Online Cash Bitcoin Could Challenge Governments, Banks

Discussion in 'privacy general' started by nightrace, Apr 16, 2011.

  1. lotuseclat79

    lotuseclat79 Registered Member

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    Namecheap now accepts Bitcoin.

    -- Tom
     
  2. lotuseclat79

    lotuseclat79 Registered Member

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  3. mirimir

    mirimir Registered Member

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    Yeah, and it just spiked another 5 USD!

    Anyone know what's going on?

    Is it just adoption pressure?

    Edit: There's a major sell-off under way.
     
    Last edited: Mar 6, 2013
  4. lotuseclat79

    lotuseclat79 Registered Member

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    The rise of Bitcoins teaches a tremendous lesson about global economics.

    To mirimir:

    I would guess that the current speculation by Bitcoin holders is that it can't go much higher, and they want to hedge their bets - just like stock exchanges with stock holders.

    -- Tom
     
  5. mirimir

    mirimir Registered Member

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    I get that, but most people aren't trying to do business using stocks as money!

    Such volatility is problematic for currencies (or rather, for the people using them). It's hard for both providers and customers, people who aren't speculating, but just doing business.

    Many customers probably made substantial purchases over the last couple days, seeing how fast prices were spiking. Now their providers are probably not very happy. Some providers hedge by using historical-average prices, but that makes them less attractive when prices are increasing.

    Volatility is also problematic for gold, silver, etc. But there, it's arguably the value of fiat currencies that are changing. I don't think that applies to Bitcoins. Maybe it will?
     
  6. lotuseclat79

    lotuseclat79 Registered Member

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  7. lotuseclat79

    lotuseclat79 Registered Member

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  8. lotuseclat79

    lotuseclat79 Registered Member

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    My post inferred nothing whatsoever about using stocks as money - only that the Bitcoin exchanges worked like the stock market exchanges (regarding human behavior).

    Bitcoin (as an anonymous form of currency) has not yet reached a universal acceptance as a de facto equivalent of recognized currencies around the world in which most people do business. Obviously, some people think that the value of Bitcoins is changing.

    -- Tom
     
  9. mirimir

    mirimir Registered Member

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    I apologize if I was being too argumentative. But Bitcoins do behave more like stocks than money. Forex markets, except during crises, aren't as volatile.

    Once that happens, their value will stabilize. Is that the expectation?
     
  10. lotuseclat79

    lotuseclat79 Registered Member

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    Well, once a currency is recognized is no guarantee that it will survive even if it does stabilize. Look at the Euro - it is essentially over with IMHO. The only country holding it up is Germany, and when Germany chooses to get out of the Euro, then other countries in the EU will follow suit and go back to their own currencies.

    We will just have to wait and see how the BitCoin story unfolds.
     
  11. lotuseclat79

    lotuseclat79 Registered Member

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  12. lotuseclat79

    lotuseclat79 Registered Member

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    Shop Anywhere, Pay With Bitcoins..

    -- Tom
     
  13. mirimir

    mirimir Registered Member

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    I wonder what "anything" means for them.

    Would they ship naked-ankle pr0n (aka shoe catalogs) to Saudi Arabia?
     
  14. lotuseclat79

    lotuseclat79 Registered Member

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    Last edited: Mar 13, 2013
  15. mirimir

    mirimir Registered Member

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    Yes, forks are bad. Maybe Iran will fork, at least partially. Could get crazy.

    Edit: Less than two days later, the Mt Gox price is back at ~48 USD. That's impressive!
     
    Last edited: Mar 14, 2013
  16. lotuseclat79

    lotuseclat79 Registered Member

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  17. mirimir

    mirimir Registered Member

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    That sounds very cool, except for this red flag:

    Now if a fully open-source version were forked, with no back doors, that would be very cool!
     
  18. lotuseclat79

    lotuseclat79 Registered Member

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  19. ronjor

    ronjor Global Moderator

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    http://online.wsj.com/article/SB10001424127887324373204578374611351125202.html
     
  20. mirimir

    mirimir Registered Member

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    Someone's paying attention! Bitcoins had been stable at 47-48 USD for a few days, and since Monday evening have increased to 73-74 USD.
     
  21. lotuseclat79

    lotuseclat79 Registered Member

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  22. lotuseclat79

    lotuseclat79 Registered Member

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  23. lotuseclat79

    lotuseclat79 Registered Member

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  24. lotuseclat79

    lotuseclat79 Registered Member

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  25. lotuseclat79

    lotuseclat79 Registered Member

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