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 Also if Bitcoin was designed to be a commodity.. I don't understand what are people buying and selling on the exchanges. Gold is in demand for jewellery, etc. What's the use of Bitcoin? It fails the fundamental test of both a commodity and a currency.
narsayya Posted December 4, 2013 Report Posted December 4, 2013 As long as bitcoin/ers are hung up on the exchange rate of their currency wrt dollar.. it'll be a bad joke. If they are happy exchanging it for goods and services online.. like paypal.. its a great idea.
narsayya Posted December 4, 2013 Report Posted December 4, 2013 I'm going to be buying into bitcoin.. will write about it later.
KeyserSoze Posted December 4, 2013 Report Posted December 4, 2013 As long as bitcoin/ers are hung up on the exchange rate of their currency wrt dollar.. it'll be a bad joke. If they are happy exchanging it for goods and services online.. like paypal.. its a great idea. lots of small business and recently even a university started accepting bitcoins as payment
Krish 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 Man..you are seriously into this stuff good going bro..after all there is no harm in getting prepared for the future thing... post more of your insights...whether its stock, finance anything...
narsayya Posted December 5, 2013 Report Posted December 5, 2013 Man..you are seriously into this stuff good going bro..after all there is harm in getting prepared for the future thing... post more of your insights...whether its stock, finance anything... The more I think of this, (without reading much ofcourse), I'm convinced that its a good way to send money to others. The BTC - dollar exchange rate is immaterial here. There are no/low commissions to send bitcoins and none for exchange, makes it the cheapest way to send money internationally. early adopters may be slightly at advantage, but only very slightly. I think when the world economy collapses, gold or bitcoin or land won't be of much help anyway. And I don't think he's too seriously into this stuff. He's got one basic thing wrong, that it's some math puzzle that all the computing power is solving. No. It's a random hash that awards bitcoins for its miners. Sorta how gold is mined. But the math is beautiful. Hail Bitcoin. Bitcoiners.. meh! I wonder how many of them even get the point of all this, before they start throwing insults at others for making judgements on Bitcoins.
mukunda1 Posted December 5, 2013 Report Posted December 5, 2013 looks like old currency. Better to stay away from it. The guy who designed this doesn't understand money The more I think of this, (without reading much ofcourse), I'm convinced that its a good way to send money to others. The BTC - dollar exchange rate is immaterial here. There are no/low commissions to send bitcoins and none for exchange, makes it the cheapest way to send money internationally. early adopters may be slightly at advantage, but only very slightly. I think when the world economy collapses, gold or bitcoin or land won't be of much help anyway. And I don't think he's too seriously into this stuff. He's got one basic thing wrong, that it's some math puzzle that all the computing power is solving. No. It's a random hash that awards bitcoins for its miners. Sorta how gold is mined. But the math is beautiful. Hail Bitcoin. Bitcoiners.. meh! I wonder how many of them even get the point of all this, before they start throwing insults at others for making judgements on Bitcoins. super.....two days lo bhale change ayyavu... CITI_c$y CITI_c$y
narsayya Posted December 5, 2013 Report Posted December 5, 2013 super.....two days lo bhale change ayyavu... CITI_c$y CITI_c$y yeah. new info ni thondaraga process chestha, without prejudice.
just2deal Posted December 5, 2013 Report Posted December 5, 2013 I am holding bitcoins from last 18 months from days when rate was $3 a piece..(I posted a thread few months back when the rate went up from $11 to $224 in 10 days) I used to mine when the difficulty was low..Now it is extremely difficulty level to mine a block has gone so high that it takes 2 yrs to get return on investment (on hardware equipment) and as days passes the difficulty level further increases Unlike other currencies bitcoins have a max limit that can be mined ..The max bitcoins that can be mined is 20 millions..as of now over 14 million bitcoins are mined and are in circulation
KeyserSoze Posted December 5, 2013 Report Posted December 5, 2013 The more I think of this, (without reading much ofcourse), I'm convinced that its a good way to send money to others. The BTC - dollar exchange rate is immaterial here. There are no/low commissions to send bitcoins and none for exchange, makes it the cheapest way to send money internationally. early adopters may be slightly at advantage, but only very slightly. I think when the world economy collapses, gold or bitcoin or land won't be of much help anyway. And I don't think he's too seriously into this stuff. He's got one basic thing wrong, that it's some math puzzle that all the computing power is solving. No. It's a random hash that awards bitcoins for its miners. Sorta how gold is mined. But the math is beautiful. Hail Bitcoin. Bitcoiners.. meh! I wonder how many of them even get the point of all this, before they start throwing insults at others for making judgements on Bitcoins. bhayyo nennu eppudu math puzzle analedu...complex algorithm anna......which is what a hash function is ....u should understand technical terminology......and yeah. new info ni thondaraga process chestha, without prejudice. ante first neeku em telikundane ...nuvu nee opinion cheppinav kada danni em antaru ....prejudice anukunta english lo word
KeyserSoze Posted December 5, 2013 Report Posted December 5, 2013 I am holding bitcoins from last 18 months from days when rate was $3 a piece..(I posted a thread few months back when the rate went up from $11 to $224 in 10 days) I used to mine when the difficulty was low..Now it is extremely difficulty level to mine a block has gone so high that it takes 2 yrs to get return on investment (on hardware equipment) and as days passes the difficulty level further increases Unlike other currencies bitcoins have a max limit that can be mined ..The max bitcoins that can be mined is 20 millions..as of now over 14 million bitcoins are mined and are in circulation have u sold ur bitcoins .....if not r u a multi billonair now coz price is above $1000 now .......
just2deal Posted December 5, 2013 Report Posted December 5, 2013 have u sold ur bitcoins .....if not r u a multi billonair now coz price is above $1000 now ....... I sold some few months back when the price gone from $40 to $180 in 3 days..I still have some..I will not selling them now...let it go up or down..cos I have mined them myself around 2 yrs back and I don't like to sell them
KeyserSoze Posted December 5, 2013 Report Posted December 5, 2013 I sold some few months back when the price gone from $40 to $180 in 3 days..I still have some..I will not selling them now...let it go up or down..cos I have mined them myself around 2 yrs back and I don't like to sell them fantastic bro..... ()>> .........would you suggest buyin now...or should I wait for a fall
narsayya Posted December 5, 2013 Report Posted December 5, 2013 bhayyo nennu eppudu math puzzle analedu...complex algorithm anna......which is what a hash function is ....u should understand technical terminology......and ante first neeku em telikundane ...nuvu nee opinion cheppinav kada danni em antaru ....prejudice anukunta english lo word ok. get over yourself. man.
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