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Author Topic: Bitcoin is now at the level of the dollar  (Read 1575 times)
hugolp
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June 20, 2011, 08:18:06 AM
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So people wanted Bitcoin to compete with the dollar? Well, Bitcoin has attracted so much attention that one of its main trade websites has been hacked. Until yesterday the only trade places that had attracted attention and had been hacked in the USA operated in dollars. F.e. Citygroup was hacked two weeks ago (and as MtGox tried to keep it secret): http://www.msnbc.msn.com/id/43335996/ns/business-personal_finance/t/thousands-citi-customers-risk-after-hacker-attack/

So yesterday events are another small step of Bitcoin towards competing with the dollar.

PS: This is obviously true, but its also half a joke. I have not traded in MtGox and I dont think I will at least any time soon. I personally hope that people move to other exchanges and create enoug liquidity there so they become a viable option.
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andes
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June 20, 2011, 08:30:32 AM
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lol, good point of view. Now I hope we can raise the bar and get past the dollar asap.
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June 20, 2011, 08:50:00 AM
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Plus its good that mtgox got hacked early on. 60k users is alot but just imagine if we are at the point where it was at 6 million users+? Now everyone is on high alter in terms of internet security which the way it should have been from the beginning but over time people get comfortable and let their guard down.

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andes
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June 20, 2011, 08:55:07 AM
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Also, we have the need for less centralization in exchanges. Hopefully no one exchange concentrates ever again more than 50% of transactions. And this problem is also transitory, because when bitcoin becomes a defacto currency, and not just a commodity, the exchanges will start to loose much of the importance, as the value of bitcoins will be measured in real purchasing power, and not in dollar terms.
hugolp
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June 20, 2011, 09:07:07 AM
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Plus its good that mtgox got hacked early on. 60k users is alot but just imagine if we are at the point where it was at 6 million users+? Now everyone is on high alter in terms of internet security which the way it should have been from the beginning but over time people get comfortable and let their guard down.

Also true.

But I really think people dont realize what Bitcoin and this community has achieved. Think about it: Bitcoin is the first alternative currency that some hackers deem valuable enough to try to hack it and even create a virus for it. No other currency had been able to compete with the dollar and "achieve" this. Stop a second and think about it. Its amazing what we have acomplished. There is still a lot to do in front of us, specially creating business in the Bitcoin economy, but if you stop for a moment t think about it its actually unveliable. I would have never imagine that Bitcoin would be where it is now a year ago.
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