bitcoin - annoymous decentralized p2p money. (transaction, buy, sell)

[killer2021]

Wow this is amazing. Anyone heard of this? Its called bitcoin. Its a cryptocurrency which is a very complex system of using security algorithms in the form of a currency. Its very complex to explain in detail.

None the less, the basic idea is to use digital currency called bitcoins. Its entirely decentralized and entirely peer to peer. There is only a finite amount of bitcoins in existence and they can only be created by a very complex process called bitcoin mining which requires supercomputer level computing power to do. Right now there are only 6 million bitcoins in existence and the total amount that can EVER be produced is 21 million. Which is estimated to be achieved sometime around 2033. Its a really great idea and I've started accepting them as payment for the products I sell online!


YouTube - ‪What is Bitcoin?‬‏

As always you can buy or sell your bitcoins for traditional currency on bitcoin exchanges. In the past 4 months the value of one bitcoin has risen from 1$/coin to 21$/coin, a 2,100% increase in value. The reason for this is supply and demand. The demand for the coins as increased more than supply - you can't just type some digits on a computer and viola 10,000,000 more bitcoins.

[Jason28]

From what I've read they're mostly used for the buying and selling of narcotics online. I approve as I think the government should have no say in what people can or cannot put into their bodies.

[jtur88]

Originally Posted by Jason28

From what I've read they're mostly used for the buying and selling of narcotics online. I approve as I think the government should have no say in what people can or cannot put into their bodies.

. . . nor what they can use for transactions for goods of value.

Currently, the government prohibits any use of tender in denominations over $100, or transfers of amounts over $10,000 covertly across the border.

There are over a million Canadian $1000-bills still in circulation, but printing of them stopped in 2000, and any that arrive back at a bank are withdrawn from circulation, but still have full face value. It surprises me that they are not widely used in surreptitious transactions where $100 bills would be excessively bulky.

Switzerland still issues the SF-1000 note, which is worth about $1200. Some (but not all ) eurozone countries issue a 500-euro note, worth about $800.

Banning large notes because criminals use them makes about as much sense as banning automobiles because criminals use them. A couple of years ago, there was no banknote in the USA large enough to fill the tank of an SUV or buy a cart-ful of groceries on a family's weekly shopping trip.

[Willy702]

The idea of a currency with a finite amount of production is insane. Even though people talk about gold as a quasi-currency it still increases in supply each year due to mining. But the real issue would be if you had a currency with a clearly defined supply with no way to possibly increase it at some point certain interests could enter the market and corner it forcing upon it a scarcity that would make money expensive for no other reason than manipulation.

I'm tired of all these old ideas about basing a currency on a metal in one form or another. It only works in the creative minds of a handful of economists. Whenever its been implemented in the "REAL" economy it eventually caused imbalances which led to serious economic issues (remember the Great Depression?) which are inherent when you have diverging factors dictating supply and demand. If we could magically mine gold in quantities which matched the world's growth rate and we could get all countries in the world to grow at about the same rate, then have at it. Unless you can do that a "based" currency concept just leads to chaos and pain on most of the population.

[NJBest]

Last Price: 19.7211
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https://mtgox.com/

[plaidmom]

Originally Posted by Willy702

.

I'm tired of all these old ideas about basing a currency on a metal in one form or another. It only works in the creative minds of a handful of economists. Whenever its been implemented in the "REAL" economy it eventually caused imbalances which led to serious economic issues (remember the Great Depression?) which are inherent when you have diverging factors dictating supply and demand. If we could magically mine gold in quantities which matched the world's growth rate and we could get all countries in the world to grow at about the same rate, then have at it. Unless you can do that a "based" currency concept just leads to chaos and pain on most of the population.

Heard of bitcoin and also a fan.
For many of the reasons mentioned above.