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!).
Government has limited control over the infrastructure - not the technology. Stopping Bitcoins by shutting down the internet, would be like trying to stop one truckload of illegal Mexican workers looking for work by shutting down the entire US Interstate system. Then there are other governments who are embracing it, like Germany and others.
Must have been big in Vaudeville................
Wouldn’t think of doing anything that stupid!
Or something PT Barnum would be proud of?
“it’s created from an algorithm”
We still don’t know what IT is. Algorithms don’t create anything. They are the process or procedure that a program follows to solve a problem. Programs don’t create anything. They move electrons around. People interpret the movement as creating something.
The dollar is fiat currency, but this is even less real. IT is really a person’s hope that IT can be converted into dollars at some later date and used to buy bread or milk.
Don’t give me any for Christmas.
IT is really a persons hope that IT can be converted into dollars at some later date and used to buy bread or milk.
I would hope and look for a direct conversion to bread or milk, or something else of intrinsic value such as gold or silver. ;)
Well, now I know how we can make our own currency sound again. We can call it the bitcoin standard, with all our dollars backed by bitcoins, at, say, $1000 dollars per bitcoin.
That should work well, until a giant solar storm knocks out all the electronics in the world.
Time after time, history has shown the biggest driver to artificially control markets or a thing, is an out of control government, desperately in debt; just as we're seeing with governments around the world now.
You couldn’t make me watch those if you put a gun to my head!
I’m old too but I think it is a rubber boot.
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