bitcoin becoming legit currency

[BOW]

Less than 10 months ago bitcoin was trading for around 30 something dollars. Today $400+. China is currently the driving force behind the surge in price as it appears many popular Chinese companies and even the government are backing bitcoin. There must have been a few small fortunes made over the last few weeks I wonder if any of you got lucky. If you bought bitcoin at its earliest price, you would have netted a similar gain compared to apples stock.

[El Diablo Blanco]

Less than 10 months ago bitcoin was trading for around 30 something dollars. Today $400+. China is currently the driving force behind the surge in price as it appears many popular Chinese companies and even the government are backing bitcoin. There must have been a few small fortunes made over the last few weeks I wonder if any of you got lucky. If you bought bitcoin at its earliest price, you would have netted a similar gain compared to apples stock.

The common person gets peanuts compared to what the insiders that drive the market get.

[galeniko]

is it inflation safe?

sounds like a bubble.

i read their site but couldnt realy grasp it.

[arce1988]

[Rami]

watch bitcoin beat all to become the one-world currency, just as CIA planed it.

[El Diablo Blanco]

is it inflation safe?

sounds like a bubble.

i read their site but couldnt realy grasp it.

It is really vague.  There is a lot I don't get about it.  The way people share their computers to allow the currency to move and such.

[Ganuvanx]

bitcoin to $10,000 minimum perhaps as high as 100k per coin as it grows in China, still not too late to jump aboard

[Marty Champions]

if el diablo la blango doesnt get it then its a safe bet that its a scam

[El Diablo Blanco]

bitcoin to $10,000 minimum perhaps as high as 100k per coin as it grows in China, still not too late to jump aboard

Whoa.  There are something like a total of 21 million issued but only 12 million in circulation.  The whole mining process to get new coins is harder and harder.  Who knows if all 20+ million are really available.  How do you know if 1 million are secretly held?  But 21 million with 100K per?  come on man.  So you are saying it can be worth $2 trillion dollars or 20% of the total wealth of gold in the world?

Being a digital economy means that it is going to be hyper volatile with one person and the swipe of a key to fuck it all up.

What Could Go Wrong?

There are various reasons why Bitcoin could fail:
•An error could be found in the design of Bitcoin which cannot be remedied, which allows hackers to steal bitcoins, or to double-spend (or something else).
•Governments may declare Bitcoin to be illegal, and successfully destroy it as a working system.
•The increasing value of Bitcoin may stress the system of peer-to-peer trust in a manner that undermines the trustworthiness of Bitcoin.
•Someone invents a new digital currency somewhat like Bitcoin, but obviously better, and everyone migrates to the new currency instead.

Even if Bitcoin as a whole does not fail, an individual's investment of bitcoins may fail:
•The investor may have their computer or their online Bitcoin account hacked and they lose their bitcoins.
•A Bitcoin exchange may be hacked to such a degree that it can not make up losses to its account holders.

[galeniko]

It is really vague.  There is a lot I don't get about it.  The way people share their computers to allow the currency to move and such.

oh that i do understand.

the creation of the currency i dont get entirely.
 
all i see they have some bullshit way around the 21million max circulating lie

which shoudl prevent inflation,lol, but they have a faudulent way around that, and make it seem like most normal thing to do.

in the real wold,it would be called a currency reform, lol.something that everyone fears.

they say its not centralized, cool, but everyone can create more currency,and the ones with best computers and tools will have a monoploy on creation.

its ok itll work,just like a fiat currency, as long ppl believe in it and trade in it, theyr own site has said, if ppl stop believing and or trading, the bitcoin is dead.

so by definition, a bubble.

hell, ill trust the govt and rothschild (joking) fiat notes over this.

bc ,the bitcoins are exchanged for.........fiat notes

[Mr Anabolic]

Less than 10 months ago bitcoin was trading for around 30 something dollars. Today $400+. China is currently the driving force behind the surge in price as it appears many popular Chinese companies and even the government are backing bitcoin. There must have been a few small fortunes made over the last few weeks I wonder if any of you got lucky. If you bought bitcoin at its earliest price, you would have netted a similar gain compared to apples stock.

