’s a really good chance it’ll blow up like nothing we’ve ever seen.”"
Bit like Pay Pal thenZenyatta wrote:I've carefully weighed up the arguments pro and con and come down on the pro side - - the key utility of Bitcoins is that they are a decentralized peer-to-peer medium of exchange - this cuts out the middlemen (banks, credit card companies etc.) , which is radically new - and could indeed revolutionize finance.
I might speculative buy some cloud mining and see if I can trade my way/mine my way to a couple of bitcoins. I am about 12 months too late though to make any money out of mining but it might be worth having a couple of bitcoins in a wallet. If they go to nothing you've lost nothing more than a bit of fun but if they carry on going exponentially you could cash out with a healthy profit!
You can get litecoins another crypto currency in with your hashing with someone like https://cex.io/
In fact it looks to be quite a large volume transaction exchange and they have an api.........any chance of betangel for bitcoins peter!!!!
You can get litecoins another crypto currency in with your hashing with someone like https://cex.io/
In fact it looks to be quite a large volume transaction exchange and they have an api.........any chance of betangel for bitcoins peter!!!!
Good idea... I would like to trade bitcoins using Betangel software! Perhaps even run our own Bitcoin exchange? The major Bitcoin exchange player (Mt Gox )is very slow and unreliable by all reports.jimrobo wrote:.........any chance of betangel for bitcoins peter!!!!
Will Betangel accept Bitcoin payments?
We need to get on this gravy train!
CNN Article: "Can Bitcoin replace PayPal?'Euler wrote:Bit like Pay Pal thenZenyatta wrote:I've carefully weighed up the arguments pro and con and come down on the pro side - - the key utility of Bitcoins is that they are a decentralized peer-to-peer medium of exchange - this cuts out the middlemen (banks, credit card companies etc.) , which is radically new - and could indeed revolutionize finance.
http://edition.cnn.com/2013/12/10/busin ... ce-paypal/
Bitcoin will be added to this list http://www.pbs.org/wgbh/pages/frontline ... bbles.html
Bitcoins are a gamble I'm willing to take - literally the gamble of a lifetime. If I'd taken the 34K I won on the lottery last year and put it all in Bitcoins rather than wasting it on trying to trade the horses, I'd have been a millionaire many times over by now.burdo77 wrote:If you wish to trade in a volatile market which is unregulated which is run by and fuelled by criminal organisations set up In a tin shed on an island in the middle of the ocean you may aswell gamble...
A couple of points:
Regarding crime and regulation, Bitcoin transactions have the potential to be far cleaner and more transparent than ordinary money:
"When compared to the regular economy, bitcoin’s macroeconomic figures are vastly more accessible and reliable: all bitcoin transactions are publicly registered as to quantity and time, and that’s a standard that the U.S. dollar can’t hope to meet. In bitcoin, all your transactions are anonymous, but they’re also made in public."
-Jason Kuznicki
Related point: The value is not in the bitcoins themselves, but in the fact they grant access to the distributed, secure (encrypted) public-ledger -:
"People make a mistake when attempting to comment on or understand the value of Bitcoin. The value is actually in the network, for which you need bitcoins to participate. As a result, the price of Bitcoin, driven by supply and demand, is very much like the share price of a technology start-up company. Except there is no company. So owning bitcoins is like having shares in the Bitcoin network. That's where the value is, in the revolutionary nature and utility of the payment and record-keeping system - the distributed global ledger - and the fact that no company, no bank, and certainly no government, is involved. It's a world-first and it's deeply disruptive of existing payment technologies."
-CNN
I don't understand why a registered business would want to trade in bit coins, is it a potential tax dodge, if so, I could imagine it becoming more popular.
A currency only has a value unless it is in demand, if businesses endorse it has appeal, however, if governments place a potential ban on bit coin in countries where they believe bit coins are being traded for illegal activities such as drugs eg Silk Road it has the potential to have no value.
A currency only has a value unless it is in demand, if businesses endorse it has appeal, however, if governments place a potential ban on bit coin in countries where they believe bit coins are being traded for illegal activities such as drugs eg Silk Road it has the potential to have no value.