Posted: 11/29/2015 6:24:04 AM EDT
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Seems rather unsafe and just a matter of time before its shut down.
Though each bitcoin transaction is recorded in a public log, names of buyers and sellers are never revealed – only their wallet IDs. While that keeps bitcoin users’ transactions private, it also lets them buy or sell anything without easily tracing it back to them. That’s why it has become the currency of choice for people online buying drugs or other illicit activities http://money.cnn.com/infographic/technology/what-is-bitcoin/ |
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Whaaaaat?
You cannot stop Bitcoin. Just like you cannot stop Bit Torrents. There is no center. It is a peer to peer financial network. Just like cash, people use it to buy drugs and such. But many people like it for it's anonymity. It's a freedom currency.. Please understand how it works. There is absolutely no way to shut it down. Unless you get rid of the internet.. Here is a video explaining: https://www.youtube.com/watch?v=Gc2en3nHxA4 |
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It's a currency, what's foolish about that? I love it when people bring buying drugs into the argument. Which currency do you think has been used to buy and sell the most drugs anonymously? Quoted:
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Seems like a fools game. It's a currency, what's foolish about that? I love it when people bring buying drugs into the argument. Which currency do you think has been used to buy and sell the most drugs anonymously? Who controls it, why does it have wild swings unlike normal fiat? |
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The number of people trading bitcoin is still relatively low. Many BTC holders own relatively large portions of the available BTC. As more people come in board, the more stable it will become.
Eta: the market controls its value. It's completely decentralized no single entity controls it. |
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Who controls it, why does it have wild swings unlike normal fiat? Quoted:
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Seems like a fools game. It's a currency, what's foolish about that? I love it when people bring buying drugs into the argument. Which currency do you think has been used to buy and sell the most drugs anonymously? Who controls it, why does it have wild swings unlike normal fiat? Because people keep trying to put a dollar value on it. Nobody controls it. Media likes to demonize it as being untraceable for drug dealers. Like CASH is traceable??? Cash is only worth something because people trust it. As more people trust Bitcoin, the more it becomes a legit currency. Doesn't the IRS already take Bitcoin to pay your taxes? Crypto-currency is the logical endgame for currency. Bitcoin may fail, but it will be replaced with a GOVERNMENT CONTROLLED equivalent eventually. That way the government can keep tabs on how much value you REALLY have. In today's age of technology, it is silly for us to be walking around with bits of paper and metal in our pocket. Eventually credit cards will go away, and even drivers licenses. It will all be on your phone. Your wealth, your concealed handgun permit, your DL, your international passport, library card,etc |
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The Dutch tried something similar once,I think they used tulips.
You should read how bitcoins are made...by "miners" . Miners are groups or companies that work to solve a block chain. The first one that does it wins. It's a joke....the technology is sound though and does have other practical applications but for currency....I don't think so |
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It's a currency, what's foolish about that? I love it when people bring buying drugs into the argument. Which currency do you think has been used to buy and sell the most drugs anonymously? Quoted:
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Seems like a fools game. It's a currency, what's foolish about that? I love it when people bring buying drugs into the argument. Which currency do you think has been used to buy and sell the most drugs anonymously? Provident accepts payment in BTC, if you want to buy your gold and silver anonymously. It's not just for drugs. It's a medium of exchange with the exact same physical backing as a Federal Reserve note - none. |
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so if the governments stop all the transfer from hard currency to bitcoin that won't do it Oh Yeah it will. BTW your torrent comparison is a irrelevant/false analogy Quoted:
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You cannot stop Bitcoin. snip Unless you get rid of the internet.. so if the governments stop all the transfer from hard currency to bitcoin that won't do it Oh Yeah it will. BTW your torrent comparison is a irrelevant/false analogy Let the rebel just rebel. Damn |
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Because people keep trying to put a dollar value on it. Nobody controls it. Media likes to demonize it as being untraceable for drug dealers. Like CASH is traceable??? Cash is only worth something because people trust it. As more people trust Bitcoin, the more it becomes a legit currency. Doesn't the IRS already take Bitcoin to pay your taxes? Crypto-currency is the logical endgame for currency. Bitcoin may fail, but it will be replaced with a GOVERNMENT CONTROLLED equivalent eventually. That way the government can keep tabs on how much value you REALLY have. In today's age of technology, it is silly for us to be walking around with bits of paper and metal in our pocket. Eventually credit cards will go away, and even drivers licenses. It will all be on your phone government implanted chip. Your wealth, your concealed handgun permit, your DL, your international passport, library card,etc Quoted:
