BitCoin
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Category: Topics not related to music
Forum Name: General discussions
Forum Description: Discuss any topic at all that is not music-related
URL: http://www.progarchives.com/forum/forum_posts.asp?TID=93179
Printed Date: August 13 2025 at 07:33
Software Version: Web Wiz Forums 11.01 - http://www.webwizforums.com
Topic: BitCoin
Posted By: Finnforest
Subject: BitCoin
Date Posted: April 25 2013 at 08:39
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Peer to peer digital currencies....the future of money? I just heard two people in the last few days talking about this, it's news to me. People can apparently use something like this to exchange money without Govt tracking, taxation, or bank/institutional involvement, as you would have from a Paypal type entity. Just wondering if anyone is already using Bitcoin and your thoughts on it. ------------- https://www.youtube.com/shorts/sQD8uhpWXCw" rel="nofollow - It's a beautiful day in the neighborhood...Road Rage Edition |
Replies:
Posted By: Padraic
Date Posted: April 25 2013 at 08:44
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It's either a currency that's highly volatile and has suffered massive deflation, or a commodity that has the strange property of have no intrinsic value at all, except I suppose the aforementioned crypto/privacy component. That said, I couldn't tell you what the future will bring with respect to something like this.
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Posted By: CPicard
Date Posted: April 25 2013 at 09:38
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I heard about it some times ago, but I also saw a headline on a French internet site claiming this BitCoin currency was already suffering its first devaluation. So young, so doomed... |
Posted By: chopper
Date Posted: April 25 2013 at 09:42
| I heard it's lost a lot of value recently. Wouldn't touch it with a bargepole myself. |
Posted By: HolyMoly
Date Posted: April 25 2013 at 09:45
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Sounds a bit iffy to me. Currency doesn't just obtain value out of thin air.
------------- My other avatar is a Porsche It is easier for a camel to pass through the eye of a needle if it is lightly greased. -Kehlog Albran |
Posted By: Finnforest
Date Posted: April 25 2013 at 10:01
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The young hipster dude I heard talking about it was so excited. He said it was just one approach of many coming in the future. But his bigger thing was that young people are going to someday have a currency system outside of bank fees and govt control/tracking.....it sounded a bit shaky but he said people had the same reservations about Paypal for a while, and as with everything, it just needs people to understand the concept and get used to it. Interesting subject though, I might have to check out a book on the topic... ------------- https://www.youtube.com/shorts/sQD8uhpWXCw" rel="nofollow - It's a beautiful day in the neighborhood...Road Rage Edition |
Posted By: Slartibartfast
Date Posted: April 25 2013 at 10:17
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Colbert had a bit on it recently... ------------- Released date are often when it it impacted you but recorded dates are when it really happened... 
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Posted By: HolyMoly
Date Posted: April 25 2013 at 10:28
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Paypal actually deducts/deposits real money into your bank account (i.e. a financial institution), and that's why it works - people have faith that when they need money out of their account, the financial institution will be able to provide it. After some quick reading, it seems like this system is based on a collective trust between individuals, garnered through electronic tracking of transactions. As with any monetary system, the value of the currency is only as great as the trust or confidence people have in it (the principle behind stocks and bonds). I can see why this currency may turn out to be fairly volatile wrt inflation and deflation. It's an interesting idea, and I'm sure they had some people working on it who are more experienced that I am with economic matters, but I can't imagine this getting off the ground. ------------- My other avatar is a Porsche It is easier for a camel to pass through the eye of a needle if it is lightly greased. -Kehlog Albran |
Posted By: Finnforest
Date Posted: April 25 2013 at 10:33
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He said some online vendors are using it, but didn't give names. I certainly haven't seen any but will be watching in the future. I imagine security officials are not too excited about a currency that is anonymous, or very difficult to track. ------------- https://www.youtube.com/shorts/sQD8uhpWXCw" rel="nofollow - It's a beautiful day in the neighborhood...Road Rage Edition |
Posted By: HolyMoly
Date Posted: April 25 2013 at 10:37
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The barter system is the most sensible (and it predates currency systems) way of conducting private transactions without institutional interference. Like, I'll trade you my cow for two of your goats. Unfortunately, those kinds of transactions are hard to conduct electronically.
------------- My other avatar is a Porsche It is easier for a camel to pass through the eye of a needle if it is lightly greased. -Kehlog Albran |
Posted By: Padraic
Date Posted: April 25 2013 at 11:28
That's great - until it's time to pay your taxes.
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Finnforest wrote:Posted By: stonebeard
Date Posted: April 25 2013 at 11:35
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It crashed recently. This is a good way for people to learn not to trust this kind of thing with most purchases. However, I hope it stays around. After we go all digital with out money, there has to be some way to pay for sex or drugs. ------------- http://soundcloud.com/drewagler" rel="nofollow - My soundcloud. Please give feedback if you want! |