Bitcoin

Started by Duck · 5 posts · 1,132 views

  1. #1
    'Splane to me
    I bee see'in stuffs 'bout it - legit or bs?
  2. #2
    legit, but there are probably safer, less exciting things to do with your money.

    Disclaimer: I, by no means, understand all of the ins and outs of this. I am also not an economist.

    The essence is that this is a currency not tied to any central bank, nation, entity. This is good in that you won't lose your value if said entity goes bunk, it is bad because there is nothing to ensure there is value behind the currency. Think of it like this. If I walk up to Sarge and say hey let me borrow $5 he might give it to me, he knows me and who I am, and understands the risks of me and monetary situations with me. Now if a stranger walks up and asks for $5, he might hesitate he knows nothing of them.

    My personal opinion is that the crazy fluctuations right now are due to the fact that no one knows what to the think. I suspect given the media attention and the less than legal nature which this type of currency can allow (i.e. being used for the aquisition of drugs...etc) eventually some regulatory agency will step in and either kill it or with the involvment (or threat of such) of a regulatory agency it will die on it's own.

    There is money to be had if you got lucky enough to buy and sell at the right times, or if you bought in at the beginning. But it's luck at best.

    Finally, understand the firms that are brokering bitcoin are getting attacked a lot recently. Who knows by whom or why, but that in itself can kill this currency, it can also make it hard to try and play in bitcoin, i.e. will you be able to sell out of it when you want to? Again, luck at best.
  3. #3
    <3