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Has anyone here tried Bitcoins?
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Not since they were massively devalued by a hack attack and piracy...
Which is the inevitable fate of all e-currencies.
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Cost you more in electricity to mine the things than you'll ever get back. Ponzi springs to mind.
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>>Not since they were massively devalued by a hack attack and piracy...
I reckon there's some market manipulation going on.
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Every day is a learning day for me on C4P.
I have never heard of fiat currency before.
Until I checked I thought it was either a typo or something based on the Punto.
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Bitcoins are, basically, a pyramind scheme in disguise.
The computational difficulty of "mining" them increases exponentially as their number increases, so finding new ones is expensive in terms of both time and resources.
This means that every one you own forces up the value of those created cheaply by the originators of the scheme. Don't touch with a barge pole.
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>>
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>> The computational difficulty of "mining" them increases exponentially as their number increases, so finding new
>> ones is expensive in terms of both time and resources.
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If that is really true then it ought in theory to make it a good basis for an economy.
Gold is a good basis because there is by and large only a small supply of new stuff. If we discovered massive quantities of it on the moon however, just lying around waiting to be picked up, then the world currency ponzi scheme would collapse, as it nearly did when Spain discovered gold in the New World.
Cigarettes are a good currency in extremis, because there is only a relatively slow supply of them, and they have a real use because most people are addicted to them.
Shells however are not a good currency because anybody can go out and "mine" some more, and they have limited non-currency uses.
The flaw in the Bitcoin is that the difficulties of mining them are entirely contrived and artificial, and could be manipulated by the scheme originators. Hence there can never be any trust in their value, so it can only ever be a get in, make a profit, get out quick, pyramid scam.
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>>Hence there can never be any trust in their value, so it can only ever be a get in, make a profit, get out quick, pyramid scam.
Like the Reichsmark, Dollar, or Sterling then?
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BitCrash Continues: Down 40% And Dumping
tinyurl.com/bpk4xjx
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>> Like the Reichsmark, Dollar, or Sterling then?
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If you imagine the ReichsmarkEuro, Dollar and Sterling lacking a Country or Countries, Central bank and precious metal / foreign currency reserves backing them yes.
It's like a piece of paper with "IOU" written on it in crayon, only without the paper....
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Non fiat currency. - Zero