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Seems like a fools game. It's a currency, what's foolish about that? I love it when people bring buying drugs into the argument. Which currency do you think has been used to buy and sell the most drugs anonymously? Who controls it, why does it have wild swings unlike normal fiat? Because people keep trying to put a dollar value on it. Nobody controls it. Media likes to demonize it as being untraceable for drug dealers. Like CASH is traceable??? Cash is only worth something because people trust it. As more people trust Bitcoin, the more it becomes a legit currency. Doesn't the IRS already take Bitcoin to pay your taxes? Crypto-currency is the logical endgame for currency. Bitcoin may fail, but it will be replaced with a GOVERNMENT CONTROLLED equivalent eventually. That way the government can keep tabs on how much value you REALLY have. In today's age of technology, it is silly for us to be walking around with bits of paper and metal in our pocket. Eventually credit cards will go away, and even drivers licenses. It will all be on your phone government implanted chip. Your wealth, your concealed handgun permit, your DL, your international passport, library card,etc |
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Whaaaaat? You cannot stop Bitcoin. Just like you cannot stop Bit Torrents. There is no center. It is a peer to peer financial network. Just like cash, people use it to buy drugs and such. But many people like it for it's anonymity. It's a freedom currency.. Please understand how it works. There is absolutely no way to shut it down. Unless you get rid of the internet.. Here is a video explaining: https://www.youtube.com/watch?v=Gc2en3nHxA4 cant the govt just ban all retailers from accepting it as a form of transaction? |
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Been around for 6yrs now. I'm also curious who you think should shut it down? Quoted:
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Seems rather unsafe and just a matter of time before its shut down. Been around for 6yrs now. I'm also curious who you think should shut it down? The only man who can stop Bitcoin, is Al Gore. |
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that why it will never be anything than a good idea. Faith is the only thing that keeps fiat money working. Quoted:
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bit coin exchanges have the nasty habit of getting hacked and people losing their coins that why it will never be anything than a good idea. Faith is the only thing that keeps fiat money working. FIFY |
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Because people keep trying to put a dollar value on it. Nobody controls it. Media likes to demonize it as being untraceable for drug dealers. Like CASH is traceable??? Cash is only worth something because people trust it. As more people trust Bitcoin, the more it becomes a legit currency. Doesn't the IRS already take Bitcoin to pay your taxes? Crypto-currency is the logical endgame for currency. Bitcoin may fail, but it will be replaced with a GOVERNMENT CONTROLLED equivalent eventually. That way the government can keep tabs on how much value you REALLY have. In today's age of technology, it is silly for us to be walking around with bits of paper and metal in our pocket. Eventually credit cards will go away, and even drivers licenses. It will all be on your phone. Your wealth, your concealed handgun permit, your DL, your international passport, library card,etc Quoted:
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Seems like a fools game. It's a currency, what's foolish about that? I love it when people bring buying drugs into the argument. Which currency do you think has been used to buy and sell the most drugs anonymously? Who controls it, why does it have wild swings unlike normal fiat? Because people keep trying to put a dollar value on it. Nobody controls it. Media likes to demonize it as being untraceable for drug dealers. Like CASH is traceable??? Cash is only worth something because people trust it. As more people trust Bitcoin, the more it becomes a legit currency. Doesn't the IRS already take Bitcoin to pay your taxes? Crypto-currency is the logical endgame for currency. Bitcoin may fail, but it will be replaced with a GOVERNMENT CONTROLLED equivalent eventually. That way the government can keep tabs on how much value you REALLY have. In today's age of technology, it is silly for us to be walking around with bits of paper and metal in our pocket. Eventually credit cards will go away, and even drivers licenses. It will all be on your phone. Your wealth, your concealed handgun permit, your DL, your international passport, library card,etc And this is a really BAD thing. |
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Bitcoin is not a currency anymore than new York real estate is a currency.
It's a store of value that is secured mathematically and via the laws of physics. The bitcoin is the incentive mechanism to miners to secure the network via computation. It's not an actual coin but numbers in a ledger. So its a psuedo currency and can be traded freely. It solved a decades long problem in information Science called the byzantine general problem. The network had been in operation for 6 years and has no successfull attacks. The software is open source. the development is open and closely followed and all code is free to be accessed. Most major loss of coins have occurred because third parties were trusted to hold the secure keys. NO different than losing gold via theft or take over. You are free to hold the keys yourself. Bitcoin may fail tomorrow, looking less and less likely, but it's an exciting technology that is truly open anyone in the world can go out and purchase any fraction of bitcoins, communicate with developers or even participate in development. If one follows basic common sense security it's not to difficult to secure. It's still bleeding edge and could be a decade before any large scale adoption or it could be the modern day pet rock. But it's worth keeping an eye on. *sorry for typos on mobile* |