Hey there! Sign in to join this conversationNew here? Join for free
    • Section Leader
    • Thread Starter
    Offline

    20
    ReputationRep:
    Section Leader
    (Original post by scrotgrot)
    It is completely unviable in the long term: a currency backed by no exchange of goods, with no central bank.
    You mean like gold?

    (Original post by scrotgrot)
    In the short term gains can be made, just as they can by going into a betting shop. It is also soon to be regulated by governments, I hear.
    Regulation will be a good thing in terms of settling guidelines on proper taxation procedure. Unless you mean regulation in terms of control, in which case Bitcoin naturally resists regulation by any single authority.
    Offline

    19
    ReputationRep:
    (Original post by miser)
    They may do, but it is unlikely. Governments would sooner ban Tor, but they would meet little success. As for returns, even considering this crash, if you bought Bitcoins a year ago you will have had a return of 1,300%.
    Well, isn't Tor largely funded by the US Government for dissidents in places like Iran?

    I was thinking about buying BitCoin when it was at 70 dollars but I didn't have enough money. OH WELL!
    • Section Leader
    • Thread Starter
    Offline

    20
    ReputationRep:
    Section Leader
    (Original post by DorianGrayism)
    Well, isn't Tor largely funded by the US Government for dissidents in places like Iran?
    I've not heard of this. Very interesting if so.

    (Original post by DorianGrayism)
    I was thinking about buying BitCoin when it was at 70 dollars but I didn't have enough money. OH WELL!
    Me too, missed it!
    Offline

    19
    ReputationRep:
    (Original post by miser)
    You mean like gold?


    Regulation will be a good thing in terms of settling guidelines on proper taxation procedure. Unless you mean regulation in terms of control, in which case Bitcoin naturally resists regulation by any single authority.
    Yeh. Exactly.

    MtGox has put in new regulations to verify people and etc so they can comply with US financial regulations.

    Also,don't you think the recent dip shows it that it is a bubble?
    • Section Leader
    • Thread Starter
    Offline

    20
    ReputationRep:
    Section Leader
    (Original post by DorianGrayism)
    Yeh. Exactly.

    MtGox has put in new regulations to verify people and etc so they can comply with US financial regulations.

    Also,don't you think the recent dip shows it that it is a bubble?
    No one claims that it is not a bubble - it is certainly a bubble. But then again, the same could be said of the Euro or any fiat currency.
    Offline

    3
    ReputationRep:
    (Original post by miser)
    No one claims that it is not a bubble - it is certainly a bubble. But then again, the same could be said of the Euro or any fiat currency.
    Sorry, why ?


    The fact is that for Bitcoin to be taken seriously it needs to be trusted and have a serious range of uses. At the moment 99% of people with Bitcoins are just speculators, they say things like "I want to get Bitcoins now for when they are in common use" but all that is is speculation that their perceived value will rise. At the moment Bitcoin has no uses outside money transactions and buying drugs, the price will absolutely plummet once people realise this.
    • Section Leader
    • Thread Starter
    Offline

    20
    ReputationRep:
    Section Leader
    (Original post by Frube)
    Sorry, why ?


    The fact is that for Bitcoin to be taken seriously it needs to be trusted and have a serious range of uses. At the moment 99% of people with Bitcoins are just speculators, they say things like "I want to get Bitcoins now for when they are in common use" but all that is is speculation that their perceived value will rise. At the moment Bitcoin has no uses outside money transactions and buying drugs, the price will absolutely plummet once people realise this.
    Because fiat currencies have no intrinsic value, except for the trust that others will continue to trade in them. Fiat currencies, and Bitcoin, have subjective value in the form of useful qualities - they are easy to trade, easy to look after, etc.

    Bitcoins have plenty of use currently and an increasing number of websites and services accept payment in them.
    Offline

    1
    ReputationRep:
    (Original post by miser)
    Because fiat currencies have no intrinsic value, except for the trust that others will continue to trade in them. Fiat currencies, and Bitcoin, have subjective value in the form of useful qualities - they are easy to trade, easy to look after, etc.

    Bitcoins have plenty of use currently and an increasing number of websites and services accept payment in them.
    ^this
    Offline

    15
    ReputationRep:
    I think it's pretty telling that in the last few days on Google the first autocorrect for 'How to buy' has become 'Bitcoin.'

