Bitcoins - the new currency?

[Nagel]

Most money now exists as a string of ones and zeroes on a computer somewhere, so I don't see much difference with Bitcoin. I just wish I had bought them when they were 30 cents each, now they sell for 7 - 8 US Dollars, that's an increase of 2500%.

 

Interesting video here of how one person made a lot of money potentially. Of course he hasn't made the money till he's sold all his Bitcoins -

 

http://www.youtube.com/watch?v=BzBCbO8U45w

[Chris_Sleeps]

I just wish I had bought them when they were 30 cents each, now they sell for 7 - 8 US Dollars, that's an increase of 2500%.

Have you bought any yet? They could still go up in value.

[Phanerothyme]

It's still at ground level, and the amount of bitcoin being mined is still reasonable.

 

Over time it will gradually diminish until there's only a tiny amount of bitcoin left and mining that out will take a long, long, long time. Of course by then bitcoin could be worth a lot, so even a microBTC might make mining worth it (of course, mining equipment will be much more advanced then too).

 

I've got 10 milliBTC in my account. I think I'll buy in for 100 BTC and see how it goes.

 

It really is sheer bloody genius. Give that man [satoshi Nakamoto] a cigar.

Edited May 17, 2011 by Phanerothyme

[Nagel]

Have you bought any yet? They could still go up in value.

 

Yep, I put in £250 to see where it goes. It might be money down the drain, but you never know.

[Nagel]

It really is sheer bloody genius. Give that man [satoshi Nakamoto] a cigar.

 

Satoshi Nakamoto - man of mystery!

[Phanerothyme]

I'm in for £50, and will work for bitcoin.

[anywebsite]

You're all totally mad. It looks like a website that somebody has put up for a joke. If you guys really are putting money into this then you need your bumps feeling, it's a pyramid scam by any other name.

Edited May 19, 2011 by anywebsite

[Phanerothyme]

And just how is it a pyramid scheme?

[anywebsite]

And just how is it a pyramid scheme?

 

It's selling something of no real value, except the ability to trick other gullible fools into buying it.

 

http://en.wikipedia.org/wiki/Pyramid_scheme

[DaFoot]

What I've read of bitcoin is that it's supposed to be independent of the banking systems deliberately to avoid the fluctuations in price/value that 'real' currencies experience.

 

However we are already seeing people buying up bitcoins to hoarde with the intention of selling later, thus artificially driving up the value of the currency.

 

When you have a lot of these bitcoins, where do you keep them? Better hope you have proper disaster recovery in place for your machines where you keep them. Or you could use a service that will keep them safe for you, for a fee. Or even free if they get to trade with them while holding on to your bitcoins, I don't know, maybe like a bank?

 

It all feels rather like a bubble waiting to burst IMO.

 

I wont be working for bitcoins just just yet.