Posted on 12/05/2013 1:02:19 PM PST by Errant
Make no mistake, the Bitcoin opportunity is creating a fast evolving trillion dollar new market in cryptocurrency eCommerce and more importantly mCommerce or mobile-Commerce. The future of cryptocurrencies is being secured right now with the launch of many new apps to enable digital cash, electronic payments and secure eWallets using cryptocurrencies via smart phones and other digital devices such as secure pens, sophisticated crypto-watches and customised memory sticks. Cryptocurrency adoption is growing very fast, in a similar exponential curve to the adoption of the world wide web in the years following 1995 or even the spread of electric power exactly a hundred years before that.
(Excerpt) Read more at marketoracle.co.uk ...
>> And except for the huge increase in value
Bitcoin didn’t increase in *value*.
The *value* of nothing is still nothing.
It may have increased in *price* but that’s a different matter.
Can you guarantee that the Bitcoin creators won't change their mind? I mean they could simply say, "Well since its so popular lets double that to 44 million so everyone can have a chance at getting a piece of the action..."
That is just it, they get “mined” which sounds like some weird video game. And limiting it to 22 million makes it a viable currency for a world of 7 billion, how?
I am going to let you in on the dirty little secret about fiat currency.
Ready? Here goes.
The only reason "the dollar" has value is because when you and someone else do a transaction involving dollars exchanged for goods or services is that you both agree the dollar has value.
Because fiat currency is nothing more than a medium of exchange.
The underlying problem is that bad currencies will drive out good ones. I wish it were not the case, but bitcoins will eventually go the way of the pet rock. Most of the criticisms of bitcoin are inaccurate or misleading, but the unfortunate fact is that with governments dictating what currencies are legally usable, and with governments around the world debasing their currencies, bitcoin has no chance to become a viable alternative. Its ceiling is to serve as a hedge against inflation, but even that is a bit of a stretch.
I suspect that bitcoin is a way to complete transactions quickly and securely, but not a good fit as a “store of value”. The people using it as a store of value are probably those who ware in nations with shaky ecnonomies (which, I guess is *everybody* these days).
I suspect the US gov. will have something to say about that. Up until now I have had reasonable belief that my savings accounts are somewhat safe, barring disaster like a collapse in confidence. I think systems like bitcoin could hasten the collapse. And in the end when it all falls apart will a computer ledger have much value? Probably not. For now it is pure speculation and real property is the only thing I’ll investing in.
Do explain the difference between price and value.
Why not “quantiloo’s”?
I was what was called a "secondary seller" so I could charge what I wanted. In one day I made (not total cash I took in but actual profit) over 5 grand in a town of 6000 people.
When they started putting beanie babies in Happy meals I would get the wife and daughter tin the car and take some of the neighborhood kids and buy each of them 5 Happy meals (that was the limit Mickey Dees set per person) Each kid got to keep one of the beanies and the rest I sold at 15 bucks a piece and they wouldn't last an hour.
I started buying everyone on my business block lunch at Mickey Dees as long as they would eat Happy Meals.
It was all extremely bizarre. For about 6 months it was like a freaking whirlwind in my store with people standing in line around the block whenever the UPS man was bringing in a new shipment. (Somehow those women found out from the UPS guy when I was getting boxes from my Beanie distributor) I started going to the bank 3 times a day because I was nervous with that much cash in my store.
Then of course the bottom fell out. But I wasn't stupid. I paid for my shipments up front AND I never paid more than 25% of what I could sell them for So I was always in the black.
The Stupid Purple Princess Bears sold for 300 bucks a pop in my store and I could never get enough of them. I never paid over 20 bucks for one.
And I kept telling people there is no way these things will hold their value AND all sales are final. But for years afterward I still had people coming in trying to sell me those stupid things back.
I see people are asking thousands for the purple princess, I really hope nobody is buying at that price.
Because it's divisible by up to 8 digits. Therefore all 7 billion people on the planet could at least own a few fractions of a Bitcoin. Then there are Litecoins, of which there can be four times as many, and there are others out there.
I'm not sayin' Bitcoin is the end all. However it does seem to offer much greater utility, economy, and freedom of action far above what we are currently using as a medium of exchange.
lolz
someone asking $250,000 - 13 offers declined
http://www.ebay.com/itm/like/370622999543?lpid=82
someone asking $48,000 - discounted from 50K and ooohhh “free shipping”
I don’t disagree with the concept of a digital currency, but I have some doubts about the bitcoin is all. It’ll be a lesson for us whatever happens.
Good question! I don't have a specific answer for that other than there are millions and millions of apps and databases running in the world that would all have to be changed at once. So, it's not something that could be "slipped" in unannounced or without the agreement of millions of wallet holders, miners, and etc. In the interest of full disclose, I don't even know who the parties were who created this particular system in the first place or who even does know. ;)
If you contract with me to put carpet in your house and I say well I won't do such a transaction unless you pay me in 22 ammo and up front. The Fed Gov has nothing to say about the matter. Such a transaction is legal. I'll still have to pay taxes on such a transaction but I can stipulate how you will pay me. Now If I don't get my vig up front or have a written contract stating those exact terms you can say Nope not paying in ammo I will give you dollars instead And I can either take the dollars or get nothing.
If people lose confidence in the dollar you will see such things start to happen with greater frequency and the FED GOV can do little to stop it. In fact there is a growing number of businesses that are giving better deals for junk silver and gold coins and barter.
I've been involved in several such transactions in the past 5 years.
I wonder what the IRS would do if someone tried to pay taxes with a bitcoin.
http://economiccollapsenews.com/2013/12/02/will-bitcoins-go-down-as-the-second-largest-ponzi-scheme-in-history-gary-north-says-yes/
Bitcoins is a scam
http://monetaryrealism.com/bitcoin-is-a-scam/
Oh it could be done ever so easily. See the bitcoin guys could go well since that first 21 million bitcoin printing operation is chugging along we are going to set up another one. Now this one will be separate algorithm but they are both called bitcoins and are exactly the same.
I mean there are no rules to say they can't do such, after all they have the same power as the FED does over creating dollars. There is no Government Agency regulating this currency.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.