What do you guys think of Bitcoin?

sjay

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Bitcoin has progressed much further than I thought it would,but if it ever treathens the dollar the local Masters of the universe will end it. Just as in the past the petrodollar and a global currency were talked about that's as far as it got "talk". Can it co-exist with the dollar is the question?
 

TheOldSchool

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Bitcoin has progressed much further than I thought it would,but if it ever treathens the dollar the local Masters of the universe will end it. Just as in the past the petrodollar and a global currency were talked about that's as far as it got "talk". Can it co-exist with the dollar is the question?
Yup. It's an interesting concept but it seems like too much work for the average person to participate
 

JimmieD

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One of the major premises for bitcoin is false - that being that it's limited in supply. "Bitcoin" is just the name of an algorithm that cracks some arbitrary code and assigns that code some number that the system agrees is a "bitcoin." The "coin" is really just a number retrieved from a cracked code. There is no limited supply of this sort of "coin." In fact, there are 50+ other cryptocurrencies in existence now - granted they have different algorithms, but they are essentially the same sort of "coin." The supply of cryptocurrencies is actually infinite. If bitcoin were to become to scarce/expensive, the cryptocurrency market could begin using these other cryptocurrencies. The cryptocurrency market could perform it's own market based quantitative easing by increasing the supply of cryptocurrencies.

Secondly, I know of nothing priced in bitcoin. Everything is priced in US dollars and converted to bitcoin. So for example, if I wanted to by a movie in bitcoin, I wouldn't pay 2BTC for it. I would pay it's dollar amount expressed in BTC. If the exchange rate were .5 BTC/USD and the movie cost $1, then I would pay .5 BTC for the movie.

So, it's a little ridiculous to me. So far it shows no signs of replacing the dollar and it's certainly not all it's sold to be..
 

Delta4Embassy

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US Dollar's 'fantasy money' too. It only has value so long as we believe it does. When that changes, look out. :)
 

sjay

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US Dollar's 'fantasy money' too. It only has value so long as we believe it does. When that changes, look out. :)
Besides being the biggest fantasy in the history of the world,it's also beyond your understanding.Whenever there is any distress in any of the financial markets of the world the flight to safety goes in one direction, the DOLLAR.
 

Black_Man1

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Remember the interview he gave on a bus saying Obama need to come clean and just admit stuff about Obamacare and get it over with?


omg
 

sjay

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Bitcoin is a enemy of the conservative ideal. Conservatives want to enslave us and bitcoin makes that harder.
What an ignorant statement,what good is a currency that is not accepted in 99% of all monetary transactions and whose value fluctuates 20-30% any time.
 

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