Chesapeake & Midlantic | 11/13/13 02:25pm
Someone tried to pay me in bitcoins for some consulting I did. I should have taken him up on it, bitcoins have skyrocketed since then.
Having a fiat currency that can be easily manipulated is bad enough, a virtual currency just seems like an even worse proposition.
Bitcoins combines money and gambling - two favorite American pastimes. There's a lot of people who love the speculation inherent to it and the hope that it will continue to skyrocket.
As for us, since we are an online business, I am always looking for ways to make it simpler / easier for people to pay.
I think the idea of BitCoin is awesome, but for me it wouldn't be something I seriously started using until more sites started accepting it. For example, if I want to buy a book, I can search around for a site that takes BitCoin, then hope they have the book, or I can go to Amazon and just buy the book normally.
There are some major sites that take BitCoin, but the majority of them are selling very niche things like specific computer components or software or plant jerky ... and then there are the Silk Roads out there too.
IPVMU Certified | 11/13/13 05:07pm
This is the most benign and misleading description of a website. Ever. :
"6. 4chan.org (Alexa Global Ranking 882) - 4chan is a simple image-based bulletin board where anyone can post comments and share images without a requirement to register. The boards are dedicated to a variety of topics, from Japanese animation and culture to video games, music, and photography. They started accepting bitcoin for premium subscriptions in December 2012."
That said, bitcoin does not solve any of the 'fundamental flaws' of fiat currency. Say what you will about government regulation, but at some level, any paper (or bit) is only worth what someone will trade for it. People accuse the institution US Federal Reserve of manipulation. I can't even imagine how hot those accusations get for a 'hacker currency'.
I live in a region that still bounces coins off a table to see if they clank like slugs and refuses to accept 'out of town' checks.
We recently got Canada's first BitCoin ATM here in Vancouver, and a number of stores are now accepting them, including a local coffee shop chain.
I haven't really got into it myself, but a friend of mine is a big proponent - he built up a fair "stock" of them with a GPU farm before the price shot up, and ended up with some decent cash in pocket.
I'm gonna keep on not using Bitcoin, after reading this article about an exchange disappearing today.
Influx of currency based upon pure speculation and no physical - REAL LIFE value, has been the core of the collapse of more than one economy. Isn't the definition of an idiot is someone who does the same thing repeatedly expecting a different result each time?
When I published this post on November 12, a bitcoin was worth $370, 5 days later $590!
p.s. - Bitcoin is the Pefect Bubble!
Bitcoin is one form of legal tender accepted by Cryptolocker criminals who use 2048-bit encryption to lock up your data stores, then hold them for ransom.
The craze will only last so long. Concept sounds great but not something I would invest in.