Posted on 11/27/2013 7:06:16 AM PST by Errant
Well that escalated quickly. Having broken above $900 yesterday to new record highs (and a 100% gain in a week), the crypto currency is not looking back now. On what is higher than average volume this morning, Bitcoin just broke above the magic $1000 level for the first time (at $1025). Meanwhile, the BTC China "arb'd" rate is around $950 for those playing at home; and Litecoin has just topped $26 (from $4 a week ago!).
Well any currency has value if the users and investers have faith in it. My problem with the currency is its primary usage by the underbelly of the net, what happens to Bitcoin if the Governments figure out a way to effectively shut down those sites?
At least you could eat the tulips.
probably best to invest in gold, guns and real estate. Hard to haul that stuff around with you though...
I don't have faith in fiat currencies. Including FRNs.
what happens to Bitcoin if the Governments figure out a way to effectively shut down those sites?
Black markets will always be around.
/johnny
Having studied its real rarity and its value as an off-grid currency I was going to buy some Bitcoin.
But then the Senate endorsed it.
Would you freely buy something backed by the U.S. Senate?
What happens in a power failure, or EMP attack? What if the creators have a back door in the programming?
National currencies are backed by the full faith of the government (laughing in the background). Bitcoins are imaginary money. Only good as long as someone will accept them. The government doesn’t like competition and will soon find a way to shut this down, after demanding taxes on the capital gains increase in the value of the bitcoins.
Got a link?
Would you freely buy something backed by the U.S. Senate?
Depends upon WHICH Senators endorsed it... ;)
/johnny
Crypto-currencies are no more imaginary than the operating system your computer or device is using. They both take work to produce and each unit is serialized. All Bitcoin transactions, including their creation, are recorded in a distributed electronic ledger.
It's hard to get your head wrapped around it, but not as hard as trying to understand how FRNs get printed. lol
What’s better than roses on your piano?
Tulips on your organ....................
The bitcoin-friendly noises made at that Senate committee meeting have led to Bitcoin doubling in value in half a month.
For those saying that the Government will shut bitcoin down - I would only have brought bitcoin if your Government shunned it. The fact that the Senate are cuddling up to it is distinctly alarming.
But perhaps the Fed are just waiting to launder the 28 million bucks of Bitcoin they stole from Silk Road.
haha, got me with that one.
Was it algorithm or Al-Gore-ism ?
Are bitcoins like carbon credits ?
It seems Bitcoin doesn't need government as the technology allows for commoners to be the decider of its fate. And at least for now, they seem to be wholeheartedly embracing it.
On a more serious note, bitcoins are the modern electronic verion of SCRIP.
A form of non government issued currency.
Since the government is in 'control' of that technology, it would seem Bitcoin is totally dependent on the government.
“Boy that goes back a ways.”
How old do you have to be, I have no idea what you are talking about and i’m 76!
You can tune a piano but you can’t tuna fish..................
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