Posted on 10/06/2014 1:02:41 AM PDT by zeestephen
Bitcoin lost nearly a fifth of its value over the weekend, raising concerns that investors are losing faith in the cryptocurrency...Prices fell to a year-to-date low of $290.83 on Sunday...Prices are down 73 percent from their all-time high of $1,147 hit on December 4, 2013.
(Excerpt) Read more at msn.com ...
"Recently, a number of high profile online merchants started accepting bitcoin payments including Dell, Overstock (OSTK) and Expedia (EXPE). Online payment processing giant PayPal plans to allow bitcoin payments through integration with bitcoin payment processing companies Bitpay, Coinbase and GoCoin..."
It's important to understand exactly what "accepting Bitcoins" means.
All of these companies accept Bitcoins only if they are instantly converted to a national currency like the US Dollar.
This is because the "value" of a Bitcoin can fluctuate wildly.
For instance, last weekend the value of Bitcoins dropped 18% in one day, relative to the US Dollar.
Crypto-currency is for money laundering and illegal transactions. When the public moved in to use it for burgers and the federal government found ways to account for it, it became pointless.
Looking for the next crypto-crypto-currency that really is beyond the reach of government and Anti-Christ. (Illegal does not necessarily mean bad. But good can only flourish where bad does as well. see Mat. 13:24-30)
No problemo, just hoping for spare change
I am not going to start the whole “Bitcoin-What is it good for?” thing.
But when you write that it is just for drug dealers and money launderers you would like an old guy who recalls a news story from four years ago, and you recall it wrong.
And when you transfer money online from one account to another....that is done as a crypto currency. Do you think the Fed keeps paper money accounts with their banks?
You really should not make comments that are so inaccurate.
Crypto-currency and regulated electronic currency are not the same thing.
Look up the meaning of crypto-. It means secret or hidden. Muslims have a crypto-currency call Hawala that has nothing electronic about it that works in some ways like bitcoin.
....the federal government found ways to account for it, it became pointless.
Much like the dollar.
Trust me, I know how it works.
It is easier to track illegal activity with Bitcoin than it is with cash. Your suggestion that it is for nefarious purposes is like suggesting that $100 are just used by coke dealers.
There are a whole buncha Argentinians and Venezuelans who are ecstatic for the low price of BTC.
Why would anyone in their right mind lose faith in such valuable output from an algorithm?
Bitcoin ( or something very much like it ) is here to stay, folks! And the use of crypto currency will increase beyond all expectation.
Instead of trusting, excuse me ‘Full Faith and Credit’, in a FRN (neither Federal nor has Reserves) that comes steaming off the printing press?....
“Instead of trusting, excuse me ‘Full Faith and Credit’, in a FRN (neither Federal nor has Reserves) that comes steaming off the printing press?....”
Exactly.
If governments or central bankers or corporate executives can compel Bitcoin to use a transaction system that is transparent and can be traced, what motive would most people then have to switch from a national currency to Bitcoin?
The basic attraction of Bitcoin is that it is untraceable electronic cash.
Today, no one can claim that the “value” of a Bitcoin is more stable than the major currencies.
Today, no one can claim that the “value” of a Bitcoin can be more accurately discovered than the “value” of a national currency.
I mean, Bitcoin dropped 18% over the weekend.
Can anyone seriously make the argument that means the US Dollar gained 18% in “value” over the weekend?
Bottom Line:
If you take away Bitcoin’s transaction secrecy, why would anyone bother to own it or use it?
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