Posted on 12/30/2014 6:54:17 PM PST by Mad Dawgg
Plummeting downward by approximately 56 percent over the last 12 months, Bitcoin was recently crowned as the worst performing currency of 2014 according to Bloomberg. During early December 2013, the digital cryptocurrency was trading around $1140 and started falling to around the $850 range during early January 2014. As of this month, Bitcoin is being traded at the $320 level. However, this value is still higher than the value of the cryptocurrency prior to November 2013. Other poorly performing currencies of 2014 include the Ukraine’s hryvnia and Russia’s ruble.
(Excerpt) Read more at foxnews.com ...
Ping!
At least we can start fires with useless USD. You can’t say the same for bitcoins.
ping
they lost confidence that the value would continue going up and sold. classic speculation bubble like we saw in real estate a few years ago
When you put it that way, so is laundered drug money.
So then your statement "people still trust it completely" is false... at best some people still trust it but being the price of bitcoins dropped drastically due to the fact there were more sellers than buyers shows us that a blanket statement has little basis in fact.
If the people still trusted it they wouldn't get rid of their bitcoins.
Evidently TsonicTsunami08 was more confident than you were.
He made the offer, I don’t see where you took him up on his offer.
He didn’t specify the amount of the wager, so I couldn’t take him up on it. He was all talk.
Hey Tsonic - newsflash - bitcoin still sucks... and I’m still a vice president of technology, despite your assertion that if I didn’t embrace bitcoin I wouldn’t be much longer!
Happy New Year!
Will Bitcoin work after a terrorist EMP attack?
if you buy a bitcoin today, you can trust that it is real, trade-able and worth today's market price on the exchange. you can even use it to buy physical goods at the market price without question.
yes, the day-to-day value is unstable due to inherent factors but that is offset by other benefits.
there are various levels of trust for various financial instruments for different purposes. just like with tools, there is no one perfect instrument that does everything
IMO, the only way we will see the end of bitcoin is grid collapse, cheap quantum computing or government attack
of course. the only people who want privacy are drug dealers terrorists and pedophiles
if you got nothing to hide you shouldn’t be afraid to show your papers, or have your phone recorded, or have your car tracked, or give us all your passwords, or have every word you type screened, or have a camera in your home, or...
That info is only used by your friendly law enforcement officers to fight crime!
http://benswann.com/cops-in-ca-allegedly-abused-police-database-to-spy-on-tinder-matches/
Mt. Gox.
I can take a dollar and place it in my wallet, its real. Bitcoins have no physical form in the real world. And printouts don't count.
And its only trade-able IF someone else agrees that it is. I can't go to my local Krogers and use bitcoins nor the local gas station.
Bottom line Bitcoins are vapor Mt. Gox proved such. And their plummeting value shows they are nothing but a bad investment.
“I can take a dollar and place it in my wallet, its real. Bitcoins have no physical form in the real world. And printouts don’t count.”
a dollar is a piece of paper with a given value and serial number. it is a printout! the only difference is that the leadership we are under prints it and controls it at the barrel of a gun. they can also take it and devalue it anytime as has proven in EVERY instance of fiat currency.
a bitcoin is basically a private number that can only be used by another individual with a certain private number. it goes beyond government or printers or organized banking.
1. nobody can determine who the individuals are if certain precautions are used.
2. every single transaction is public and recorded yet identity can be private.
3. the algorithm is designed so it would take more computing electrical energy to crack it than the number is worth.
4. a number is forever and can be stored on any known media. including mental memory.
“And its only trade-able IF someone else agrees that it is. I can’t go to my local Krogers and use bitcoins nor the local gas station. Bottom line Bitcoins are vapor Mt. Gox proved such. And their plummeting value shows they are nothing but a bad investment.”
A paper dollar is only acceptable if someone agrees to it too. A government can make it worthless in one decree and ALL fiats have become so in the past. a dollar can be destroyed (or simply rot) and bank records can be lost.
You don’t use bitcoin for gas stations because we have a prevailing local currency. Bitcoin is only for certain transactions where privacy is needed. you can exchange the equivalent in billions of dollars without paper cash or banks.
Mt Gox was a bank hacking/theft where the equivalent of nearly $500 Million was stolen from customers. It was not a flaw in the bitcoin system. It was no different from any bank hack except the anonymity let the thieves escape.
They didn’t have to store it there and bitcoin needs no bank. Bitcoin is NOT an investment by any means. Personally I would never hold it longer than needed to exchange.
There is no perfect instrument but bitcoin has a purpose and is NOT worthless
That is a pretty big difference hahahah.
7% of all bitcoins just vanished. And you are trying to tell us the system is safe.
Sorry but reality trumps wishful thinking every time.
You take that risk when you leave anonymous currency on a public network. Regular banks are also hacked all the time but are insured by higher taxes and fees. It's always a tradeoff of privacy, freedom, stability and security. No currency is perfect
I have two words for you, "Bull" and "Shit"
From Mt Gox Bitcoin Exchange press release
Non-technical Explanation:
A bug in the bitcoin software makes it possible for someone to use the Bitcoin network to alter transaction details to make it seem like a sending of bitcoins to a bitcoin wallet did not occur when in fact it did occur. Since the transaction appears as if it has not proceeded correctly, the bitcoins may be resent. MtGox is working with the Bitcoin core development team and others to mitigate this issue.
You should probably not try to BS your way through a subject on the internet. If you do GOOGLE is not your friend.
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