Bitcoin?

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  • #1

    Bitcoin?

    Folks, any thoughts on bitcoin?

    On the news last night, the first ever Bitcoin ATM goes into service today in Vancouver!
    Tags: None
  • #2
    Re: Bitcoin?

    The new choice for money laundering, drugs, etc.

    http://www.zdnet.com/is-bitcoin-the-...ce-7000021814/

    Comment

    • #3
      Re: Bitcoin?

      Bitcoin goes against everything that corporations and the government would like. If it were up to them we would all carry cards instead of cash and every transaction would be monitored and scrutinized. For that reason Bitcoin cannot succeed. Any money that bankers and governments can't monitor can't be stolen by them.
      "Tom is a well known racist, and like most of them he won't admit it, possibly even to himself." - Ed Seedhouse, October 4, 2020.

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      • #4
        Re: Bitcoin?

        Originally posted by Tom O'Donnell View Post
        Any money that bankers and governments can't monitor can't be stolen by them.

        This is a respectable left leaning message board. I think they prefer to refer to it as a redistribution of wealth rather than theft. :D :)
        Gary Ruben
        CC - IA and SIM

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        • #5
          Re: Bitcoin?

          Originally posted by Gary Ruben View Post
          This is a respectable left leaning message board. I think they prefer to refer to it as a redistribution of wealth rather than theft. :D :)
          The one's doing the theft aren't redistributing it, they are hoarding it into the hands of a very few, even if you call it stealing, stealing from a thief is different from stealing from the innocent.
          University and Chess, a difficult mix.

          Comment

          • #6
            Re: Bitcoin?

            Originally posted by Adam Cormier View Post
            The one's doing the theft aren't redistributing it, they are hoarding it into the hands of a very few, even if you call it stealing, stealing from a thief is different from stealing from the innocent.
            Adam, I assume you mean the only difference is the victim. Stealing is stealing, right? By the way I have to agree with Tom O'Donnell's point. If the government and banks cant have control (access to corrupt by their own laws and rules, exclusively for them and not the public at large), they wont allow it.
            Last edited by Gordon Gooding; Thursday, 31st October, 2013, 07:34 AM. Reason: more thoughts

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            • #7
              Re: Bitcoin?

              Originally posted by Gordon Gooding View Post
              Adam, I assume you mean the only difference is the victim. Stealing is stealing, right? By the way I have to agree with Tom O'Donnell's point. If the government and banks cant have control (access to corrupt by their own laws and rules, exclusively for them and not the public at large), they wont allow it.
              I think a lot of people are missing the point that bitcoins - by their definition - cannot be controlled by external entities.
              It isn't a matter of whether or not they want to control such digital creations. Cashing them in might be a whole
              lot of trouble but it seems that it can be done (and I am not talking about using an ATM, although if you are willing to
              put up with the loss of anonymity that is the result then...)
              ...Mike Pence: the Lord of the fly.

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              • #8
                Re: Bitcoin?

                I have never understood BITCOIN currency, but, somehow it feels like a bubble of some kind. What happens when no one will accept payment that way any longer and what would it take to have that happen? If no entity stands behind the currency, where are the guarantees? What am I missing? Tutorial wanted.

                Thanks!

                Comment

                • #9
                  Re: Bitcoin?

                  Originally posted by J. Ken MacDonald View Post
                  I have never understood BITCOIN currency, but, somehow it feels like a bubble of some kind. What happens when no one will accept payment that way any longer and what would it take to have that happen? If no entity stands behind the currency, where are the guarantees? What am I missing? Tutorial wanted.

                  Thanks!
                  It is highly speculative... you might start here, but Google is your friend:

                  http://online.wsj.com/news/articles/...79721277783300
                  ...Mike Pence: the Lord of the fly.

                  Comment

                  • #10
                    Re: Bitcoin?

                    Originally posted by Gordon Gooding View Post
                    Adam, I assume you mean the only difference is the victim. Stealing is stealing, right? By the way I have to agree with Tom O'Donnell's point. If the government and banks cant have control (access to corrupt by their own laws and rules, exclusively for them and not the public at large), they wont allow it.
                    It depends on your ethical theory, in my own it does make a big difference. Thats why there would be a difference between killing Hitler and lets say an average person walking down the street (It can be argued that killing Hitler would have been good if it would have stopped the needless death of millions). In the same way if your stealing actually prevented more stealing (stopping the 1% from taking all the wealth) then you are still doing a net good by redistributing/stealing, although I'd argue no one ever earns billions of dollars they steal the money from all the workers they don't pay adequately, it could be said we are simply preventing that theft or putting it right.
                    University and Chess, a difficult mix.

                    Comment

                    • #11
                      Re: Bitcoin?

                      Consider that all currencies that aren't backed by things like gold, silver etc. are fiat. They are backed by nothing more than government printing presses which is not much of a guarantee at all, imo. BTW, that is the difference between currency and money and it's a very important one, again imo.

                      Originally posted by J. Ken MacDonald View Post
                      I have never understood BITCOIN currency, but, somehow it feels like a bubble of some kind. What happens when no one will accept payment that way any longer and what would it take to have that happen? If no entity stands behind the currency, where are the guarantees? What am I missing? Tutorial wanted.

                      Thanks!
                      "Tom is a well known racist, and like most of them he won't admit it, possibly even to himself." - Ed Seedhouse, October 4, 2020.

                      Comment

                      • #12
                        Re: Bitcoin?

                        Originally posted by Kerry Liles View Post
                        It is highly speculative... you might start here, but Google is your friend:

                        http://online.wsj.com/news/articles/...79721277783300
                        Thanks, Kerry. Interesting article.

                        If I understood that article, there are 11,000,000+ BITCOINs outstanding valued at $135 each for a total of $1,485,000,000 and almost as many more are possible. Unbelievable! And apparently, very few merchants accept them as payment. Someone here is nuts! Anyone for tulips in Amsterdam?

                        Comment

                        • #13
                          Re: Bitcoin?

                          Originally posted by J. Ken MacDonald View Post

                          If I understood that article, there are 11,000,000+ BITCOINs outstanding valued at $135 each for a total of $1,485,000,000 and almost as many more are possible. Unbelievable! And apparently, very few merchants accept them as payment. Someone here is nuts! Anyone for tulips in Amsterdam?
                          I saw a price for the Bitcoins the other day and I'm sure they said the price was something like $213.00. Just looked and it's now even more. This might be the new Tulip craze.

                          http://bitcoincharts.com/
                          Gary Ruben
                          CC - IA and SIM

                          Comment

                          • #14
                            Re: Bitcoin?

                            The people valuing the currency are betting it will go the other way (that more merchants will start accepting it, not less). It's like any other currency - it's as strong as people's willingness to believe it's valid. Essentially, it's a form of crowdsourcing currency confidence. Pretty sure, though, that as others have said - major gov'ts will at some point stop it.

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                            • #15
                              Re: Bitcoin?

                              I would hate to be the landlord of a tenant that took up this bitcoin mining craze if utilities are included in the rent.

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