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Author Topic: Bit Coin as a currency?  (Read 763 times)
Zacharei
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June 16, 2011, 03:11:00 AM
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So far by just browsing the forums I'm not really seeing it as a currency and I'm looking more at "get rich scheme". Though I have read through Nakamoto's paper, and it seems like a pretty cool idea. I'm kind of just enjoying the novelty of the whole thing, and I'm just kind of going to mine a coin. I think perhaps if I ever really decide to do anything serious I'll make a few games, and sell them for bitcoins. In my idealistic fantasy of the currency I see this more as a way for artists to really have the floor. Instead of looking at bitcoin as this way to get a virtual number and turn it into usd. You can look at it kind of like a trading unit where you can use it to trade this virtual number into a virtual item; such as backgrounds, music, video games, and its a great legal alternative to torrenting.

Another curiosity I have is I've seen some pharmacies. Is that legal? I'm pretty sure you have to have a license to sell drugs, and I'm even more sure that buying drugs off the internet is a great idea if you have a death wish, because I'm sure there is no regulation. Now I'm pretty sure you'd understand my opinion on CVS or Walgreens at least they are backed up by a large enough brand where you'd have someone to punish if something went awry.

But my question is how do you guys view bitcoins? I will honestly admit I'm skeptic neat idea on paper, but I'm not sure if its really going to take off. The being attached to your hard drive is also a rather annoying thing. You some type of banking service where these can be transferred to so you can transfer them back to your wallet. So far from what I've viewed on the forums that this is all about "mining" and then selling them for a large profit, or this is about not having any regulation of an agency. I can sort of understand the latter, but it also has its downsides because of the latter. So my view on the matter, wait and see. How do you guys feel about bitcoins? I also realize this post is very arbitrary, but you also need five posts to escape, and meeting the community is a wonderful way to communicate with people, and also getting your assessment and what made you decide trying out this bitcoin thing maybe fun.     
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fascistmuffin
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June 16, 2011, 03:21:03 AM
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Right now a lot of people look at BTC as a get rich scheme, which is probably playing into the instability of the price per coin (don't quote me though, I'm not an econ guy). I think most of us are waiting for more places to accept bitcoins, since the main thing you can do with them is trade them on mtgox or some other echange site. There's also Silk Road, which I still haven't checked out.

For me, bitcoin is fun. I enjoy building computers and browsing hardware; bitcoin convinced me to make another high end system and make a multiple gpu computer for a change. It's also fun for me to help with hardware and computer related issues.

If bitcoin doesn't take off, then I'm not at a loss. I've almost evened out with my hardware, and I'm enjoying the maintenance of my mining rig. If I make some money off of it, then that'd be awesome. If you adopt mining or bitcoin for fun, I'm sure you will get something out of it. If you invest in it thinking in a week you'll be rolling in $20s, then you'll probably be disappointed.

Welcome to the community btw  Cheesy
Zacharei
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June 16, 2011, 03:36:42 AM
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Well thanks for the awesome welcome,

       I kind of ran Bitcoin, and didn't even know it required a decent computer of course I had a GTX460, because I play a ton of PC games. I also Fold@Home. So leaving my computer on was no trouble, and mining seemed kind of fun, grant it I don't actually solo mine, because I enjoy using my computers for other things then solely crunching numbers. My only worry is that were feeding into this giant virus into the Pentagon. It would be a great idea tell everyone they're working on a virtual currency when in reality we're doing something totally different. Though I wish they did link this whole mining thing to something charitable, but after reading though it I understand that essentially I'm working on numbers, and stuff so I am apart of the system. So in a sense I'm getting paid in bitcoins to just crunch numbers for people transferring bitcoins. It is a neat little experiment, and I didn't really spend anything to run it. I have no need to build another super computer I enjoy this I have right now.

My only problem with bitcoin is that if something happens due to human nature, such as theft, fraud, then no one can really step in. So without regulation it is a bit frightening. Essentially this could turn into a great novel, and the experience could bring some great stories. I think the experience will probably be the most fun thing out of this whole adventure.


My idea at least for Bitcoin is to setup an rpg server text-based, and have prizes in bitcoins at the end up the month for the top three players, and then reset it, and have people join in. It seems like it would be a lot of fun.
Ampersand
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June 16, 2011, 03:37:39 AM
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I think it has great potential, but it's lack of a central authority, ability to stay anonymous in transactions, and digital currency as malleable as cash may be its downfall.
Alex Beckenham
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June 16, 2011, 03:38:38 AM
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How do you guys feel about bitcoins?

We love them.

It is unfortunate though that so many (especially new) people think of bitcoins as just about the mining.

Zacharei
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June 16, 2011, 03:57:21 AM
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I wouldn't say they really care that much about mining more as converting the speculative worth of bit coins to an alternative currency. Though bit coins I would say are pretty unstable, and I plan on if I ever actually do get a bit coin to convert it to something tangible, but probably not cash. Probably a gift card or a downloadable game or something. Funny neither of those things are tangible, well in the context in that I'm speaking of. Does anyone know if bitegg works?  

Edited because I had a bit more to say.

At the moment Bitcoins just seem not to have much merit behind them, no reputable source is actually taking them. We have these pseudo stock exchanges, and we have these middle man type of businesses, but its not thriving up like Paypal. So at the moment unless something revolutionary happens this will probably fade to obscurity. I'm not trying to be negative, but it seems a lot of the audible community the one's in the forums are not people who are enjoying the perspective of a new found currency they are more of the people who wish to trade it for a netprofit. I'm sure some of the early people were in it for fun, and I wish I had been one of those people. I'm sure the conversations would be a little bit less about if I spend this much money on a rig then I can pay it back right, as though you should be doing that in the first place? Buying a graphics card, or a fancy computer just to mine a virtual currency that doesn't have much back bone is a rather unintelligent move in my opinion.  But perhaps things will turn around. I like some of the creative ideas, and it'd be great if small businesses started selling products for bitcoins. I'd love to sell my own  programmed PC Games, but I haven't found a viable market script for handling bit coins. Grant it the games aren't that good, but I'm sure they are work some meager amount in bit coins. I think Bit coins could be amazing for small businesses, and artists that's kind of what I expected the forums to be, but my idealism was a bit too high I suppose.
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