Have you guys been watching Bitcoin lately? Holy smoke. I'm not sure if it's all hype or if it's actually starting to catch on. One thing is for sure - it is definitely on the government's radar now. Further to that point, the general counsel for the Bitcoin trust appeared before Congress last week, and was really favorably received. Which is hard for me to imagine, because I expect the majority of the octogenarian troglodytes in the Senate still consider computers some form of black magic. Could we be on the verge of accepting a new world currency?
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The thought itself is scary.
Currency loved by the druglords and other undesirables.
Maybe they're looking on the bright side! Just think of the fraud, graft, and hookers senators could shelter in the bitcoin world.
People should start giving campaign donations in bitcoin. BOOM, nobody will outlaw it then.
Eddie, do you own any bitcoins?
@duffmt6 Not at the moment. I almost bought a bunch at $70 before it really blew up, but I'm glad I didn't. I was going to use Instawallet and they had a big crash shortly thereafter where all the BTC was lost. As you may know, once a bitcoin is lost, it's gone forever.
@krauser A number of political campaigns are already accepting BTC.
It's insanity. From $400 to $1000 in 7 days...
Bitcoin is really catching on, didnt think it would do much so iNever looked to much into it....guess iHave to re-evlauate that decision.
I still would not buy into this. There's no way the Fed or other central bank will allow it in the long run. And what is there to prevent a knock off from happening and drive down the value of Bitcoin?
I don't understand how something with a market price going from $70 to $1,000 in a few years could be regarded as currency. It's completely unstable. If anything, it's a commodity, and owner identity anonimity is probably worse than owning physical gold or guns given the NSA can track you down in a few minutes flat. AM I missing something here?
Solid post.
It's designed to be used as a currency/store of value, but is currently being used by 95% of owners as a speculative investment.
Digital currencies (possibly Bitcoin) is the future of financial transactions and will eventually make credit cards obsolete (though not for a long time).
If anyone knows of a legit/easy way to short this let me pleeeease let me know.
There are multiple exchanges that allow you to short bitcoin. I'd link it here but I'm not allowed to given my member status. Just google it and you'll see various options.
"You have to understand, most of these people are not ready to be unplugged. And many of them are so inured, so hopelessly dependent on the system, that they will fight to protect it." -- Morpheus from the Matrix
//www.youtube.com/embed/eU1SGf6cHmw
I hope government steps in and regulates it. thats exactly what bitcoin can use, good ol' regulation.
Hah, this entire Bitcoin debacle is pretty amusing. Might be a good time for investors to become weary.
Bitcoins look like baseball cards to me. Currency is either a commodity, or is backed by the strength of the issuing group. No one backs bitcoins, they can permanently be destroyed, and their only apparent use is to trade them for whatever someone else is willing to give you for it. I don't see how this could replace the trillions of cash dollars floating around the globe.
If offered as an alternative, how could physical currency be backed by bitcoins if their market price is subject to wild price swings based completely on speculation? I think the concept of bitcoins is cool, I just don't see how they can be made practical, or why there should be any effort to try to make them so. I don't get it.
Exactly.
Bitcoin acts as a commodity and will not be able to effectively be used as a currency until the valuation stabilizes.
Can (any amount of) baseball cards be instantaneously sent anywhere in the world with internet connectivity for nearly free with zero chance of being stolen?
The implications of this technology as the world becomes more globalized are tremendous. For example, if I ordered a case of wine from Italy, would you rather pay with a credit card and get hit with an exchange rate fee or pay with bitcoin which with bitcoin payment services, can be automatically be converted to a merchant's home currency.
Eddie, thanks to your posts on the bitcoin, I managed to pick some up back in the spring at the 100 dollar mark. thanks!
@wannabeaballer That's fantastic, congrats!
Oh. My. GOD.
http://www.theguardian.com/technology/2013/nov/27/hard-drive-bitcoin-la…
I think I'd fucking kill myself.
Thought this was pretty interesting from a Bloomberg article:
http://www.bloomberg.com/news/2013-11-27/bitcoin-surges-to-1-000-as-vir…
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