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Ok, can someone splain this auction to me?
Manorcourtman
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What?? BitCoins??
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In honor of the memory of Cpl. Michael E. Thompson
From the website:
"Bitcoin is a new kind of money. It's the first decentralized electronic currency not controlled by a single organization or government. It's an open source project, and it is used by more than 100,000 people. All over the world people are trading hundreds of thousands of dollars worth of bitcoin every day with no middle man and no credit card companies. It's a startup currency which has never happened before.
Bitcoin is the first digital currency that is completely distributed. The network is made up of users like yourself so no bank or payment processor is required between you and whoever you're trading with. This decentralization is the basis for Bitcoin's security and freedom.
Email let us send letters for free, anywhere in the world. Skype lets us make phone and video calls for free, anywhere in the world. Now there's bitcoin. Bitcoin lets you send money to anyone online, anywhere in the world for less than a cent per transaction! Bitcoin is a community run system not controlled by any bank or government. There's no wallstreet banker getting rich by standing between you and the people you want to send and receive money from.
Bitcoin is more efficient than all competing currencies. This will drive its adoption in the same way computers were adopted, in that computers made people more efficient in competing in the marketplace. A currency has value by it being widely used. Bitcoin is a startup currency with a deflationary bootstrapping economy. Its use spreads by providing the speculator incentive.
Bitcoin is going to be the biggest opportunity for innovation that the world has seen since the industrial revolution. An idea whose time has come."
You can laugh about the "Full Faith and Credit of the US Government" that backs federal currency, but at least it still counts for something in the world market. Bitcoin sounds like a super-fiat currency with no organization tasked with watching the store. What's to keep the value of your bitcurrency from plumetting? A small currency market like this would be subject to manipulation and would lack most of our (arguably flawed) protective measures. In cases of theft or fraud which government agency would be tasked with prosecution and enforcement? What is there to prevent a hacker from suddenly declaring himself a billionare?
Lots of questions. Maybe there are good answers. Until then I remain skeptical and will stick to my guns & gold.
WNC Coins, LLC
1987-C Hendersonville Road
Asheville, NC 28803
wnccoins.com
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
WNC Coins, LLC
1987-C Hendersonville Road
Asheville, NC 28803
wnccoins.com
<< <i>I am thinking of a scene from "Hitchhiker's Guide to the Galaxy." >>
which one, tell us tell us!
.
"Bitcoin (sign: ฿; abbrv: BTC) is a decentralized digital currency created by the pseudonymous entity Satoshi Nakamoto.[1] It is subdivided into 100-million smaller units called satoshis.[3]
It is the most widely used alternative currency,[2] with the total market cap at over 100 million US dollars.[4][5][6]
Bitcoin has no central issuer; instead, the peer-to-peer network regulates Bitcoins' balances, transactions and issuance according to consensus in network software. Bitcoins are issued to various nodes that verify transactions through computing power; it is established that there will be a limited and scheduled release of no more than 21 million coins, which will be fully issued by the year 2140.[7]
Internationally, Bitcoins can be exchanged and managed through various websites and software along with physical banknotes and coins."
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
http://www.american-legacy-coins.com
<< <i>Look up "silk road" you use bitcoins to buy goods there. >>
Buying drugs via mail and gambling are two bitcoin success stories. Go figure.
<< <i>This is an interesting idea, but what exactly is backing the so-called currency? I'm comfortable playing around with PayPal "money", since the amounts involved represent only a small percentage of my income and I can turn it into real dollars reasonably quickly. I'm not sure I'd be really comfortable using this sort of thing for my mortgage and groceries.
You can laugh about the "Full Faith and Credit of the US Government" that backs federal currency, but at least it still counts for something in the world market. Bitcoin sounds like a super-fiat currency with no organization tasked with watching the store. What's to keep the value of your bitcurrency from plumetting? A small currency market like this would be subject to manipulation and would lack most of our (arguably flawed) protective measures. In cases of theft or fraud which government agency would be tasked with prosecution and enforcement? What is there to prevent a hacker from suddenly declaring himself a billionare?
Lots of questions. Maybe there are good answers. Until then I remain skeptical and will stick to my guns & gold. >>
Many questions here but nothing new has been asked.
Bitcoin price has plummetted and then recovered.
Sha256 encryption protects the network to keep it simple. One does not just hack it like how you might be thinking. Unless you have computer powered by the sun.
Manipulation is getting harder due to market growing. It was and still is in the wild west stages.
You send bitcoins to people you trust. No getting them back if you mess up.
Others debates this in depth at bitcointalk.org.