Do you see a future in cryptocurrency?

[doubledeluxe]

Pyramid scheme. That's all it is right now.

 

[lxskllr]

So this happened http://www.businessinsider.com/bitcoin-has-been-getting-obliterated-2014-10

Looks like a good time to buy a couple hundred $ in bitcoin, or maybe just splurge, and get one whole bitcoin to myself :^D There's a few things I want to buy, and some donations I want to make. The rest I can hold on to to see what happens.

 

[doubledeluxe]

Google: 1 BTC to USD

Then only buy if you want to GAMBLE. It's not investment at all. This is pure speculation and just a pyramid scheme to steal money from the biggest suckers. Don't be the last one holding the bag.

 

[NikolaeVarius]

Pyramid scheme. That's all it is right now.

You obviously have no idea what a pyramid scheme is and how it works.

 

[doubledeluxe]

You're one of those fools who thinks bitcoin have worth right? That it's not completely dependent on rampant speculation?

You bought at $1000 and are probably wondering what happened.

I mean come on! If you want to get more accurate then lets call it a Ponzi scheme.

 

[NikolaeVarius]

You're one of those fools who thinks bitcoin have worth right? That it's not completely dependent on rampant speculation?

You bought at $1000 and are probably wondering what happened.

I mean come on! If you want to get more accurate then lets call it a Ponzi scheme.

You obviously have no idea how a Ponzi scheme works.

 

[njdevilsfan87]

I bought a PS4 off NE when there was that 30% off $500 BTC deal. I hope it is here to stay around in some form another. It's super convenient. No middle man at all. And if the price would just stabilize at some point, owning a cold wallet can be as safe as having physical gold locked up in a safe. Except it's 100x easier and more convenient to obtain. (or at least will be soon with Paypal integrating it next year)

With all the hacking of the major companies these days, I would be comfortable holding 10-15% of my wealth in such a storage. It could even be a good safe against the worst case scenario (of downright full ID theft). But right now it's still based off speculation, hence I hold very little.

Glad I didn't buy any any at $1000+ though. Though am very, very interested now at ~$300 or less prices.

Right, because I want to go to a store and count the zeroes in the price of something measured in billionths of a unit.

Have you ever actually tried to purchase something using BTC? My experience with using it on NE buying the PS4 which was something like 0.73290528 BTC (I don't remember the exact billionths of unit)

1) Checked out with BTC
2) Page loaded with a button saying "pay with BTC" and that I had 15 minutes to do it
3) Clicked the button
4) My wallet opened up with the exact amount of send and address to go
5) Clicked send in my wallet
6) 1ms later Newegg refreshed and it was paid

Was less of a "hassle" then putting in my CC information manually.

The only major issue I see with BTC right now is a new user having to download a 25GB large blockchain for them to have their own personal wallet.

 

[3spooky5u]

I think they are but can't decide if good or bad.

It's used on stuff like the silkroad so its really hard to track people who buy stuff on the silkroad.

 

[BurnItDwn]

It will exist as long as people have faith in it. I think it will continue to exist as a black market type of commodity for some time to come. But, it will not be treated like "money" where you can go to Menards, Ace. or the grocery store and buy stuff there.

 

[mizzou]

There is too much overhead and volatility in cryptocoins and cryptocoin transactions...as it stands now.

What we WILL see at some point is a unified world currency.

 

[MongGrel]

I wish I had gotten in on it early so I could have dumped it all by now.

 

[Crono]

I'd like to recant my bitcoin is not deflationary statement. Clearly I was up too long when I posted that.

 

[Red Squirrel]

I'm on the fence about it, I feel the existing way Bitcoins specifically work may not be long term feasible because the difficulty of mining is not stable, but instead keeps going up, and from my understanding there is even a limited amount of "coins". What happens when that limit is reached? When there is no incentive for people to mine, essentially the network will cease to exist because mining also is basically part of the network itself, you are a transactional node basically. A lot of people are only mining for the real life money they get out of it.

With crypto currency you can't pay bills or any of the costs of living, so you still need to convert them to some form of "real" money at some point. ex: I open a business, I still need to be paid in real money so I can pay for all my costs.

That said I think at some point one will come out that ends up being the defacto standard and it may very well take over at very least internet based purchasing. Any currency is as valuable as what others think it's worth, so if it becomes accepted throughout internet services like web hosting etc I could see it at very least be widely used on the internet itself.

