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Bitcoin versus other monies.

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  • #16
    HD 7950 is mining device?

    Warren Buffett — "Be fearful when others are greedy and greedy when others are fearful." A bubble begins when the mob begins to turn from fear to greed. I don't think people in general are getting serious about buying some bitcoins.

    If Bitcoin ever gains acceptance by the whole world even in Samoa, that would mean colossal purchasing power for just 21 million units or less, something like 60 trillion dollars equivalent, or more than 2 million dollars per bitcoin.
    The greater number of laws . . . , the more thieves . . . there will be. ---- Lao-Tzu

    [T]he truth I’m after and the truth never harmed anyone. What harms us is to persist in self-deceit and ignorance -— Marcus Aurelius, Meditations

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    • #17
      Originally posted by Truthseeker View Post
      that would mean colossal purchasing power for just 21 million units or less, something like 60 trillion dollars equivalent, or more than 2 million dollars per bitcoin.
      Second thought: I should not have used "colossal" in the phrase quoted above; the dollars in the world in toto would also be colossal as well. Sorry about trying too much to impress you.
      The greater number of laws . . . , the more thieves . . . there will be. ---- Lao-Tzu

      [T]he truth I’m after and the truth never harmed anyone. What harms us is to persist in self-deceit and ignorance -— Marcus Aurelius, Meditations

      Comment


      • #18
        A guy who's been a successful investor-speculator advisor for decades and got a Ph.D. in the Forex arena blasted Bitcoin. He said a sound currency needs two things: 1) acceptance by many people and 2) stable value. He himself mentioned that it's "the talk of cocktail parties." I think that is evidence of acceptance. In any case, I'm "betting" Bitcoin will be even more accepted than now. Now, the second criterion. Contra the good doctor, the criterion is better defined as, the purchasing power of Bitcoin should not be too unpredictable. I will have to concede that it is quite unpredictable. What would its purchasing power be like in December 2014? December 2016? It might be defunct then.

        He then assayed Bitcoin as an "investment." Actually he should have said, "speculation." One criterion is that Bitcoin is in an uptrend. He showed a chart of Bitcoin priced in U.S. dollars and declared that it was in a downtrend. Yes, it's down since peaking in December. But he should have taken a long-term view, not a few months, not with a speculation that's as volatile as Bitcoin. He is a contrarian: His other criteria for a good speculation is that it's "cheap" and "hated." He cited the cocktail-party chatter as evidence Bitcoin is not hated. But he's wrong, it does not mean people are pouring money into Bitcoin. I think most people who know about Bitcoin are still fearful. As for cheapness, we just don't have enough history or experience to judge.

        I do concede that it's a bit of a wild-eye speculation.
        The greater number of laws . . . , the more thieves . . . there will be. ---- Lao-Tzu

        [T]he truth I’m after and the truth never harmed anyone. What harms us is to persist in self-deceit and ignorance -— Marcus Aurelius, Meditations

        Comment


        • #19
          Bitcoins are like stock. You either earn or purchase them like you would shares in a company. The value of the bitcoin (or shares) fluctuates wildly with the market.

          The difference is that there is nothing backing bitcoin values. If the bubble bursts, like when the stock market bubble burst back in the 90's, there is nothing to stop the value of bitcoins from crashing to nothing. At least with stock, their are stopgaps built in that prevent the whole market from crashing like it did in 1929.

          So unless you are prepared to lose everything you have invested in bitcoins, don't use your hard earned cash to buy them.

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          • #20
            Originally posted by Sparko View Post
            The value of the bitcoin (or shares) fluctuates wildly with the market.
            You see a cause-effect relationship? Explain and justify, please.

            The difference is that there is nothing backing bitcoin values. If the bubble bursts, like when the stock market bubble burst back in the 90's, there is nothing to stop the value of bitcoins from crashing to nothing. At least with stock, their are stopgaps built in that prevent the whole market from crashing like it did in 1929.
            .
            No, as long as people use bitcoins for trading frequently enough compared to alternatives, bitcoins will have value. IOW people find bitcoins useful, indeed advantageous, for making trades.
            The greater number of laws . . . , the more thieves . . . there will be. ---- Lao-Tzu

            [T]he truth I’m after and the truth never harmed anyone. What harms us is to persist in self-deceit and ignorance -— Marcus Aurelius, Meditations

            Comment


            • #21
              As soon as Bernanke and the big banks gave bitcoins props, any trust I had in it ceased all together. You'd be better off investing in gold and silver. Not that I advocate that either, but it's light years more ensured than a crpyto currency with origins that are shady at best.

