Bitcoins - a new future currency ?

[Bluecoat]

https://www.buybitcoinworldwide.com/price/

Man sells house to invest in bitcoin, other virtual-currencies.

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11955965

[Davo36]

Monkey see, monkey do.

[Bob Kane]

I thinks there's two types of people who support bitcoins:
1. Criminals who can't be traced.
2. Nutters who want to opt out of the financial system.
The criminals will only support bitcoins as long as it is stable or rising in value. Their loyalty is questionable. They are wealthy though.
The nutters will always support bitcoins because, they're, well, nutters. Their loyalty is strong+. They aren't very wealthy.
Will the bitcoin bubble burst?
The criminals will determine that.
All you need to crash the bitcoin market is to spread a rumour that bitcoins can now be traced.

[donna]

Crypto currency is the way of the future using Blockchain. It's naive to say only nutters and criminals use it.

Read this article - it will give you some insight into just how huge it's going to be.

Here's a quote from it:

“As cryptocurrencies become more popular, it’s important that my fans have choices when it comes to how they buy my songs and merchandise,” said rap star G-Eazy in a statement. “Given Monero is one of the safest, most secure and most private cryptocurrencies, it’s one of the best options for my fans this holiday season — and just in time for my new album.”

cheers,

Donna

[Bluecoat]

Yep, way of the future . Will be some form of Blockchain , not necessarily Bitcoin. Just like how there was My Space, Bebo, one will come out on top.(Facebook)

[Nick G]

It's a form of currency now as people can buy and sell with it, although everyone is trading it as they would an asset.

I have friends who bet big and have done very well. I took the Warren Buffet approach and stuck to my knitting. Maybe I should have bought some BTC :-)

[Bob Kane]

Why would you use an alternative to money when you can use money?
What advantage does bitcoin have over money?
It's whole purpose is to keep financial details secret, isn't it?
What honest person needs that?
It's wonderful for blackmailers.
What wonderful thing can it do for me?
Is there some worthy characteristic that I'm not aware of?

[Nick G]

Why does any currency have value? Trust and adoption.

What if you didn't believe that the actions of the governments behind a mainstream currency were safeguarding it's future value?

That's why it's called the Gold of the internet.

[Bob Kane]

What if you didn't believe that the actions of the governments behind a mainstream currency were safeguarding it's future value?

That meets my definition of nutters.
There is a third group of people who are supporting bitcoin currently and that is a large group of FOMO (fear of missing out) newbies.
They have recently heard of bitcoin and are scrambling to buy in because others are.
This group actually have no idea what they're doing and are blind followers.
They will get hurt and learn a lesson.

[donna]

It's not just people buying it - there are the miners and some are doing quite well out of it - (that's how this thread started) and it's future worth is now being traded etc. Some people are doing all they can to learn about crypto currencies - so they can jump into services. It's opening up job opportunities e.g. security services, compliance etc.

cheers,

Donna

[JBM]

That problem is carbon emissions. De Vries has come up with some estimates by diving into data made available on a coal-powered Bitcoin mine in Mongolia. He concluded that this single mine is responsible for 8,000 to 13,000 kg CO2 emissions per Bitcoin it mines, and 24,000 - 40,000 kg of CO2 per hour.

https://motherboard.vice.com/en_us/article/ywbbpm/bitcoin-mining-electricity-consumption-ethereum-energy-climate-change

Only Humans are so F'n stupid to create even better ways to destory the earth >>>lets create a really complex currency that consumes stupid amounts of energy >>>

[Bob Kane]

As I understand it, one strength of Bitcoin is the limit on it's supply - you can't magically create 1000 bitcoins like that (out of fresh air).
But Bitcoin isn't the only cryptocurrency - anyone can start a new one at any time.
So with unlimited cryptocurrencies being set up, you have unlimited 'bitcoins' available.
What's the price of an unlimited supply of an item?
I suspect the Bitcoin bubble will burst soon - over the next 6 months.

[mrsaneperson]

Well i have read quite a lot about Bitcoin and it goes beyond my understanding. If i don't understand something i don't want to invest in it.

[Wayne]

Why does any currency have value? Trust and adoption.

What if you didn't believe that the actions of the governments behind a mainstream currency were safeguarding it's future value?

The NZ$ has a value because the NZ Govt makes a promise that it has a value.
It is a FIAT currency (not a gold standard) so is inherently worth nothing more that the Govts promise.

Crypto currency has no promise by anyone so how does it have any value at all.
Might as well trade in Tulips ... Oh hangon, that's been done already.

[cube]

Two problems I see with Bitcoin

Reputation - as highighted here, it has a reputation as the currency of the dark web, where all sorts of nefarious activities allegedly take place, and stories of rogue states using them won't help.
Attrition - once a bitcoin is mined, it can't as far as I know EVER be mined again. Of the (I believe) approx 120,000 that can be mined, several thousand have already been lost to discarded hard-drives and other wallet crashes. Doesn't this end up with them all eventually disappearing.

I think the Bitcoin bubble will burst when (another) hack results in some high-profile people losing their coins.

The blockchain technology, if it can shake off its equivalence with Bitcoin after the crash, will be useful, but I'm not convinced it will replace our existing currencies entirely until it is subject to similar controls - those same central banks that give worth to $ also protect it reputation (or they are supposed to) to ensure that the perceived value is maintained and stabilized.

I though bitcoins were overpriced and due for a correction at $10, $100, $1000 and $10,000. I'll be right eventually!