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What are your thoughts on BitCoin?

Discussion in 'Off-Topic' started by aimeeandbeatles, Mar 11, 2013.

  1. aimeeandbeatles

    aimeeandbeatles watermelon

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    I saw something online about a software developer accepting BitCoins for their software. I don't really know all that much about it. So I thought, instead of doing the logical thing and Googling it or something, posting it here.

    What are your thoughts on BitCoin? Does it seem viable, or just seem like another fad? Have you used BitCoins?
     
    really likes this.
  2. hobbsyoyo

    hobbsyoyo Deity

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    ....on second though, naw, not going back there. December was such an awful month for OT.
     
  3. Zelig

    Zelig Beep Boop

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    It's a currency, on par with WoW gold, pesos and the USD.
     
  4. Ajidica

    Ajidica High Quality Person

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    Bitcoins have been referred to as RON PAUL FUN BUX on this site before. That should tell you all you need to know about them as a viable currency.

    That said, there are more useless things on the internet.
     
  5. Cutlass

    Cutlass The Man Who Wasn't There.

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    It's most useful for criminal activities. As a legitimate money, it sucks beyond the telling. And would cripple the economy if that was what people actually had to rely on.
     
  6. Zack

    Zack 99% hot gas

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    Is this some kind of fancy lingo for Chuck E. Cheese tokens?
     
  7. Quintillus

    Quintillus Archiving Civ3 Content Supporter

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    I don't really get why I'd want to use them. Either paying with, or accepting payment. From what I've read, they fluctuate in value rather heavily. Why should I bother with them when I can already pay in greenbacks?
     
  8. uppi

    uppi Deity

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    Bitcoins seem to combine the economic benefits of a commodity based currency with the intrinsic value of fiat money.
     
  9. ace99

    ace99 Deity

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  10. civver_764

    civver_764 Deity

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    Good for buying drugs online with I guess, although I've never used them myself.
     
  11. Kaitzilla

    Kaitzilla Lord Croissant

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    The appeal is that it is a currency system where the currency cannot be created at will by some central bank.

    It is electronic unlike gold or silver (which avoids problems like "paper" gold being more numerous than physical) and has the desirable feature of keeping the users anonymous when they perform transactions. The total amount of bitcoins will end up around 21 million as designed.

    http://en.wikipedia.org/wiki/Bitcoin


    Many would argue that not being able to arbitrarily adjust the money supply is a major weakness of a currency. Back during the gold standard, inflation and deflation would set in based on mining activities and the flows of precious metals and mercantilist policies.


    The current popularity of bitcoin is most likely a fad. There is no FDIC insurance on bitcoin accounts that I am aware of, so they are risky to hold.

    Assuming the entire world economy switched to bitcoins, each would be worth about $2 million I think, so doubtless many early adopters are hoping they will get rich if the idea takes off.


    Here is a bitcoin ATM :)
    http://news.cnet.com/8301-13578_3-5...his-atm-takes-dollars-and-funds-your-account/

    No, I don't own any.
     
  12. Zack

    Zack 99% hot gas

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    As designed by what? Some sort of... oh, I don't know... some sort of central unit creating this currency at will, and arbitrarily adjusting it to accomplish said central unit's goals?
     
  13. Core Imposter

    Core Imposter Deity

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    I buried some bitcoins in a jar in my backyard.







    Just kidding.

    ;)
     
  14. Kaitzilla

    Kaitzilla Lord Croissant

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    I'm not a math major, but from what I read about it, that total was designed to mathematically converge on 21 million from the start. So no one can alter that now that the system is in use. Kind of like a Mechanistic Universe. God created and now only watches.

    It helped encourage early adoption because many felt they would only go up in value given time. :rolleyes:

    If the fad dies, everything goes to 0 of course.
     
  15. Zelig

    Zelig Beep Boop

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    There's no FDIC insurance on almost every currency ever.

    The value of a single bitcoin is irrelevant, they're divisible.
     
  16. Kaitzilla

    Kaitzilla Lord Croissant

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    True true. Keeping the vault and lock companies in business for centuries.

    Ya, if the value of a bitcoin got too large for practical commerce, could always use 0.01 or 0.0001 bitcoins I guess.
     
  17. Joecoolyo

    Joecoolyo 99% Lightspeed

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    :lol:
     
  18. Antilogic

    Antilogic --

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  19. Zelig

    Zelig Beep Boop

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    How are bitcoins not useful? I really don't get the irrational hate for them, every other post in this thread is filled with it, without a single actual argument against them.
     
  20. aimeeandbeatles

    aimeeandbeatles watermelon

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    I have to admit I wasn't expecting this much amount of negativity either.
     

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