Lombardi's_kid_brother Posted January 29, 2014 Share Posted January 29, 2014 I think that tere is some chance that (in the absense of outright fraud, which is a big "if") these will maintain value some level of value, but more in the manner that inhently worthless pictures of Honus Wagner and Ty Cobb do than in the manner that US dollars and Japanese Yen do. Yea, while Predicto was comparing these to Beanie Babies (which makes sense because Predicto is a 58-year-old woman in a theme sweater), I was thinking in terms of Baseball Cards. The baseball card market collapsed largely because a million companies got into the business and flooded the market. So, when 126 different versions of a Ken Griffey Jr card hit the market, the value was depressed because, well, there were 126 different versions of a Ken Griffey Jr card. Now, if the US Government had said that all Ken Griffey cards are worth X dollars, I suppose that those Ken Griffey cards would be worth X dollars on some level. Honus Wagner and Mickey Mantle cards are still valuable because there is a limit to them. I'm still having my trouble wrapping my brain around this concept, but I got a B- in Econ 101 so that's not surprising. It seems that part of the value of bitcoins currently has to do with scarcity. And scarcity seems to be a strange thing to base a currency on. Link to comment Share on other sites More sharing options...
PeterMP Posted January 30, 2014 Share Posted January 30, 2014 Why does Gold/Silver have value? Gold historically has value because it was very useful because it is a metal that is also very malleable and resists corrosion and oxidation better than most metals and so could be used to make things without having them weather as much as other metals, and while that is also still true today, it is also used today in many electronics. Silver is similar to gold and so found uses. It also is a good conductor of heat (which almost certainly helped its early use) and electricity, which drives many of its uses today. People found gold and silver and found uses for them. That drove demand. That drove value. Over time they were used in and for currency and that certainly drove more demand and more value. But the practical uses drove the vaule originally and at least somewhat still today. I don't think bit coins compare. Somebody didn't wake up one day and say, hey let's "mine" these things and use them for currency just because we can assign some value for them and people will give us things for them. Link to comment Share on other sites More sharing options...
NattyLight Posted January 31, 2014 Author Share Posted January 31, 2014 This is really intelligent. Plus Joe Rogan is the man. Starts after the websites he plugs. Link to comment Share on other sites More sharing options...
DCSaints_fan Posted February 1, 2014 Share Posted February 1, 2014 Problems with cryptocurrency: - Some genius could discover a fast algorithm for breaking the encryption algorithm and ruin everyones day overnight - Even assuming the encryption algorithm is never broken, its possible for someone to control > 50% of the trust network (through worms/viruses/etc.) and ruin everyones day overnight - Governments could start to feel threatened and ruin everyones day overnight As for the "inherent value" argument, with modern fiat currency that ship sailed along time ago. And assuming the algorithm isn't broken, its impossible to have a single party decide to arbitrarily print money, so there is a form of scarcity. If it hasn't already been mentioned, here's the original paper describing bitcoin https://bitcoin.org/bitcoin.pdf Link to comment Share on other sites More sharing options...
dfitzo53 Posted February 1, 2014 Share Posted February 1, 2014 This is really intelligent. Plus Joe Rogan is the man. Starts after the websites he plugs. What in particular do you find really intelligent about it? For anyone interested in watching, the sponsorship plugs at the beginning are over eight minutes long, so you're better off trying to click ahead than just listening through them. Link to comment Share on other sites More sharing options...
