What is with the bitcoin obsession?

[helmuth_hubener]

No. That's the situation forever. The more adoption we have the less reason to have exchanges at all. It only gets better from here.

Well, I suppose that is the unreasonably optimistic scenario. The reasons for believing it will evince are... not strong.

Steven's method of usage is impossible without reputable, dependably rapid exchange services. Also, and far more importantly, HYIP people are always going to be interested in exchanging, in cashing out. HYIP are the only people actually using Bitcoin. They are driving the whole thing. All the other users are really small and inconsequential. If all of a sudden Bobby Bob Jr. can no longer obtain U.S. dollars from his pyramid, believe me his interest in Bitcoin is going to evaporate real quick. He has no philosophical interest in agorism to motivate him to weather the storm.

[LibertyRevolution]

Escrow services or reputation systems.

This is not rocket science. Just because the current status quo has spoiled everybody with chargeback doesn't mean there aren't alternative solutions, much friendlier to merchant costs, and also much fairer with dispute resolution services.

Spoiled by chargeback.. Yes I expect to be able to easily cancel the transaction at my discretion.
Same reason I don't use cash for large purchases, I don't want to wait for a check in the mail for a refund.

You are saying that to spend bitcoin you have to trust the person your buying from, this is absurd concept to me.
Rule #1 to buying stuff: Never trust the person that is trying to sell you something.

[Isar]

What obsession? ask 100 people on the street about bitoin and at least 95 will have NO idea what you are taking about.

However..gold and silver have no inherent value either. IT is not like the old days when it was a great metal to make things with. IT is worth only what people are willig to pay for it.

[Indy Vidual]

...HYIP are the only people actually using Bitcoin. They are driving the whole thing...

Do you have some links/evidence to back up that statement?
If 'No', maybe you should stop saying it, month after month, forever...

...interest in Bitcoin is going to evaporate real quick....

Too late, it already crashed and Bitcoin is quietly making progress without so much excess speculation. Your "propaganda" is old now helmuth.

...All the other users are really small and inconsequential....

There is the best part:
Thousands of "small and inconsequential" users are enough to keep Bitcoin prices above $4/BTC, even while many new BTC are still being created every day.

[helmuth_hubener]

My evidence is that it is just obvious. You can do your own research and see if you agree with me. You won't. That's cool.

Time will prove me right. By the time it has, you will forget I ever predicted it and will be mainly focused on the sad fact that you lost some money. That's OK too.

[psi2941]

Y? isn't this thread dead yet! bitcoin is only worth 5 dollars now. i remember when it was worth like 30-40 dollars and a bunch of clowns on this forums promoting it

[hazek]

Three rather big articles just came out:

http://www.reuters.com/article/2012/...83108120120402

Bitcoin, the financial traders' anarchic new toy
By Naomi O'Leary
LONDON | Mon Apr 2, 2012 5:52am EDT
(Reuters) - Financial traders have a new toy: Bitcoin, a digital currency variously dismissed as a Ponzi scheme or lauded as the greatest invention since the Internet.

http://www.betabeat.com/2012/04/02/b...l-trader-says/

Bitcoin ‘Is a Better Form of Money Than We Have Right Now,’ Pro Trader Says
Financial traders try to avoid getting Zhou Tonged.
By Adrianne Jeffries 8:12am
Betabeat noticed back in August that professional Wall Street traders were taking an interest in Bitcoin. Even though the Bitcoin market is valued lower than in the past, and volatility (read: easy opportunities to flip coins and make fast money) has also flattened out, it seems pro bankers are still trading in BTC.

http://www.forbes.com/sites/jonmaton...n-slow-motion/

Jon Matonis, Contributor
I cover economics, cryptography, and digital currency.
TECH | 4/02/2012 @ 7:56AM |2,965 views
Watch Bitcoin Robbery in Slow Motion
Bank robberies of the future may not reveal the traditional security camera shot of the ski-masked gun holder but rather we will watch them evolve slowly in front of our eyes as the money hops around the globe. It’s not so much where is the money but when is the money? The public and transparent nature of the bitcoin transaction ledger ensures that all transactions are known by date, time, amount, and block number although not necessarily by the who or the where. Contrary to conventional opinion, this is not a negative for the protocol because bitcoin liberates cash by putting it online.

[hazek]

Oh and I forgot this one:

http://uk.reuters.com/article/2012/0...8300JP20120401

Factbox - What is Bitcoin - currency or con?

By Naomi O'Leary
LONDON | Mon Apr 2, 2012 12:16am BST
(Reuters) - Bitcoin is a mathematical money system driven by code. It allows users to send money directly from their computer to another on the other side of the world.

[helmuth_hubener]

Consider that attention is not always a good thing.

[DEGuy]

After hearing about Bitcoin from this forum a few weeks ago (thanks Hazek!), I went and explored it, bought and sold some coins, looked at investment opportunities, etc. My verdict: I'm pretty impressed. I think this system of currency has some potential, especially since it does not have a central source regulating it. Even PM's are subject to the intervention of governments that have stored vast amounts of gold and influence the international trading platforms. Due to the nature of the internet and how the bitcoin is maintained, governmental manipulation would be difficult, although not impossible.

Here are my conclusions:
1. Due to the nature of bitcoins, it is extremely easy to use them to assist in illegal activities (drugs, money laundering, etc). And there are some people making a small fortune off this fact, and it will continue to grow. On the plus side, it provides a consitent demand for the currency that is not tied to speculation.
2. Eventually governments will intervene because they think they can stop people from doing illegal business by cutting off one method of operation. It'll be interesting to see what they do (attempt to buy out the bitcoins, interrupt the network, criminilize exchanges)
3. I would accept payment from someone anonymously in Bitcoins in exchange for selling something. I used to sell comic books online, but stopped because paypal could essentially shut me down when one buyer had a disagreement. I'd even offer a 10-20% discount for using bitcoins.
4. There is an appropriate risk/reward ratio to investing in Bitcoins. It's a moderately high risk, but given the projected demand for the currency, and the projected deflation in purchasing power of the dollar, I think there is also a high level of reward. It's not for the faint of heart, but a few percent in a portfolio is pretty reasonable. It's probably a lot less risky (and transparant) than a lot of the crazier derivative investments that are out there.