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              • #22
                Originally posted by seanD View Post
                As soon as Bernanke and the big banks gave bitcoins props, any trust I had in it ceased all together. You'd be better off investing in gold and silver. Not that I advocate that either, but it's light years more ensured than a crpyto currency with origins that are shady at best.
                Details of the "shady" origins, please.
                The greater number of laws . . . , the more thieves . . . there will be. ---- Lao-Tzu

                [T]he truth I’m after and the truth never harmed anyone. What harms us is to persist in self-deceit and ignorance -— Marcus Aurelius, Meditations

                Comment


                • #23
                  Shady as in mysterious. No one knows anything about the person or persons who started the whole thing. It would be analogous to some anonymous person off the street giving you an open source program to load on your computer to help you with your online banking And don't you find it odd that the banking cabal, as well as the MSM that they essentially run via parent corporation conglomerates, is giving an alternative currency, which competes with the central bank fiat currency, so much praise while they either ignore or poo-poo commodities like gold and silver, which are commodities that also have been the subject of much conversation and controversy in these perilous economic times and have also been used as a medium of exchange throughout history?
                  Last edited by seanD; 01-31-2014, 05:32 AM.

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                  • #24
                    Contrary to claims of secrecy, Bitcoin is no more anonymous than cash. A few people demonstrated that they can label owners of millions of Bitcoin addresses using no more than "traditional computer sleuthing techniques."(**correction below**James Dale Davidson) Forbes magazine was mentioned as having run an article that examined that anonymity angle.

                    eta=**correction=I think now it is Charles de Valle, though no attribution is made to him. Charles works for James.
                    Last edited by Truthseeker; 02-04-2014, 05:09 PM.
                    The greater number of laws . . . , the more thieves . . . there will be. ---- Lao-Tzu

                    [T]he truth I’m after and the truth never harmed anyone. What harms us is to persist in self-deceit and ignorance -— Marcus Aurelius, Meditations

                    Comment


                    • #25
                      The Bitcoin-dollar rate fell 80% in maybe just seconds. . . and gained 400+% the next moment. A honest-to-goodness flash crash.

                      Russia declared Bitcoin illegal, but that's not why the flashcrash occurred, I guess. Possibly one of the factors, though.

                      The US just made more arrests related to Bitcoins. Perhaps the beginning of US persecution.
                      The greater number of laws . . . , the more thieves . . . there will be. ---- Lao-Tzu

                      [T]he truth I’m after and the truth never harmed anyone. What harms us is to persist in self-deceit and ignorance -— Marcus Aurelius, Meditations

                      Comment


                      • #26
                        Bug in the software...

                        A bug in the bitcoin software makes it possible for someone to use the Bitcoin network to alter transaction details to make it seem like a sending of bitcoins to a bitcoin wallet did not occur when in fact it did occur. Since the transaction appears as if it has not proceeded correctly, the bitcoins may be resent. MtGox is working with the Bitcoin core development team and others to mitigate this issue.

                        http://mashable.com/2014/02/10/bitco...cing-freefall/
                        What I'd like to know is who or what is the "Bitcoin core development team?"

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                        • #27
                          Originally posted by seanD View Post
                          What I'd like to know is who or what is the "Bitcoin core development team?"
                          Aw, do you want governments to know?
                          The greater number of laws . . . , the more thieves . . . there will be. ---- Lao-Tzu

                          [T]he truth I’m after and the truth never harmed anyone. What harms us is to persist in self-deceit and ignorance -— Marcus Aurelius, Meditations

                          Comment


                          • #28
                            Mt.Gox is down, though the CNN.com headline "Bitcoin future in doubt" may be slightly exaggerated.

                            http://money.cnn.com/2014/02/25/tech...html?hpt=hp_t1
                            "I am not angered that the Moral Majority boys campaign against abortion. I am angry when the same men who say, "Save OUR children" bellow "Build more and bigger bombers." That's right! Blast the children in other nations into eternity, or limbless misery as they lay crippled from "OUR" bombers! This does not jell." - Leonard Ravenhill

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                            • #29
                              It's time for the world to switch the amazing DOGECOIN!!!
                              :p
                              "It's evolution; every time you invent something fool-proof, the world invents a better fool."
                              -Unknown

                              "Preach the gospel, and if necessary use words." - Most likely St.Francis


                              I find that evolution is the best proof of God.
                              ---------------------------------------------------------------------------------------------------------------
                              I support the :
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                              • #30
                                I'm behind the curve on all these newfangled currencies. I barely know what Bitcoin is.
                                "I am not angered that the Moral Majority boys campaign against abortion. I am angry when the same men who say, "Save OUR children" bellow "Build more and bigger bombers." That's right! Blast the children in other nations into eternity, or limbless misery as they lay crippled from "OUR" bombers! This does not jell." - Leonard Ravenhill

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