Bitcoins

dryhat

principa wrote: »

I think this makes you a gambler and a high risk investor.

There was significant risk in sending your money to an unregulated exchange to purchase a digital asset, possession of which is not recognised nor therefore backed by law.

I am neither a gambler or a high risk investor.

... and who said anything about sending money to exchanges?

Ark_Welder

JohnRo wrote: »

Without doubt, but again it has nothing to do with the bitcoin itself. I'll look forward to revisiting this thread in a few years time if I'm still around, really not interested in irrational arguments about what the bitcoin concept is or isn't at this stage of its development.

It has everything to do with Bitcoin. The Bitcoin concept states that the number in issue will diminish over time, therefore increasing the value of the remaining bits. Without replacement, that will trend towards zero, its destruction - a particularly useless number for a genuine currency to have. The concept is about increasing the value of the bits in circulation rather than addressing the daily requirements of growing economies and populations.

Ark_Welder

dryhat wrote: »

...if you couldn't spot the potential of bitcoin once it started kicking off in cyprus, then you lost out big time.

Crashing servers don't allow the people of Cyprus to buy bread.

Using your logic in a consistent manner, I gained even bigger time by not gambling at $266.

[Edit]

And a P.S. I would never confuse Bitcoin with investing.

dryhat

Ark_Welder wrote: »

Crashing servers don't allow the people of Cyprus to buy bread.

But mobile phones with bitcoin wallets do.

principa

dryhat wrote: »

I am neither a gambler or a high risk investor.

... and who said anything about sending money to exchanges?

how did you buy and sell your bitcoin if not via an exchange ?

UsernameAlreadyExists

dryhat wrote: »

But mobile phones with bitcoin wallets do.

How do they connect to crashed servers to determine the value of the bitcoin? (which seems to be £37 at the moment)

Ark_Welder

dryhat wrote: »

But mobile phones with bitcoin wallets do.

Assuming that those systems haven't crashed. Or that the wallet hasn't been pickpocketed from a thousand miles away. Or that the wallet hasn't been remotely destroyed, as part of the game, to increase the value of the remaining contenders.

cepheus

Great, now engineers think that they are economists too

dryhat

UsernameAlreadyExists wrote: »

How do they connect to crashed servers to determine the value of the bitcoin?

They don't.

They price things in bitcoin instead.


(which, I believe, is the ultimate goal of bitcoin anyway)

paddyrg

dryhat wrote: »

Cheers.

Have never heard of that before.

Probably too busy trading them pork bellies!