What do people think about Bitcoin?

Discussion in 'BBS Hangout' started by Spooner, Jan 25, 2014.

?

What is the fate of Bitcoin?

  1. Currency of the future

    29.8%
  2. Passing Fad

    70.2%
  1. Spooner

    Spooner Member

    Joined:
    Nov 13, 2009
    Messages:
    6,955
    Likes Received:
    408
    As I'm sure may of you have heard, the Sacramento Kings just announced that they will start accepting Bitcoin as a currency. Is this a one team deal, or will others follow over time? This recent move by an NBA franchise got me thinking.
    http://money.cnn.com/2014/01/16/news/companies/nba-bitcoin/index.html


    Personally I find the possibilities in Bitcoin really intriguing. More and more companies are beginning to accept it as currency and you can exchange your Bitcoin for other currency including the dollar very easily. Hell, there is even a Bitcoin ATM being installed in my neighborhood in the East Village. The perks of Bitcoin is that it is decentralized and you don't have to go through banks, its always anonymous and you simply transfer money for goods or services which happen instantly. Also, since there are no laws pertaining to the currency, many gambling sites and other things of that nature are accessible. Also, for those with spare computers or fast GPU's you can actually set your computer up to mine Bitcoin.

    At one point the price of Bitcoin was less than a dollar. People have gotten rich just holding money in their Bitcoin account over time. As an example, the price of a Bitcoin was a little over 100 dollars in October and was worth 1,124 by the beginning of December. Those are HUGE profits. The market slipped a bit recently due to some issues in China and the whole Silkroad scandal, but this is definitely the time to invest IMO as it looks like Bitcoin is about to skyrocket again. If anyone is doesn't know how to get started you can go here.
    https://coinbase.com/?r=52d64f0fc249875240000048&utm_campaign=user-referral&src=referral-link
    Also, a website I frequent is http://freebitco.in/?r=239169 This site gives you free Bitcoin once every hour. It works as a lottery so there is a chance you can win big, and you can also play with what you earn in a Hi-LO type game.

    Anyway, aside from trying to get people aware of the currency, I'm really curious what a lot of the users here think? Is Bitcoin the currency of the future, or just a passing fad?
     
  2. pouhe

    pouhe Member

    Joined:
    May 20, 2002
    Messages:
    13,303
    Likes Received:
    671
    Not interested.
     
  3. srrm

    srrm Contributing Member

    Joined:
    Feb 17, 2009
    Messages:
    1,856
    Likes Received:
    163
  4. got em COACH

    got em COACH Contributing Member

    Joined:
    Sep 6, 2008
    Messages:
    2,969
    Likes Received:
    462
    Illumaniti currency to start all over since the dollar is getting weaker against other currencys around the world. Just my toycen view on it lol

    EDIT

    http://www.forbes.com/sites/andygre...exploring-possible-bitcoin-integration-plans/
     
    #4 got em COACH, Jan 25, 2014
    Last edited: Jan 25, 2014
  5. Classic

    Classic Member

    Joined:
    Dec 21, 2007
    Messages:
    6,002
    Likes Received:
    319
    Sounds like a bubble in the making.
     
  6. Uprising

    Uprising Contributing Member

    Joined:
    Dec 29, 2000
    Messages:
    38,460
    Likes Received:
    905
    didn't this stuff take a huge hit after that drug dealer was busted?
     
  7. fallenphoenix

    fallenphoenix Contributing Member

    Joined:
    Jun 20, 2009
    Messages:
    8,934
    Likes Received:
    517
    it did bubble to 1200 a little while ago and dropped to about 500. same thing will probably happen a few more times, as it's already back in the 800s
     
  8. Kojirou

    Kojirou Member

    Joined:
    Feb 18, 2009
    Messages:
    6,180
    Likes Received:
    280
    Tool for the Russian mob, fools looking for a greater fools, and loony libertarians.

    And it's not like you can just "get into Bitcoins". Even if it was a sane investment ( tip: it isn't), you needed a dedicated Bitcoin mining rig to actually make a profit - you won't get enough Bitcoins from a normal computer to even pay for the increased electricity you're using these days.
     
