Bitcoin defunct?

[A Nonny Moose 8,261]

Unsupported "currency" files for Japanese bankruptcy.

 

Has the bubble burst at last?

[Ocram's Razr 963]

It is not that Bitcoin is bad, it is just that some exchanges are not secure and are subject to theft. There used to be a ton of bank robberies and some brick and motar robberies still occur.

--Ocram

[A Nonny Moose 8,261]

It is not that Bitcoin is bad, it is just that some exchanges are not secure and are subject to theft. There used to be a ton of bank robberies and some brick and motar robberies still occur.

--Ocram

It is not that it is good either.  I agree something must replace the currently very much broken capitalist system, but not something dreamed up on the Internet that is so easily abused, especially for money laundering from organized crime.

 

And there are still lots of bank robberies as well as lots of identity theft, etc.  The more have-nots, the more crimes against the haves.

[Ocram's Razr 963]

United States dollars (cash) has been the biggest currency for illegal purchases and still is.

--Ocram

[A Nonny Moose 8,261]

United States dollars (cash) has been the biggest currency for illegal purchases and still is.

--Ocram

That seems a little irrelevant to bitcoin.  What's your point?

[Ocram's Razr 963]

I don't use Bitcoin but I think it is no worse than any regular currency and in some ways better.

--Ocram

[Alejandro24 575]

Bitcoin probably can be seen as an experiment of a massive virtual currency. Probably the same problems that now happens to Bitcoin happened too to the first metal coins of the human history. Also there are more virtual currencies, or Altcoins, like Litecoin, Dogecoin, Auroracoin and Nyancoin.

 

Just as a comment, I only have earned 1 Bt... and I don't know what to do with it.

[Easy Bakes 253]

Whats a bitcoin?

[Duke87 1,070]

The idea of a currency that is not tied to any specific government has some obvious appeal since it is, in a way, very democratic - it's all about popular will, there are no powerful individuals or entities who control it.

 

The problem is that without the backing of a striong government, currency has no reliable value. Indeed, the value of bitcoins has fluctuated wildly as speculation on them waxes and wanes. They really are more of a virtual commodity than a virtual currency. Investing in bitcoin is like investing in gold or oil... except with greater risk, since the value of a bitcoin could go to zero without much warning, but real physical commodities will always have some value.

 

Bitcoin isn't dead yet. In fact, maybe it's getting better. But I still don't see it as a smart thing to get involved with since... there's no there there. It's all virtual. There is nothing of real world substance behind it. This makes it highly unstable.

[A Nonny Moose 8,261]

Someone commented that original coinage must have had problems.  Not likely, since original coinage was worth what its face value was.  It was specie, usually gold, that was, in fact, worth what it said it was.

 

The idea of a virtual currency is nothing new.  It has been around ever since everyone went off the gold standard.  U.S. currency for example (and you can choose any paper currency) is a matter of faith.  If you lose faith in the 'money' the whole economy goes to hell in a handbasket.

 

Interlopers like Bitcoin are simply competing for attention.  Heretical efforts to replace the 'faith'.  Fact is that money is a fiction we've all agreed on, and virtual currencies are really an attack on the system.

 

Everyone in the English speaking world knows the phrase "Shave and a haircut, two bits".  This is an echo of the Spanish coin 'piece of eight' which were divisible along scribed lines into eight 'bits' and could be broken easily.  Two bits is a quarter of the coin.  Got a quarter in your pocket?  When I was a kid, a quarter coin was often referred to as two bits.  If you can get serviced in a barber shop these days for 'two bits' I would be highly surprised.  Inflation is part of the paper money fiction.

[astronelson 339]

Fiat money is one thing, but I find it hard to trust a currency that, far as I can tell, isn't backed by anything.

[A Nonny Moose 8,261]

Agreed.  However, fiat money is only backed by a promise from some government that someday you might be able to get something for it.  You wouldn't want to take a bet on Ukrainian currency right now, would you?

[Larks2242 251]

My miner is still chugging along at a decent clip, Granted somedays It is worth more then others but it is still the same level of coin and changes value as does any other form of money.

[A Nonny Moose 8,261]

Let's see you change any of that stuff into real value (specie).  Any money has to be able to purchase specie at some point in order to demonstrate it has any value at all.  Specie, by the way, is not another virtual or paper currency, but hard goods such as diamonds or gold.

[Larks2242 251]

I can buy PC parts at tiger direct, in act $20 Off when bought in bitcoin.

 

http://www.youtube.com/watch?v=i-g4HcMRE7k

[A Nonny Moose 8,261]

Hard to argue that PC parts are specie.  What can you trade them for?  Specie is valuta that can be traded for anything.

[astronelson 339]

PC parts themselves can be sold for money, although it's likely you won't be able to sell them for what you paid for them.

 

If you so desired you could then buy (somewhat variably priced) gold or (grossly overpriced) diamonds, but I don't think you can do your shopping anywhere with either of those.

 

You could, I suppose, isolate the valuable elements from the parts, but that would be a certain loss.

 

And specie is only coins or hard money (as opposed to fiat). Were you to take it in notes you would not be in possession of any, although it would be significantly easier to carry. Easier still if put into a bank account with debit card access, which brings us, via a circuitous route, from one digital form of money to another.

[A Nonny Moose 8,261]

There are several (competing) virtual coinages right now.  Some controversy seems to surround Bitcoin currently and recent events are not encouraging.

[Larks2242 251]

Hard to argue that PC parts are specie.  What can you trade them for?  Specie is valuta that can be traded for anything.

 

This is only one example, bitpay is starting to show up everywhere just as paypal did.

[A Nonny Moose 8,261]

I am a very cautious investor, and I don't see any point in alternative currencies.  Follow the "money".  Someone is getting rich.  I believe the whole thing is a scam.

[47ply 1,100]

Bitcoin CEO was found dead jumped or was pushed out a window i didn't see the whole article i was in the Dr office. but i agree it will all fall apart soon I think