2012-09-30 slashdot.org - BitCoin Gets a Futures Market

[julz]

BitCoin Gets a Futures Market

2012-09-30

http://news.slashdot.org/story/12/09/30/2345206/bitcoin-gets-a-futures-market


fireballrus writes

"There is one more way to use your BitCoins rather than buying weed or socks. Recently, a Bitcoin Exchange called ICBIT quietly introduced a futures market, obviously using Bitcoins as its main currency. Gold futures trade roughly at 137 BTC/tr.oz and Sweet Crude Oil at 7.3 BTC/bbl. This may play a positive role in the Bitcoin economy which needs more ways to actually use coins instead of mining them."

While this sounds intriguing, I'd like to hear a good case for why BitCoin makes sense in this context.

[Severian]

I miss when /. was full of people that weren't afraid of crypto.

[epetroel]

I miss when /. was full of people that weren't afraid of crypto.

I've been reading slashdot forever (have a 5 digit UID) and I agree with you there.  I still enjoy the site, but seems like the crowd there is a lot less techy than it used to be.

[Severian]

  I still enjoy the site, but seems like the crowd there is a lot less techy than it used to be.

The Digg effect. It happened at reddit and hacker news, too. They're now full of people that appear to have been born wearing suits.

[kiba]

The Digg effect. It happened at reddit and hacker news, too. They're now full of people that appear to have been born wearing suits.

Hacker News get bitcoin. Slashdot don't get it. Either that or hacker news commentators realized they're getting downvoted for posting dumb comment about bitcoin.

[dissipate]

As I said before, you have to know something about currencies and economics to get Bitcoin. Your average code head off the street won't get it. Sure, they will get how it technically works, but not why it is revolutionary or why it has advantages over banks and fiat. That has been my personal experience.

[Severian]

Hacker News get bitcoin. Slashdot don't get it. Either that or hacker news commentators realized they're getting downvoted for posting dumb comment about bitcoin.

Ya, HN does get bitcoin. I stand corrected.

I was speaking to a friend (call him F1) today that's partnered in a tech business with another friend. They're both old geeks, eat and breathe TCP/IP and the related subfields of knowledge that come with it. F1 is all over bitcoin. F2 isn't down with it at all. It almost appears to be an emotional reaction on F2's part rather than a rational decision.

My own opinion is that since money itself can evoke emotions tied to survival, there's always going to be a larger section of people that will react non-rationally to anything having to do with money. As the US dollar continues to tank, Bitcoin will look more emotionally acceptable to those geeks that are now dissing it. As for now, I haven't seen such scorn for a network protocol since the RIAA realized what bit torrent was.

[TraderTimm]

Severian, I think you're absolutely right -- a lot of the 'haters' seem to be defending their currency that they perceive may be upended by bitcoin. I've seen similar reactions from other people I've talked to that I thought would 'get' what the whole system was about. As soon as you cross the line about what money is and how it is transacted, they start to get uncomfortable and lash out at you.

I find it an interesting litmus test on who is adaptable and who isn't, even if bitcoin isn't the end-all of crypto currencies, why can't these people just look at something new and have a rational response for what side they choose?

[Severian]

why can't these people just look at something new and have a rational response for what side they choose?

The status quo is never rational. If we can keep creating this new network, in months down the road Bitcoin will appear a rational decision to some of those that doubt it now as the larger economy continues its slow slide to Crapville.

[kiba]

why can't these people just look at something new and have a rational response for what side they choose?

The status quo is never rational. If we can keep creating this new network, in months down the road Bitcoin will appear a rational decision to some of those that doubt it now as the larger economy continues its slow slide to Crapville.

Somehow, I doubt the economy will tumbles down that fast or that bitcoin will grow that fast. We have a tendency to overestimate short term change and underestimate long term changes.

[SgtSpike]

Someone should create a forum/reddit/slashdot that requires an IQ over 120 to post anything.  Anyone else can only watch.

[Severian]

Somehow, I doubt the economy will tumbles down that fast or that bitcoin will grow that fast. We have a tendency to overestimate short term change and underestimate long term changes.

I'm speaking longterm also. In two years, Bitcoin is going to look a lot better to more people than it does now. There will always be a segment  of people that will push and/or believe the propaganda about anything no matter what, but they're a lost cause anyway. They're a permanent voice in the hater chorus.

My interest is in building my part of a bitcoin infrastructure that will be there when the network grows. In five years, I expect that a perceptible percentage of online transactions will be conducted over the Bitcoin network or a network of a superior cryptocurrency that might replace it, should one be found. New ideas take time for most people to get used to.

[nimda]

Someone should create a forum/reddit/slashdot that requires an IQ over 120 to post anything.  Anyone else can only watch.

Lol
Subsections for people with PhD's, word count minimums, the whole nine yards!

[SgtSpike]

Someone should create a forum/reddit/slashdot that requires an IQ over 120 to post anything.  Anyone else can only watch.

Lol
Subsections for people with PhD's, word count minimums, the whole nine yards!

And better yet, a requirement should be writing a dissertation on something to do with Bitcoin.  If the dissertation is approved, then you are qualified as a "Bitcoin Expert".