tom bhayya Posted December 4, 2013 Report Posted December 4, 2013 Its just worthless crap, Alex. Gold, and Land (which both have uses and are limited).. can be bought and hoarded until their price rises to your expectation for you to sell. Bitcoin can be similarly hoarded, but its silly to expect someone to pay $1000 upwards for a bitcoin.. Although some naive people do. When Bitcoin has no intrinsic value (like gold or land), has no central authority regulating the issue of coins (mining and stopping 10 yrs down the line sounds like a joke), its possible its value reaches higher and higher as more people take into the idea (supply crunch), which will limit the number of people willing to buy into it. Its simply a high schoolers project, very innovative and fun.. but in the end quite silly to work in the real world. Real money is backed by the government and laws it has in its place, and human ingenuity in coming up with products that people want to better their lives. Bitcoin is backed by the enthusiasm of high school students and some naive adults. i dont call it worthless but for a common man like me its not reliable... FDIC insured bank accounts ney hack chesi dobbuthunnaru inka ila evado enthusiast start chesina daani tho transactions antey lite..
narsayya Posted December 4, 2013 Report Posted December 4, 2013 RBI or federal reserve are public odies and vaatiki rules and regulations untaayi ikkada avi emi levu plus ila konthamandhi indivuduals ki pothundhi bitcoin not just to exchange.. so antha reliable anipinchatam ledhu naa varaku aithey nenu edho concept ni anatam ledhu.. insred kanappudu who will take the responsibility hacking or security concerns ki enti gurantee.. we should wait for a court case in the near future where customer who paid in bitcoins didn't get his product because the dealer changed his mind at the last moment and wanted payment in dollars. Such a case will bring all crazy bitcoiners to their senses.
narsayya Posted December 4, 2013 Report Posted December 4, 2013 i dont call it worthless but for a common man like me its not reliable... FDIC insured bank accounts ney hack chesi dobbuthunnaru inka ila evado enthusiast start chesina daani tho transactions antey lite.. Its worth only as long as there is demand for it.
tom bhayya Posted December 4, 2013 Report Posted December 4, 2013 Its worth only as long as there is demand for it. people are buying those hardware for 3k, 4k ... its a good option for some one like me who lost in stocks :) I am going to lose it any way
KeyserSoze Posted December 4, 2013 Report Posted December 4, 2013 Its easy to comment on it, regardless of anything. what do you think about this so called 'commodity' that has to be mined in pittances, and is in such short supply that no one will use it few years down the line.are The creator wanted to recreate gold standard without any central authority.. It doesn't work in the modern world. Bitcoin will make many people sad. its not mined in pittance unless you mine from ur everyday laptop......people who actually mine use GPUs and extract adequate Bitcoins ..... they are not in short supply.....they are adequate enough.....oversupply can also lead to devaluation(like real money)....If you understand monetary system....you might not have raised this question regarding limited supply..... bottomline--bitcoin has its value just like anything else in this world has value that is by trust...........how is real money valued? is it backed by something ...no...simply you trust its value coz govt said so and started trading in exchange of a piece of paper. I can go on and on about its future and benefits over traditional currency but i guess i will bore you to death with long posts.....so i will give you some source so that you people can read on from reliable sources...and yes it will make many people sad who missed their journey of starting early on bitcoins. http://www.bloomberg.com/news/2013-11-18/u-s-agencies-to-say-bitcoins-offer-legitimate-benefits.html http://beforeitsnews.com/alternative/2013/12/10-ways-bitcoin-is-better-than-the-federal-reserve-system-2839268.html http://www.businessinsider.com/ben-bernanke-on-bitcoin-2013-11?IR=T http://www.ft.com/cms/s/0/6c5b941c-5052-11e3-9f0d-00144feabdc0.html#axzz2mUI8BdEq
narsayya Posted December 4, 2013 Report Posted December 4, 2013 people are buying those hardware for 3k, 4k ... its a good option for some one like me who lost in stocks :) I am going to lose it any way I just saw its exchange MTGOX.. reminds of that fantasy game, Magic The Gathering Online.. I wonder if they are related. It sounds like a brilliant idea, the idea of sending money peer to peer, but will be made obsolete quickly with a better digital currency. The only thing I don't like about it is that its scarce. Not smart for something that tries to be a medium of exchange.
