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randome

(34,845 posts)

29. So if there is no difference between dollars and BitCoins, why does BitCoin exist?

Reply to Recursion (Reply #27)

Sat Mar 1, 2014, 09:26 AM

Mar 2014

[hr][font color="blue"][center]Everything is a satellite to some other thing.[/center][/font][hr]

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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