Bitcoin ?

[WinterHold]

I have no info about this currency; the "Bitcoin".
All I know that it's:
1-A Virtual Currency
2-It went viral nowadays and its value exceeded all expected.

So what do you think?

[Aoi Magi]

I have no info about this currency; the "Bitcoin".
All I know that it's:
1-A Virtual Currency
2-It went viral nowadays and its value exceeded all expected.

So what do you think?

The concept of cryptocurrency is great and I support it but personally I'm gonna wait for things to stabilize a bit

[purplepurpose]

Credit cards look similar.

[vorlon13]

I remain skeptical it's secure and/or can't be snooped thru via the CIA or Mossad or KGB . . .

[pocaracas]

When you understand that money in a regular bank is just a number on a database, bitcoin becomes just another currency... just another number.

There used to be an age when the money available to banks was related to the amount of actual valuable metal (or other commodities) that the bank possessed. The money we used, coins and bank notes, were backed by something that was actually worth something.
Nowadays, our bank notes are backed by promises of future profits... and last 2008 we saw just how feeble that system is. And it's heading there again.

What makes something valuable?
What makes money valuable? The fact that everyone agrees to exchange it for goods? That some goods are valued a particular amount, others are valued at another amount, and so on and so forth.

Bitcoins are being valuable because some people are interested in them... they attributing value to them. As long as someone is willing to exchange regular currency for bitcoins, they will be valuable. As soon as people stop that, bitcoins will become like credits on an online game.

[dyresand]

I remain skeptical it's secure and/or can't be snooped thru via the CIA or Mossad or KGB  . . .

Well, there is Cryptonote based currency which is untraceable XMR (Monero) is one of the most popular crypto-based currencies out now.
And it's a forked version of ByteCoin BNC. All transactions themselves are secure and untraceable I.E. third parties such as domesticated spying or otherwise
cannot track down where the coin is coming or going.

---

When you understand that money in a regular bank is just a number on a database, bitcoin becomes just another currency... just another number.

There used to be an age when the money available to banks was related to the amount of actual valuable metal (or other commodities) that the bank possessed. The money we used, coins and bank notes, were backed by something that was actually worth something.
Nowadays, our bank notes are backed by promises of future profits... and last 2008 we saw just how feeble that system is. And it's heading there again.

What makes something valuable?
What makes money valuable? The fact that everyone agrees to exchange it for goods? That some goods are valued a particular amount, others are valued at another amount, and so on and so forth.

Bitcoins are being valuable because some people are interested in them... they attributing value to them. As long as someone is willing to exchange regular currency for bitcoins, they will be valuable. As soon as people stop that, bitcoins will become like credits on an online game.

Mainly after the financial crash peoples trust in the dollar was.....err...not very good and as a result, cryptocurrency became very popular very fast.
In fact, if the economy crashes yet again we will see the ever popularity of cryptocurrency even altcoins that aren't worth much spike in value very quickly. 
Bitcoins the currency made by the average person for the average person. Though.. mining BTC isn't a worthwhile endeavor unless you have the resources
but there is still other coins out there worth mining.

[paulpablo]

I started a thread like this a while back asking about the same topic and I'm still not much clearer about it.

I mean some of it is straight forward but I still don't get the bitcoin mining process, what value is the mining providing in order to gain bitcoin?

[Brian37]

I have no info about this currency; the "Bitcoin".
All I know that it's:
1-A Virtual Currency
2-It went viral nowadays and its value exceeded all expected.

So what do you think?

The concept of cryptocurrency is great and I support it but personally I'm gonna wait for things to stabilize a bit

Yea and that is the rub considering hacking worldwide. While physical paper and coin are tracked by banks, they have far more stability. And you have paperwork and bank insurance too. While online technology has helped, just like your physical house, you cant live in a virtual house. At some point representation still gets physical.

I don't trust it, seems like virtual gambling, and from what I see from Wall Street outside this idea, right now, I think it is playing with fire.

[dyresand]

I started a thread like this a while back asking about the same topic and I'm still not much clearer about it.

I mean some of it is straight forward but I still don't get the bitcoin mining process, what value is the mining providing in order to gain bitcoin?

Bitcoin mining is like digital record keeping and that's as simplified as i can get really.

---

The concept of cryptocurrency is great and I support it but personally I'm gonna wait for things to stabilize a bit

Yea and that is the rub considering hacking worldwide. While physical paper and coin are tracked by banks, they have far more stability. And you have paperwork and bank insurance too. While online technology has helped, just like your physical house, you cant live in a virtual house. At some point representation still gets physical.

I don't trust it, seems like virtual gambling, and from what I see from Wall Street outside this idea, right now, I think it is playing with fire.

Unlike with the dollar or coins bitcoins as well as any cryptocurrency, in general, it cannot be counterfeited. I mean looking at bitcoins current value... at 10k+
I'm really shaky on whether or not it will stay stable at this point due to its rapid growth.

[Ravenshire]

I remain skeptical it's secure and/or can't be snooped thru via the CIA or Mossad or KGB  . . .

Well, there is Cryptonote based currency which is untraceable XMR (Monero) is one of the most popular crypto-based currencies out now.
And it's a forked version of ByteCoin BNC. All transactions themselves are secure and untraceable I.E. third parties such as domesticated spying or otherwise
cannot track down where the coin is coming or going.

For now, until someone discovers a weakness. Nothing is forever. Don't get me wrong. I think the cryptocurrencies are likely the future of finances, but nothing is perfect and all will eventually be hacked, patched, hacked again, and so on. Just like dollar and cents transactions.

What we need more than an untraceable currency is a government that keeps their fucking nose out of Joe Average's bank account just because he had a couple big nights (over $10,000) at the casino and makes cash deposits!