51–60 of 201 posts
"I predict that it has at least another thousandfold increase to go in the coming few years" Clearly a 'Bernard Madoff 2.0' pyramid scam. Only profitable for the early adopters, pay by the last suckers whom enter.
This violates two simple, and obvious, tenets of investing: 1. Don't put all your eggs in one basket. 2. If it sounds too good to be true, it probably is.
My home currency isn't the dollar but my app is priced in dollars and that sucks. I'd far prefer to have Euro earnings and earn a few bitcoins a month as a speculative investment.
Earlier quoted context omitted.
>Gold is intrinsically similarly useless as bitcoin. That is incorrect on many levels. Gold has applications in MANY things. I bet the device you used to type out that comment has a bit of gold in it. The comparison to BitCoin and paper money makes more sense, but it doesn't. This is because BitCoin has no one backing it. If the dollar drops, well the US is backing it; and they will be forced to deal with the consequ…
>If the dollar drops, well the US is backing it; and they will be forced to deal with the consequences. http://en.wikipedia.org/wiki/Hyperinflation Currencies made by governments routinely lose >99% of value in few weeks. How this "backing" helps if you lose everything? In my country it happened 15-20 years ago. Also even US dollar drops every year.
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> If someone pulls the rug out on BitCoin- might never happen, but who knows- then no one is responsible. How might someone go about doing this?
I'm not that intelligent, but a few folks on the BC forums and other places have brought up some great points: 1. Government shutdown 2. BitCoins P2P network is very vulnerable to denial of service attacks; ones that actually cost money! 3. Public Node can be tracked; no more anonymity. 4. Technical merits of the crypto implementation have not been fully tested; is there a possible flaw? 5. Social engineering and one…
The guys developing Bitcoin should take a look at the Phantom protocol then, which is supposedly very resilient agaisnt DDoS attacks.
Earlier quoted context omitted.
>Gold is intrinsically similarly useless as bitcoin. That is incorrect on many levels. Gold has applications in MANY things. I bet the device you used to type out that comment has a bit of gold in it. The comparison to BitCoin and paper money makes more sense, but it doesn't. This is because BitCoin has no one backing it. If the dollar drops, well the US is backing it; and they will be forced to deal with the consequ…
>If the dollar drops, well the US is backing it; and they will be forced to deal with the consequences. http://en.wikipedia.org/wiki/Hyperinflation Currencies made by governments routinely lose >99% of value in few weeks. How this "backing" helps if you lose everything? In my country it happened 15-20 years ago. Also even US dollar drops every year.
Take away the interesting technical aspects, and BitCoin, to me, looks like a pyramid scheme. The BitCoin economy is like a small country with a novel monetary system. Now, a big country, say the USA, wants to join because it sees benefits in that system. Normally, such a transition would have the USA print new money. In this case, the answer to "OK, sounds useful, how do we introduce this kind of money into our econ…
This violates two simple, and obvious, tenets of investing: 1. Don't put all your eggs in one basket. 2. If it sounds too good to be true, it probably is.
Earlier quoted context omitted.
>Gold is intrinsically similarly useless as bitcoin. That is incorrect on many levels. Gold has applications in MANY things. I bet the device you used to type out that comment has a bit of gold in it. The comparison to BitCoin and paper money makes more sense, but it doesn't. This is because BitCoin has no one backing it. If the dollar drops, well the US is backing it; and they will be forced to deal with the consequ…
>If the dollar drops, well the US is backing it; and they will be forced to deal with the consequences. http://en.wikipedia.org/wiki/Hyperinflation Currencies made by governments routinely lose >99% of value in few weeks. How this "backing" helps if you lose everything? In my country it happened 15-20 years ago. Also even US dollar drops every year.