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Thread: bitcoins... the currency of the future?

  1. #1
    Moderator & Team Gunsnet Platinum 07/2011 O.S.O.K.'s Avatar

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    Question bitcoins... the currency of the future?

    So, I've heard of these for some time now. I see that they were started in 2009 as a modern version of Edison's idea for a decentralized, commodity based currency. A currency that eliminates the middleman - the central banks and their funny money. The idea really wasn't practical until just recently as computers and mobile devices have matured and improved. It's all based on super cryptography - math. This makes them ultra secure and there have been no reported fraud or theft, hacking, etc. since they've come out. Just not practical to do the way they're set-up.

    I also see that they ran along at a low value for some time and then spiked over $900 value per bitcoin and then dropped again and are now on a slow build trading for $636 right now. Those who bought them early made out like bandits - many millionaires have been created via bitcoin investing. Speaking of investing, there are now new companies that are being created based on the bitcoin and represent outstanding investment opportunities.

    Apparently, they are catching on. You can now trade bitcoins for any currency on the exchanges. Millions of merchants world-wide accept them as payment. You can buy gold and silver with them... They can be divided down to .00000009 ish unit of a bitcoin and therefore, they will have plenty of divisibility for the foreseeable future to be used for commerce.

    They are being created or "mined" on the network of owner's computers and the maximum number of them will have been created by 2020 or something like that. The current computing power of this network exceeds the capacity of all the world's supercomputers by a factor of eight! They can not be manipulated by the central banks in any way and those holding them are anonymous - as are transactions. The IRS can not find out who has them (unless you use them in such a way that they can trace back to you) and therefore they can't deduct taxes from them. Of course, it's illegal not to pay your taxes... but we all know that there are millions of "grey market" transactions being done every day that are outside of the tax structure not counting bitcoins.

    There are quite a few billionaires and techno wizard investor types that are investing in them - the inventor of facebook for example along with banks and other tech companies.

    Firefox and one other web browser are already set up to facilitate the use of bitcoins and Microsoft is looking at it for explorer... further, mobile devices are soon going to be loaded with the same kind of capability. There are already apps for this.

    The prediction is that their value will continue to rise against the fiat currencies as time moves forward.

    Given all of this and understanding that the federal gov and all central banks including the fed hate them and what they represent (freedom from fiat currency slavery), and knowing that they will try like hell to kill the bitcoin and other cyber currencies that have cropped up, I still think that it's worth the risk.

    The long-term prediction is that a single bitcoin will eventually exceed $1,000,0000 in value and exceed 10% of all transactions. That's based on the math of it and the fact that fiat currencies are being severely abused and in many people's opinion are on the way to a complete devaluation.

    So I've taken the plunge and bought a bitcoil - one. Not exactly a huge risk but I'm going to watch what happens - figure the upside is just too great not to give it a try.

    Anybody else "in"?
    ~Nemo me impune lacessit~




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    Moderator & Team Gunsnet Platinum 07/2011 O.S.O.K.'s Avatar

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    Just thought that I'd add that I see this as just one more way to prepare for the coming doom of dollar. The bursting of the fiat currency bubble.

    It is coming, there's no way around it and you can see that every .gov in the world knows it by their actions.

    Bitcoins will become very attractive when the dollar, the euro, the everycurrency dissolve into a fraction of their former selves. People in Argentina are already into bitcoin some 60+% - given the abuse they've suffered at the hands of their banksters over the last 100 years, I don't find this very surprising at all.

    I'm going to buy some more of them along with more PM's and downsizing to get debt free. I'm working to get away from having everything tied to the fate of the dollar. A lot of people are going to see their financial worth absolutely destroyed.
    ~Nemo me impune lacessit~




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    Moderator & Team Gunsnet Platinum 07/2011 O.S.O.K.'s Avatar

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    O.S.O.K., why do you talk to yourself? "It's the only way I can get an intelligent conversation"

    OK, had to post this - since buying my one bitcoin earlier today, I've already made $68.

    Purchased for $644 and right now, the exchange rate is $722 for one bitcoin.

    Hmmm.

    I know, I know - could go back down... it is volatile, but hey.
    ~Nemo me impune lacessit~




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    Forum Administrator Schuetzenman's Avatar

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    Good luck with it. I'll stick with Bulletcoins.

