R.I.P Bitcoin

[proudhon]

BITCOINS WILL NEVER DIE.
NEVER
NEVER
NEVER

Even if SHA-256 gets cracked (via quantum computing) the blockchain can and will be upgraded...

Now, Bitcoins price can crash at any moment .

I am glad that bitcoin will survive.  It's a fantastic idea.  But, I also don't want the money I put into it to have less purchasing power over time. 

[the joint]

BITCOINS WILL NEVER DIE.
NEVER
NEVER
NEVER

Even if SHA-256 gets cracked (via quantum computing) the blockchain can and will be upgraded...

Now, Bitcoins price can crash at any moment .

I am glad that bitcoin will survive.  It's a fantastic idea.  But, I also don't want the money I put into it to have less purchasing power over time. 

I sold at 11.  I have more purchasing power.  I day trade until it falls.  Then I speculate (unless its very volatile).  I don't see any huge upswing in value until exchanges provide insurance to users and until sites like bitcoindeals really get off the ground.

[GeniuSxBoY]

no offense, but bitcoindeals isn't amazing. It's a damn e-tailer. We have a billion e-tailers online and I'd rather use cash because cash is more stable. The only way bitcoindeals will have any impact is if cash becomes more unstable than bitcoin. However, it's nice to have a btc e-tailer available because shit can hit the fan at any time.

Again, you won't be able to trade bitcoins for goods at a better value than cash until the whole world, including banks, adopts bitcoins as a valid currency

[the joint]

no offense, but bitcoindeals isn't amazing. It's a damn e-tailer. We have a billion e-tailers online and I'd rather use cash because cash is more stable. The only way bitcoindeals will have any impact is if cash becomes more unstable than bitcoin. However, it's nice to have a btc e-tailer available because shit can hit the fan at any time.

Again, you won't be able to trade bitcoins for goods at a better value than cash until the whole world, including banks, adopts bitcoins as a valid currency

All you need is goods at the SAME value with more convenience -- do the same errands you would normally do, have the items shipped to your door, no credit card info required.  There is a convenience in having all your funds visible in you wallet; no checking online bank accounts, just send BTC, enter address, and it's shipped.  The security on the exchanges is more important.  If people have their BTC/USD insured on exchanges, then it's a simple investment.  That's where the deflationary aspect comes in.  Insured --> more investors --> deflation --> increase of value on your investment.  Bitcoindeals is for the liquidity. 

[GeniuSxBoY]

It's not going to work.
It's easy to prove.
The vendors that supply the merchandise don't accept bitcoin.
The circle of life is incomplete.

[arsenische]

It's not going to work.
It's easy to prove.
The vendors that supply the merchandise don't accept bitcoin.
The circle of life is incomplete.

If vendors see potential of bitcoins, they would accept it. It is just a matter of time and our efforts.

[the joint]

It's not going to work.
It's easy to prove.
The vendors that supply the merchandise don't accept bitcoin.
The circle of life is incomplete.

Um bit-pay?  Bit-pay = cash...retailers accept cash.

[fcmatt]

It's not going to work.
It's easy to prove.
The vendors that supply the merchandise don't accept bitcoin.
The circle of life is incomplete.

If vendors see potential of bitcoins, they would accept it. It is just a matter of time and our efforts.

All those attempts at micro payment schemes.. bitcoin might actually work this time.

[GeniuSxBoY]

wtf. lol. Those solutions don't solve the problem at all.

[the joint]

wtf. lol. Those solutions don't solve the problem at all.

Um...yes they do?

Dude, Bitcoin, or any currency, has problems in GENERAL...Linden dollars are fucking stupid and yet look?  A market for them!  Unlike Linden dollars, you can actually buy real shit with Bitcoin.  It's easier than a credit card, no sensitive info required, it's fun and novel (this is important), it's deflationary (also extremely important), and as such it's a worthwhile investment (also a low-risk investment if you know what you're dong).  Geez, the price drops $2 and you flip out.  You're making the false assumption that Bitcoin's value is significantly correlated with its success, especially during its infancy.

[Cluster2k]

it's fun and novel (this is important)

It's fun... for us geeks and nerds.  The vast bulk of the population just doesn't care, and may never care.  Bitcoin is a nifty concept but whenever I tried to seriously explain it to anyone they have two comments: "so, why do these things have any value?" and "sounds like a pyramid scam".

it's deflationary (also extremely important)

Whoever created bitcoin (Nakamoto, or whoever uses that alias) created a great novel commodity, but not a viable currency.  People by definition are reluctant to spend a currency that increases in value the longer you hold it.  Assuming its value versus other currencies follows bitcoin's natural deflationary curve, why spend it if I can buy more stuff with it tomorrow than today?

and as such it's a worthwhile investment (also a low-risk investment if you know what you're dong).

Bitcoin matches all the criteria of a high risk investment.  Small and thin market, easily swayed 20%+ in a day by one participant or event, highly volatile, formed an exponential growth bubble that popped, off 70% from its highs, has a well known attack vector that allows anyone with large resources to hijack the entire chain.