tom bhayya Posted December 4, 2013 Report Posted December 4, 2013 its not mined in pittance unless you mine from ur everyday laptop......people who actually mine use GPUs and extract adequate Bitcoins ..... they are not in short supply.....they are adequate enough.....oversupply can also lead to devaluation(like real money)....If you understand monetary system....you might not have raised this question regarding limited supply..... bottomline--bitcoin has its value just like anything else in this world has value that is by trust...........how is real money valued? is it backed by something ...no...simply you trust its value coz govt said so and started trading in exchange of a piece of paper. I can go on and on about its future and benefits over traditional currency but i guess i will bore you to death with long posts.....so i will give you some source so that you people can read on from reliable sources...and yes it will make many people sad who missed their journey of starting early on bitcoins. http://www.bloomberg.com/news/2013-11-18/u-s-agencies-to-say-bitcoins-offer-legitimate-benefits.html http://beforeitsnews.com/alternative/2013/12/10-ways-bitcoin-is-better-than-the-federal-reserve-system-2839268.html http://www.businessinsider.com/ben-bernanke-on-bitcoin-2013-11?IR=T http://www.ft.com/cms/s/0/6c5b941c-5052-11e3-9f0d-00144feabdc0.html#axzz2mUI8BdEq 21 million only ani chusa ekkado and then it will stop generating new...akkadey naaku koncham un reliable anipisthondhi... emo ley lite evari confidence valladhi and nenu antha ga regret ayyey type kuda kaadhu I believe in destiny :P
tom bhayya Posted December 4, 2013 Report Posted December 4, 2013 I just saw its exchange MTGOX.. reminds of that fantasy game, Magic The Gathering Online.. I wonder if they are related. It sounds like a brilliant idea, the idea of sending money peer to peer, but will be made obsolete quickly with a better digital currency. The only thing I don't like about it is that its scarce. Not smart for something that tries to be a medium of exchange. yeah exactly there is no point in making it limited to 1 amount and what is the guarantee that the algorithm creator is giving you the correct number??? too many questions
narsayya Posted December 4, 2013 Report Posted December 4, 2013 its not mined in pittance unless you mine from ur everyday laptop......people who actually mine use GPUs and extract adequate Bitcoins ..... they are not in short supply.....they are adequate enough.....oversupply can also lead to devaluation(like real money)....If you understand monetary system....you might not have raised this question regarding limited supply..... bottomline--bitcoin has its value just like anything else in this world has value that is by trust...........how is real money valued? is it backed by something ...no...simply you trust its value coz govt said so and started trading in exchange of a piece of paper. I can go on and on about its future and benefits over traditional currency but i guess i will bore you to death with long posts.....so i will give you some source so that you people can read on from reliable sources...and yes it will make many people sad who missed their journey of starting early on bitcoins. http://www.bloomberg.com/news/2013-11-18/u-s-agencies-to-say-bitcoins-offer-legitimate-benefits.html http://beforeitsnews.com/alternative/2013/12/10-ways-bitcoin-is-better-than-the-federal-reserve-system-2839268.html http://www.businessinsider.com/ben-bernanke-on-bitcoin-2013-11?IR=T http://www.ft.com/cms/s/0/6c5b941c-5052-11e3-9f0d-00144feabdc0.html#axzz2mUI8BdEq Try it. I'm not easily bored if you have something interesting to say. Just tell me, if bitcoin wants to be a means of exchange or some fancy thing to be bought and sold with dollars/yen etc? i.e. What can I buy with bitcoins is more important than how much bitcoin is worth.
KeyserSoze Posted December 4, 2013 Report Posted December 4, 2013 21 million only ani chusa ekkado and then it will stop generating new...akkadey naaku koncham un reliable anipisthondhi... emo ley lite evari confidence valladhi and nenu antha ga regret ayyey type kuda kaadhu I believe in destiny :P
KeyserSoze Posted December 4, 2013 Report Posted December 4, 2013 21 million only ani chusa ekkado and then it will stop generating new...akkadey naaku koncham un reliable anipisthondhi... emo ley lite evari confidence valladhi and nenu antha ga regret ayyey type kuda kaadhu I believe in destiny :P It will generate new bitcoins interms of comissions for transactions....for ex if i send you some bitcoins for ur service or goods...then some new bitcoins are released into the system from your account as comission....this is what i know as of now
tom bhayya Posted December 4, 2013 Report Posted December 4, 2013 It will generate new bitcoins interms of comissions for transactions....for ex if i send you some bitcoins for ur service or goods...then some new bitcoins are released into the system from your account as comission....this is what i know as of now looks like there are others as well.. Litecoin, Peercoin, Primecoin similar to this
KeyserSoze Posted December 4, 2013 Report Posted December 4, 2013 Try it. I'm not easily bored if you have something interesting to say. Just tell me, if bitcoin wants to be a means of exchange or some fancy thing to be bought and sold with dollars/yen etc? i.e. What can I buy with bitcoins is more important than how much bitcoin is worth. i dont want to convince anyone here bhayya.....i m just answering what i know in reply to your doubts regarding bitcoins. I said before that its like commodity not currency.......you exchange commodity for some value(its worth) and then buy what you want.....same as gold where it is more important that how much its worth than what you can buy with it....hope you got it
narsayya Posted December 4, 2013 Report Posted December 4, 2013 i dont want to convince anyone here bhayya.....i m just answering what i know in reply to your doubts regarding bitcoins. I said before that its like commodity not currency.......you exchange commodity for some value(its worth) and then buy what you want.....same as gold where it is more important that how much its worth than what you can buy with it....hope you got it Yeah it does behave like a highly volatile commodity and not a currency. The overwhelming majority of rupees/dollars are safely and electronically deposited in the banks. There's something weird and self-defeating about people who keep huge wads of cash in their homes in personal lockers (like how people keep bitcoins) The biggest problem with bitcoin, with the little information I have seems to be its concept itself. If millions of people use bitcoins regularly, the soaring value of bitcoins will be disastrous. Hyperdeflation will occur. your product which was worth 10 Bitcoins, will quickly slide to 1 Bitcoin and so on... Everything will be constantly going down in price. There seems to be no danger of that now.. since Bitcoin exchange trades coins worth about $20 million now.. not even a rounding error compared to foreign exchange markets where upwards of $5 trillion are traded. The more Bitcoin grows, the faster it'll be destroyed, it seems. The good thing about this is, when bitcoin collapses (it will), someone will learn from this experience and build a system that requires less tech expertise and grows organically, and one that can be used as a means of exchange than a store of value and a speculative unit.
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