    I don't really understand the economics of Bitcoin, but I am of the understanding that a huge new influx would only increase the value of the currency, with another big crash likely in the near future?
    Offline

    3
    ReputationRep:
    (Original post by miser)
    Because fiat currencies have no intrinsic value, except for the trust that others will continue to trade in them. Fiat currencies, and Bitcoin, have subjective value in the form of useful qualities - they are easy to trade, easy to look after, etc.

    Bitcoins have plenty of use currently and an increasing number of websites and services accept payment in them.
    Yeah but fiat currencies do have an intrinsic value, a value denominated in their wide use and function, making our lives a hell of a lot easier, at least in society in its current state. The same cant be said of Bitcoin (not yet anyway) , which is why comparing the bubble of Bitcoin to currency valuation is wrong.
    Offline

    2
    ReputationRep:
    (Original post by Dursty)
    Bought £100 worth in December at around £18 each if my memory serves me. Sold 1 week ago and turned it into £500.so unstable
    How easy is was it to actually buy it? Seems a bit complicated
    Offline

    10
    ReputationRep:
    (Original post by dgeorge)
    How easy is was it to actually buy it? Seems a bit complicated
    I found it quite complicated then I went on a website called block chain or something I think and just bought some off someone through the site using barclays ping it on my phone. Was sooo simple once the app was set up, but the setting up of it was a pain.
    Offline

    0
    ReputationRep:
    That wasn't a crash although I wouldn't buy into Bitcoin, ever! as far as I am concerned it is one big con that will screw people over when it finally does crash.
    Offline

    18
    ReputationRep:
    Good, I'd be happy to see the end of bitcoin. It's primary use is to buy recreational drugs, which I have no problem with, but another major use is to purchase child porn without trace, as well as date rape drugs, illegal firearms and other nefarious things.
    Online

    21
    ReputationRep:
    Very interesting.

    Personally i'd be interested in Bitcoins if i were a day trader however as a medium to long term investment there's too much risk for me personally.

    The value of Bitcoins is only increasing now because it's seen as a hedge against market interference by central banks and the Eurozone crisis. Once this stops, the value will fall.

    One interesting point is that it is a good test of a true free market currency and does answer the question "Do we need central banks to stabalize currencies?" quite conclusively. With the swings we see recently you can only imagine how screwed an economy would be.
    Offline

    0
    ReputationRep:
    Could it be the release of ASIC superminers ?
    • Section Leader
    • Thread Starter
    Offline

    20
    ReputationRep:
    Section Leader
    A slightly concerning update from Bitcoin-24 (the largest European exchange):
    Our Service is momentarily not available.
    1. All funds (EUR, USD, PLN, GBP & Bitcoins) are safe.
    2. All withdrawals will be gradually processed chronologically from another bank account.
    3. The Polish authority closed our Bank account in Poland.
    4. Our lawyers are working with high pressure on a solution.

    We will back with Bitcoin-24 2.0 on when all declarations are finished.

    All important Emails can be send to [email protected]
    Offline

    0
    ReputationRep:
    Have they recovered yet? I'm tempted to buy a few if they haven't.
    • Section Leader
    • Thread Starter
    Offline

    20
    ReputationRep:
    Section Leader
    (Original post by The Mad Dog)
    Have they recovered yet? I'm tempted to buy a few if they haven't.
    Mt. Gox Euro exchange is currently trading at €78.49 (i.e., a cheaper price than I bought in at).
    Offline

    0
    ReputationRep:
    the only real use of bitcoins is an illicit one to be honest [if you ever intend to spend them that is] so hey ho.
    theyre an interesting one though, no one knows where they came from really and only a finite number were issued...i remember when they first came out they were worth jack**** then the price went through the roof.. i used to have a few a couple of years ago but i cant remember the password for my bitcoin purse account
 
 
 
  • See more of what you like on The Student Room

    You can personalise what you see on TSR. Tell us a little about yourself to get started.

  • Poll
    Brexit voters: Do you stand by your vote?
    Useful resources
  • See more of what you like on The Student Room

    You can personalise what you see on TSR. Tell us a little about yourself to get started.

  • The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

    Register Number: 04666380 (England and Wales), VAT No. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE

    Write a reply...
    Reply
    Hide
    Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.