Quote: (04-04-2013 11:36 PM)guerrilla Wrote:
Quote: (04-04-2013 09:41 PM)Hooligan Harry Wrote:
I think a lot of you guys are missing the point with Bitcoin. People are seeing it as a store of wealth at the moment, much like gold. Its being viewed as a safety net.
I think as soon as you start seeing more people proclaim Bitcoin - a currency that's only a couple years old, has little to no transparency about inflows and outflows, and is only used by tech geeks, HYIPers and drug customers, and has proven to be extremely volatile - as a "store of wealth" then the bubble's gonna crash for sure.
LOL!!!!!!
This bitch is not a store of wealth, but it can be traded for sure.
Why is it any less a store of wealth than the USD or Japanese Yen?
Where is the transparency in central banking? These are PRIVATE BANKS.
How old is the Euro?
Who knows whats going to happen to Bitcoin, it could crash and burn horribly. What is is though is a market reaction to the fucked fiat currency system. People are tired of having the value of their currency determined by private bankers. When they can control your money supply and the value of that money, they control your production.
Its bullshit and its a rigged game, yet people buy into it blindly because they have no idea how money even works.
I just posted a full blown, simple explanation of how Bitcoin works and its far more transparent than other other current currency system. In fact, even compared to gold, its not open to manipulation at all really. Speculation will lead to rises and crashes no doubt, but manipulation? Lol, BY WHO. No one owns Bitcoin. No one manages Bitcoin. Its like a monster that has been unleashed.
Here, Ill post it again for you. Read it this time
Quote:Quote:
Finally, it happened. In 2008, a person called "Satoshi Nakamoto" created Bitcoin. He wasn't the first to solve the problem of double-spending. A currency called e-gold did that, but the flaw was that there was a central entity in charge that users had to trust. Bitcoin removed this failure, enabling miners themselves to constantly validate the transaction record. Nakamoto had each user download the full ledger of all existing Bitcoins so that each could be checked for its title and not used more than once at the same time. With his system, every coin had an owner, and the system could not be gamed.
Further, Nakamoto built in a system of mining that attempts to replicate the experience of the gold standard. The math equations you have to solve get harder over time to adjust to expansions of computing power involved in the mining. The early creators had it easy, just as the early miners of gold could pan it out of the river, though later they had to dig into the mountain. Nakamoto put a limit on the number of coins that can be mined (21 million by 2140). (A new coin currently is mined every 20 seconds or so, and a transaction occurs every second.)
He made his code completely open source and available to all so that it could be trusted. And the payment system uses the most advanced form of encryption, with public keys visible to all and a scrambling system that makes its connection to the private key impossible to discover.
No one would be in charge of the system; everyone would be in charge of the system: This is what it means to be open source, and it's the same dynamic that has made WordPress a powerhouse in the software community. There would be no need for an "Audit Bitcoin" movement. Trust, anonymity, speed, strict property rights, and the possibility that applications could be built on top of the infrastructure: This was perfect.
I do not personally own any and I will not be buying any either. Whatever happens with it happens with it. But I sure as hell hope it takes off because I am sick to death of spending half my life trying to second guess what retarded politicians and scumfuck private bankers are going to do next.