Also, all the people whining about early adopters have had their chance now, to purchase coins when they cost near nothing.
And I hope the big players selling out means that the coins have been distributed to a larger amount of owner. Bigger spread on wealth makes for a more healthy economy imo.
Topic: Bitcoin is no Tulip (Read 3092 times)
or Beanie Babies in the 90's, are two popular examples.
What is this "Beanie Babies" you speak of and where can I get many???
I will pay top dollar!
I remember people used to line up for them!
or Beanie Babies in the 90's, are two popular examples.
What is this "Beanie Babies" you speak of and where can I get many???
I will pay top dollar!
A raw bitcoin (freshly mined) is not an asset per se, but a set of empty rows in the General Ledger.
By selling your bitcoins to others you're selling them an exclusive right to use those rows to record various transactions.
Only bitcoins that are supported by the actual transactions can be called an asset (the value of which is the value of transactions).
Recent hikes in the price of raw bitcoins are merely the Smart Money attempt to once again capitalize on the unsuspecting bitcoin fans.
NOTHING has inherent value of any kind. Inherent Value is a contradiction in terms, since value is always assigned.
True, the value must first be assigned in order for something 'with no inherent value' to be called an asset.
In the case of bitcoins supported by the actual transactions, that value is assigned by the value of those transactions.
However, in the case of raw bitcoins (those traded on MtGox, etc), that value is merely proposed (not assigned).
Heh. Potato, potato... you can assign value to the proposal itself. I'll happily take all the newly minted BTC you or anyone else might have, for free!
A raw bitcoin (freshly mined) is not an asset per se, but a set of empty rows in the General Ledger.
By selling your bitcoins to others you're selling them an exclusive right to use those rows to record various transactions.
Only bitcoins that are supported by the actual transactions can be called an asset (the value of which is the value of transactions).
Recent hikes in the price of raw bitcoins are merely the Smart Money attempt to once again capitalize on the unsuspecting bitcoin fans.
NOTHING has inherent value of any kind. Inherent Value is a contradiction in terms, since value is always assigned.
True, the value must first be assigned in order for something 'with no inherent value' to be called an asset.
In the case of bitcoins supported by the actual transactions, that value is assigned by the value of those transactions.
However, in the case of raw bitcoins (those traded on MtGox, etc), that value is merely proposed (not assigned).
I think the time has come, where it is reasonable to suggest that Bitcoin was not the "purely speculative bubble asset" that many thought it was.
A raw bitcoin (freshly mined) is not an asset per se, but a set of empty rows in the General Ledger.
By selling your bitcoins to others you're selling them an exclusive right to use those rows to record various transactions.
Only bitcoins that are supported by the actual transactions can be called an asset (the value of which is the value of transactions).
Recent hikes in the price of raw bitcoins are merely the Smart Money attempt to once again capitalize on the unsuspecting bitcoin fans.
Oh, come on. The "inherent value" argument in another guise. Nothing is an asset per se. NOTHING has inherent value of any kind. Inherent Value is a contradiction in terms, since value is always assigned.
There is no value without he (or she) doing the valuing.
One newly minted BTC is an asset, inasmuch as someone out there is going to assign value to the possibility of transacting it.
I think the time has come, where it is reasonable to suggest that Bitcoin was not the "purely speculative bubble asset" that many thought it was.
A raw bitcoin (freshly mined) is not an asset per se, but a set of empty rows in the General Ledger.
By selling your bitcoins to others you're selling them an exclusive right to use those rows to record various transactions.
Only bitcoins that are supported by the actual transactions can be called an asset (the value of which is the value of transactions).
Recent hikes in the price of raw bitcoins are merely the Smart Money attempt to once again capitalize on the unsuspecting bitcoin fans.
If anyone has any doubts about what will happen with the dollar, you just need to watch this: http://www.youtube.com/watch?v=KURRO5mcHCw
That's an excerpt out of this speech/lecture: http://www.youtube.com/watch?v=EgMclXX5msc
That's an excerpt out of this speech/lecture: http://www.youtube.com/watch?v=EgMclXX5msc
piper67
I heard a rumor on FX that something similar was in progress its about 18 month away and designed to get the US off a $14 trillion hook. current us dollars will be effectively worthless worldwide (sorry China, Japan et,al) but the new us dollar I saw an actual print of one the fed is working on will need to be pegged to something a bit more stable than debt upon debt and BTC is from my point of view a good candidate. reg 128TrjaSuKp7uhqCgTHmFFX1wwR76eTX3P
I heard a rumor on FX that something similar was in progress its about 18 month away and designed to get the US off a $14 trillion hook. current us dollars will be effectively worthless worldwide (sorry China, Japan et,al) but the new us dollar I saw an actual print of one the fed is working on will need to be pegged to something a bit more stable than debt upon debt and BTC is from my point of view a good candidate. reg 128TrjaSuKp7uhqCgTHmFFX1wwR76eTX3P
The sole reason I strongly believe in Bitcoin's success and viability is it's mechanics regarding the issuance and limited supply. I would not support any similar currency that doesn't include a similar rule so USDcoin or any other fiat currency can kiss my ass.
genius, I'm telling you!
