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Bitcoin currency discussion

Gunkata

Go Kart Champion
Location
Lombard, IL
there is malware in this thread....
 

Gunkata

Go Kart Champion
Location
Lombard, IL
OK, same here - must be it then.
 

Halvie

WOOSA
Location
WI
At least the greenbacks have some intrinsic value. Bitcoins are pulled out of thin air by "mining" -- are they fucking kidding? And people ignore common sense and jump on the bandwagon because they see the price go up, are greedy and want to make a quick buck.

It's a fad that will be worthless before long. As with pyramid and MLM schemes, the only people getting rich are the ones who start it or get in early.

few who had asic miners that last little while made out pretty nicely :D They are the reason for the spike, right? Look at the difficulty rise since they came out: http://bitcoindifficulty.com/
 
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PRND[S]

The Lame & The Ludicrous
Location
Southern California
Car(s)
'15 LSG Golf R
Any currency is only as valuable as what backs it. Ours is backed by the strongest military in the world and not much else. A bitcoin is backed by what?
Don't forget the largest economy in the world.

The value of national currencies is determined by economic power and political stability. Bitcoins don't have that, their value is based on mass dillusion.
 

nouse4aname

Go Kart Champion
Location
Vantucky, WA
Any widget only has value because people give it value. Even gold is subject to these feelings. There hasn't been a sudden shortage of gold, people have just gotten scared feelings about the market and talk radio tells them gold is their savior.
 

mdhollis

Go Kart Champion
Location
New York
Any widget only has value because people give it value. Even gold is subject to these feelings.

Gols has value because of basic supply and demand principles. It is a rare precious metal. The only reason you see a fluctuation in the value is because it's priced in dollars. It's really the value of the piece of paper, the dollar, that's changing the price of gold.
 

mdhollis

Go Kart Champion
Location
New York
Our paper currency is a promissory note. What is it a promise to do? I'll tell you, pay you in gold. The biggest scam in the history of the world was the US leaving a gold standard
 

D Darko

Ready to race!
Location
Va. Mtns
Any currency is simply a promise of payment in value or worth. Simple trading one item for the other where the value of each is agreeable to both parties. The only reason our particular currency exists is because the things you had that others wanted to trade you for became too cumbersome to carry around. Your bags of flour for one of my cows, etc.
 

nouse4aname

Go Kart Champion
Location
Vantucky, WA
Yeah in the past colored beads have been currency. It's all just a means to implement a barter system on a large scale.

It requires the mass delusion of everyone agreeing those beads have value. Most people don't have an actual industrial use for gold they are hoarding. To them it is just another currency subject to value swings as the people as a whole give it an emotional value. There is a finite amount on earth at this moment but more gets mined every day and new gold even arrives via meteorites.
 

mdhollis

Go Kart Champion
Location
New York
Any currency is simply a promise of payment in value or worth. Simple trading one item for the other where the value of each is agreeable to both parties. The only reason our particular currency exists is because the things you had that others wanted to trade you for became too cumbersome to carry around. Your bags of flour for one of my cows, etc.

Yeah but what value does something have when it can be created out of thin air. Our dollar in 1913 is worth .08 cents today. What happened in 1913? The federal reserve. We survive purely on reputation, I hope it doesn't end.
 

mdhollis

Go Kart Champion
Location
New York
Yeah in the past colored beads have been currency. It's all just a means to implement a barter system on a large scale.

It requires the mass delusion of everyone agreeing those beads have value. Most people don't have an actual industrial use for gold they are hoarding. To them it is just another currency subject to value swings as the people as a whole give it an emotional value. There is a finite amount on earth at this moment but more gets mined every day and new gold even arrives via meteorites.

The supply of gold increases by 1-2% a year in the world. That is very stable. Paper currency is printed at a alarming rate today. The founders of our country knew what they were doing when they used gold and silver as money, but it is a huge disadvantage to a big gov't. They actually have to tax or start digging to spend money lol
 
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