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Author Topic: The future of CryptoCurrencies  (Read 848 times)
Mahonias
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May 23, 2013, 08:28:39 PM
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Hello, This is my first post within the general forum area. I am happy to be a part of such an important community. I don't have to convince anyone here of the importance of Crypto-Currencies. I am curious what some people think about the future of these currencies. Do we consider them commodities? I am curious if Bitcoin/Litecoin/Namecoin/etc will ever be traded on an open market much like currency exchanges or NYSE. They are currently traded on an open market but the transfers are limited to payment systems that can be difficult. My question is this: Does anyone believe that Bitcoin will be traded on a massive level alongside other currencies like the Euro, U.S. Dollar, etc? If this happens than Bitcoin could likely become the worlds largest digital currency. However, until Bitcoin can be adapted to large-scale physical dollars or coins they will remain a digital currency. They are obviously much more secure than credit cards and financial market holdings. I hope that Bitcoin can become more of a liquid asset. That would change the game indefinitely. The more liquid the currency the more available it becomes and the transactions become easier. Anyways.... I appreciate anyone's insight into this matter as it will help me decide whether to invest in Bitcoin for the long haul. Thanks!

See you on the other side,

Mahonias Mavrostomos
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ThatDGuy
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May 23, 2013, 09:17:57 PM
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http://evoorhees.blogspot.com/2013/05/bitcoin-2013-role-of-bitcoin-as-money.html

This is Erik Vorhees' speech from Bitcoin 2013 last weekend - I highly recommend reading it and at least his next-most-recent post.
Mahonias
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May 23, 2013, 09:48:22 PM
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Thank you! It is a very interesting article. Lots of good information here
ThatDGuy
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May 24, 2013, 12:39:08 AM
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Thank you! It is a very interesting article. Lots of good information here


Of course! An open mind is one of the best assets when it comes to Cryptocurrencies and there's a great number of very helpful people and resources around here.  Bitcoin grows every day through shared knowledge!

As to one of your other questions about exchanges, I would direct you to https://btct.co/faq one particular example of a Virtual Currency Stock Exchange.  Here you can put some of your BTC holdings and buy shares of stocks/bonds/funds that are typically BTC-based.  There are other sites that do similar, but it's very cool.
Lorren
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May 24, 2013, 12:44:53 AM
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I think that he was talking about Forex, but BTC-TC is pretty cool.  I bought my first shares of BTC stock earlier this week.

Who knows where Bitcoin will go?  I hope that it will do well.  I do agree that Bitcoin will become more accessible as it becomes easier to convert BTC into fiat and back.  OR if BTC becomes dominant over fiat and people get paid with BTC rather than fiat.

BitcoinLove Bitcoin products on Zazzle.
BTC:  1BaRWVFD927cfDcCfxn9vhJn2L6ZKKNSP1
Mahonias
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May 24, 2013, 04:34:53 AM
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Bitcoin and others are very good investments in my opinion but I have no idea as to how high the price could go. I was suprised to see Bitcoin go from 13$ to almost 150$. Lately I have been more interested in Litecoin. I will check out that coin exchange site. Thanks!
ISAWHIM
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May 24, 2013, 05:26:26 AM
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The "value" of bitcoins is in "losses" that must be "regained". Nothing more. Just like with any other item of value.

I pay you a dollar to do work, that I also had to work for, to get that dollar. (Almost redundant, paying you for work with a token that represents the work I just did. It is like a race torch... Here take this, now go do what I just did, but do a little more than I did!)

There is a large supply of coins now, and only moderate demand. When you buy a coin, you are buying some person's "losses" that were collected as overhead of processing or holding or theft or trade. EG, if I lost $100 making 1BTC, I NEED at-least $100 back, but I MIGHT accept $90 or $80, if I am pressed for cash... Or, I may decide, my losses of time, holding the loss, justifies another +$20, thus, now demand $120, because I am sure my future coins will be less, my future losses will be greater, or I am just greedy like that.

You will notice the price rising now, but a lot less people "buying" the losses/coins. So it is safe to say that $110 is the "true value", as of now. However, to the new ASIC's, who operate faster, and with less loss, they will be able to sell for less, and make more. Since they do not have actual "losses", after cashing-in on our losses. Thus, leaving a lot less people needing/wanting to buy, thus, further driving the price down as they drive us (the ones with the real losses), out for a "true realized loss".

Unless they do some heavy promoting of bitcoins to increase "other people buying them", they will be holding a dust-coin. Because those of us who leave (the ones with the loss), will not have anything to purchase coins with. And we already have a large supply in our hands that can't be sold for what we lost.

The future for bitcoins is near an effective end. The volume just isn't there to support it anymore, and the losses are reaching the point of no return for those who invested. However, other alt-coins have a potential that will suffer that same fate in time, but are on the upward path, nearing the value of bitcoins. This will continue until the "issues" can be worked-out, and those issues do not seem to be looked at, just accepted as, "the way it is". If that never changes, then the markets will continue to rise and fall, and consume one-another, and us in the process. The market itself has no losses, it is only us. Which is why the market exists and thrives in the first place.
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