That precludes adoption by any government.
Volatility will only be an issue until someone forks the chain and comes up with USDcoin, a new cryptocurrency based on Bitcoin, that maintains constant parity with the BTC/USD exchange rate :-)
Right, everyone will jump on such InflationCoins. To quote evoorhees:
... or because it's "deflationary." We'll hear about the greedy early adopters getting rich ....
Actually, a USDcoin blockchain would save the US a ton of money in minting costs, no? It could still be controlled by the Federal Reserve, could still be inflationary and so on, just based on Bitcoin... genius, I'm telling you!
Volatility will only be an issue until someone forks the chain and comes up with USDcoin, a new cryptocurrency based on Bitcoin, that maintains constant parity with the BTC/USD exchange rate :-)
Right, everyone will jump on such InflationCoins. To quote evoorhees:
... or because it's "deflationary." We'll hear about the greedy early adopters getting rich ....
Soon, we will again hear condemnations that Bitcoin will fail because it's too volatile or because it's "deflationary."
Volatility won't make Bitcoin fail, but it's a major pain for every merchant trying to offer Bitcoin payment. The only way out is to get the ratio of speculation/(regular use) down. This means the number of users has to go up. Complaining about speculators is not going to achieve this. Using Bitcoin wherever possible will get us there.
Volatility will only be an issue until someone forks the chain and comes up with USDcoin, a new cryptocurrency based on Bitcoin, that maintains constant parity with the BTC/USD exchange rate :-)
Soon, we will again hear condemnations that Bitcoin will fail because it's too volatile or because it's "deflationary."
Volatility won't make Bitcoin fail, but it's a major pain for every merchant trying to offer Bitcoin payment. The only way out is to get the ratio of speculation/(regular use) down. This means the number of users has to go up. Complaining about speculators is not going to achieve this. Using Bitcoin wherever possible will get us there.
Honestly people, I'd be willing to bet someone found something useful for bitcoin that might NOT be currency related..
Such as DRM or Voting... it most likely is something that it's being adopted for that has nothing to do with what it was initially made for.
Such as DRM or Voting... it most likely is something that it's being adopted for that has nothing to do with what it was initially made for.
Yes, I think it is fair to say we've bounced off the $2 bottom now and may be heading for the next bubble. Next time I hear someone trotting out the Ponzi scheme line, I'll reply, "Ponzi schemes don't bounce."
Haha! +1000 …I must say though, it's funny to now see so many people that were previously proclaiming that price doesn't matter now getting so excited about the price. 
I think the significance of this rally is not so much the higher price as it is that we've now seen bitcoin recover from a pretty severe bursting of a bubble. People that may have had serious concerns that the decline wouldn't stop until it hit zero may now feel a little more confident about the long term (even if they think this may be another bubble forming).
Yes, I think it is fair to say we've bounced off the $2 bottom now and may be heading for the next bubble. Next time I hear someone trotting out the Ponzi scheme line, I'll reply, "Ponzi schemes don't bounce."
Haha! +1000 …I must say though, it's funny to now see so many people that were previously proclaiming that price doesn't matter now getting so excited about the price. I think the significance of this rally is not so much the higher price as it is that we've now seen bitcoin recover from a pretty severe bursting of a bubble. People that may have had serious concerns that the decline wouldn't stop until it hit zero may now feel a little more confident about the long term (even if they think this may be another bubble forming).
But when can I buy a tulip with my bitcoins from the local flower shop? That's what I'm looking forward to, hopefully in 2012.
You just gave me an idea, how about you make a Bitcoin flower site! Here's an example
http://www.proflowers.com/landingSearch.aspx?pageid=Search&REF=FGVSRCHgoogkwd_flowers_e&NoExitPopup=Y&MATCHTYPE=search&keyword=flowers&ADTEXT=7142758644&NETWORK=google&city=Anywhere%20in%20the%20USA
I would if I knew how. How about I open a gas station, a grocery store, and maybe a car lot also since I can't spend my coins at any of those either. Sad that more people care about speculating with Bitcoin than actually growing the economy. Hopefully this year we can start to reverse that.
But when can I buy a tulip with my bitcoins from the local flower shop? That's what I'm looking forward to, hopefully in 2012.
You just gave me an idea, how about you make a Bitcoin flower site! Here's an example
http://www.proflowers.com/landingSearch.aspx?pageid=Search&REF=FGVSRCHgoogkwd_flowers_e&NoExitPopup=Y&MATCHTYPE=search&keyword=flowers&ADTEXT=7142758644&NETWORK=google&city=Anywhere%20in%20the%20USA
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