61–70 of 162 posts
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Is that much better than printing money and distributing the new money to major banks? That is what the US government is doing now. Most countries do a combination of distributing newly printed money to domestic banks and the government itself.
You know that they don't just give the money away to banks, right? It's loaned. They have an obligation to repay it.
seriously, did anyone expect this to be a "new paradigm"? it was a fun toy for financially-minded engineers and traders, but I can't say I'm surprised to hear that it's in free-fall.
i wonder where the bottom is? Once it drops well below USD1.00, I think I'll buy a bunch on a cheap bet :)
Bitcoin is essentially a giant pyramid scam. The early adopters have cashed out long ago. As mining gets more and more difficult, less people will cling to the liquid currency. Why trade with a deprecating currency, anonymous or not? The fact that the exchange rate is below the cost of mining should be alarming for many reasons. I'd assume the creator/first adopters do not care, either way.
I'm in the school of thought that anyone who says Bitcoin is a pyramid scam is trying to scam Bitcoin and/or intentionally depress the value of BTC for personal gain. I am an early adopter, I was one of the first 100 people to mine, and I've mined thousands of BTC (including 650 with a single CPU), and I wrote the most popular miner, DiabloMiner. If it was a pyramid scam, why would I currently be ignoring the current…
That is ridiculous. Anyone who criticizes Bitcoin is automatically a scammer themselves?
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>a cypherpunk fantasy yep. All your transactions are recorded for posterity and law enforcement can access them at anytime. The moment i first time heard about bitcoin i immediately read their paper and this was the instant end between me and BT - it is either a honeypot or an NSA's distributed "calculate these hashes@HOME" project. Most probably it started as the latter and once NSA had gotten enough results and wit…
Satoshi's white paper disproves everything you just said. Either your comment is out of ignorance or out of malice. Go read the white paper.
http://gawker.com/5805928/the-underground-website-where-you-...
"Jeff Garzik, a member of the Bitcoin core development team, says in an email that bitcoin is not as anonymous as the denizens of Silk Road would like to believe. He explains that because all Bitcoin transactions are recorded in a public log, though the identities of all the parties are anonymous, law enforcement could use sophisticated network analysis techniques to parse the transaction flow and track down individual Bitcoin users."
Can someone give a concrete example of themselves using Bitcoins for something other than speculative trade ?
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It's a problem because the people who are using bitcoin have seen the value drop to less than 10% of what it was, so why should they trust it to be a currency worth using? For it to be a currency it doesn't need a huge value per bitcoin, nor does it need to be constantly rising a huge amount - but it does need to be reasonably stable.
That's a great question as to why anyone would use a currency whose valuation had dropped to 10% of what it was. http://www.kitco.com/charts/popup/au3650nyb.html
Can someone give a concrete example of themselves using Bitcoins for something other than speculative trade ?
http://gawker.com/5805928/the-underground-website-where-you-...
Like, I know the site exists, but how many people here know people who have successfully conducted commerce on it?
How are they keeping themselves from being exposed?
Can someone give a concrete example of themselves using Bitcoins for something other than speculative trade ?
this reminds me about the quora post about bitcoin. In a world of where there is no regulation in currency, you dont have a FED, this money will crash. We dont have liquidity in this currency, as so, nobody can 'inject' money in the market.