I'm extremely surprised to see that bitcoin has only been discussed once and very briefly on these forums.
This digital currency is amazing. It's exactly what money should be.
Mathematically impossible to counterfeit.
Has no owner or central authority (it's all open sourced).
Can only be shut down if the entire internet shuts down.
Cuts out the middlemen (and fees!)
Anyway I've invested a bit into in a few days ago. It was at 11$ per bitcoin.
Today it's approaching 32$.
It's catching up to Silver at an incredible rate. And the bitcoin economy only has something like 60 million dollars into it.
Once this goes mainstream, a new term will be in existence: The Bitcoin Billionaire (:
More and more software and websites are popping up to make buying and selling, more and more user friendly. When Bitcoins become accessible to the non-geeks, and are as easy as forex or stocks trading, the value of them will skyrocket.
Imagine when the black market catches on.
And imagine when wall street catches on.
it could have an internal problem no-one saw coming. Exactly like every new invention ever.
I'dd like to hear everyones opinion on this matter. It's great to test ideas out by seing if they withstand an onslaught of attacks (:
p2p virtual currency is nothing new, to bitcoin's credit it seems to be in demand due to all the hype/media. But have you actually looked at their otc market? it's complete shit. The most popular one is bitcoin-otc.com where it took me 1 hr to setup all this encryption crap only to find out nothing is automated.
Basically you need to chat with the other side in irc then decide how to trade. They have a bunch of seller/buyer listing bitcoin for sale, most of it are pure scams/stale orders. I couldnt find 1 active legit seller that's online willing to close the transaction with me.
Also paypal officially banned bitcoin purchase, i am sure many other big financials will follow. So the only way to transact is under the table using wire or noname online cash transfers.
Until they establish a legit otc market with order system, this thing wont get very far.
Quote from Zr1Trader:
It's used mostly for services like programming . It's kind of like world of warcraft money. [/B]
world of warcraft currency is MUCH BETTER established and liquid, bid/ask and transaction is very smooth compared to bitcoin. Only problem is wow currency are printed nonstop (like our government) so inflation is rapid and nonstop, and the minor issue of getting your account banned if blizzard catches you buying/selling.
i played around a bit with project entropia currency, it's a fixed peg to the usd. Spent a few hundred and bought some land to test things out but didnt have time to maintain it. I still own that piece of land in my account, maybe it went up in value now it was a few years back when i bought it.