Bitcoin - virtual currency - tops $1000

http://www.cnbc.com/id/101230884

What are people's thoughts on this? I'm not talking about whether it's going up or down but rather the idea behind it? i.e. not as an investment but the talk about it being a way to pull away from the global banking system. I personally support the idea although it might be doomed to failure.

 

I'm pretty sure it's some kind of scam. It's an interresting experiment, though. I can't wait to hear people crying snot over how they lost everything on Bitcoins. "But it kept rising!"

 

One obvious hazard is the poor sap whose £4million is in a hard drive he threw away by mistake in a garbage tip under 3 feet of crud!

http://uk.finance.yahoo.com/news/th...-drive-thrown-out-with-rubbish-133041090.html

 

Better than this system of fake, worthless paper currency system of smoke and mirrors. It's a start.

 

Pretty unstable for a currency. Hope it works, but I think that once it does the government will crack down.

 

Bitcoin was working on the Silk Road, until the Silk Road was shutdown. Regardless, it still works elsewhere, which is why the government is taking Bitcoin seriously and cracking down.

 

It goes to show you that the people in government view the citizenry as their servants and not their masters. A government that serves the people would never have the power to forbid a private currency purchase.

 

Lots of people are buying it to store wealth because they think it will be worth more in the future. Like beanie babies, or tulip bulbs.

 

Only hardcore radicals believe that our government should serve us instead of us serving them. Everyone else believes that our government is much more important than an individual's pursuit of life, liberty and happiness.

In any case, bitcoin is a clear and present danger to our fiat financial system and must be regulated by the government.

 

...or gold, or silver. Gold's bubble bust awhile ago at $1,900.00 and silver at $48.00.

In stark contrast, the fiat dollar has the full faith and credit of the U.S. government backing it. So long as folks have faith in the U.S. government and the government has credit the dollar will reign supreme.

 

Precious metal prices (especially silver) are heavily manipulated by "market" forces though, and the fiat paper currency, only reflects debt. Nothing more. It's one large ponzi scheme that will crash hard...soon. It has to because it isn't sustainable, and many countries want to dump the dollar. Our currency has become a bad joke, representing only debt, created from debt, and consisting of nothing else, but debt. It has to crash, and it will.

 

They can't "crack down" on Bitcoin because the actual Bitcoin is just code generated by a global computer network. Once that code is generated, it can be transferred to virtually any electronic medium, from a flash drive to a smart phone, and this entire process can be done totally anonymously, and the Bitcoins can be encrypted and stored on a secret network. In other words, the cat is out of the bag.

The Silk Road is back up: 'Silk Road 2.0' Launches, Promising A Resurrected Black Market For The Dark Web

 

Bitcoin was discussed in congress recently, and surprisingly it was viewed positively. If they want to crack down on it then it wont be happening anytime soon.

Bitcoin is certainly not a scam, altough it is volatile and if some hacker steals your bitcoins nobody will help you.

I think bitcoin has a lot of potential.

 

you don't know what bitcoins are, do you?

 

The bitcoin is a (new) world currency which was (again) not invented by common people, but you can guess by whom, (the ones that advance from it) the powers at be, including the big banks.
The idea of a one world coin is part of that one world idea (building a Babylonian utopia, imaginary or real, it doesn't matter, the result will be the same) that is going on for thirteen years (thirteen years of organisation)
One day when the bitcoin is a common global valuta it can collapse (it became to big, to influencial), that can create world wide chaos in markets (remember 1929, the bitcoin can cause such crash globally one day)
Every idea that is imperialistic in nature (bitcoin, JSF, politics, mass media, etc) is going to cause trouble for everybody (often organisation by opposition against a bad topic) The bitcoin sounds like the answer for some, against the weakening global economy and currencies. Within a few years it will sound like the EU does sound now (bad) The EU also started with lots of cheering, with euphoria in millions, with a good idea, twelve years later that same EU is going down slowly (how that euphorism is changed to more depressive, thats how psywar operates, change in emotions, in the masses is causing their organisation), that process can cause chaos if it's a sudden collapse, or a slow change to radical parties and leaders (which is already happening in a certain amount) The bitcoin could see the same tendency as the EU.
Bitcoin is becoming more of a trouble than a solution. The real solution is less capitalism, because that is the fundament were all economic, ecologic, financial, etc, problems are coming from.
Don't forget that resistance against capitalism will cause organisation (politics is misusing that pro and anti attitude in people, the bitcoin is doing the same already)

 

They can crackdown on vendors accepting it. Currency is only worth what it can buy.

 

The stock market crash was caused by loose federal reserve policy followed by a sharp reigning in of the money supply. Unemployment was lower after the crash then when they started stimulus spending. That is the real currency threat, government printing, and that can't happen with bitcoin.

 

In what way do you think Bitcoins are better than actual currencies? In what way do you think Bitcoins are even comparable to actual currencies? Also, if currencies are worthless, why is a Bitcoin's value expressed in dollars?

It's not a currency, it's a commodity and one that is fundamentally worthless. It's trading on fashion at the moment but without that, it's value can drop to zero.

 

Isnt that exactly what all fiat currency trades on?

 

The "problem" with gold and silver is that they are an inherently deflationary form of money, as is bitcoin. The "virtue" of fiat currency (combined with a fractional reserve system) is that it readily allows for inflation that minimizes debt, and inflation has the additional "virtue" of being a hidden tax.

Considering that the economy is chaotic and volatile, folks desire a form of money that offers them stability and a safe store of value. Gold appears to be the best form of money for individuals while fiat currency appears to be the best form of money for governments and banking cartels.

 

Bitcoin was invented by an anonymous person (or persons) using a pseudonym, not by banking cartels or governments. Bitcoin is a digital currency that is created by the private sector, not by governments, and it is used outside the banking cartel financial system.

 

They can just do business over the dark web.

It's buying plenty of drugs. Where's the crackdown on that?

 

Any possible alternative to this dilapidated system of nonsensical debt based BS, is cause for some hope. Tell us what bit coins are though, oh great smart one. Let's see if YOU know what they are.

 

I've read about bitcoin but I can't pretend to understand it. Nor do I pretend to understand money.

All I know for certain is that in order to live in a civilized society money is necessary, and the more money you have the better life you will live.

 

That severely limits what you can buy and how much business will be done with it. It changed so much I can't figure out how you can use it as a stable pricing point as a vendor.