Predicto Posted February 1, 2014 Share Posted February 1, 2014 What in particular do you find really intelligent about it? For anyone interested in watching, the sponsorship plugs at the beginning are over eight minutes long, so you're better off trying to click ahead than just listening through them. The thing is 3 hours long. I'm not sure I have enough time to listen to one libertarian interview another libertarian who happens to be a bitcoin evangelist for 3 hours. Link to comment Share on other sites More sharing options...
dfitzo53 Posted February 1, 2014 Share Posted February 1, 2014 The thing is 3 hours long. I'm not sure I have enough time to listen to one libertarian interview another libertarian who happens to be a bitcoin evangelist for 3 hours.I only listened to about 20 minutes in one sitting. I assumed there was more to the show than just that interview, but maybe I was wrong. Link to comment Share on other sites More sharing options...
rictus58 Posted February 7, 2014 Share Posted February 7, 2014 http://money.cnn.com/2014/02/07/investing/bitcoin-withdrawal-halt/index.html?hpt=hp_t2 Bitcoin plunges as major exchange halts withdrawals Link to comment Share on other sites More sharing options...
grhqofb5 Posted February 7, 2014 Share Posted February 7, 2014 So, reading up a bit on this (not the political aspect, just functionality). Taking this to its logical conclusion, in the next 40 years or so, the final bitcoin will be issued, and that will make about 20 million floating around in the "market." There will never be any more or any less. They cannot be destroyed, copied, etc. So of the 20,000,000 bitcoins, and assuming there are 7 billion people in the world, with even distribution each person would own .0028571 bitcoins. (or is it "bitcoin"). Of course, it will not be evenly distributed, but let's assume that it is. As the population grows (which we assume it will), the distribution of bitcoin will follow that growth, so that once the population reaches 10 Billion, each person would then hold .00200 bitcoin(s). So instead of inflation, you would have deflation of currency. So if you own property that is valued at 1 bitcoin in 2040, it may only be valued at .8 bitcoin in 2080. Wouldn't it make sense to issue more bitcoin to stabilize the market? Link to comment Share on other sites More sharing options...
grhqofb5 Posted February 7, 2014 Share Posted February 7, 2014 "When the Last Tree is Cut Down, the Last Fish Eaten, and the Last Stream Poisoned, You Will Realize that You Cannot Eat Bitcoin." -Anonymous Link to comment Share on other sites More sharing options...
China Posted February 7, 2014 Share Posted February 7, 2014 "When the Last Tree is Cut Down, the Last Fish Eaten, and the Last Stream Poisoned, You Will Realize that You Cannot Eat Bitcoin." -Anonymous A paraphrasing of the Cree Indian proverb where they use "money" instead of "Bitcoin." Link to comment Share on other sites More sharing options...
mjah Posted February 14, 2014 Share Posted February 14, 2014 Question -- Is there any more secure site for bitcoin storage than Silk Road 2? 'Cuz they just got hacked and completely wiped out. $2.7 million heist. Rumors of an inside job are swirling, basically questioning the credibility of the SR2 administrator's account: Silk Road 2 Hacked, All Bitcoins Stolen Link to comment Share on other sites More sharing options...
zoony Posted February 14, 2014 Share Posted February 14, 2014 Question -- Is there any more secure site for bitcoin storage than Silk Road 2? 'Cuz they just got hacked and completely wiped out. $2.7 million heist. Rumors of an inside job are swirling, basically questioning the credibility of the SR2 administrator's account: Silk Road 2 Hacked, All Bitcoins Stolen ****coins Link to comment Share on other sites More sharing options...
mjah Posted February 14, 2014 Share Posted February 14, 2014 Forbes weighs in, for what it's worth and with some additional context... Silk Road 2.0 'Hack' Blamed On Bitcoin Bug, All Funds Stolen Link to comment Share on other sites More sharing options...
chipwhich Posted February 18, 2014 Share Posted February 18, 2014 I wonder if NattyLight is still all in? http://dealbook.nytimes.com/2014/02/17/regulators-and-hackers-put-bitcoin-to-the-test/?action=click&contentCollection=Business%20Day®ion=Footer&module=MoreInSection&pgtype=article Link to comment Share on other sites More sharing options...
