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Author Topic: This whole fiasco is great for Bitcoin  (Read 643 times)
Horace Kent
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June 25, 2011, 12:44:41 AM
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This hack demonstrates that Bitcoin is well on its way to being an established currency.  The hack was essentially counterfeiting.  Every currency has to deal with them.  Depending upon how the bitcoin can grow its liquidity as well as its acceptance after it resumes trading will determine its reliability.

Face it.  With the all the hype from the gawker article referencing Silk Road - this was going to happen eventually.

Ultimately, this challenge will be instrumental, if not the most historic event this currency has yet to encounter.

Already, you've had what?  4 new exchanges open?  I haven't been able to keep up with all of them.  This is excellent.  The more people working on a solution will ultimately only benefit the marketplace.

What isn't good for Bitcoin?  The volatility.  I've read a lot of posts here from people thinking Bitcoin will only go up - fast.  Considering what the fed has embarked on since its inception, obviously one would think it should trend slightly higher than the dollar when its declining against a basket of currencies, and how rapidly bitcoins are created.

The biggest obstacle Bitcoin has yet to face is can it be stable?  I've avoided the currency thus far precisely because the notoriety from the gawker article produced demand that the market only could supply through higher prices. 

Does anyone know how often supply of bitcoins are increased?  I've only heard of bitcoin mining.  I don't really know what it is.  What would frighten me most is when you have the example of the Aussie IT guy working @ ABC installing a bitcoin mining program in its idle memory.  What if something like that is undertaken on a larger scale?  How many bitcoins could they "mine" and would that eventually be a worse situation than QE 3,4,or 5?  I don't know the economics of mining bitcoins, but sooner or later, at some price my scenario would not be cost effective.  What is that price?  I don't know.  How can you find out how rapidly the supply of bitcoins is increasing?  Who controls that?  What rules or regulations guide the creation of bitcoins?

Thanks.
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gpubitcoin
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June 25, 2011, 12:47:28 AM
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You're dead right. The interest that this has generated in bitcoin, particularly via the mainstream media, will undoubtedly cause more people to get involved.

http://GPUbitcoin.com
mikeintimesaves9
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June 25, 2011, 01:02:46 AM
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No press is bad press...just spell my name right

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Oldminer
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June 25, 2011, 01:31:48 AM
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Your right. The benefits of the hack are numerous. This was an important milestone in the development of Bitcoin.


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