IMO money (or currency) cannot be 'black'. Saying some money is black is like saying there's good gold and criminal gold. It's all gold, despite the fact it may have been used in criminal activities centuries ago.
Really? That could be said about anything. Ok... here goes. You walk into a bar, and there is vomit on the floor. 1. it's not centrally controlled. 2. we dont know who owns it, its clearly anonymous. 3. it was clearly easily transacted from the original owner to the floor. 4. as for irreversible transactions, unless it was dog vomit I am pretty sure the owner aint taking it back. Moral of the story? the next time you see a pile of spew, scrap that shit up and put it in your pocket.
I just wish bitcoiners would admit they are speculating. this BS that its a currency and a store of value is just wrong. bitcoins can drop 20% on a quiet day. thats not a store of value - thats a speculative enterprise. its a fad. its a gimmick for tech savvy geeks who havent told their parents why the computer in their basement is costing them $2000 a month in electricity. i got no problems with you technogeeks speculating with bitcoins... you need something else to do anyhow since we've calculated pi to enough decimal places that we'll ever need so you guys can move onto hashing until another real-world problem needs solving. cheers. (all in fun
I admit I'm speculating with Bitcoin, and doing quite well out of it. Does that make you feel any better?
Much better. Go knock yourself out... if you tell me its the currency of the resistance and all you'll need in the future is a bunker, cans of baked beans and a USB stick with your bitcoin wallet on it I'm going to cry for your soul. (and yes, I've been told these things from bitcoiners)
I see buying bitcoin as a speculation for sure, at $50 each that is a lot of money for one unit of this cryptocurrency. As a currency it is an infant, its price (being purely market based) is going to flucuate heavily for the foreseeable future.. (a gold-silver standard would stabilise the price though wouldn't it). I like the idea and would support it at the right price, i do see limitations but think it brings several new innovative ideas to the table in a beautiful way.. i consider this a beta trail for a possible new release with bigger output potential... i suspect the constricting supply of bitcoin (difficulty increases in increments through to impossible - nothing see above: this will also effect price when the increment is imposed) will ultimately be its downfall but the line is there that its transactable to the millinth of a bit?. The way it transacts is the most useful without the need for an intermediary benefits most people i can think of ie: short term bitcoin is extremely functional, the mining side its a great way to use P2P and turn it into rewards through solving complex equations (finding solutions) and the new industry of dedicated GPUs .. its like computer hot-rods.. 1for1
Silver isn't being passed off as a currency tho. Bitcoins are. If silver was ever monetised, you bet your bottom dollar it would stabilize pretty quickly as liquidity returned to the market. Edit: Wish I said "bet your bottom bitcoin...." but the moments passed.
Bitcoin has value because someone value it... that's pretty much it. You cannot say it is worthless because people obviously value it. Conversely cannot say it is undervalued because people won't give you more for it. It is futile to argue otherwise. Really reality is the best argument for bitcoin
The main problem with mainstream bitcoin acceptance is the sneaking suspicion by Joe Public that the Nerds are having one over on him - that actually anyone with the secret detector ring can churn these out for free on their Mom's PC. Silver is a little more palpable, and gold has gravitas...
And they value it because of the reasons I gave. People value it because it's not part of the mainstream financial system.
Bloody bitcoins always getting into threads it doesn't belong in... So how about this pop? we gonna see any positive stuff tonight?
Remind them its not insured under their mattress....its also a fire hazard..that's been burnt by fiat twice. Gold is safer.....good as gold Just cleared $1608 let's hope this baby keeps momentum
