General Discussion

sendero

(28,552 posts)

23. I really don't know...

Sat Mar 1, 2014, 08:48 AM

Mar 2014

.... but I wonder how anyone could take seriously a cybercurrency that is traded on a site named Magic The Gathering Online Exchange?

Bitcoin may well be a viable idea. But it has been compromised by this site. As yet, explanations of what has happened are pretty circumspect. We've heard that there was a flaw in the transaction processing that allowed fake transactions to steal bitcoin. Really? ALL OF THEM?

I find this story suspect. Unless and until we know what actually happened to the BCs deposited there, it is hard to assess the overall viability of the whole thing IMHO.

I'm sure some of you are aware that Bitcoin is but one of many similar currencies vying for acceptance. Dogecoin, Litecoin, many others have somewhat different applications but they are IMHO all fighting for a spot at the top eventually.

I think this sort of currency as a medium of exchange is here to stay. Which version will win is as yet unknown. I don't think it will be bitcoin or any other currency with such a meltdown.

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Is Bitcoin in any way valuable? [View all] DonCoquixote Feb 2014 OP

No seattledo Feb 2014 #1

My position comes from what little reading I've done on the topic, and my gut. MADem Feb 2014 #2

I see that it has relevance and yet, don't have the expertise to invest as others have MrMickeysMom Feb 2014 #3

The security situation behind cryptocurrency seems to be absolutely horrific. Gravitycollapse Feb 2014 #4

As an investment? It's quite risky. killbotfactory Feb 2014 #5

Money is whatever people believe is money customerserviceguy Feb 2014 #6

Gold can actually be used for making things, unlike bit coins. n/t pnwmom Feb 2014 #11

Absolutely true Adrahil Mar 2014 #24

No. Warpy Feb 2014 #7

No, their own website says it is backed by nothing. Now is the push to offload to the masses, IMHO.. grahamhgreen Feb 2014 #8

Paul Krugman's blog post was titled, "Bitcoin is evil." pnwmom Feb 2014 #9

+1 n/t FSogol Mar 2014 #20

'National strife'? Isn't there enough Bitcoin strife going on for you now? randome Feb 2014 #10

Is it inherently valuable? No mythology Feb 2014 #12

Scam. nt onehandle Feb 2014 #13

No, and more dangerous because there is no regulation, elleng Feb 2014 #14

Yes, along the lines of what you wrote... woo me with science Feb 2014 #15

The BitCoin exchange was robbed! How does that not equate with 'funneling money' somewhere? randome Mar 2014 #25

You missed the point. woo me with science Mar 2014 #44

I doubt anyone thinks to protect us from predators when an alternative monetary system is created. randome Mar 2014 #46

Libertarians love them. Marie Marie Mar 2014 #16

If Yahoo closed up shop tomorrow, would e-mail cease to exist and be used? Loudly Mar 2014 #17

e-mail doesn't have a monetary value, so that analogy doesn't quite work Blue_Tires Mar 2014 #79

I would submit that e-mail DOES have monetary value for the service it performs. Loudly Mar 2014 #82

Just like gold, as valuable as the buyer is willing (nt) Recursion Mar 2014 #18

No, bitcoins are NOT "just like gold" Art_from_Ark Mar 2014 #22

They are 100% like gold. Entirely. Gold is a Ponzi scheme. Recursion Mar 2014 #27

So if there is no difference between dollars and BitCoins, why does BitCoin exist? randome Mar 2014 #29

It doesn't weigh as much, and grows at a predictable rate Recursion Mar 2014 #30

A plastic debit card doesn't weigh much, either. randome Mar 2014 #31

Because there is a sucker born every minute? NT Adrahil Mar 2014 #41

The people flocking to BitCoin are the greedy ones hoping to 'get away' with something. randome Mar 2014 #42

Yup.... that's how scams usually work. Adrahil Mar 2014 #43

What utter nonsense Art_from_Ark Mar 2014 #32

I agree with you, but there is a caveat DonCoquixote Mar 2014 #48

At one time Roman legionnaires were paid in salt, and our word "salary" reflects that tblue37 Mar 2014 #64

