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heskey (OP)
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December 20, 2014, 02:27:29 PM |
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People are not buying bitcoins so that they can buy stuff with it (with the exception of illegal stuff). Bitcoins are an easily exchanged commodity, people buy it because it's a way of storing money.
Paycoin is a Paycon.
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Bitcoin mining is now a specialized and very risky industry, just like gold mining. Amateur miners are unlikely to make much money, and may even lose money. Bitcoin is much more than just mining, though!
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The Chainmaker
Member
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Activity: 112
Merit: 10
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December 20, 2014, 07:29:19 PM |
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I just bought 3 btc so I could make a transfer overseas and pay far cheaper rates. Btc is used for more than just a commodity, but I do think your are right that it is mainly a commodity.
No crypto has made the leap yet from commodity to currency, but in a year or two Bitcoin might.
For the most part other than Bitcoin and maybe Litecoin, no other coin is even a decent commodity yet, more just like cheap pumps.
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If it can be digitized, it should be decentralized
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Sir Alpha_goy
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December 21, 2014, 02:01:16 AM
Last edit: December 12, 2015, 02:13:03 PM by Sir Alpha_goy |
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Sir Alpha_goy
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December 21, 2014, 02:03:44 AM
Last edit: December 12, 2015, 02:13:15 PM by Sir Alpha_goy |
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coinits
Legendary
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Activity: 1582
Merit: 1019
011110000110110101110010
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December 21, 2014, 02:08:34 AM |
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People are not buying bitcoins so that they can buy stuff with it (with the exception of illegal stuff). Bitcoins are an easily exchanged commodity, people buy it because it's a way of storing money.
Paycoin is a Paycon.
Funny that you should say this. The US government has passed a law, with nary a mention in their Mass Hysterical Media, that cash in the bank (deposits) is now a commodity and can be used to bail the banks out. The USA has been Cyprused in advance: http://www.theguardian.com/business/2014/dec/10/congressional-budget-big-bank-bailouts |
Jump you fuckers! | The thing about smart motherfuckers is they sound like crazy motherfuckers to dumb motherfuckers. | My sig space for rent for 0.01 btc per week.
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Sir Alpha_goy
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December 21, 2014, 02:22:52 AM
Last edit: December 12, 2015, 02:13:45 PM by Sir Alpha_goy |
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coinits
Legendary
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Activity: 1582
Merit: 1019
011110000110110101110010
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December 21, 2014, 02:26:32 AM |
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People are not buying bitcoins so that they can buy stuff with it (with the exception of illegal stuff). Bitcoins are an easily exchanged commodity, people buy it because it's a way of storing money.
Paycoin is a Paycon.
Funny that you should say this. The US government has passed a law, with nary a mention in their Mass Hysterical Media, that cash in the bank (deposits) is now a commodity and can be used to bail the banks out. The USA has been Cyprused in advance: http://www.theguardian.com/business/2014/dec/10/congressional-budget-big-bank-bailoutsI could see that. Lumber is a commodity  Of which baseball bats are made from. Sugar Maple is a nice hard wood. |
Jump you fuckers! | The thing about smart motherfuckers is they sound like crazy motherfuckers to dumb motherfuckers. | My sig space for rent for 0.01 btc per week.
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kekek
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December 21, 2014, 02:43:27 AM |
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And? Isn't Hashtalk the paycoin circlejerk?
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Creampuff
Newbie
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Activity: 42
Merit: 0
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December 22, 2014, 08:43:47 PM |
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I also see Bitcoin becoming more of a way to transfer large sums of money cheaply
But unfortunately the transaction times make it far to slow to ever become truly mainstream for most merchants and impatient people.
In a perfect world a Coin would need to get down to sub 15 second confirmations to become widely accepted
Andy
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nextgencoin
Legendary
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Activity: 1106
Merit: 1000
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December 22, 2014, 10:45:52 PM |
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Bitcoin is money, it isn't a commodity its simply a safe store of wealth which we have forgotten that was was what money was susposed to serve as as well before mass printing, inflation and unstable economic systems.
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