[igrowone]

kind of interesting to put it mildly
it comes down to what is money? it has to be limited and strong confidence it will retain or increase in value
the temptation to increase these coins will be very strong, maybe not bitcoins per se, but some other similar product
which will probably be when the dilution of value will start

[PhenoMenal]

mpd, all I'm doing is giving a heads-up to fellow icmag'ers, I leave it up to them to make what they will of it. See PM please!

[PhenoMenal]

igrowone,

the temptation to increase these coins will be very strong, maybe not bitcoins per se, but some other similar product

There's at least half a dozen or so similar "cybercurrencies" but I guess it's tricky for most of them to get their foot off the ground ..... but once they do we end up with something like Bitcoin which is easily the #1 cybercurrency

The US govt very recently suggested trying to regulate Bitcoin, in regards to preventing money laundering:
https://www.geekosystem.com/bitcoin-laundering-rules/
that could be tricky though, due to the decentralized (no Govt or Company controls Bitcoin), and the cryptographic nature of the currency

One thing is for sure though ... interesting times ahead!!!

[Stoner4Life]

Originally Posted by PhenoMenal

It's a decentralized cryptographic currency ... Bitcoin, like all currencies, goes up and down in value, but to call a currency a "scam" ...? Take some quality time to properly read about it to learn what it really is, rather than what it 'sounds like'.

Unlike any other currency out there it's making a lot of people a lot of money-for-nothing, and fast... and that's despite all the economic crises and downturns and fiscal cliffs etc etc that have affected national currencies such as the US, Cyprus etc

is that to say even though I'm a professional chef I can never use the term 'it sounds like' before I render a comment on an idea put forth to me in regards to perhaps a method somebody used but wasn't happy with or do I need to go out and attempt to fail the same way first?

please don't mistake your take on my selection of words assume I've only just now read about bitcoin, I believe them to be a scam. Bitcoin isn't stable, and right now it's behaving like early 90s Microsoft stock without a fucking thing to back it.

[Green Supreme]

The cash my buddy made, if a scam, was quite spendable. Peace GS

[mpd]

Originally Posted by Stoner4Life

is that to say even though I'm a professional chef I can never use the term 'it sounds like' before I render a comment on an idea put forth to me in regards to perhaps a method somebody used but wasn't happy with or do I need to go out and attempt to fail the same way first?

please don't mistake your take on my selection of words assume I've only just now read about bitcoin, I believe them to be a scam. Bitcoin isn't stable, and right now it's behaving like early 90s Microsoft stock without a fucking thing to back it.

QFT

[PhenoMenal]

Originally Posted by Stoner4Life

please don't mistake your take on my selection of words assume I've only just now read about bitcoin, I believe them to be a scam. Bitcoin isn't stable, and right now it's behaving like early 90s Microsoft stock without a fucking thing to back it.

You're perfectly correct that Bitcoin is not exactly "stable" -- you only need to look at the very first Market Data link I linked in this thread.
... yet that's one reason why so many people have made so much easy money so fast

But making money from any currency is part gamble, part analysis, so it then comes down to the technicalities of the currency at smaller levels, and its reception from buyers/sellers/punters ...

Stoner, the only thing I disagree with you is the word "scam" in regards to Bitcoin (well, any _properly established_ "OPEN" currency really), that's all
By "open currency", the source code, the 'blockchain' containing every transaction, and everything pertaining to the currency are available to the public. Banks aren't this open, but the protocol of Bitcoin allows and requires it to be open.
The value of Cyprus currency isnt worth much at the moment, but it still has worth, is legitimate, is not a scam, but is going down the sink quickly ... no doubt most people in Cyprus will be wishing their money had the strength of Bitcoin

[GMT]

When something rises in value, there will be speculator willing to buy in. The second it starts to fall, that will change. With nothing to back it other than new buyers, that fall will be spectacular. Can you short bitcoins?

[PhenoMenal]

GMT: the thing is it's also relatively early days ... most ppl havent even heard of Bitcoin or Silk Road etc, yet clearly it's gaining every day in popularity

[Stoner4Life]

Originally Posted by Green Supreme

The cash my buddy made, if a scam, was quite spendable. Peace GS

problem here is that anything bitcoin can buy, I can live without.

btw, if it rises that fast it can fall just as quickly (FACT!) and your dollars worth of bitcoin today might be worth all of 4 cents tomorrow.

here's a quote from Wiki:
Currently, 25 new bitcoins are generated with every 10-minute block. This will be halved to 12.5 BTC during the year 2017 and halved continuously every 4 years after until a hard limit of 21 million bitcoins is reached during the year 2140.

25 new bitcoins every 10 minutes and unless they're giving them away only one entity is getting ridiculously fucking filthy rich from this scam. let's see 25 x $104 = $2600; Satoshi Nakamoto is making out like a bandit.

if the price of a bitcoin remains stable for 24 hours Satoshi Nakamoto will make $375,000, and he will make that amount every single 24 hour period bitcoins remain @ $104.

it's good to be the king.