BITCOIN as an alternative to regular currency
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seanwilliam1988
- Posts: 2
- Joined: Tue Feb 18, 2014 1:53 am
I found an interesting article about bitcoin as future currency that might be helpful for everyone here http://bitcoindaily.com/is-bitcoin-the- ... he-future/.
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andyfuller
- Posts: 4619
- Joined: Wed Mar 25, 2009 12:23 pm
Continues to fall, $301! Having been $220 recently:
http://www.marketwatch.com/story/bitcoi ... &link=sfmw
http://www.marketwatch.com/story/bitcoi ... &link=sfmw
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steven1976
- Posts: 1744
- Joined: Tue Jan 19, 2010 6:28 am
They are back in business here
http://www.coindesk.com/thai-bitcoin-ex ... l-unclear/
http://www.coindesk.com/thai-bitcoin-ex ... l-unclear/
Price bouncing back strongly Andy! Bitcoin is not dead yet. It plunged on Mt.Gox, but held up quite strongly on other exchanges. Now around $US 620.andyfuller wrote:Continues to fall, $301! Having been $220 recently:
http://www.marketwatch.com/story/bitcoi ... &link=sfmw
http://preev.com/
It's really quite impressive how quickly the Bitcoin price keeps bouncing back after bad news.
It may be that Bitcoin has reached critical mass and there's now a long-term bull market which has too much momentum to be stopped.
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andyfuller
- Posts: 4619
- Joined: Wed Mar 25, 2009 12:23 pm
I just don't see it taking off in the general market place any time soon. Why would I change from paying by cash and card and why would a company change from charging by cash or card. Yes a few companies are now taking Bitcoin but imo that is just a way of getting marketing/exposure on the cheap.
I don't see a future for it as a currency. I also wonder if there is anything more sinister about the various bits of bad press it has been getting of late and what that does/could do to the general public's impression of it. Many people still don't trust online banking let alone switching to an entirely digital currency that has various barriers to entry to using it.
Not for me.
I don't see a future for it as a currency. I also wonder if there is anything more sinister about the various bits of bad press it has been getting of late and what that does/could do to the general public's impression of it. Many people still don't trust online banking let alone switching to an entirely digital currency that has various barriers to entry to using it.
Not for me.
Big divergence amongst exchanges now. mtgox still quoting $260.
The issue with it as a currency is that it is too volatile and is not underwritten in any way so nobody will seriously use it. Only people who want to hide transactions or speculate on it.
I'd have to charge btc +50% to even consider taking it as currency.
The issue with it as a currency is that it is too volatile and is not underwritten in any way so nobody will seriously use it. Only people who want to hide transactions or speculate on it.
I'd have to charge btc +50% to even consider taking it as currency.
Bitcoin has had some pretty serious teething problems, that's for sure.
There has been a lot of hacks and thefts of online wallets. And now it looks like the major exchange Mt.Gox may be insolvent. I presume the price is so low there because people doubt that Mt.Gox can repay customers:
http://www.theverge.com/2014/2/19/54252 ... e-in-tokyo
There has been a lot of hacks and thefts of online wallets. And now it looks like the major exchange Mt.Gox may be insolvent. I presume the price is so low there because people doubt that Mt.Gox can repay customers:
http://www.theverge.com/2014/2/19/54252 ... e-in-tokyo
It Is Now Possible to Buy Tulips With Bitcoingazuty wrote:Just like tulips in March 1637.Zenyatta wrote:
It may be that Bitcoin has reached critical mass and there's now a long-term bull market which has too much momentum to be stopped.
You can now exchange between two of the most famously volatile currencies.
Robinson Meyer
"The floral startup BloomNation is now accepting Bitcoin for its products. That means it’s now possible to buy floral arrangements with bitcoin—and, more importantly, to convert bitcoins into tulips, exchanging one famously volatile currency for another."
"At publication, I calculated that a single bitcoin could purchase only about 320 tulips."
http://www.theatlantic.com/technology/a ... in/283797/
Just checked the price again and things have taken a turn for the worse since yesterday...gut busting plunge to $US 100 on Mt.Gox and even on the other exchanges its plunging again...back towards $500.Euler wrote:
The issue with it as a currency is that it is too volatile and is not underwritten in any way so nobody will seriously use it. Only people who want to hide transactions or speculate on it.
I'm really glad I listened to you earlier and didn't get involved in this.
Oh dear, Bitcoin has surely reached its nadir:
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(Reuters) - Cyber criminals have infected hundreds of thousands of computers with a virus called "Pony" to steal bitcoins and other digital currencies, in the most ambitious cyber attack on virtual money uncovered so far, according to security firm Trustwave.
Trustwave said on Monday that it has found evidence that the operators of a cybercrime ring known as the Pony botnet have stolen some 85 virtual "wallets" that contained bitcoins and other types of digital currencies. The firm said it did not know how much digital currency was contained in the wallets.
"It is the first time we saw such a widespread presence of this type of malware. It was on hundreds of thousands of machines," said Ziv Mador, security research director with Chicago-based Trustwave.
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http://www.reuters.com/article/2014/02/ ... JO20140224
Price of Bitcoin in freefall now, into the 400s and falling:
http://preev.com/
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(Reuters) - Cyber criminals have infected hundreds of thousands of computers with a virus called "Pony" to steal bitcoins and other digital currencies, in the most ambitious cyber attack on virtual money uncovered so far, according to security firm Trustwave.
Trustwave said on Monday that it has found evidence that the operators of a cybercrime ring known as the Pony botnet have stolen some 85 virtual "wallets" that contained bitcoins and other types of digital currencies. The firm said it did not know how much digital currency was contained in the wallets.
"It is the first time we saw such a widespread presence of this type of malware. It was on hundreds of thousands of machines," said Ziv Mador, security research director with Chicago-based Trustwave.
--
http://www.reuters.com/article/2014/02/ ... JO20140224
Price of Bitcoin in freefall now, into the 400s and falling:
http://preev.com/
When the music's over http://www.smh.com.au/business/world-bu ... 33gdj.html
Mt Gox closed.
Ah the big short.
Mt Gox closed.
Ah the big short.
News just keeps getting worse and worse...if this hack rumor is confirmed it surely constitutes the biggest heist of all time! Hackers have apparently totally cleaned out Gox!gazuty wrote:When the music's over http://www.smh.com.au/business/world-bu ... 33gdj.html
Mt Gox closed.
Ah the big short.
http://www.wired.com/wiredenterprise/20 ... -implodes/
"Mt. Gox, once the world’s largest bitcoin exchange, has gone offline, apparently after losing hundreds of millions of dollars due to a years-long hacking effort that went unnoticed by the company.
The hacking attack is detailed in a leaked “crisis strategy draft” plan, apparently created by Gox and published Monday by Ryan Selkis, a bitcoin entrepreneur and blogger (see below). According to the document, the exchange is insolvent after losing 744,408 bitcoins — worth about $350 million at Monday’s trading prices. The plan paints a bleak picture of the exchange’s finances and outlines an arbitrage scheme to restore the exchange to solvency. “The reality is that Mt. Gox can go bankrupt at any moment, and certainly deserves to as a company,” the document states."