Posted: Jun 30, 2011 3:53 pm
First, I did a forum search and found almost nothing on Bitcoin. I found that strange but I doubted the search function was broken.
Second, I wasn't sure what forum was the best fit this topic but economics fits better than technology...a little.
Third, Hi!
So...
Have you heard of Bitcoin? If so, skip to The Question Below. If you haven't, let me nutshell it for you:
it is a completely virtual currency traded via peer-to-peer connections on the internet
it has no central authority and requires no [central] third party to transact
it is backed by nothing other than the effort required to obtain it (which can be extensive)
it is stored in wallet files on computers or other memory devices
it is in theory [practically] impossible to counterfeit, double spend or kite (and the theory is as secure as sha256)
coins are 'mined' (like gold, but in a virtual sense rather than physical) and spent like cash.
transactions are more anonymous than paypal/credit cards but [arguably] less anonymous than cash.
The way you use it is to
download and install a client.
get bitcoins however (mine, buy, trade, steal)
send coins to address (provided by payee)
receive coins from address (provided by you)
The Question Below!
Do you see a future in it? I do. At other forums I don't get very good opinions of it. Most of the arguments against it are pretty weak though. The one argument that holds water is that it is only a fad that is being propped up by speculators. I see it as more than that. I see it having real potential utility; the true mark of a currencies value is its utility. It's actual, current utility is still very small; the things you can actually buy with it are very limited. Speculators seem to love it; it is trading on currency exchanges for around $17 (at the time of this post). I see that as being way over-valued, but i'm no economist.
So...answer the poll.
Do You See a Future In it?
Notes:
I can't find the create poll button so you gotta do it with a post
I didn't include links because i didn't want y'all to think I was spamming (given my post count is so low)
Second, I wasn't sure what forum was the best fit this topic but economics fits better than technology...a little.
Third, Hi!
So...
Have you heard of Bitcoin? If so, skip to The Question Below. If you haven't, let me nutshell it for you:
it is a completely virtual currency traded via peer-to-peer connections on the internet
it has no central authority and requires no [central] third party to transact
it is backed by nothing other than the effort required to obtain it (which can be extensive)
it is stored in wallet files on computers or other memory devices
it is in theory [practically] impossible to counterfeit, double spend or kite (and the theory is as secure as sha256)
coins are 'mined' (like gold, but in a virtual sense rather than physical) and spent like cash.
transactions are more anonymous than paypal/credit cards but [arguably] less anonymous than cash.
The way you use it is to
download and install a client.
get bitcoins however (mine, buy, trade, steal)
send coins to address (provided by payee)
receive coins from address (provided by you)
The Question Below!
Do you see a future in it? I do. At other forums I don't get very good opinions of it. Most of the arguments against it are pretty weak though. The one argument that holds water is that it is only a fad that is being propped up by speculators. I see it as more than that. I see it having real potential utility; the true mark of a currencies value is its utility. It's actual, current utility is still very small; the things you can actually buy with it are very limited. Speculators seem to love it; it is trading on currency exchanges for around $17 (at the time of this post). I see that as being way over-valued, but i'm no economist.
So...answer the poll.
Do You See a Future In it?
Notes:
I can't find the create poll button so you gotta do it with a post
I didn't include links because i didn't want y'all to think I was spamming (given my post count is so low)