Bitcoin



  • Does anyone use Bitcoin? I've begun actually learning about it only recently and while I've read some sources that think its fading out, I think its a brilliant idea and the economic fruition of global internet democracy. Why isn't it more successful and widely used? If Amazon accepted it, it would take off.


  • Vivaldi Translator

    Crypto-currency could easily be a good token for the money you have earned.
    If used simply for a medium between real money, good idea for beating fraud.
    But…

    Of course Bitcoins sound great, because you don't have to do any actual work (just like managers).
    People are so used to the virtualisation of money, they forget what money was made for.
    Cash is already a credit token for the value of something else that already exists, and so inherits its value from the value of that.
    Bitcoins (and similar) inherit their value from an algorithm which has put nothing into the real world. It works in reverse to real money.
    It simply creates virtual keys first, then you match a value to it.

    Ultimately all these virtual money systems are not sustainable, as they are not based on creating food or genuine resources that humans can use.
    eg. If all money was made by computers cracking keys, then who wants to farm, fish or build a house to sell ?
    If we all lived in suspended animation it would be fine.
    As it currently is since computers took over trading on the market, imagine if all human life disappeared. The wealth would keep accumulating, but for who ?
    So what is it based on, if not actual human work ?

    To create bitcoins requires building equipment and using electricity that comes from the real world, so mining bitcoins is nothing but a drain on what we have.
    If crypto-currency was made by doing the virtual work required by the Hospitals and laboratories, or even by being part of the SETI program, I would understand.
    That at least would be helping do stuff in our real world.

    Crypto-coin mining goes something like this;
    Is this it ? No, next.
    Is this it ? No, next.
    Is this it ? No, next.
    Is this it ? No, next.
    Is this it ? No, next.
    Is this it ? Yes, save, next.
    Is this it ? No, next.
    Is this it ? No, next.
    ….
    For all the money you pay for equipment, and the huge electric bill you get, you get a virtual key now worth some virtual credit, but what did it give to the world ?
    At every stage it only takes, and is nothing more than a virtual-vampire.
    I doubt the world will wake up to this or wants to, as the idea of making free money makes everyone blind.

    Closing note: So far it has proved far easier to disappear with the contents of crypto-wallets and banks, than stealing all the contents of a real bank.



  • You've provided much to consider, Dr. Flay.

    I was thinking about Bitcoin purely as an international currency that seems attractive because it operates without an intermediary (like a bank or credit card issuer) interested in generating profit by taking a percentage of every transaction. .



  • I've used it a few times.

    First time was because I wanted to buy something from Newegg.com but they require a US billing address. The software was downloadable content and didn't need a shipping address. Since Newegg accepts bitcoin I was able to purchase the product.

    Of course in the week that I bought it, the value of Bitcoin dropped about $75 US.


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