It's a digital fiat currency, what else? What is very bad about it is that Bitcoin is good only until there is sufficient demand - whilst, the US dollar has the petrodollar system and a (still) rather strong economy behind it. It's not a commodity. A commodity had real value. This fiat digital currency lack instrinsic value, holds no value by itself. A Bitcoin itself doesn't hold any value at all. It's like a stamp, a banknote, a computer glitch... a signal that's very delicately prone to devaluation. Of course, this doesn't mean it can't be trendy, it doesn't mean you can't speculate with it. But it's rather a means of exchange. No better than ETF's, paper bills, stamps, poker cards... But I'm not saying it won't have some success.
You do not account for the network behind bitcoin. The currency and the network are inseparables and the power of the network gives bit coin it's value. True, however if gold was priced on its value as a commodity , it would be probably priced as 5% of its current value. If you believe in intrinsic value, you're better off investing in oil, food or copper.
I bought a shitload of intrinsic value late 2012 , I could of spent a large proportion of that on Hookers and Nose candy and at least known where the value had gone. (BTW I do neither) I swapped a portion of it for BTC a bit over a week ago and embraced the notion of trading whenever I wanted 24/7, swapping between currency's in an instant and placing buy or sell orders in the same timeframe on multiple platforms and with absolute minimal amount requirements, and fees that are absolutely minuscule compared to the ASX exchanges. No paperwork, no third party's just you and a screen. 194 Oz of silver @ spot in BTC has made me a profit of over 12 k in a little over a week. I literally made money (over $2000.00 just last night) while I slept, I just checked the charts and I made money while typing the last paragraph. I was a huge sceptic of Crypto's, you can go and check my post's snickering and calling tulip mania from last year, but when the facts change I change my opinion, or rather when I realised that this is a new technology that will bring sweeping changes to the future I jumped on board. If I was earlier in my Borg like assimilation I would of spent a lazy $3000.00 18 months ago (less than 2 ounces of gold in today's intrinsic fiat value catolouge ) on 1000 BTC or even a lazy $3000 or more on $100 or $200 BTC. Go do the maths. BTC was the first and is today's hallmark value of crypto=Fiat but try sending the same AUD value in currency overseas in less than an hour and with nearly zero fees without numerous Hoop's, Fee's and accounts and a paper trail, to jump through. BTC was the Alpha though and sooner or later just as the chunky old desktop was replaced by the laptop another one will come along. This stuff is not going away it is only going to get bigger and it is a whole lot more than some sort of pretend money. I'm about as geekless as you can get, I love my metals and will always hold them but I'm sick of seeing the intrinsic value of them quoted as an excuse to suffer the machinations of the market. People here have an opportunity to get on board early and also get assistance from other members already in the game, if you can send an email you can buy, sell, trade Crypto's. Even the Jamaican bobsled team is on board.
Bit coin is a bit much for me at this point but I did buy som Dogecoin and I've more than doubled my money. A few folks I've talked with (none are experts but just guessing based on number of transactions and general popularity of them) think it will hit $1US. If that happened I'd be able to pay off all my debt at this point. Speculative? Oh yeah but hey I like what I've seen so far! Cheers, Chris
True, the cryptocurrencies are going to spread, but they too create bubbles and are as volatile as a bobsled ride! The Jamaican bobsled team must enjoy the ride! I am still watching whether the BTC or LTC drops a bit. Still quite at the same level as in late autumn last year... Many were predicting the bubble will burst. It hasn't yet!
BTC to LTC to Doge and a couple of others. Buying the lows and selling the high's, I first bought doge at 000013-1400 LTC it is now hovering around 8000 but I am sitting on my doge for now.