Though if one form becomes stable and recognized enough, and utilities/governments (ex: to pay your municipal taxes) start to actually accept it, that would be a huge game changer.

 

[MongGrel]

I'm on the fence about it, I feel the existing way Bitcoins specifically work may not be long term feasible because the difficulty of mining is not stable, but instead keeps going up, and from my understanding there is even a limited amount of "coins". What happens when that limit is reached? When there is no incentive for people to mine, essentially the network will cease to exist because mining also is basically part of the network itself, you are a transactional node basically. A lot of people are only mining for the real life money they get out of it.

With crypto currency you can't pay bills or any of the costs of living, so you still need to convert them to some form of "real" money at some point. ex: I open a business, I still need to be paid in real money so I can pay for all my costs.

That said I think at some point one will come out that ends up being the defacto standard and it may very well take over at very least internet based purchasing. Any currency is as valuable as what others think it's worth, so if it becomes accepted throughout internet services like web hosting etc I could see it at very least be widely used on the internet itself.

Though if one form becomes stable and recognized enough, and utilities/governments (ex: to pay your municipal taxes) start to actually accept it, that would be a huge game changer.

From some of the Bit Coin farms I've seen in the past, most utilities are perfectly happy to power them without accepting Bit Coin in payment, I'm sure.

 

[John Connor]

I'm still trying to figure out how a block chain is worth anything?

 

[FifthGhostbuste]

You can view it as a digital proof-of-work that is immutable by anyone but transferrable by its owner. In the case of bitcoin, the proof-of-work is the result of something called a Hashcash mining function. In some altcoins like CureCoin, the proof-of-work is awarded to users of their blockchain based certificates which represent their completed work units in computational biology (like protein folding research). Both are easily transferable from peer-to-peer like money, but very difficult to produce, and “mega orders of magnitude” more difficult to hack or crack.

 

[TheGardener]

Bitcoins will be worth a ton more, once they figure out how to frack it.

Not in my past, present or future.

 

[ultimatebob]

There still aren't a lot of legit businesses that take Bitcoin, let alone the dozens of other cryptocurrencies out there. So, not really.

It would be nice if someone came out with an popular alternative to Bitcoin that had both faster transaction confirmation times and didn't have such a wasteful mining process. It's ridiculous how much electricity the Chinese are wasting to "mine" more Bitcoin.

 

[1sikbITCH]

First off, we’re so obsolete in crypto. We’re the ones that sort of were very much involved with the creation, but we’re so obsolete, we just seem to be toyed with by so many different countries, already. And we don’t know who’s doing what. We don’t know who’s got the power, who’s got that capability, some people say it’s China, some people say it’s Russia. But certainly crypto has to be a, you know, certainly crypto has to be in our thought process, very strongly in our thought process. Inconceivable that, inconceivable the power of crypto. But as you say, you can take out, you can take out, you can make countries nonfunctioning with a strong use of crypto. I don’t think we’re there. I don’t think we’re as advanced as other countries are, and I think you probably would agree with that. I don’t think we’re advanced, I think we’re going backwards in so many different ways. I think we’re going backwards with our military. I certainly don’t think we are, we move forward with crypto, but other countries are moving forward at a much more rapid pace. We are frankly not being led very well in terms of the protection of this country.

 

[MongGrel]

First off, we’re so obsolete in crypto. We’re the ones that sort of were very much involved with the creation, but we’re so obsolete, we just seem to be toyed with by so many different countries, already. And we don’t know who’s doing what. We don’t know who’s got the power, who’s got that capability, some people say it’s China, some people say it’s Russia. But certainly crypto has to be a, you know, certainly crypto has to be in our thought process, very strongly in our thought process. Inconceivable that, inconceivable the power of crypto. But as you say, you can take out, you can take out, you can make countries nonfunctioning with a strong use of crypto. I don’t think we’re there. I don’t think we’re as advanced as other countries are, and I think you probably would agree with that. I don’t think we’re advanced, I think we’re going backwards in so many different ways. I think we’re going backwards with our military. I certainly don’t think we are, we move forward with crypto, but other countries are moving forward at a much more rapid pace. We are frankly not being led very well in terms of the protection of this country.

Who is "We" to begin with on your end, and what a rambling mess of a post.

I'll take it for granted you are referring to the US.

 

[IronWing]

Who is "We" to begin with on your end, and what a rambling mess.

<== hint

 

[1sikbITCH]

Tee hee