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1  Bitcoin / Bitcoin Discussion / Re: Mtgox high frequency trading. on: June 12, 2011, 01:39:26 AM
Here comes Goldman Sachs to the Bitcoin Community , is that what we really need?

Trade exchanges have often had this problem when they 1st start, but once the number of products and services grows the value of the dollar finally begins to settle. If you want to determine the value offer it to the market place for cash and see what offers you receive.

To stabalize the price you need more product that can be purchased using it. Once you are able to purchase gadgets such as iphone 4, TV and Clothes, Food , real estate etc the price will stabalize. Bitcoin needs to backed by goods and services to stop the volatility

To achieve this we need to encourage more businesses to get involved.

The value of any currency is realitive to its purchasing power.
2  Bitcoin / Bitcoin Discussion / Re: [FAQ] Is BitCoin a Ponzi or pyramid scheme? (Newbie-Friendly) on: June 06, 2011, 10:55:15 AM

I have only recently discovered Bitcoin and have to say l am very excited by what l have seen.

Bitcoin is similiar to a trade exchange, without the exchange. I have been involved in Trade Exchanges off and on over the last 20 years and one of my concerns has always been the ability of the exchange to hold you to ransom. In addition they have been able to expand the money supply as and when they wish, usually to line there own pockets and as a member you are powerless to do anything about it.

Bitcoin has retained all the positives of a trade exchange and appears to have removed the negatives.

I note that the value of each Bitcoin has increased substancially over the last 6 months, l expect that it will continue to increase as more and more goods and services become available using Bitcoins. The value of any medium of exchange is attributable to the value stored in the goods and services available through the exchange. The supply and demand will set the value of each coin and having a cap of 21 million coins will ensure that there are no helicopter bens manipulating the market place.

I have recently launched an online auction site in Australia and am in the process of adapting the checkout so that Bitcoins will be an acceptable method of payment. I am looking at the SCI available through . Can anyone comment on this application or suggest any other ones?


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