Bitcoins?

[PolicyReader]

http://www.weusecoins.com/



Ok, so what do the economically savvy think of this thing? Effects, repercussions, value vs things like FRNs?
I know more about economics than the average person but for these forums I'm likely a novice so I'm very interested what seasoned pros think of this conceptually.

Note: I am not affiliated with nor do I use this service/site, I just ran across it and wanted to get input, this post is not to be taken as an endorsement or advertisement merely a question.

I look forward to hearing what folks here think and why

Best,
Reader

[tekkierich]

I don't have a detailed analysis, but I have bought a few bit coins just to go through the motions. There is an auction site that looks promising... bitmit.net

[maskander]

BTC's sound very promising, I've been doing lots of reading about them the past few days and even mined a little, I'm not looking to invest a lot into them, but just in case it catches on, I will have a small fortune with the little BTC i have, I don't see any flaws with it. I feel comfortable giving it value as a currency

[psi2941]

oh (@maskander) look another few low post count promoting bit coin.

anything bitcoin related to this thread
http://www.ronpaulforums.com/showthr...coin-obsession

this is not a bit coin forum its a economics forum/sound money, if your really into the bit coin then there is a bit coin forums.

if your really that naive and been living under a rock. bitcoin has no value on it self, its fiat some nerd made it up, your better off with FRN. bitcoin supporters argue the bitcoin is the same as gold, because they claim bitcoin can not be created. once it reaches a mark no more bit coin is created. etc... they pretty much argue its the same as gold. its not, bit coins are just bunch of binary 0 and 1s. they claim is un hackable or can not be made, however I disagree. if man made bit coins then some smart guy will find a way to make more bit coins (nothing is unhackable, its just matter of time). gold on the other hand is not man made and can not be made by man.


also a few months ago someone hacked something and alot of people lost their money and since its on the internet, no one got busted or caught, the investor was shit out of luck, and that's what they get for investing in some ideas.

[PolicyReader]

oh look another few low post count promoting bit coin.

anything bitcoin related to this thread
http://www.ronpaulforums.com/showthr...coin-obsession

this is not a bit coin forum its a economics forum/sound money, if your really into the bit coin then there is a bit coin forums.

I was asking a question and both other posters were responding to it. I didn't see another thread on the subject so thank you for that link I'll see if the content is constructive. (I'll assume that most of your post wasn't directed at me or my thread since your contextual framing regards low post count.)

[Indy Vidual]

Bitcoins are an exciting story, and perhaps much more.

[psi2941]

u were asking a question, second guy was asking/not sure. poster three

*BTC's sound very promising
*I don't see any flaws with it
*I feel comfortable giving it value as a currency

...

[dsw]

In the risks faq they talk about the possibility of competing bitcoin-like implementations. What happens to bitcoin when it has has to compete with Amazoncoins, Googlecoins, Facebookcoins, etc.? Different feature sets (i.e., a discount for spending Amazoncoins at amazon.com, etc) will make for fierce competition. Predicting whether bitcoin will be one of the survivors is like trying to predict which social networking sites will be popular ten years from now, except you lose money if you get it wrong.

[hazek]

If there is competition the implementation with the most appealing rules and design will eventually win out. So far none of the other implementation have even stood a chance to Bitcoin though.

I own a few bitcoins and I think it's a viable system if it can maintain the agreed upon rules and so far it looks like it will be able to do so. But it still is only an experiment in it's initial stage so who knows what will happen because a lot depends on technology development, cryptography development and Bitcoin client development.

All in all I'm quite optimistic in it's future.

[maskander]

oh (@maskander) look another few low post count promoting bit coin.

anything bitcoin related to this thread
http://www.ronpaulforums.com/showthr...coin-obsession

this is not a bit coin forum its a economics forum/sound money, if your really into the bit coin then there is a bit coin forums.

if your really that naive and been living under a rock. bitcoin has no value on it self, its fiat some nerd made it up, your better off with FRN. bitcoin supporters argue the bitcoin is the same as gold, because they claim bitcoin can not be created. once it reaches a mark no more bit coin is created. etc... they pretty much argue its the same as gold. its not, bit coins are just bunch of binary 0 and 1s. they claim is un hackable or can not be made, however I disagree. if man made bit coins then some smart guy will find a way to make more bit coins (nothing is unhackable, its just matter of time). gold on the other hand is not man made and can not be made by man.


also a few months ago someone hacked something and alot of people lost their money and since its on the internet, no one got busted or caught, the investor was shit out of luck, and that's what they get for investing in some ideas.

• Post count doesn't matter

• I know about that thread, but I don't feel the need to backseat moderate.

• You promote the BTC thread, and then in the next sentence bash the currency? That's your opinion

• The crypto algorithm used for BTC is unhackable, it's been tried for years. What you are seeing is middlemen exchange sites being hacked. Nobody can access money in your wallet unless you let them. If you have lots of BTC in a Forex account then you deserve to get hacked because you are just a speculator waiting for the price to fluctuate.