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Author Topic: BTC Market?  (Read 977 times)
ddny11
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January 16, 2012, 02:35:46 AM
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I am interested in the idea of investing with bitcoins, but it seems the only use that I have seen of this money to to buy illegal items off sites such as silkroad. I was just wondering if there were any other uses. I see some sites have used it as currency, but they offer no seeable advantage off of amazon/other retailers, unless someone sees otherwise?
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koin
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January 16, 2012, 04:11:18 AM
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I see some sites have used it as currency, but they offer no seeable advantage off of amazon/other retailers, unless someone sees otherwise?

email on what is now the internet was first created in 1971, but most people in business didn't have an internet email address until 25 years later.  how many years ago did you first learn of bitcoin?  of those who know of bitcoin today, it has only been a matter of months since they first learned of it.  in other words, rome wasn't built in a day so be so quick to judge.

amazon and other retailers won't start accepting bitcoin until it starts losing sales to others who do.  there isn't much retail commerce occurring just yet using bitcoin -- but there certainly are niches either holding their own or growing nicely: http://en.bitcoin.it/wiki/Trade

what it sounds like the problem you are trying to get at is how to know that speculating by buying bitcoins is a good move.  the problem is, by the time that the answer to that becomes more clear the exchange rate will have moved and then you'll be wondering the same question at a different entry point.

here's a useful guide though: http://bitcoinmedia.com/bulleted-advantages/
ddny11
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January 16, 2012, 05:03:12 AM
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koin,
thanks for the second link, as a moderate believer in efficient market theory, I guess I will probably making a judgement call, based off the few things that I guess. To me, in theory, bitcoin is an exemplar currency, as seen in those bullet points, unfortunately, it is being capitalized on its anonymousness by the black market. I think that this anonymousness will limit the currency to that market as people liked currency backed by some physical entity, 'cept those who are up to no good. My assumption is that most of the growth is driven by black market, so the judgment call would be if sites like those have the potential to be stopped.

I would be interested in knowing the distribution of expenditures, eg. how much is for appliances vs drugs, etc. This nature would probably clear this issue, though would probably be unavailable due to the nature of btc.

It would also to be interesting to know who/ what kind of people carry the majority shares in the currency, but again this is unknown.

edit: just thinking about this is hard, so many things to take into consideration, growth of userbase, inflation, utility of currency, etc
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