Bitcoin, a new "peer-to-peer currency"

[columbia]

This turned out as expected....

Study estimates $2 million a month in Bitcoin drug sales
http://arstechnica.com/tech-policy/2012 ... rug-sales/" onclick="window.open(this.href);return false;

[columbia]

I hope you properly timed that Bitcoin investment speculation:

[Pavel Bure]

Whoa I should have sold my .75 bitcoins a while ago.

[Hockeynut!]

I thought someone was going to suggest paying McDonald's workers in bitcoins.

[Eismann]

I have long advocated the concept of Direct Economic Sponsorship, which is the ability to give any amount of money to anyone, without tax implication. Should happen. Eliminates most government ineptitude.

[Pavel Bure]

I feel like the bitcoin landscape as of right now is very similar to the stock market before the great depression. Obviously it can't impact economics on that scaled but wealthy investors can manipulate the market in a very similar way which is causing these huge mountains and valleys of the currency.

[ExPatriatePen]

I hope you properly timed that Bitcoin investment speculation:

Spoiler:

The latest drop was an (over)reaction to a Chinese government warning on their use. The warning did not prohibit their use.

This is actually a sign that now would be a good time to purchase bit coins.

(Note: I am not a fan of Bitcoin, just commenting on market pyschology.)

[ExPatriatePen]

LOL.

http://m.huffpost.com/us/entry/4493150" onclick="window.open(this.href);return false;

[ExPatriatePen]

Probably the most unbiased (short) article that I've read yet on Bitcoin:

http://www.businessinsider.com/why-bitc ... ue-2013-12" onclick="window.open(this.href);return false;

The headline is misleading, I think the author tells all sides of the story pretty well.

[columbia]

I still find it to be interesting from a technology standpoint, but I hope people aren't looking at this as some sort of positive outlet for speculation.
If so, one should look into server space in Iceland and probably be prepared to spend quite a bit.

http://dealbook.nytimes.com/2013/12/21/ ... ines/?_r=0" onclick="window.open(this.href);return false;

[columbia]

Bitcoin itself may fail as a currency, but the underlying technology is beginning to suggest valuable new applications.
http://www.technologyreview.com/review/ ... ly-useful/" onclick="window.open(this.href);return false;

[Gabe]

Some comments of an article I read someone was concerned about people jumping to their deaths after the collapse of the currency.
Someone replied saying "no one can jump to their death from their mom's basement"
Brilliant

[newarenanow]

http://money.msn.com/business-news/arti ... d=17393259" onclick="window.open(this.href);return false;

Mt. Gox files for bankruptcy.

[Pavel Bure]

http://money.msn.com/business-news/arti ... d=17393259

Mt. Gox files for bankruptcy.

Yeah it's a very odd situation. There's claims they embezzled funds but there's also claims of an exploit in the code of bitcoin that could make a string think a block was sent when it really wasn't. So far it seems the embezzled side is the true story. Since hitting a high of about $1200 a coin bitcoin has lost half its value. This has happened before (the losing half or more than half the value) It typically hits a bottom out point and then rebounds huge. I still have faith in it being useful as a payment alternative in the future. I will say that I'm not on board with the people that think it's the currency of the future. It is too easy to 1. create a crypto currency and 2. I feel like it wouldn't be difficult for a number of those currencies to merge and increase their value against the bitcoin. I do however feel that bitcoin has the model down of how a crypto currency should operate. It has a strong infrastructure in their block chain model and bitcoin has the economic model of scarcity drives value. There are currently about 11-12 million bitcoin mined so far. There are only going to be 21 million bitcoin ever. The hardest thing for people to understand about bitcoin is that each coin can be divided into pieces equal to 0.00000001(1 satoshi) which means each coin can be divided into one hundred million satoshi. Mt. Gox showed how not to do something and this can only make the currency stronger in the long run. I'm still on board.

[columbia]

Bet the US citizens who lost, wished it had been FDIC insured.

[viva la ben]

[DelPen]

So if there's an EMP or power grid failure how do I use Bitcoins?

[Pavel Bure]

So if there's an EMP or power grid failure how do I use Bitcoins?

How would you use regular money then? If a failure of that magnitude happened then no currency would hold value.

[BigMcK]

So if there's an EMP or power grid failure how do I use Bitcoins?

How would you use regular money then? If a failure of that magnitude happened then no currency would hold value.

gonna guess if I had a $20 bill in my wallet and needed to buy $15 of product, I am sure that I am a buyer.

not selling green currency short. But by 25% in event of emergency.

[Pavel Bure]

So if there's an EMP or power grid failure how do I use Bitcoins?

How would you use regular money then? If a failure of that magnitude happened then no currency would hold value.

gonna guess if I had a $20 bill in my wallet and needed to buy $15 of product, I am sure that I am a buyer.

not selling green currency short. But by 25% in event of emergency.

If there's an EMP or grid failure the currency would quickly turn to goods and services traded. Money would be worthless. It's a different discussion than the dollar vs. crypto-currency. In the dollar vs. crypto dollar wins IMO. The goal of bitcoin isn't to be a currency to replace others but to be an alternative to some things... At least in developed nations.

[bh]

In a power outage cash would work just fine, but Bitcoin would still work for the majority of the time. Just like credit cards right now.

[DelPen]

So if there's an EMP or power grid failure how do I use Bitcoins?

How would you use regular money then? If a failure of that magnitude happened then no currency would hold value.

Gold or silver

[viva la ben]

Another one bites the dust, not a huge player, but lawd, those hackers!

“On March 2nd 2014 Flexcoin was attacked and robbed of all coins in the hot wallet,” the statement read. “As Flexcoin does not have the resources, assets, or otherwise to come back from this loss, we are closing our doors immediately.”

http://www.theguardian.com/technology/2 ... ack-attack" onclick="window.open(this.href);return false;

[columbia]

Game theory suggests the rules governing Bitcoin may need to be updated if the currency is to endure.
http://www.technologyreview.com/news/52 ... undations/" onclick="window.open(this.href);return false;

[columbia]

Bitcoin is the worst investment of 2014
http://qz.com/312598/bitcoin-is-the-wor ... t-of-2014/" onclick="window.open(this.href);return false;

Color me shocked.