  5. #5
    Guns Network Contributor 04/2013 El Laton Caliente's Avatar

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    BitCoins are a matter of faith in the currency... they have had too much negative press and are too volatile to make a widely spread currency. Also something like 80% of the BitCoins are owned by the handful of original investors...
    We found out what "dealing" with progressive lefties is all about. Our side gives up something, they give up nothing and the progressives come back in a month or a year and want us to give up more... rinse and repeat...

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    Moderator & Team Gunsnet Platinum 07/2011 O.S.O.K.'s Avatar

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    Well, I do the bulletcoins too but they're not going to pay off my mortgage.... I haven't won the lottery yet either lol.

    Interestingly, one bitcoin is now worth $800 - give or take. The market does fluctuate wildly - but it's been over $750 for some time now. So my $644 investment has paid $160 if I sold right now.

    And I understand that they've gotten "bad press". So have guns. You going to sell all your guns? Consider the source. The idiot media just parrot what the .gov and fed feed them - and it's well understood that they do not want any alternative to the dollar - they make $zero$ and have zero control over cyber currencies.

    I hadn't heard that most bitcoins are held by the original investors... I do know that they're being used globally, are traded on the currency exchanges and have some very wealthy investors buying in on them. And as I said, web browsers and smart phones will all be able to handle bitcoin transactions soon. Imagine billions of people having access to something that offers a way to trade outside of the view of any government... or governmental entity. Quite attractive to you if you live in say, China. Think about it.

    And the number of new bitcoins coming into creation is strictly controlled and limited... limited supply and a growing demand - and they can be subdivided down to a very small unit, so they can handle a huge increase in value. A very well thought-out new currency that Thomas Edison and Henry Ford would love and be cheering for.

    I'm not completely convinced that bitcoins are going to be the wave of the future and I'm certainly not going to dump a bunch of money into them - but I am going to get a few... if they do go to over a $mil as some predict (based on what's going on with bitcoin "facilitators" and investors) then I'll look pretty smart. If not, I lose a little... or maybe just don't make so much.

    It just feels like something that will continue to grow in use. For a lot of reasons. And I like it that the fed can't do schite about it - that the IRS can't "see" it. That obummer can't steal them from me and give them to whomever he wants.
    Last edited by O.S.O.K.; 12-29-2013 at 09:24 PM.
    ~Nemo me impune lacessit~




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    Senior Member Viking350's Avatar

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    Nothing that happens through electronic media is outside of the view of the government.

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    Senior Member raxar's Avatar

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    Quote Originally Posted by El Laton Caliente View Post
    BitCoins are a matter of faith in the currency... they have had too much negative press and are too volatile to make a widely spread currency. Also something like 80% of the BitCoins are owned by the handful of original investors...
    Yeah, nobody would ever accept currency that's based purely on people thinking it's valuable.......

    The biggest thing bitcoins demonstrate is the utter stupidity of our imaginary money.
    "I didn't even expect him to come up here, thinking it was that sweet. Thinking it's that candy land like that," White said. "He wanted to pickpocket everybody. But people out here, they weren't going for none of that."

    Quote Originally Posted by Spambot
    We careered round and round for perhaps an hour, flying rather than floating, getting gradually more and more into the middle of the surge, and then nearer and nearer to its horrible inner edge.
    Quote Originally Posted by ROCK ME AMADEUS
    Then Use the motherfucking PURPLE ....

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    Senior Member Aggressive Perfector's Avatar

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    ^Every currency is based purely on people thinking it's valuable. Even if it were made of gold, silver, platinum, or whatever. Such things are only valuable because we think they are.
    "Never take pity on a blind man. He may not be able to see, but he saves a fortune by getting the butt ugly hookers".

  10. #10
    Senior Member Viking350's Avatar

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    Quote Originally Posted by El Laton Caliente View Post
    BitCoins are a matter of faith in the currency... they have had too much negative press and are too volatile to make a widely spread currency. Also something like 80% of the BitCoins are owned by the handful of original investors...
    It seems you were correct El.

    http://money.cnn.com/2014/02/25/tech...oin/index.html

  11. #11
    Forum Administrator Schuetzenman's Avatar

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    Ah I couldn't remember where I'd seen this thread. But yes a major Bitcoin exchange in Japan went dead. They say hundreds of millions of dollars worth of Bitcoins are missing and the investors are toast.

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