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Does anyone here use Bitcoins?
wraith808:
Still can't really get behind it 100% until it's possible to pay for the basic necessities with it, (rent, utilities, food) without having to convert it into traditional currency, first.
-app103 (April 07, 2013, 07:51 PM)
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Well, that defines stock, gold... pretty much everything that's not hard curry.
40hz:
I tend to follow about a dozen libertarian/counter-economics blogs. And needless to say, bitcoins seem to be their new poster child. However, I find it interesting that the diehard bitcoin supporters are constantly crowing about how the prices are illogically ratcheting up while at the same time criticizing national monetary policies and currencies for encouraging inflation. Same goes for the widespread bitcoin supporters' criticism of fractional reserve banking for "printing money with nothing backing it " when there is really no underlying value you can pin a bitcoin to - other than the "irrational exuberance" that is apparently driving its soaring rates.
In the end, I think this is going to end with the usual wheeler-dealers making out like bandits, and the rest of the general public (who got involved in all good faith) being robbed blind. But that should come as no suprise. In the investment world that's called: business as usual.
8)
40hz:
[ Looks like it's really taking off....]
Online electronics store buys into bitcoins as sole currency
An online electronics retailer, Bitcoinstore, has had such a successful trial run accepting only bitcoins for payment that it will continue operating.
http://www.pcworld.com/article/2033373/online-electronics-store-buys-into-bitcoins-as-sole-currency.html
-Tinman57 (April 07, 2013, 07:41 PM)
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I think that's a purely political move on their part. (Note the name of the store.) I strongly suspect they're attempting to garner goodwill and capitalize on the current bitcoin publicity juggernaut. Where I come from, one of the first rules of running a successful retail operation is that you accept every form of payment out there.
Deliberately restricting the ways people can hand you money makes no business sense at all. :-\
tomos:
I tend to follow about a dozen libertarian/counter-economics blogs. And needless to say, bitcoins seem to be their new poster child. However, I find it interesting that the diehard bitcoin supporters are constantly crowing about how the prices are illogically ratcheting up while at the same time criticizing national monetary policies and currencies for encouraging inflation. Same goes for the widespread bitcoin supporters' criticism of fractional reserve banking for "printing money with nothing backing it " when there is really no underlying value you can pin a bitcoin to - other than the "irrational exuberance" that is apparently driving its soaring rates.-40hz (April 08, 2013, 06:33 AM)
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You ignore the *big* difference that Bitcoin is limited. Otherwise I agree with the above.
As to how it'll turn out ...
app103:
Nothing, be it bitcoins, gold, diamonds, paper currency, baseball cards, classic cars, real estate, grandma's wedding dress, or anything else, has any value unless humans place one upon it. And it only has the value that we decide upon, and only for as long as we decide.
You ignore the *big* difference that Bitcoin is limited.
-tomos (April 08, 2013, 09:22 AM)
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I own things I wouldn't trade for all the bitcoins, gold, diamonds, paper currency or anything else in the world, like my grandmother's sewing box. They are very limited...only 1 exists. They have great value to me. But you wouldn't agree that they have any value at all and would consider them worthless...to you.
That kind of makes the value that we humans assign to most things, nothing more than an opinion. And opinions are subject to change. (see Texas dollars, French Francs, German Deutschmark, Pogs, Beanie Babies, stock prices, etc.)
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