Bitcoins

JohnRo

The human face of this revolution needs to go through a Darwinian phase and there will come a point where those things you talk about exist, if it doesn't get totally killed off by those it threatens, but in doing so there will have to be casualties along the way.

It may or may not be that the thing we call bitcoin is itself one of those casualties along the way and that whatever follows will be everything that exists now with added value from all the lessons learned.

The question for me boils down to one of at least trying to succeed at making a better financial system for everyone, globally, for the future, with all the problems that will need to be overcome along the way, or resigning yourself to the privilege, corruption and failure of the system we are forced to use now.

Linton

JohnRo wrote: »

....

The question for me boils down to one of at least trying to succeed at making a better financial system for everyone, globally, for the future, with all the problems that will need to be overcome along the way, or resigning yourself to the privilege, corruption and failure of the system we are forced to use now.

It seems a bit naive to believe that a change in currency will remove the privilege, corruption and failure. There will always be people who have the wealth and dont want to lose it, and those who dont have it but will go to any lengths to get it whether the wealth is in gold bars, £s or bits.

However that is besides the point as this is a savings and investment board. However worthy something may or may not be has little bearing on whether it is a sensible place for savings or investments.

JohnRo

Linton wrote: »

It seems a bit naive to believe that a change in currency will remove the privilege, corruption and failure. There will always be people who have the wealth and dont want to lose it, and those who dont have it but will go to any lengths to get it whether the wealth is in gold bars, £s or bits.

However that is besides the point as this is a savings and investment board. However worthy something may or may not be has little bearing on whether it is a sensible place for savings or investments.

The btc phenomenon is in the process of creating a global transparent framework that provides an incorruptible, level the playing field, for all concerned. That's about as sensible a place for savings and investments as I can think of.

Nice_Weather_For_Ducks

We need something like bitcoin, but simpler to understand and use.

How about a currency, call it sterling, make banks give us cash and cards to spend it with!!

Satoshi

Its pretty obvious that the top for bitcoins will be a lot higher next year and in years to come as fiat currencies get their supplies expanded and btcoin supply is finite.

So to buy now you will almost certainly see significant gains in years to come.

Satoshi

Nice_Weather_For_Ducks wrote: »

We need something like bitcoin, but simpler to understand and use.

How about a currency, call it sterling, make banks give us cash and cards to spend it with!!

Actually pounds sterling is harder to understand. How many really understand it, not many but we all still use GBP every day.

for example why dont people ask mark carney if creating 50 billion extra units of GBP was so good for Merv King then why dont you create 85 Billion more and add to the supply every month like the Americans are doing.

Do you understand why and what would happen? BitCoins are finite so actually easier to understand.

paddyrg

Satoshi wrote: »

Its pretty obvious that the top for bitcoins will be a lot higher next year and in years to come as fiat currencies get their supplies expanded and btcoin supply is finite.

So to buy now you will almost certainly see significant gains in years to come.

I don't see it as that obvious - what makes it obvious? Past performance? Scarcity? Novelty? Gold is effectively finite but has dropped a lot in exchange rate since its overheated price bubble burst.

Demand to hold outstripping supply is the only thing that can make it ave a higher exchange rate. Use as a currency is neither here nor there, as that's just about shuffling, not saving. Demand at the moment is speculative in the hope of talking up a bigger rate and getting out whilst the going is good. How long will that demand last? Will it outstrip supply if the rates start going the other way, for instance?

Satoshi

paddyrg wrote: »

I don't see it as that obvious - what makes it obvious? Past performance? Scarcity? Novelty? Gold is effectively finite but has dropped a lot in exchange rate since its overheated price bubble burst.

Demand to hold outstripping supply is the only thing that can make it ave a higher exchange rate. Use as a currency is neither here nor there, as that's just about shuffling, not saving. Demand at the moment is speculative in the hope of talking up a bigger rate and getting out whilst the going is good. How long will that demand last? Will it outstrip supply if the rates start going the other way, for instance?

the supply of fiat currency will keep expanding so its obvious gold and bitcoin will keep going up as the supply expands

paddyrg

Satoshi wrote: »

the supply of fiat currency will keep expanding so its obvious gold and bitcoin will keep going up as the supply expands

That's me convinced. Gold can only go up ;-)

Swafe

gold can only go up?

its gone down 30% in the last year