BitCoin - Intellectual Fraud or a Stunning Idea??

Discussion in 'Crypto Assets' started by gmst, Apr 2, 2013.

So, what really is BitCoin???

  1. stunning, refreshing, extremely innovative idea

    38 vote(s)
    49.4%
  2. intellectual, mathematical and computational masturbation

    13 vote(s)
    16.9%
  3. media to waste electricity and computing power

    5 vote(s)
    6.5%
  4. Only aim of idea is to make profits for innovators

    17 vote(s)
    22.1%
  5. No wonder only a Japanese can come up with such an imaginary, illusionary, delusionary, grandeur ide

    4 vote(s)
    5.2%
  1. Tsing Tao

    Tsing Tao

    #11     Apr 3, 2013
  2. Pekelo

    Pekelo

    It is very fair from working. Mt. Gox was down for an hour today, and generally it is very hard to get approved for an account. bitcoin-central has been down since BTC reached 100$. For the average person it takes a great deal to try to find an exchange what one can use and trust.

    http://www.reddit.com/r/Bitcoin/comments/1bl32i/it_appears_that_mtgox_is_down_ive_got_nothing_on/

    Bottomline is, it is like the wild,wild West out there in the early days. The so many not very well established exchanges are not all trust worthy. Some can and will disappear overnight. The secrecy encourages fraud and the decentralization doesn't help charge backs...

    3 years from now we can get back to the topic of Bitcoin working or not...
     
    #12     Apr 3, 2013
  3. You're missing the point. The purpose of BTC isn't to be exchanged for USD or EUR. It's for buying and selling goods and services directly.

    Yes, it's not there yet. But as has been pointed out already, it's the wild west. A major financial crisis (bigger than the US bank bailout, bigger than the Cypriot haircut) may push things in that direction when so-called "real" currencies will become nearly worthless.
     
    #13     Apr 3, 2013
  4. Pekelo

    Pekelo

    I am not missing anything. And you are right, it should be a currency, instead of an investment vehicle.

    And that was my point in the other thread, as long as my coins appreciate 20% in a day,the hell for sure I am not spending them, but saving.... Once volatility dies down, we can start to talk about its currency status...
     
    #15     Apr 3, 2013
  5. Sierrachart announced integration of bitcoin as a trading service at some future date. I guess that means we would have a bitcoin account and we could trade about anything with it? I have an IB account and I can trade a zillion different things with it but it's limited to financial instruments...
     
    #16     Apr 3, 2013
  6. Supply limited to 21MM. This mkt is getting touted by legit media every day. There is no doubt that it will hit $1k within two years from the exposure.
     
    #17     Apr 3, 2013
  7. gmst

    gmst

    Someone should launch a CFD company that allows people trading anything under the sun using bitcoins. But it should all be underground and 100% tax free. Then many guys would be interested :)
     
    #18     Apr 3, 2013
  8. gmst

    gmst

    Are you long then ? Maybe ask UBS to sell you options to capture bitcoin's upmove then.
     
    #19     Apr 3, 2013
  9. Pekelo

    Pekelo

    Hey guys get this, you can have a negative commission with Bitcoin:

    "If you place limit orders, consider bitfloor. They have a "maker/taker" fee structure, and if you're a maker, that is if you place a limit order that is not immediately executed, your commission when the order is filled is -.1%. That's right, a negative commission. bitfloor is paying you to provide liquidity."
     
    #20     Apr 3, 2013