I'd like to hear what people's opinions are on bitcoin and similar types of new money? While I'm no economist, I consider myself pretty smart about how I use currency, so I'm not going to beat the dead horse about how our economy is fucked and all that rigamorale. I'm perfectly fine with using fiat currency to handle my financial needs on a real world level, with real due diligence that attempts to regulate the way people use financial instruments or promote lending practices.
With the advent of technology, I think that all these forms of cyber currency are another aspect of economic 'bubbles' that people can speculate on and open new types of secondary markets to exploit, and it will be only a handful of extremely savvy entrepreneurs that will manipulate those markets to make fortunes. Currency has to be liquid and sustainable in order to drive markets, so with this new type of money it's hard to tell when it will be seen or accepted as a legitimate form of global commerce.
My market speculation would be that the lack of totally secure transactions will discourage people from using cyber currency. I am curious to see where the technology drives the evolution of the current market standards. Bitcoin in its infancy isn't legitimate enough to make economic templates similar to fiat money, meaning you can't exchange or establish credit or use a banking system like ATM machines just yet. Some countries are experimenting with it, introducing real world applications that can get you a cup of coffee or foodstuffs or similar commodities, to name a few examples. It'll be interesting to see where it progresses, but like any secondary market manipulation, the real world value will fluctuate as the financial templates get more complex.
Disscussion welcomed. What's in your wallet these days?
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Cyber Currency | Forum
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Mod Orgasmic Karmatic.
Sep 18 '14
I am a "put it in my hand" type of person. I don't even like the whole "virtual bank" that my money is kept in. For a long time, every pay check, I would take the fees that I was charged just to withdraw the money that was in my account. Even now, I have a payroll card but not an account with a bank. Due to past experiences, I don't like my money to be anywhere but where I can physically see it.
Because of this, I highly doubt that I would be likely to get involved in something like a "cyber currency". I think it's too risky. These days, I keep my money physical or on my payroll card. I don't screw with the rest.
Member sonofject
Sep 18 '14
@ Org I pretty much have the same outlook when it comes to working for my money. I haven't used a bank in ages to store any of my liquid assets earned. My credit cards are prepaid to use on the occasion that my purchase requires a credit history, like if I'm renting a car or getting a cash advance, but that's strictly for convenience. I like keeping my financial history anonymous and secure, nothing does that like cold hard cash and carry.
@JustJon I'm curious, do you use bitcoin as a convenience in your line of work or are there other tangible applications? I'm not too savvy about what 'mining' them entails, it would be interesting to me for you to elaborate on the process.
@JustJon I'm curious, do you use bitcoin as a convenience in your line of work or are there other tangible applications? I'm not too savvy about what 'mining' them entails, it would be interesting to me for you to elaborate on the process.
Manager Jon S
Sep 18 '14
It's just a common method of payment in some of the IT areas I work in.
@JustJon I'm curious, do you use bitcoin as a convenience in your line of work or are there other tangible applications? I'm not too savvy about what 'mining' them entails, it would be interesting to me for you to elaborate on the process.
Helps keep anonymity as well.
https://en.bitcoin.it/wiki/Mining
Member Khandnalie
Sep 18 '14
I think bitcoin and the like are interesting. Im not sure I would ever invest any serious portion of my resources to a currency not backed up by atleast a handful of governments, but the rapid rise of this currency, if nothing else serves as a great reminder of what money actually is. It's an idea, an abstraction of value. Your dollars only have value because everyone believes they have value. I think the bitcoin is a neat little example of that fact.
That being said, Im not gonna call bitcoin miners idiots or anything like that, as some people have - there's probably a few people who have gained a lot because of bitcoin, as there are many who have lost a lot. Its an investment like any other. *shrugs*
Manager Jon S
Sep 18 '14
I think bitcoin and the like are interesting. Im not sure I would ever invest any serious portion of my resources to a currency not backed up by atleast a handful of governments, but the rapid rise of this currency, if nothing else serves as a great reminder of what money actually is. It's an idea, an abstraction of value. Your dollars only have value because everyone believes they have value. I think the bitcoin is a neat little example of that fact.
That being said, Im not gonna call bitcoin miners idiots or anything like that, as some people have - there's probably a few people who have gained a lot because of bitcoin, as there are many who have lost a lot. Its an investment like any other. *shrugs*
It's an art. I know a few currency exchangers who have made millions in the last year in crypto currencies. Others who have gambled theirs away.