It's a scam, a fad, a bubble, a trading vehicle.  Might as well buy some penny stocks... at least they trade on a legit exchange.

Would not be surprised if bitcon was created by TPTB to trick as many as possible into accepting an electronic fiat currency... 100% trackable and controllable.  Don't believe all the encryption security nonsense.

Look at a daily bitcoin chart... totally parabolic.  The next crash will be glorious. 

[XFACTOR]

It's a scam, a fad, a bubble, a trading vehicle.  Might as well buy some penny stocks... at least they trade on a legit exchange.

Would not be surprised if bitcon was created by TPTB to trick as many as possible into accepting an electronic fiat currency... 100% trackable and controllable.  Don't believe all the encryption security nonsense.

Look at a daily bitcoin chart... totally parabolic.  The next crash will be glorious. 

Agree with all of this. Simple question for all of you will sum this all up.

Would you allow your employer to pay you in bit coins?

[Wolfox]

US gov be mad.

[Wolfox]

It's a scam, a fad, a bubble, a trading vehicle.  Might as well buy some penny stocks... at least they trade on a legit exchange.

Would not be surprised if bitcon was created by TPTB to trick as many as possible into accepting an electronic fiat currency... 100% trackable and controllable.  Don't believe all the encryption security nonsense.

Look at a daily bitcoin chart... totally parabolic.  The next crash will be glorious. 

Even if so the mere idea of bitcoin is absolutely frightening to major governments.

[galeniko]

Agree with all of this. Simple question for all of you will sum this all up.

Would you allow your employer to pay you in bit coins?

hell no,the currency is too volatile.

[galeniko]

Less than 10 months ago bitcoin was trading for around 30 something dollars. Today $400+. China is currently the driving force behind the surge in price as it appears many popular Chinese companies and even the government are backing bitcoin. There must have been a few small fortunes made over the last few weeks I wonder if any of you got lucky. If you bought bitcoin at its earliest price, you would have netted a similar gain compared to apples stock.

this brings me to some thought.

the ones with best hardware adn software can produce most bitcoins,im sure the chinese govt will take advantage of this if it deems that needed.

same for usa etcetc.

such a rise within 10 months cannot be good sign.

yes there was story where one guy had some bitcoins from the starting days and now bought a house with it.

[arce1988]

  Love Gal!

[galeniko]

Whoa.  There are something like a total of 21 million issued but only 12 million in circulation.  The whole mining process to get new coins is harder and harder.  Who knows if all 20+ million are really available.  How do you know if 1 million are secretly held?  But 21 million with 100K per?  come on man.  So you are saying it can be worth $2 trillion dollars or 20% of the total wealth of gold in the world?

Being a digital economy means that it is going to be hyper volatile with one person and the swipe of a key to fuck it all up.

What Could Go Wrong?

There are various reasons why Bitcoin could fail:
•An error could be found in the design of Bitcoin which cannot be remedied, which allows hackers to steal bitcoins, or to double-spend (or something else).
•Governments may declare Bitcoin to be illegal, and successfully destroy it as a working system.
•The increasing value of Bitcoin may stress the system of peer-to-peer trust in a manner that undermines the trustworthiness of Bitcoin.
•Someone invents a new digital currency somewhat like Bitcoin, but obviously better, and everyone migrates to the new currency instead.

Even if Bitcoin as a whole does not fail, an individual's investment of bitcoins may fail:
•The investor may have their computer or their online Bitcoin account hacked and they lose their bitcoins.
•A Bitcoin exchange may be hacked to such a degree that it can not make up losses to its account holders.

excellent points.

the bitcoiners are in self denial about these and claim everythings safe.

[galeniko]

Even if so the mere idea of bitcoin is absolutely frightening to major governments.

lol

they can just outlaw it and thats that.

[Tapeworm]

It would have been better if the virtual currency were retained for virtual, nonphysical purchases.  Wasn't that the whole point?  To establish an online, borderless economy to facilitate the exchange of data?  As soon as it gets equated to a physical currency the whole purpose is lost and you might as well just revert to using the dollar. 

What am I missing?

