1 Bitcoin Worth 10 USD

Post by drivebyacct2 » Thu, Aug 02, 2012, 10:24 PM UTC

Jach wrote: post #35

greg_bt wrote: post #22

Earlier quoted context omitted.

I don't know if 'bitcoins are being created every day' is the right way of looking at it? Bitcoins are more discovered as opposed to created. It would be like if every USD ever was buried and people were gradually digging them out of the ground and everyone knew exactly how many were buried? The amount of bitcoins in circulation is increasing but the total amount of bitcoins that will ever exist isn't increasing at a…

It's also increasing at a controlled rate. To make your analogy more complete, it'd be like all the diggers are aware of each other and whether they've found a USD or not. If too many are being found at once, everyone switches to using their hands. If still too many are found, everyone uses their tongues. If too few are being found, shovels are allowed. If still too few are being found, backhoes are allowed.

Post by lmm » Thu, Aug 02, 2012, 10:27 PM UTC

joering2 wrote: post #39

pantaloons wrote: post #30

Earlier quoted context omitted.

The main point is that it is decentralized and (ostensibly, with enough care) anonymous. This makes it ideal for illegal transactions (drugs, gambling, weapons, contract killing, child pornography). These being incredibly inelastic goods, price fluctuations will do little to hamper continued growth of the Bitcoin.

I dont buy it just like Feds apparently dont buy it either (yet); otherwise they would be already shutting it down. While bitcoins can be used for illegal transactions, it does not mean (and never will) that 99% of transactions will be illegal, just like Feds won't shut down knife factory because some knifes were used to kill. At the end, paying for something illegal is not illegal on its own; its the act or good you…

Post by Retric » Thu, Aug 02, 2012, 10:32 PM UTC

delluminatus wrote: post #29

taligent wrote: post #26

Earlier quoted context omitted.

So it is free to convert from USD to Bitcoin and vice versa ? Because clearly I wouldn't want to hold anything in Bitcoin for a long period of time due to its instability.

It's quite cheap depending on the service. I use bitfloor, which charges some very small commission ($0.01 on a $40 deposit)

Post by redthrowaway » Thu, Aug 02, 2012, 10:33 PM UTC

drivebyacct2 wrote: post #41

ghshephard wrote: post #32

Earlier quoted context omitted.

Bitcoins are used quite a bit for buying/selling goods. I think the latest round of currency increases is mostly a function of people wanting to purchase goods, and needing to "bid up the price" in order to make their purchase. As vendors receive bitcoins, they usually immediately sell them to get back local currency. In the last 6 months, I've never held onto a bitcoin for more than about 30 minutes. Strictly use th…

If you don't mind me asking, what do you buy with them? I know of only a few things that are only acquirable via Bitcoins, or that couldn't be acquired more cheaply using dollars.

Post by steveplace » Thu, Aug 02, 2012, 10:34 PM UTC

taligent wrote: post #26

streptomycin wrote: post #19

Earlier quoted context omitted.

Commission-free electronic transactions with anyone in the world?

So it is free to convert from USD to Bitcoin and vice versa ? Because clearly I wouldn't want to hold anything in Bitcoin for a long period of time due to its instability.