Print

Please login or register.
1 Hour 1 Day 1 Week 1 Month Forever
Login with username, password and session length

[BinaryBeast1010011010]

When we look at the price increase it seems lots of people have stoped considering it worthless...
So once more I will ask to those that previously told me that it was utter BS, now that the gold rush is taking place and governments start talking about regulating it(maybe the best proof that this trend should not be dismissed with a handwave), do you still think that bitcoins are "no real money"?

[Leafsnail]

It's a pyramid scheme so yes they are going to go up in value.  No, that doesn't mean anything.

[Another]

Same as with obligations of corporations like Bernie Madoff's. May be quite valuable now and can continue to rise for who knows how many years but nothing is keeping it from crashing some day.

[GlyphGryph]

Bitcoins are worthless unless you are involved in a bitcoin marketplace buying the sorts of things that bitcoins are worth using for.

So they remain worthless to most people, yes. But I'm glad to see they've found a niche.

[misko27]

When we look at the price increase it seems lots of people have stoped considering it worthless...
So once more I will ask to those that previously told me that it was utter BS, now that the gold rush is taking place and governments start talking about regulating it(maybe the best proof that this trend should not be dismissed with a handwave), do you still think that bitcoins are "no real money"?

The answer to that question is ye-eeeeeeeeeeeeeeeeeeees.

[BinaryBeast1010011010]

Still thinking that it is a pyramide scheme? Why? To whom would it profit?

[Leafsnail]

The people who got in on the ground floor, like with every other pyramid scheme.

Bitcoins are undeniably useful for buying drugs online, though.

[nenjin]

They're useful for buying anything illegal.

[palsch]

When we look at the price increase it seems lots of people have stoped considering it worthless...

Price increase? Bad timing.

The biggest problem with bitcoins is the lack of a market to peg them to an internal value combined with external price volatility. Trying to use them as currency when they are experiencing such wild price swings (even increases) is near impossible. Stores won't just need real-time price adjustments to keep up with the swings, they will also need to be confident they can extract the value of the coins when needed. When you can have 20+% swings in the value of a coin that's not always going to be possible. For an end user buying a bitcoin to try to make a purchase is like buying day-trader style stock in the morning hoping you still have the value there to buy dinner in the evening. It works out well and you can get an extra bottle of wine. It goes badly you go hungry.

For them to work they either need some stabilising factor that makes them a viable e-commerce tool or a complete parallel economy that is independent of their exchange rate with the dollar. I don't see that second happening, especially given how many people are trying to sell them as an 'investment' (more like get-rich-quick scam). The former looks equally unlikely right now.

I'm also waiting for someone to start a site helping people identify bitcoin users and cashflow. The actual anonymity is fairly weak and hugely dependent on end-point exchanges being secure. I don't see any reasons to trust such end points, or much legal remedy for data losses. Mining public data combined with one good exchange hack could expose a hell of a lot of supposedly anonymous transactions.

[Leafsnail]

Hacks (or "hacks") on Bitcoin wallet services are barely news by this point.  They're ridiculously frequent, and make Bitcoins a bad investment even if you know the price is going to rise.

[Mictlantecuhtli]

Hacks (or "hacks") on Bitcoin wallet services are barely news by this point.  They're ridiculously frequent, and make Bitcoins a bad investment even if you know the price is going to rise.

Unless you're the hacker, then keep at it, you're bound to make plenty from it. Otherwise, stick to stocks for your investment-gambling needs and the casino for actual gambling. Free coffee too.


Also: I highly advise anyone to stay far out of reach of anything which is used and designed for a place like the Darknet, just as a rule of thumb.

[Virex]

So, anyone that went short on Bitcoins can rejoice, it just plummeted HARD. Of course anyone that invested in it is now royally screwed with a royal screwdriver.

[Mlamlah]

It's starting to seem like these threads pop up every other week.

[werty892]

Bitcoins:About as real as your mom jokes.

[kaenneth]

I can see them useful as a currency, to facilitate transactions (I'm thinking up subscribing to a VPN service; giving them my credit card info, etc. would rather moot the point)

As an investment, you're better off with slot machines.