Hi!
I've been researching this bitcoin/altcoin phenomenon for quite some time now but until now I never had the courage to invest
real money into it. If I'd only known...
But the current financial situation the world is in at the moment makes me feel that my money is safer in a bitcoin wallet then it is in a bank account. A very weird development because the money system is the system I grew up with -we all did- and I see it collapsing all around me.
Some people say that bitcoin is a scam and some say that altcoin initiatives are. But then what are the initiatives you see in real life? For instance the Brixton Pound? A currency by the people for the people. And it worked (still does I think) because it does what the official money system should have been doing all along: function as a
service to the people instead of being a system that's keeping people in debt for life.
http://brixtonpound.orgAnd that is how I see bitcoin and altcoin. Initiatives started by the people to create a better system then we have right now. And for altcoin? I welcome every single one of 'em. For miners who want an extra chance to get into mining without mayor investments on hardware, for traders to have yet another alternative to go to when one system is attacked -I don't think the establishment is very happy with us-, see the recent events around mtgox.
Are some initiatives scams? Most certainly. But remember that scams are common in the official system too. We have to use it anyway. It's just like the real world isn't it?
So the one million bitcoin question really is: what makes bitcoin work and what could make altcoin work? To put it simple: trust. When people trust each other they are willing to invest in each other. The systems are a mere extension of ourselves.
I've finally invested into BTC and LTC. And I must say I've embraced both of them. Is LTC at a low at the moment? Some who were chatting on btc-e.com said so and were telling stories of imminent collapse. My message to those people: don't buy into stories of fear. Look at it from a positive angle: when a currency is low, there are chances of investment...
Just my
BTC50cts.
TFK