hiho said:
say silver goes to $75/oz in the next month.
would you keep stacking? why?
answer that one, bro. (without a prediction)
gold and silver to pop monday?
- Thread starter stellaconcepts
- Start date
say silver goes to $75/oz in the next month.
would you keep stacking? why?
answer that one, bro. (without a prediction)
1for1 said:
What can you spend your Bitcons on. or is it just for the transfer of credit amongst the big drug lords ?
hiho said:
On a wednesday
radiobirdman said:
Not much yet, although people are starting to transact in them.
It all depends if you think people are going to retain faith in the banking system as it currently exists or not. Gold is not really suitable for global internet trade if you ask me.
Bitcoin, imho, solves these problems. The fact that it is still not widely used means it is the best time to get into it, just as the best time to get into the internet was the early 90's when there wasn't a lot of interest, not in 2000 when everyone was interested. You could have said in the early 90's "yeah, the internet is great but what can I buy on there? Isn't it just an easy way to get porn?"
If you think it is a scam or has inherent problems with it, you should go on the bitcoin forum. There are some huge brains there discussing these things all the time. The amount of smart people involved with and surrounding it speaks volumes to me.
eDIT: as for me, I've made a ton of money on it already, far more percentage wise than other investment I've had and it's only been 6 months I've been involved.
hiho said:
ok, cool.
I almost took you seriously for a minute.
I hope you like your job.
what is the intrinsic value of a bitcoin?
from Bitcoin website:
Bitcoins have no intrinsic value (unlike some other things)
It is true that bitcoins have no intrinsic value, in the numismatic sense, in other words, value in any realm outside of being used as a medium of exchange.
However, while some tangible commodities do have intrinsic value, that value is generally much less than its trading price. Consider for example that gold, if it were not used as an inflation-proof store of value, but rather only for its industrial uses, would certainly not be worth what it is today, since the industrial requirements for gold are far smaller than the available supply thereof.
While historically intrinsic value, as well as other attributes like divisibility, fungibility, scarcity, durability, helped establish certain commodities as mediums of exchange, it is certainly not a prerequisite. While bitcoins lack 'intrinsic value' in this sense, they make up for it in spades by possessing the other qualities necessary to make it a good medium of exchange, equal to or better than commodity money.
Value is ultimately determined by what people are willing to trade for - by supply and demand.
http://bit.ly/XTwGeN
So basically Bitcoin is Fiat, but it's better because not run by government. And the more people will want it, the more valuable it will be.
I think I will enjoy seeing it crash almost as much as when I saw Apple plunge.
from Bitcoin website:
Bitcoins have no intrinsic value (unlike some other things)
It is true that bitcoins have no intrinsic value, in the numismatic sense, in other words, value in any realm outside of being used as a medium of exchange.
However, while some tangible commodities do have intrinsic value, that value is generally much less than its trading price. Consider for example that gold, if it were not used as an inflation-proof store of value, but rather only for its industrial uses, would certainly not be worth what it is today, since the industrial requirements for gold are far smaller than the available supply thereof.
While historically intrinsic value, as well as other attributes like divisibility, fungibility, scarcity, durability, helped establish certain commodities as mediums of exchange, it is certainly not a prerequisite. While bitcoins lack 'intrinsic value' in this sense, they make up for it in spades by possessing the other qualities necessary to make it a good medium of exchange, equal to or better than commodity money.
Value is ultimately determined by what people are willing to trade for - by supply and demand.
http://bit.ly/XTwGeN
So basically Bitcoin is Fiat, but it's better because not run by government. And the more people will want it, the more valuable it will be.
I think I will enjoy seeing it crash almost as much as when I saw Apple plunge.
1for1
Well-Known Member
Took me AGES to come around on bitcoin but until i did the research i was like above ^, not only is it not run by the govenment... it has a diminishing supply to a point where no more will be FOUND (mined), this is the mirror oppisite to fiat where they is a literal race between reserve banks to who can print the most and devalue.. bitcoin is going in the opposite direction.. the ability to generate bitcoin halved earlier this year (difficulty increase in mining blocks)
I think it is a near perfect system as no-one profits by its creation and its free to transact in so no-one except the two parties are involved.. no fees and international currency conversion required.
Also it appears the PPT dont easily seem to be able to move its price.. i guess they can just use dirty fiat to buy (as fiat they can just add more in a accounting ledger or montaise as debt) it on mtgox etc but dont appear to have yet.
I worry about a complete bitcoin wallet system attack and competing crypto-currencies -- other than that whats not to love? They gave you a license to print money.. unless your buying it at $50 then i see no reason to not get into it.. but as always it requires a bunch of time to understand a new currency.. this one is old now but pioneering new ground.
Honest Money - GOLD, SILVER and BITCOIN.. they are not all the same in every way.. but they all keep us wealthy and able to transact free from a central authority, and if we transact in there we will all be better off for it..
1for1
I think it is a near perfect system as no-one profits by its creation and its free to transact in so no-one except the two parties are involved.. no fees and international currency conversion required.
Also it appears the PPT dont easily seem to be able to move its price.. i guess they can just use dirty fiat to buy (as fiat they can just add more in a accounting ledger or montaise as debt) it on mtgox etc but dont appear to have yet.
I worry about a complete bitcoin wallet system attack and competing crypto-currencies -- other than that whats not to love? They gave you a license to print money.. unless your buying it at $50 then i see no reason to not get into it.. but as always it requires a bunch of time to understand a new currency.. this one is old now but pioneering new ground.
Honest Money - GOLD, SILVER and BITCOIN.. they are not all the same in every way.. but they all keep us wealthy and able to transact free from a central authority, and if we transact in there we will all be better off for it..
1for1
1for1 said:
how much of your net worth do you have in bitcoins? (%)
willrocks said:
Bitcoins current value comes from black money.
If its good enough for them, it maybe worth a look
1for1
Well-Known Member
valuecreator said:
Less than 1%, im not putting my savings into it.. im mining (which is slow) and i sold some silver to get 20 bitcoin.. so im not heavily vest by any stretch.. but i was a very againest it .. youll see if you read the thread why bitcoin is flawed..
So yeah it took me ages to come around (3 months) and now im not going to drop cash into it.. but this is in a time when its gone from 10 to 50 so its hard for me to drop $50 per bitcoin... if it was still around $10 id say id be more prepared to go into it..
great question though..
1for1