  9. Commodore

    Commodore Contributing Member

    Joined:
    Dec 15, 2007
    Messages:
    20,262
    Likes Received:
    2,591
    Pros:
    • supply is predictable and limited (unlike fiat currency which central banks can print or create with keystrokes, instantly destroying your wealth)
    • transactions are essentially free
    • highly portable, exchange can take place anywhere with access to an internet connection
    • almost infinitely divisible
    • relative anonymity

    Cons:
    • no intrinsic value (fiat currency has this same problem, but gold does not). Although one could argue there is value in having the means to conduct transactions over the bitcoin network.
    • anonymity makes taxes difficult to collect and criminal activity harder to track
     
  10. Commodore

    Commodore Contributing Member

    Joined:
    Dec 15, 2007
    Messages:
    20,262
    Likes Received:
    2,591
    http://www.coinbase.com

    The profitability of mining a bitcoin depends on the value of bitcoins.
     
  11. Kojirou

    Kojirou Member

    Joined:
    Feb 18, 2009
    Messages:
    6,180
    Likes Received:
    280
    Fiat currencies do have an intrinsic value - the fact that they are backed by men with guns who will have issue if you refuse to take their money. In the case of the dollar, by a lot of men with guns. And if a state becomes so weak that it can't even enforce its own currency, then you're for all purposes and intents looking at anarchy - idiot libertarians like to think that bitcoins will be really useful then, but no they won't, for the simple reason of "You can keep your gold and bitcoins in the wasteland. I'll have the guns, and then I'll have the gold as well."
     
  12. K-Low_4_Prez

    K-Low_4_Prez Member

    Joined:
    Dec 25, 2011
    Messages:
    6,398
    Likes Received:
    447
    I feel like an old man but I think everything is just a fad these days...
     
  13. Spooner

    Spooner Member

    Joined:
    Nov 13, 2009
    Messages:
    6,955
    Likes Received:
    408
    My brother put 100 dollars into coinbase a few months back, turned it into over 1,000 and took it out. No need for mining. As for you later response. LOL WUT?
     
  14. Kojirou

    Kojirou Member

    Joined:
    Feb 18, 2009
    Messages:
    6,180
    Likes Received:
    280
    Well, I was talking about mining. What your brother did is no different from investing in a stock, which is perfectly demonstrated by the fact that your brother eventually decided that dollars are the better currency after all - otherwise, why would your brother turn his bitcoins into dollars? Like I said, there are three groups of people who use bitcoins, and your brother was the second.
     
  15. FishBulb913

    FishBulb913 Contributing Member

    Joined:
    Jun 21, 2003
    Messages:
    2,769
    Likes Received:
    188
    Can someone explain for me what mining bitcoins means?
     
  16. Dei

    Dei Member

    Joined:
    Jul 4, 2006
    Messages:
    7,363
    Likes Received:
    327
    It's analogous to gold mining. BTC is the gold but rather than using a shovel and a pick to mine it, since it's crypto or digital currency, you use a computer program to perform an algorithm in the computer network to "mine" it.
     
  17. platypus

    platypus Member

    Joined:
    Jun 24, 2010
    Messages:
    1,739
    Likes Received:
    163
    Another PRO: Cannot be influenced by political pressure. I.e. Paypal and the Wikileaks debacle.
     
  18. SuperBeeKay

    SuperBeeKay Member

    Joined:
    Feb 24, 2008
    Messages:
    6,187
    Likes Received:
    257
    very volatile, the media can kind of control the value of the currency
     
  19. tallanvor

    tallanvor Contributing Member

    Joined:
    Oct 9, 2007
    Messages:
    11,014
    Likes Received:
    913
    no . silk road was 4% of bitcoin transactions and the price is higher then when he got busted

    A bitcoin comes into existence by the system creating one at a set interval and distributing it. The system distributes the bitcoin to whoever solves an equation. The process of solving an equation is called bitcoin mining and requires mostly tons of computer processing power.

    The process mimics mining for gold.
     
    #19 tallanvor, Jan 25, 2014
    Last edited: Jan 25, 2014
  20. FishBulb913

    FishBulb913 Contributing Member

    Joined:
    Jun 21, 2003
    Messages:
    2,769
    Likes Received:
    188
    So it comes out of thin air, its not tied to any currency? I assumed there was some sort of USD for bitcoin exchange.
     
Loading...

Share This Page