[WOOO]

fuck bitcoins

[Lord Chronos]

Whoa.  There are something like a total of 21 million issued but only 12 million in circulation.  The whole mining process to get new coins is harder and harder.  Who knows if all 20+ million are really available.  How do you know if 1 million are secretly held?  But 21 million with 100K per?  come on man.  So you are saying it can be worth $2 trillion dollars or 20% of the total wealth of gold in the world?

Being a digital economy means that it is going to be hyper volatile with one person and the swipe of a key to fuck it all up.

What Could Go Wrong?

There are various reasons why Bitcoin could fail:
•An error could be found in the design of Bitcoin which cannot be remedied, which allows hackers to steal bitcoins, or to double-spend (or something else).
•Governments may declare Bitcoin to be illegal, and successfully destroy it as a working system.
•The increasing value of Bitcoin may stress the system of peer-to-peer trust in a manner that undermines the trustworthiness of Bitcoin.
•Someone invents a new digital currency somewhat like Bitcoin, but obviously better, and everyone migrates to the new currency instead.

Even if Bitcoin as a whole does not fail, an individual's investment of bitcoins may fail:
•The investor may have their computer or their online Bitcoin account hacked and they lose their bitcoins.
•A Bitcoin exchange may be hacked to such a degree that it can not make up losses to its account holders.

•An error could be found in the design of Bitcoin which cannot be remedied, which allows hackers to steal bitcoins, or to double-spend (or something else). Nothing new here, existing currencies can be hacked.
•Governments may declare Bitcoin to be illegal, and successfully destroy it as a working system. - Agreed
•The increasing value of Bitcoin may stress the system of peer-to-peer trust in a manner that undermines the trustworthiness of Bitcoin. - stress the system of peer-to-peer trust??
•Someone invents a new digital currency somewhat like Bitcoin, but obviously better, and everyone migrates to the new currency instead. - Back a few of the leaders, at this stage its costs peanuts and if one of them succeeds, you win, if they don't you lose a small sum of money


Even if Bitcoin as a whole does not fail, an individual's investment of bitcoins may fail:
•The investor may have their computer or their online Bitcoin account hacked and they lose their bitcoins. - No different to having your bank account hacked, if you dont take security precautions.
•A Bitcoin exchange may be hacked to such a degree that it can not make up losses to its account holders. - Valid point and is happening today

[Lord Chronos]

oh that i do understand.

the creation of the currency i dont get entirely.
 
all i see they have some bullshit way around the 21million max circulating lie

which shoudl prevent inflation,lol, but they have a faudulent way around that, and make it seem like most normal thing to do.

in the real wold,it would be called a currency reform, lol.something that everyone fears.

they say its not centralized, cool, but everyone can create more currency,and the ones with best computers and tools will have a monoploy on creation.

its ok itll work,just like a fiat currency, as long ppl believe in it and trade in it, theyr own site has said, if ppl stop believing and or trading, the bitcoin is dead.

so by definition, a bubble.

hell, ill trust the govt and rothschild (joking) fiat notes over this.

bc ,the bitcoins are exchanged for.........fiat notes

Not quite correct as bitcoins dont have to be exchange for fiat notes, small organisations are paying people in BTC and there are now a growing number of larger organisations accepting BTC. But of course on the grand scale, yes exchanging of fiat notes is taking place.

[Lord Chronos]

the ones with best hardware adn software can produce most bitcoins,im sure the chinese govt will take advantage of this if it deems that needed.

This is well known and one of the major stumbling blocks, the cost of mining is increasing rapidly and will reach a point where the average joe cannot partake. It might lead to the popularity of one of the other crypto currencies with a much low mining overhead.

Anyway UK governments and US senate are starting talks about regulating the currency, it could go either way, a crash or a surge, when things like this become legitimised that usually attracts the attention of financial establishments and you could see massive investment from them.

[syntaxmachine]

The bitcoin has withstood an assault on its largest exchange and the destruction of the largest market that accepted it, is apparently completely uncorrelated with happenings in the traditional financial system (its value has risen through the Great Recession, the Great Recovery from the Great Recession, and the current Great Meandering), has an inherent deflationary bias, and is in ever-increasing demand.

I'm becoming of the opinion that the sky's the limit, pending either some technological foible I'm too stupid to understand or an orchestrated government attack.

It might end up being what certain delusional quacks had hoped for gold.