[Anonymous]

Sorry for the inexcusably late entry to this topic, but I spent at least 60 seconds making this a while back and I just had to use it again. 

LOL

[gw4tt]

It's fun... for us geeks and nerds.  The vast bulk of the population just doesn't care, and may never care.  Bitcoin is a nifty concept but whenever I tried to seriously explain it to anyone they have two comments: "so, why do these things have any value?" and "sounds like a pyramid scam".

I've explained it to a few people - and some seem to understand why it's valuable.

However the ones that seem to understand are involved in the stock market, or run businesses.

The layman doesn't get it yet, or understand it at all.

[mmortal03]

no offense, but bitcoindeals isn't amazing. It's a damn e-tailer. We have a billion e-tailers online and I'd rather use cash because cash is more stable. The only way bitcoindeals will have any impact is if cash becomes more unstable than bitcoin. However, it's nice to have a btc e-tailer available because shit can hit the fan at any time.

Again, you won't be able to trade bitcoins for goods at a better value than cash until the whole world, including banks, adopts bitcoins as a valid currency

All you need is goods at the SAME value with more convenience -- do the same errands you would normally do, have the items shipped to your door, no credit card info required.  There is a convenience in having all your funds visible in you wallet; no checking online bank accounts, just send BTC, enter address, and it's shipped.  The security on the exchanges is more important.  If people have their BTC/USD insured on exchanges, then it's a simple investment.  That's where the deflationary aspect comes in.  Insured --> more investors --> deflation --> increase of value on your investment.  Bitcoindeals is for the liquidity. 

What he said, along with the fact that e-tailers don't generally accept cash.

[Bitcoin Swami]

1994 Today show.  "What is the internet anyway?"

I believe this is the stage we're in.

http://youtu.be/JUs7iG1mNjI

[enmaku]

1994 Today show.  "What is the internet anyway?"

I believe this is the stage we're in.

http://youtu.be/JUs7iG1mNjI

I believe this is the stage we're in.

http://www.youtube.com/watch?v=ESaTREAAzww

I believe this is the stage we're in.

http://www.youtube.com/watch?v=hQ1L0ZhzGqo

[Bitcoin Swami]

1994 Today show.  "What is the internet anyway?"

I believe this is the stage we're in.

http://youtu.be/JUs7iG1mNjI

I believe this is the stage we're in.

http://www.youtube.com/watch?v=ESaTREAAzww

Sweet, back in the 90's when all the other teens were out on the town I was on the BBS.  I used to use telemate cause I could script games.

[the joint]

it's fun and novel (this is important)

It's fun... for us geeks and nerds.  The vast bulk of the population just doesn't care, and may never care.  Bitcoin is a nifty concept but whenever I tried to seriously explain it to anyone they have two comments: "so, why do these things have any value?" and "sounds like a pyramid scam".

it's deflationary (also extremely important)

Whoever created bitcoin (Nakamoto, or whoever uses that alias) created a great novel commodity, but not a viable currency.  People by definition are reluctant to spend a currency that increases in value the longer you hold it.  Assuming its value versus other currencies follows bitcoin's natural deflationary curve, why spend it if I can buy more stuff with it tomorrow than today?

and as such it's a worthwhile investment (also a low-risk investment if you know what you're dong).

Bitcoin matches all the criteria of a high risk investment.  Small and thin market, easily swayed 20%+ in a day by one participant or event, highly volatile, formed an exponential growth bubble that popped, off 70% from its highs, has a well known attack vector that allows anyone with large resources to hijack the entire chain.

Thankfully, geeks and nerds can also come up with creative solutions for simplicity (ever look at Google as a model for taking something as complex as the internet and making it extremely easy to navigate?)  And yes, Bitcoin is a pyramid scam.  Much like any other fiat currency.

It is already a viable currency.  Ever buy/sell something for Bitcoins?  I have.  The deflationary aspect of Bitcoin in the long-term is balanced by the inflationary aspect in the short-term.  We are witnessing that inflation now, and that makes the currency worthy of spending.  Buy BTC low, when the value increases, buy something.  You are then, in effect buying the product at a large discount (those people who bought at $5 and then watched as the price jumped to $10 and beyond could easily say 'look!  I was able to take the $500 I had a few days ago and buy $1,000 worth of goods from it!"  In the short-term, spending Bitcoins ultimately helps their long-term investment as it helps to build the Bitcoin economy.  The impact of early adopters on the markets will fizzle as the economy grows and as more people use Bitcoins.  That's why you buy stuff with them today.

Ever day-trade?  Day trading is low-risk.  If I had 10 grand (or more) to play with worry of my funds suddenly be lost due to a hack or whatever else, you better believe I'd do it in a heartbeat.  The lack of insurance for my funds on exchanges is the only reason I haven't actually done this already.  That's how confident I am in Bitcoin investment.  A bull in a thin market takes on far less risk than a bear.

[GeniuSxBoY]

Goodnight, sweet prince.

[Bitcoin Swami]

Goodnight, sweet prince.

Night daddy.