It's valuable because it is hyped and there aren't a ton of bitcoins out there. You say our currency (medium of exchanging goods and services) is in precarious situation but it's been around for a long time and it is based on the American economy. Anyhow, enough debating about the valuation of bitcoin...it is what it is. Get long bitcoin now. It is poised for a good move up. I need to figure out how to trade this stupid thing.
Man these transaction fees are a b****. 1% on the buy and 1% on the sell. This gonna significantly limit the number of trades I can make.
http://www.measuringworth.com/uscompare/ Since the creation of The Federal Reserve Bank in 1913, the dollar has lost 96% of its value. Since going off the gold standard in 1971, the dollar has lost 82% of its value.
Currency isn't meant to be a store of wealth. It is a medium to transfer goods and services. Buy stocks, bonds, maybe land, maybe commodities, maybe business if you want to store wealth.
That is the entire point of fiat currency. If people just started hording money the whole system would collapse. You would have things like deflation. Do you believe deflation is good?
Tell that to NBC, http://www.nbcnews.com/business/business-news/head-online-currency-exchange-found-dead-singapore-n45101 h
Depends. Bitcoin in its current form is likely not the currency of the future. Digital currency in general, however, probably is.
CEO of one of many Bitcoin exchanges... NBC doesn't say "CEO of Bitcoin," they say "CEO of Bitcoin exchange." In this case, an exchange called First Meta.
Inflation in tiny annual amounts is good. Propels the economy and promotes spending. Can't believe people love the idea of deflation.
Just bought some bitcoins. This isn't as easy to trade as I thought it might be. I'm only gonna be able to buy and sell $50k worth of bitcoins in a day. I was hoping to be able to trade a lot more.
Sort of related, but AMD are asswipes. Due to the bitcoin popularity, they raised the msrp on their R9 cards by almost double. Thank god their cards are starting to stay in stock in retailers and the price is slowly falling. I reaaaally want a 280x, but I'm not paying over their initial $299 price tag.
You save because you expect to spend that money down in the future, like how you would save money for a car/house/the dream holiday. You hoard for the sake of hoarding (i.e. you'll never spend it).
Bitcoin mining graphics cards. They use the same cards that gamers need for PC gaming driving up the cost.
