question???????????????
OK, that's cool with me.
But once you have taken possession of that "brass, lead, food, seeds, and anything of value that can be traded" does it really matter what currency you used to purchase it with?
That's what a few people are missing is that we're talking about a currency (agreed upon medium of exchange).
We're not talking about a commodity or an investment.
And the hits keep coming.
BitCrash: Down 50% In Massive Sell Off: Over $1 Billion Vaporized In a Few Hours
Bitcoin has become a casino. It is almost a perfect reflection of the tulip bulb mania of 1637 in these two ways: 1) Most people buying bitcoins have no use for bitcoins (just like tulip bulbs), and 2) The rapid increase in bitcoin valuations cannot be substantiated in any way that reflects reality.
In other words, there is no fundamental reason why bitcoins should be 2000% more valuable today than four months ago. Nothing has changed other than the craze / mania of people buying in.
http://investmentwatchblog.com/bitc...vaporized-in-a-few-hours/#O2zEHu28wTfTBI8R.99
BitCrash: Down 50% In Massive Sell Off: Over $1 Billion Vaporized In a Few Hours
Bitcoin has become a casino. It is almost a perfect reflection of the tulip bulb mania of 1637 in these two ways: 1) Most people buying bitcoins have no use for bitcoins (just like tulip bulbs), and 2) The rapid increase in bitcoin valuations cannot be substantiated in any way that reflects reality.
In other words, there is no fundamental reason why bitcoins should be 2000% more valuable today than four months ago. Nothing has changed other than the craze / mania of people buying in.
http://investmentwatchblog.com/bitc...vaporized-in-a-few-hours/#O2zEHu28wTfTBI8R.99
I finally get it. As usual, I was over thinking it.
http://www.reddit.com/r/explainlikeimfive/comments/1c3adk/official_eli5_bitcoin_thread/c9cx3mu
http://www.reddit.com/r/explainlikeimfive/comments/1c3adk/official_eli5_bitcoin_thread/c9cx3mu
I don't really care about bitcoins but it's pretty funny how you don't realize that any currency is the same way.
Also you've gone from talking about the "inherit value" of currencies to discussing 17th century Dutch economic crises in, like, a page. I wish I would have gotten into the University of Copypasta.
Bitcoin bubble may have burst
http://www.money.cnn.com/2013/04/12/investing/bitcoin-bubble/index.html
You cant fix stupid, but it appears the bubbles that industrial strength stupid creates do eventually pop. Just like all the rest. Bitcoins is a panacea for people who complain about the imaginary value of fiat currency by creating something even more imaginary. Bitcoins are nothing but another fiat currency created arbitrarily in the mind of computer scientists. They have zero intrinsic value (even less than paper currency, because paper at least has some value). The only reason people assign value to them is that some businesses accept bitcoins for payment. However, said companies almost immediately will convert the received bitcoins to dollars, thereby demonstrating that bitcoins fail one of the chief attributes of money: They are not a store of value.
Because bitcoins are not widely accepted, they also fail another test of legitimate money: They are not a widely-used medium of exchange.
http://www.money.cnn.com/2013/04/12/investing/bitcoin-bubble/index.html
You cant fix stupid, but it appears the bubbles that industrial strength stupid creates do eventually pop. Just like all the rest. Bitcoins is a panacea for people who complain about the imaginary value of fiat currency by creating something even more imaginary. Bitcoins are nothing but another fiat currency created arbitrarily in the mind of computer scientists. They have zero intrinsic value (even less than paper currency, because paper at least has some value). The only reason people assign value to them is that some businesses accept bitcoins for payment. However, said companies almost immediately will convert the received bitcoins to dollars, thereby demonstrating that bitcoins fail one of the chief attributes of money: They are not a store of value.
Because bitcoins are not widely accepted, they also fail another test of legitimate money: They are not a widely-used medium of exchange.
I sure wish I could go back to Dee-sember 5 and put some money on bitties, then sell 'em last week.
Anybody got a hot tub or delorean I can borrow?
Anybody got a hot tub or delorean I can borrow?
"There are many reasons to doubt the monetary value of Bitcoin, the virtual currency whose exchange rate has been gyrating wildly this month, but no one can deny its comedy value. "
I dont understand, Mr Colbert deadpanned, after being told of Bitcoins mid-April crash. How did this unregulated, imaginary currency invented by an anonymous hacker and backed by the full faith and credit of YouTube comments ever go wrong?
http://www.ft.com/cms/s/0/55733b80-addf-11e2-a2c7-00144feabdc0.html#axzz2Rd4Y9kCJ
I dont understand, Mr Colbert deadpanned, after being told of Bitcoins mid-April crash. How did this unregulated, imaginary currency invented by an anonymous hacker and backed by the full faith and credit of YouTube comments ever go wrong?
http://www.ft.com/cms/s/0/55733b80-addf-11e2-a2c7-00144feabdc0.html#axzz2Rd4Y9kCJ
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