The few industrial uses it has are huge jmowreader Mar 2014 #57

Compared to copper or platinum? Recursion Mar 2014 #77

I don't think I've ever seen a platinum-plated connector jmowreader Mar 2014 #81

You realize that whenever you use non-US money for anything, you are weakening the US economy, right FSogol Mar 2014 #19

Guess what currency... Lancero Mar 2014 #33

Guess what currency those groups would prefer to use? randome Mar 2014 #40

Which the US govt trackes down and prosecutes. Guess what Bitcoin has zero interest in doing? FSogol Mar 2014 #47

The only thing that creates value in bitcoin is speculation gerogie2 Mar 2014 #21

I really don't know... sendero Mar 2014 #23

Kitco used to have a link to Bitcoin exchanges Art_from_Ark Mar 2014 #38

Until it has an Army to enforce it's debts it is a wantabe imitation of the "quarter". CK_John Mar 2014 #26

Every Bitcoin Needs........ Kilgore Mar 2014 #28

Bitcoin is a scam. But let's talk about the real problems. BlueStreak Mar 2014 #34

Crooks will always exploit the monetary system, no matter how it's based. randome Mar 2014 #35

We already have a currency "not based on traditional sources". DanTex Mar 2014 #36

THey are every bit worth the paper they are printed on quaker bill Mar 2014 #37

As Valuable As Casino Chips... KharmaTrain Mar 2014 #39

The idea of virtual currency TBF Mar 2014 #45

Virtual DonCoquixote Mar 2014 #49

There are 2 things of actual value on this planet. SomethingFishy Mar 2014 #50

Add to that land/living space and breathable air... Blue_Tires Mar 2014 #80

Because it's not regulated, you have no security. Mt. Gox proves that. They are now OregonBlue Mar 2014 #51

People do not understand what money or currency is. Democracyinkind Mar 2014 #52

No. OilemFirchen Mar 2014 #61

Just as the bitcoins' value is. The only difference lies in who makes the monetary policy. Democracyinkind Mar 2014 #66

What is the Bitcoin "monetary policy"? OilemFirchen Mar 2014 #70

Bitcoins' monetary policy is the algorithm that fixes the rate at which new bitcoins are "mined" Democracyinkind Mar 2014 #71

I see. OilemFirchen Mar 2014 #73

The algorithm - the creation of new bitcoins - is NOT influenced by any of the factors you listed. Democracyinkind Mar 2014 #74

The undesputable answer is yes, they are valuable. DesMoinesDem Mar 2014 #53

This is hilarious. OilemFirchen Mar 2014 #55

Wow. Ignorance just oozes from your post. DesMoinesDem Mar 2014 #56

And the crowd roars! OilemFirchen Mar 2014 #58

Wow. You can't be serious. DesMoinesDem Mar 2014 #59

Not only serious, but correct. OilemFirchen Mar 2014 #62

I can't argue with ignorance like yours. DesMoinesDem Mar 2014 #63

The U.S. dollar is backed by debt, redeemable in dollars. OilemFirchen Mar 2014 #68

Totally. Dollars are backed by dollars DesMoinesDem Mar 2014 #69

Oh, FFS. OilemFirchen Mar 2014 #72

I know what fiat money it. DesMoinesDem Mar 2014 #78

Trying to discuss sophisticated financial concepts on DU ..... oldhippie Mar 2014 #60

Not anymore, from what I hear.............. kestrel91316 Mar 2014 #54

you can sell it. or buy it usa liberal Mar 2014 #65

No, it has no real backing from anyone sakabatou Mar 2014 #67

Unlike dollars, when all of society collapses, you can't wipe your ass with Bitcoins Orrex Mar 2014 #75

What exactly is a bitcoin? nt Sarah Ibarruri Mar 2014 #76

It's a bet, plain and simple. You bet there will be another sucker comes along. nt bemildred Mar 2014 #83