GoSkins0721 Posted February 25, 2014 Share Posted February 25, 2014 "(Reuters) - Prominent bitcoin exchange Mt. Gox posted an update on its website on Tuesday, saying a "decision was taken to close all transactions for the time being," citing "recent news reports and the potential repercussions on MtGox's operations." http://news.yahoo.com/bitcoin-exchange-mt-gox-39-website-down-053727771--sector.html Is the end near? Link to comment Share on other sites More sharing options...
Forehead Posted February 25, 2014 Share Posted February 25, 2014 Man, I was searching for this thread and about to post the update, but GoSkins beat me to it. I wasn't sure if I should quote Natty, or Kunit, or both. Hope they still have their shirts. Link to comment Share on other sites More sharing options...
Kilmer17 Posted February 25, 2014 Share Posted February 25, 2014 Im shocked. This reminds me of playing "got your nose". with my little kids. Link to comment Share on other sites More sharing options...
TheGoodBits Posted February 25, 2014 Share Posted February 25, 2014 Well it looks like the end of BitCoin will take less time than even I thought it would. Link to comment Share on other sites More sharing options...
No_Pressure Posted February 25, 2014 Share Posted February 25, 2014 Wow. Reign in the era of Dogecoin. Such coin. Link to comment Share on other sites More sharing options...
NattyLight Posted February 26, 2014 Author Share Posted February 26, 2014 I wonder if NattyLight is still all in? http://dealbook.nytimes.com/2014/02/17/regulators-and-hackers-put-bitcoin-to-the-test/?action=click&contentCollection=Business%20Day®ion=Footer&module=MoreInSection&pgtype=article Yessir, and I'm not all in my friend, just wading in the waters. And any news is good news, right? The best thing that can happen is the death of Mt. Gox be quick. Once this hashes out, it will be back. Im shocked. This reminds me of playing "got your nose". with my little kids. In a way you're not far off from the truth. The people who had the money in Gox (or any online broker) to the tune of >$100K is are f'in morons. In fact, some have actually admitted that they were idiots during interviews throughout the day and personal responsibility. There had been telltale signs of it failing for months; it was a poorly ran exchange and people chose to take the risk by keeping not some, but all of their BTC in a place that they literally had no control of its movement...these are risky people, not a flawed technology in the slightest (malleability issu was found and addressed years ago). Oh look, BTC is up 25% in the last 24 hours...it's not going anywhere people. Whether it's "worth" $1000 or $1 it will still have intrinsic value. http://bitcoinwisdom.com/ Link to comment Share on other sites More sharing options...
Mr. Sinister Posted February 26, 2014 Share Posted February 26, 2014 Lol, my dad bought a dvd and some other stuff on this just last week. Funny that it all went up in flames not even a week after it came in the mail. Link to comment Share on other sites More sharing options...
s0crates Posted February 26, 2014 Share Posted February 26, 2014 Whether it's "worth" $1000 or $1 it will still have intrinsic value. I do not think the words "intrinsic value" mean what you think they mean. Link to comment Share on other sites More sharing options...
NattyLight Posted February 26, 2014 Author Share Posted February 26, 2014 Tell him should buy as the panic sellers sell. It will be over 600 by tomorrow morning. I do not think the words "intrinsic value" mean what you think they mean. Transmittability, scarcity, and purpose (with respect to strengthening the block chain and exchange for good, services, and CASH of the major countries on the planet). Maybe you're right. Link to comment Share on other sites More sharing options...
China Posted March 4, 2014 Share Posted March 4, 2014 Another bitcoin site bites the dust Just a week after one of bitcoin's major exchanges, Mt.Gox, went offline—and then filed for bankruptcy—a bitcoin bank was forced to close after hackers stole 896 bitcoins, worth over $600,000. The bitcoin bank Flexcoin posted a note on its site stating: "On March 2, 2014 Flexcoin was attacked and robbed of all coins in the hot wallet. ... As Flexcoin does not have the resources, assets, or otherwise to come back from this loss, we are closing our doors immediately." The term "hot wallet" refers to bitcoins stored in an online wallet connected to the Internet. Click on the link for the full article Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.