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News Bitcoin is here

  1. Apr 27, 2013 #1
    Last edited by a moderator: Apr 27, 2013
  2. jcsd
  3. Apr 27, 2013 #2


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    OK so on the one hand we have built in deflation

    Our "you know everything about this currency ever" might split into two currencies? What the heck is the deal with that? What if everyone just switches to the new currency and my old bitcoins are worthless? This directly contradicts all the safety stuff you were talking about before

    Volatility just means it's not worth saving short term. It's still built in to be deflating, so over 20 or 30 years of saving you come out ahead. And it's only volatile against the dollar because the usage is so low - if everyone used bitcoins, there would be no "dollar" to be volatile against, and you sure as heck wouldn't see prices double one night then fall by 70% the next.

    Honestly anyone who thinks that "bitcoins are worth a lot of money now" is equivalent to "bitcoins are a great alternative to currency!" is kidding themselves. Beanie babies used to wildly fluctuate, with artificial shortages to ensure prices would go up over time, and discontinued lines to force people to join early before missing out on the early versions. So we get that the price of bitcoins is going up for the same reason that the price of beanie babies is going up?

    Bitcoins seem like they could be really cool, but I don't really get how a private organization offering fiat currency is better than a government doing it
  4. Apr 27, 2013 #3


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