BitCoin - Real or a fools errand?

[Bubba1235]

Just curious what others think of BitCoin and what you base your view on.

 

[roscoe]

Re: BitCoin - Real or a fools errand?

Has been used mostly for illegal drug trade and money laundering, and has drawn huge attention from authorities worldwide.

Google bitcoin bust and read the first 3 hits.

Lots of questions yet to be answered.

What happens when the big players go down?

 

[MTboatguy]

Re: BitCoin - Real or a fools errand?

I imagine this will be the way stuff works in the future, but right now, not for me..

 

[Bifflefan]

Re: BitCoin - Real or a fools errand?

Paypal is world wide and much more reliable, and secure.
Bitcoin is from an oversea's nation, I guess it works, but a reputable company would not use it I think.
Mostly porn sites and such.

 

[Boomyal]

Re: BitCoin - Real or a fools errand?

I've been doing some studying of BitCoin. Still not sure if I understand it all. I starts out with a finite amount of coin that I guess had an initial value. Being finite, the more people buy them the higher each coins value. At the same time any coin or fraction thereof that you may own, has a calculated value, in dollars, based on the current value of the coin.

It is important to note that the value IS based on demand and that value has yo-yo'd dramatically since bitcoins inception. Where ever the concept might go, it currently appears to be very risky as an investment. One of it's supposed advantage is that it would let you move sums of money without being traceable. I do not know how that is possible. Somewhere, somehow, records would be supeanable even if it just money moving in and out of the bitcoin system.

 

[bajaunderground]

Re: BitCoin - Real or a fools errand?

Good or bad, bitcoin has no guarantee from any government entity. Some say that's a good thing. I, like some posted above, am also skeptical...

 

[64osby]

Re: BitCoin - Real or a fools errand?

I watched a program on how people are using / building super computers to "mine" bit coins. Solving complex calculations earns you bit coins, also called mining.

The people doing it feel they will be able to mine millions and retire. The problem is converting the bit coins to cold hard cash.

IMO someday there will be a global currency that is used on the intraweb, but it doesn't exist yet.

 

[chris.j.marshall]

Re: BitCoin - Real or a fools errand?

I've got a 20 year old computer gamer working for me whom I've witnessed take personal interest in multiple conversations regarding which super heroes could beat up who. I asked him and he referred to it as "pretend money". If someone who thinks a man in tights shooting spider web out of his wrists is legit, but bit coins aren't........I'm going to hold off for a while.

 

[coolbri70]

Re: BitCoin - Real or a fools errand?

if I can't buy boat gas with them, then they are of no use to me:noidea:

 

[roscoe]

Re: BitCoin - Real or a fools errand?

if I can't buy boat gas with them, then they are of no use to me:noidea:

But presumably you could buy a truckload of pot, then trade pot vouchers to the gas dock boy, who in turn would give some of the vouchers to his boss, and some to the pimp on the corner, and some to the dealer; who would contact the pot broker and arrange for delivery. So, about 37 hours later, the dock boy will give you 6 gallons of gas, or not.

 

[angus63]

Re: BitCoin - Real or a fools errand?

I wasn't comfortable accepting $1 US coins as change months ago. I don't think bit coins are in my near future...

 

[coolbri70]

Re: BitCoin - Real or a fools errand?

But presumably you could buy a truckload of pot, then trade pot vouchers to the gas dock boy, who in turn would give some of the vouchers to his boss, and some to the pimp on the corner, and some to the dealer; who would contact the pot broker and arrange for delivery. So, about 37 hours later, the dock boy will give you 6 gallons of gas, or not.

if I had a truckload of potarty: the dock boy can keep his gas:drum:

 

[bajaunderground]

Re: BitCoin - Real or a fools errand?

if i had a truckload of potarty: The dock boy can keep his gas:drum:

lol

 

[southkogs]

Re: BitCoin - Real or a fools errand?

Read THIS just this morning.

Bitcoin is interesting, but apparently exceptionally volatile. I'm glad to see alternate forms of exchange appear from time to time: value (real value) becomes my concern most of the time.

 

[Scott Danforth]

Re: BitCoin - Real or a fools errand?

based on the news this morning, my stand is fools errand. although someone made $365M (actually stole)

 

[avenger79]

Re: BitCoin - Real or a fools errand?

I wasn't comfortable accepting $1 US coins as change months ago. I don't think bit coins are in my near future...

LOL yep had the same reservations for a while. now days I love using the gold dollar coins. some people go gaga over them and some look skeptically at them, but it's always fun to watch.

 

[bigdirty]

Re: BitCoin - Real or a fools errand?

I think I agree with the majority, it's very questionable but the idea has merit. Well, more merit than "fire up the presses" and crank out "official money".

What got me to thinking about it was a rather long article/interview with Warren Buffet where he said repeatedly to get rid of your paper money that isn't backed by anything.

Well ya, whats 'official' money worth right? In reality the 'real dollars' we use every day to by food, gas, etc don't have anything behind them but the markings on them saying what country they are printed for use in.. :laugh: I can see though, how bitcoins would be looked at favorably by.. well, less favorable people..

 

[Scott Danforth]

Re: BitCoin - Real or a fools errand?

Today's news is that Mt Gox Bitcoin Exchange is bankrupt.

 

[Maclin]

Re: BitCoin - Real or a fools errand?

BitCon is totally in cyberspace, can NOT be accessed unles thru terminals and servers, ALL need electricity. Just seems like a bad idea, like only having credits in some game that may go away once the creator gets bored or dies or deletes it.

 

[Maclin]

Re: BitCoin - Real or a fools errand?

Oh man, I misspelled BitCoin as BitCon, totally a mistake but also could be a freudian...