23,061 bitcoins have been transacted in the last hour or about $253,000 worth. http://bitcoinwatch.com/

Not bad for something that was virtually unknown a few months ago.

No the code makes it so that there is a limited amount and cannot be manipulated. Even gold and silver can be manipulated. Fiat money isn't bad, its the people in charge of the supply of it that are bad.

"You see Bitcoins work by using a distributed network of nodes and complex hashing algorithms."

"Where's money? I show pussy all day. Where's money?"

:thumbsup

i guess we will have to agree to disagree with naysayers . you laugh at bitcoins being dumbest idea, i laugh at you for being so closed-minded .

you say currency should be backed by something. what are current fait currencies are backed by? - say tomorrow hits inflation or super inflation where $10,000 for instance will be the cost of loaf of bread, will the govemrent inflate our savings accounts too since you believe they are backing their own currency? - i highly doubt they will back us and our savings. you and everyone else will be fucked for fuckups and greed of those who are in power and control. and you keep laughing at something new that offers semi-transparency and accountability. bitcoin production supply is predicable, governed by strong math principles, you simply can't inject more of them at will. you can't double spend them also - and you see no benefit of it? LOL

it's pointless to even argue with yous. if you have no interest in the subject or don't believe it has potential, simply stay out of these threads, save your time and energy to make more wealth for those who are in power in control of your lifes.

I can't really laugh too hard at somewhere around $100,000,000 (million) USD worth of bitcoins in circulation, so there's definitely something to it.

having trillions of debt is much more credible :1orglaugh

Its all a scam, stay far away from this. :winkwink: There is no money in Bitcoin....

I don't even have a smart phone. Bitcoins will be a market for the nerds and early adopters.

please explain how exactly this 'scam' is operated and works.

I was able to trade dollars for bitcoins and back, and i was able to use some service paid for by bitcoins. every transaction went as expected. is there something we should be aware of and cautious about - let us know, much appreciated!

50 dreamers who have absolutely no understanding of monetary systems or monetary theory.


The point is not "why is it unstable", the point is "it is unstable".

It's unstable because it is very new and prone to various shocks.

Give it some time, either it will prove to be stable or it won't.

Bit coins are backed by air ...

They are an outlaw currency whose value is volatile and convertible by no bank in the world.

Mental masturbation for now anyway ...

Have you read any posts on here at all? I've already posted that with services such as bit-pay and btcinch <-- I think thats it. If someone pays you in bitcoins it will convert to usd instantly. The price that you're charging will also float to the price of bitcoins at the time so that you dont take any risk.

Oh jeez why do I even try.

don't think you get what he is trying to say. reread.

The risk is that you can't run a business based on a currency that has an indeterminate value at any given moment. You can't plan. You cant budget. You cant make projections. You are saying you now have to make the cost of a product or service change in real time (as in literally milliseconds of market changes - which in itself is a technological feat).

Now you are saying your apple will cost 1.00 Unicorn Dollars one day, 1.20 the next, 2.00 an hour later, .95 the next day, 1.30 2 hours after that and so on. "but there's no risk". You don't have to be a MENSA member to understand the silliness of that argument. In what you feel is a logical means to conceal that risk and hedge against that risk, you are then forced to either display the cost in Bitcoins in Dollars which is in a constant state of flux and changing in real time (which is absurd), or you are forced to mask the fluctuating value of bitcoins behind another concept like "chat tokens" or something else, which again, defeats the purpose.

Furthermore, you have to not only get surfers to buy into these concepts, but models (who are fuckers), studios (worse) and webmasters (good luck with that). Don't forget this is a 4 party agreement and everyone needs to be on board... and does not simply involve the site owner/surfer.

You might get lucky, but few people who try to reinvent the wheel find the success they were anticipating... and ultimately are forced to accept that the standard wheel is actually pretty good. You arent offering a compelling benefit to doing anything with bitcoins.

The simple fact is, there are only negatives to doing anything with bitcoins as a payment option for a chat site.

Everyone with Bitcoins has a Visa or Mastercard. Not everyone with a Visa or Mastercard has bitcoins. Everyone with a Visa or Mastercard also has the security of knowing they can recover spent money if they are ripped of (for digital products). Bitcoins allow no such protection. Everyone understands the concept of Dollars or Euros and is relatively confident in them. Few understand the concept of bitcoins. Even on this very forum. People do not like foreign ideas or any uncertainty (real or perceived) when it relates to their earnings or product prices.

At the end of the day, you can't really make a strong argument for why bitcoins is a great solution to a problem, demand or need. It's not a solution to any problem, demand or need.

At best, at this stage of the game, its an idea that would be a payment option on an existing site. What a massive pain in the ass that would be to cater to .00000000001% of the traffic and site users.

It should always be remembered that irrational exuberance and passion alone for an idea, does not make a shitty idea, a great idea.

I kid, hence the wink in my post :thumbsup The options for transaction are improving almost daily. See you on the Road!

where do bitcoins "come from"?

when there is a reliable service that will exchange bitcoins for actual cash i can put in my pocket, i might believe its going somewhere. until then, its just a geek fantasty.

The fact that they are generated out of thin air and based on absolutely nothing except the fantasies of naive, anti social and dysfunctional nerds who think they are changing the world, is apparently proof of their "success".

bitcoin evangelists previous were anti-federal reserve goldbugs who ranted about a currency backed by nothing but now with bitcoins somehow that doesn't matter any more.

the person (or persons) who mysteriously minted tons of bitcoins when the concept was obscure is laughing cashing them out now as the bitcoin cult hallucinates value and creates the structure to convert it into real world currency.

bicoins are a genius concept ... for the creator who of course used a fake name and remains nameless. it really is a wonder of social engineering. it's like he found every trigger in a type of computer geeks mind and hit everyone of those notes.

Its normal for humans to attack something they don't understand. Its ok.

Anti-social dysfunctional nerds came up with the ideas for most of the things you rely on today especially in the internet / tech realm. You seem like the type who just wants to keep the status quo and will fight change cause its scary. Its ok, you can cry on my shoulder porno jew. :1orglaugh

i understand it perfectly ok.

posted by TheSquealer:
This should be an emblazoned banner at every alternative currency discussion board on the web.


Frank

A new currency is not "technology" or "internet" or within the realm of nerdom. Currency is not a new idea. Neither are macroeconomics or monetary theory. Being ignorant of what currency is, does not make someone genius for thinking they can create a new one. Finding enough socially retarded, dysfunctional and "anti establishment" people to hop on board, doesn't mean there aren't major practical obstacles to overcome and in the end, it has to be managed, traded and regulated like any other currency - which you and your's don't seem to get.

And FYI.... I don't care about status quo (whatever the hell you are talking about). I am just not a guy that wakes up everyday with a dream and a lot of vague and flaky ideas about changing the world. I wake up everyday with a clear, well thought out, well structured and coherent plan and I then execute. So keep dreaming. I'll keep executing. The benefit of people like you to me is not your valuable contribution to society, its that you will never be my competition in anything.

:2 cents: