BITCON... WHY its totally FLAWED

MetalMensch said:
This is a first take I think. There are still lots of issues with the 'Crypto Currency'. I've not the nerve for it personally but some seem to be ok with it. At the moment I think it's being played like a casino. A new toy for the speculators looking for 'the next big thing'. Pity because there are people in there who just wanted somewhere stable to park their wealth, clear of thieving banks. It seems they could be prey to the speculators here. And If it is open slather then you can expect the Banks to find a way in.

As for Max Keiser...I'm a little suspicious of him these days . In London, spruiking Bitoin like a madman and now involved in setting up a Bitcoin exchange?. I'm probably just having an Alex Jones reptoid paranoid moment but...I smell a spiv :lol: he must believe that hiding in plain sight is a good idea when there's shenanigans afoot. I'm sure he's after a big 'score' out of all this.

I think one day, 'a crypto' will come along that I can trust to some degree but right now I'll leave the 'wild west of currency' to those who feel they can cope with it.
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Excellent post

FWIW I take most of the youtube crowd with a grain of salt these days. Just because they were right in 2008/9 doesn't necesarily make them right today. There's a lot of money in selling fear it seems
 
mmm....shiney! said:
Anyone got any data on how many bitcoins the world's Reserve banks have been buying? I wouldn't expect anyone to have any info on China's of course.
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If you ask some in this thread, the banks control the internet, so that means they already own all of the bitcoins!
 
I thought the Japanese had built this as their new currency but wanted to spend to death the yen first and leave people holding it before they completely went above ground with it, its better as a competiting currency than a solo currency at this stage.. but would be perfect with silver and gold in unison, and paper if people felt the need.

1for1
 
1for1,

You started this thread.

53 friggin pages of 'spit for spat' of dribble

POSTED IN THE SILVER THREAD

Why has it taken this long for someone to finally say
move this bloody thread?

Nothing to do with Silver.

Fair enough, that excitement has got the better of a lot of people,
but this is not the section to debate if its flawed, if its a currency,
if mine is bigger than yours syndrome.

GP please move it to somewhere appropriate.

Cheers markcoinoz
 
Is there merit in having a Bitcoin category? Just for giggles and farts?

Seems people enjoy the topic, maybe the moderators would see this as worthwhile?

Could call it "Crypto' or something ...just a thought.

And good point, Mark. This is a silver category...I was wondering this myself.
 
C.H. said:
Move it to currencies where it belongs.
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How can Bitcoins be a currency? It's an alternative investment, maybe a hedge, a bartering tool at times, but as a currency it has to be fungible and divisible and this is where it is undeveloped at this stage.

In order to be fungible the individual units of the currency must be able to be traded or mutually substituted for something else. Now at the present stage, fiat currencies are carrying out their part of the bargain, at the time of posting they were worth just over $80 USD. But how do I buy a pair of shoes for $34.95 using a bitcoin, or pay for Maccas, or a Rapala XRap? There are no fractional bitcoins at the moment, bitcoins can't be divided therefore they are not fully capable of mutual substitution. Therefore they are not a currency.

It's the same with goats before anyone else wants to chime in with the GWR.

I would suggest that someone with the capability and the technology produce fractional bitcoins, then sell them to unsuspecting suckers, then when the price of the fractional bitcoins rises too high to be an effective currency, produce a whole lot of new ones. :rolleyes:

Edit to add: I'll concede goats are divisible, but only after they're dead
 
BTC is divisible to 8dp, Bitcoins are somewhat fungible, but not completely as they can be anonymous to an extent

I look at the Crypto to precious metal currency ratios.. not sure why i should compare it fiat (which is a dumb name for the notes we accept as currency as they are privately owned credit notes issue to our governments as debt..

If people decide it was a naff idea it could all turn to nothing.. correct, but when people go to the trouble of building infrastructure around it, then positive outcomes will happen in terms of advancement.. see BFL Asics.

Cool technology.. even if this is an alpha run for a bigger launch.. would it be different if a country announced a similar system in a fairer way.. wouldn't that then be the perfect fiat?

1for1
 
aleks said:
Eight decimal places

(DOWN DOWN PRICES ARE DOWN!)
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So how much is that in fiat?

For example, $1 is divisible to 100cents, although it is limited to 20 units of 5c pieces for practicality (there being no 1c or 2c pieces) and because of rounding up or down. If I want to buy a fishburger with a piece of a bitcoin can it be done?
 
mmm....shiney! said:
For example, $1 is divisible to 100cents, although it is limited to 20 units of 5c pieces for practicality (there being no 1c or 2c pieces) and because of rounding up or down. If I want to buy a fishburger with a piece of a bitcoin can it be done?
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I'm not sure if you're trolling or not, but yes, you can pay any amount.

If a BTC is $10 US each, I can buy a $2 item for 0.2BTC, this goes all the way down to 0.00000001BTC
 
Eight decimal places.... its late... correct me if I am wrong

At $60/BTC it's six ten millionths of a dollar OR six ten thousandths of a cent.

At $1 000 000/BTC its one cent
 
pro$pector said:
I'm not sure if you're trolling or not, but yes, you can pay any amount.
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Thankyou.

And by the way, you'll know if I'm trolling or not.

It'll go something like this -

Phrases that piss me off:

"trolling", before the advent of the interweb it was called taking the piss out of someone and was a legitimate form of communication so harden the fuck up.

"mining bitcoins" - umm you don't, unless you get dirt under your nails it's not mining, you're just making them up.

"gamers" - also known as children

:/ :cool:
 
mmm....shiney! said:
It'll go something like this -

Phrases that piss me off:

"trolling", before the advent of the interweb it was called taking the piss out of someone and was a legitimate form of communication so harden the turtle up.

"mining bitcoins" - umm you don't, unless you get dirt under your nails it's not mining, you're just making them up.

"gamers" - also known as children

:/ :cool:
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I'm just sitting here mining some bitcoins, wondering whether you are trolling.

But what would I know, I'm just a gamer.
 
aleks said:
Eight decimal places.... its late... correct me if I am wrong

At $60/BTC it's six ten millionths of a dollar OR six ten thousandths of a cent.

At $1 000 000/BTC its one cent
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So are these amounts traded at all?

Edit to add; in other words has anyone bought or sold something for a fraction of a bitcoin?
 
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