Bitcoin: it rocks

[Limited]

Sigh, you guys at looking at Bitcoin from only one angle when there is multiple angles.

All you are looking at it from is simply, 'How can I make money from this'. Bitcoin is way bigger than that. Your not just mining to make money, your mining to make the whole system work. As we all know, the value will plateu and stay that way at some point, from then it won't be profitable to mine, but miners will still be needed to valid the transactions. That is what is important.

If someone told me I needed to invest in Bitcoin, it wouldnt be to buy a fast GPU, it would be to buy X amount of a Bitcoin with real money. Not saying I'd do that, a lil risky as we know. But the value of Bitcoin isnt you can make money, its the ability to transfer money across.

[Warsaw]

See, but at that point I'd just say screw it and ditch Bitcoin for conventional money, as everybody should. If Bitcoin is going to become an everyday currency then it will start getting subjected to all the same red tape that whatever your current local currency is, making the concept pointless. You can count on it. You can say "it is physically impossible, etc. etc." but it won't matter because all the big banks governments have to do is knock on the doors of Bitcoin's proprietors with guns in-hand, outlaw its use in transactions, etc. Done deal. Everybody whose fortunes were in Bitcoin is suddenly poor.

So...Bitcoin remains silly.

[=sw=warlord]

Because prohibition is such an effective counter measure.
Oh hey China.

[Warsaw]

You don't pay taxes in alcohol...

[Dwood]

the point is that you can't tether down bitcoin just by signing a law about it. you can't steal btc from another person just by memorizing their number. Bitcoin is by nature immune to that. see: china

[Warsaw]

But you can make it useless and therefore worthless (and since it's digital you can delete it...which is permanent). That's the point I'm trying to make. Everything you and others have said requires normal money and some form of speculation to make Bitcoin worthwhile. Well, if Bitcoin requires normal money to be worth something then it has no reason to exist. If Bitcoin becomes normal money then it has all the same problems as current money translated to a relevant format.

Your net gain is nothing, and you've made the bunch of fuckers who invented the scheme rich all because you thought it might be worth something later. Self-fulfilling prophecy! Kind of like German luxury in the automotive sector...

[=sw=warlord]

The thing is, you don't have to trade crypto currency with typical currency to give it value, the USDs value is based on what people believe its value is which is the same as these crypto currencies.
You could if a seller was willing, make purchases with crypto currency bypassing the entire typical currency system all together.
If it were up to me, I would trade bitcoins for Copper bullion rather than normal currency because Copper is being consumed at a fast rate due to its various uses and its price is rising at a strong consistent pace.

[Patrickssj6]

If it were up to me, I would trade bitcoins for Copper bullion rather than normal currency because Copper is being consumed at a fast rate due to its various uses and its price is rising at a strong consistent pace.

Then gl finding a real copper miner who wants to exchange a precious conductor for a useless virtual currency :P

[Jelly]

The cool thing about these virtual currency's isn't "COMPUTA DID THINGS AND NAO MONEH" it's that its a self sufficient economic system free of a central reserve banking system and most importantly it's free of inflation.

It's an amazing concept, i really hope it pans out.

actually the cool thing is that people lose real money on it

[CN3089]

actually the cool thing is that people lose real money on it

#1 post on r/bitcoin: suicide hotline


lmbo