Bitcoin will bite the dust

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bronco2078
bronco2078 Posts: 10,438 ✭✭✭✭✭
in Precious Metals


So says this guy Mining of bitcoins is a natural monopoly , that will be its downfall


Any bitcoin fans out there? I don't own any but I looked at it pretty hard and the mining aspect bothered me too.

The concept that anyone could mine bitcoins seems to level the playing field , except its too hard. Too much hardware and electricity demands for joe six pack to be a miner.






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  • jmski52
    jmski52 Posts: 24,011 ✭✭✭✭✭
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    You always have to wonder if the developers left a back door. Kinda like having your own Fed. Who would ever know?
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • BBN
    BBN Posts: 3,761 ✭✭✭
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    Bitcoin- just digits on my screen like my fiat bank account. Last time I checked I could buy food at the local store with my debit card of fiat. Kind of hard to use bitcoins to buy groceries. And yes, I've seen the setups people have to "mine" (the quotes are to emphasize the absurdity of mining) bitcoins is pricey to build and then run.

    Positive BST Transactions (buyers and sellers): wondercoin, blu62vette, BAJJERFAN, privatecoin, blu62vette, AlanLastufka, privatecoin

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  • erickso1
    erickso1 Posts: 1,706 ✭✭✭
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    Bitcoins are the new "gold". At first easy to mine by average joe, but over time the industry consolidates as costs rise due to lack of easy pickings. San Fran changes their football teams name to the sf 49biters, the fed starts buying bitcoins and storing them in Fort Knox, starts issuing bitcoin backed bitdollars, India becomes infatuated with it and bit jewelry becomes all the rage, china goes hung ho and buys the rest forcing the US to issue bit dollars not linked to bitcoins and another group of stackers sits on a message board chatting about stacking bits in different denominations for the coming societal melt down.

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  • mrpaseo
    mrpaseo Posts: 4,753 ✭✭✭
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    I never really got into them, I looked at them when I first heard about them and did not really trust that they would amount to anything... Seriously, an electronic money system with no one in charge of it... I guess I really never got it. If I ever did venture into something like this I would have a few rules... First I would only spend my casino money on it. This is money that I intend to lose at the casino so it's already lost money. Second, as soon as I had anything worth anything... I would cash out in the way of PMs.

    But this is a moot point as I never ventured into the racket.
  • ricko
    ricko Posts: 98,724 ✭✭✭✭✭
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    Just like any scam, some will profit, others will lose. Cheers, RickO
  • Baley
    Baley Posts: 22,663 ✭✭✭✭✭
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    NYSE launches Bitcoin Index, currently 237.03 (+1.75)_ Vol. 190,070

    Liberty: Parent of Science & Industry

  • CollectorBob
    CollectorBob Posts: 420 ✭✭
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    NYXBT How can one short this puppy?
  • Julio
    Julio Posts: 2,501 ✭
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    Not betting on Bit coin, but it wont disappear. Here to stay. Take care. jws
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  • TwoSides2aCoin
    TwoSides2aCoin Posts: 45,216 ✭✭✭✭✭
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    It's here to stay. It's been made. You didn't hear this from the NSA.

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