If you have not heard about BitCoin, you are missing out. Take 15 minutes and read below 2 links. https://bitcointalk.org/index.php?topic=7269.0 https://bitcointalk.org/index.php?topic=74609.0 I want to do a quick poll on what ET community thinks of BitCoin? Disclaimer: I have become aware of BitCoin for last 1 hour. So, my knowledge and understanding is fairly limited. However, I already have strong opinions on this. I am curious to hear what community thinks of it.
"It is perfectly alright to join a Ponzi and you can make good money by doing so, as long as you know it is a Ponzi, and you are aware of the risks." --- Abraham Lincoln
well I was undeicded but after reading an analysis by karl denninger I am inclined to believe it is a tulip ponzi i think wow gold is more valuable than bitcoins in the end.
Warning: conspiracy theory coming.... Although Satoshi was using British spelling in his posts, his posting times (well, rather his non-posting=sleeping times) indicated that he was from the East Coast. So here is my very personal theory about the whole Bitcoin thing: The NSA or some other US government agency (Fed) decided to try a social experience if a virtual currency could get popular. There could have been several reasons for the experience: 1. Can a virtual money get popular and if so, how fast? 2. If it is a quasi-anonymus payment, can it still be used to locate criminals/terrorists? 3. If it does work, could a government issue such a currency in the future? etc.etc.etc. So in my theory, the secrecy of the makers was necessary, because nobody really likes a government issued freedom money. Also, the anonymity is kind of BS, because if a high tech entity gets into it, they can follow the cointrail, the whole blockchain is nothing but a ledger.... Not to mention the earliest coins are still unused, and this could be explained if they were mined by a bunch of government employees, who were not allowed to rip the benefits. People knowing more about coding assume the code was done by a group, not just one person. If it was one person only, he had to work a lot on it and now when he could cash in, there they are the earliest coins sitting unused. I might be completely wrong, but that is a plausible scenario and explains a couple of things...
It's working. And will continue to work. Bitcoin, is a debt-free currency, which threatens the entire fractional-reserve, Central Banker system. They can't shut it down. It's not tulip bulbs. Saturation is miniscule at 125$ bucks per bitcoin, supply is CAPPED, and available at increasing difficulty. I'm going to buy the dips. Also get in with copy-cats during the early stage. Litecoin looks good.
so it seems that after 8 votes, 75% of participants believes that bitcoin is a stunning idea. Let us see if more votes substantially change this stat.