Anna B Posted February 26, 2014 Share Posted February 26, 2014 What's happened with bit coins? Will they survive and make a come back? Link to comment Share on other sites More sharing options...
Guest Posted February 26, 2014 Share Posted February 26, 2014 Nerd money. Link to comment Share on other sites More sharing options...
geared Posted February 26, 2014 Share Posted February 26, 2014 They're still trading for over 500 Dollars a piece on other online markets/exchanges. Down from the near $1500 a piece they hit in the bubble. Alot of people have been burnt by this and other similar mass 'loss' of coins, there's been a number of smaller exchanges setup just to take in coins and disappear with peoples money. I think it's starting to become obvious that without regulation or legal oversight the criminal element will scam and steal with impunity. Link to comment Share on other sites More sharing options...
dutch Posted February 26, 2014 Share Posted February 26, 2014 They're still trading for over 500 Dollars a piece on other online markets/exchanges. Down from the near $1500 a piece they hit in the bubble. Alot of people have been burnt by this and other similar mass 'loss' of coins, there's been a number of smaller exchanges setup just to take in coins and disappear with peoples money. I think it's starting to become obvious that without regulation or legal oversight the criminal element will scam and steal with impunity. No need for a brain and no need to think for that to be obvious. Link to comment Share on other sites More sharing options...
Super Hans Posted February 26, 2014 Share Posted February 26, 2014 They're only valuable because people think they're worth something, it seems people are starting to believe they're worthless so guess the rest. Link to comment Share on other sites More sharing options...
tzijlstra Posted February 26, 2014 Share Posted February 26, 2014 Never trusted them and never will, but that is actually irrelevant here. Bitcoins are the first in a wave of revolutions regarding the way we think about money, in a similar style to Napster, for those not familiar with this line of thought it goes as follows: - New exciting technology emerges - New technology gets adopted at large - New technology garners public interest due to novelty - Technology forms foundation for new protocols - Maturity issues in technology get revealed - Scammers exploit technology - Technology suffers PR-problems - Technology matures in technical and legal terms - Protocols get used to make technology fit-for-purpose - Further maturity in protocols and technology - Technology gets adopted in smart new business models - Technology becomes mainstream For those blinking at this stage: Napster introduced peer-to-peer connections to a broad public, even though Napster disappeared, this formed the foundation for many new uses, from cloud computing to iPlayer and Spotify. The same will happen with BitCoins - the theory is there, it now needs to mature (ie. get rid of scammers etc.) BitCoins themselves will likely disappear due to the impracticality of managing it, but the technology will result in a future, mature in technological and legal terms, method of using money. My bet is that services like PayPal and GooglePay will offer an alternative that can mature very rapidly - in ten years time you will pay for all your online purchases using a global currency, in 50 years time people will wonder why countries had separate currencies in the past. Link to comment Share on other sites More sharing options...
Cyclone Posted February 26, 2014 Share Posted February 26, 2014 They're only valuable because people think they're worth something, it seems people are starting to believe they're worthless so guess the rest. That's the only reason any fiat currency has value. Link to comment Share on other sites More sharing options...
Guest Posted February 26, 2014 Share Posted February 26, 2014 That's the only reason any fiat currency has value. I owned a Fiat once. Absolutely worthless it was. Link to comment Share on other sites More sharing options...
onewheeldave Posted February 26, 2014 Share Posted February 26, 2014 They're only valuable because people think they're worth something, it seems people are starting to believe they're worthless so guess the rest. Same is true of cash. Link to comment Share on other sites More sharing options...
Ghozer Posted February 26, 2014 Share Posted February 26, 2014 I lost 390 Bitcoins a couple of months ago when 50btc got hacked! They refuse to give them back as I need proof, and had since reinstalled, and only have one screenshot of my wallet, which they won't accept! Link to comment Share on other sites More sharing options...
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