Bitcoins

sabretoothtigger

Smart move, limits bets to risk profits ideally

Mr._Pricklepants wrote: »

Recent events have shown it's neither a safe haven nor a currency. It's just a computer algorithm.

I think I'll stick to good old, unbacked, abused fiat currency.

Sad thing is that is increasingly true of paper money also hence the success of bitcoin is surprising for something not required by anyone.

Paper money pays tax even without trade demands, so of the two BC should fail to hold value sooner.
I think if did BC did go straight down, the ilk is not dead but just beginning

Someone suggest Russians and Cypriots are using it to move cash out of the country, hence its of utility equal to gold superior even as I suspect valuable goods are harder to cross borders.

That might mean the interest is momentary or this could be the start of a trend as rising taxes, etc is probable in many places

pineapple

Just seen this article
http://www.guardian.co.uk/technology/2013/apr/10/bitcoin-not-real-currency-cowrie?INTCMP=ILCNETTXT3487
I think the comments are just as interesting! One described it as a pyramid scheme with those that got in first, standing to make the most. What appeals to me is that presumably it can't be nicked by a Cyprus style raid. There again, I suppose your bitcoins could be hacked or taken out by an EMP attack! :huh:
Can't see Spar taking them either....

JohnRo

I wouldn't pay too much attention to ignorant mainstream media, especially pathetic articles like that.

The comments are more informative.

thelawnet

Bitcoin is down 75% at the moment and continuing to plummet.

They are not an investment. This should be on the gambling forum.

(Full disclosure: sold mine, pre-crash)

thelawnet

UsernameAlreadyExists wrote: »

That's what I thought, but this is 'crashing'
http://bitcoinprices.com/

and this isn't working either
http://preev.com/btc/gbp *found on a different thread here

So ... where can I monitor the live price? My searching has revealed a whole load of noddy rubbish so far.

And thanks for your helpful reply

https://www.bitstamp.net/

bugbyte_2

JohnRo wrote: »

I wouldn't pay too much attention to ignorant mainstream media, especially pathetic articles like that.

I agree, it claims the 'currency' is like Gold. It isn't. I can count my gold coins - they make a rather satisfying clunk when you stack them together. Gold has been a medium of exchange for thousands of years, it has history. Gold may not do anything, but the whole world knows what it is and enough people covert it for it to have value.

I think the comments do make a valid point, that if Bitcoins wasn't horded like they are at present it could be 'useful' for virtual trading. But as soon as you buy a real commodity with it, someone, somewhere, will expect to convert it to £ or $, so whats the point apart from making those at the bottom of the pyramid richer? In that respect, how is it any more virtuous than our current currencies? I just can't see the point.

andy.m_2

Hacktivist group Anonymous claim hacking MTGox.com.

Banned url but if you do the opposite of "cut"bin
/ZSqRN3RK

JohnRo

The big appeal and value is obviously in the nature of it, convenience, freedom, security, anonymity and all possible because it's decentralised.

I think talk of it being a currency to take over from the worlds private for profit money monopolies is premature to say the least. It has some massive hurdles to overcome before that's even on the horizon. Can't say any more than that really, people are speculating on it's value, it'll go up and down just like it has in the past as measured in banker tickets, regardless it'll just march on and be what it ends up being.

There's nothing to stop it or something like it, technically, from eventually being a global currency but I suspect the crooks in charge will have more than a little something to say about that. It's going to be interesting to see how it develops.

The most interesting thing by far from my viewpoint is the venom any discussion seems to extract from its detractors.

globalds

This might be a fake ...Just what I am hearing on reddit

bugbyte_2

Not venom, I just don't buy into the belief that a) the founders created it for anything other than their own gain - anything they or their supporters say is just fluff; b) Bitcoin isn't manipulated any less than £ or $; c) a system set up to primarily exchange for drugs, weapons and other people is anything other than inherently evil in nature.

sadly or not, something *like* bitcoin will eventually catch on, but it will be underwritten by the current financial institutions.

TO ADD:

I can't understand the wild price fluctuation either, surely Bitcoin is pegged against the price of drugs on silk road?