What are your thoughts on BitCoin?

[Archbob]

did it just drop from 1000 to 700 in like 2 days?

 

[Zelig]

Nobody's compelling you to read the thread or respond to it, bro.

I've already explained my reasoning for doing so.

 

[Crezth]

I'd probably have more than zero bitcoins if that were the case.

And seriously we get it. Bitcoin fans are stupid, so are most other people, it's not very interesting to keep reading posts about "people who like topic X are stupid" when it has no relevance to topic X and nobody is claiming that those people aren't stupid.

Thread topic: What do you think about BitCoin?

Responders say: It's dumb and so are its users.

Zelig says: Strawman. Who said it wasn't dumb? Zelig strikes again.

 

[Symphony D.]

did it just drop from 1000 to 700 in like 2 days?

One of my favorite commentaries on the whole thing in recent times was "Just bought a takeaway with Bitcoins, in the 4 minutes it took to process my order the value of Bitcoins dropped more than the price of my order."

 

[Crezth]

One of my favorite commentaries on the whole thing in recent times was "Just bought a takeaway with Bitcoins, in the 4 minutes it took to process my order the value of Bitcoins dropped more than the price of my order."

But they're still good for exchanges, right?


...Right?

 

[Zelig]

One of my favorite commentaries on the whole thing in recent times was "Just bought a takeaway with Bitcoins, in the 4 minutes it took to process my order the value of Bitcoins dropped more than the price of my order."

It's more likely to have gone up during any random timeframe in the past, obviously it's gone up and down.

 

[Dachs]

It's more likely to have gone up during any random timeframe in the past, obviously it's gone up and down.

an unpredictably volatile value in either direction is intrinsically a bad thing for a medium of exchange

 

[Mise]

Half of that is selection bias though. You only talk about BitCoin during the times that it's incredibly volatile. It's more volatile than most currencies though.

 

[Tahuti]

A more broad adoption of BitCoins would kill the volatility by volume anyway.

 

[Symphony D.]

It's more volatile than most currencies though.

In other news: the sky is blue.

A more broad adoption of BitCoins would kill the volatility by volume anyway.

Mmm, yes, let's use volume to solve a problem with the thing whose other problem is that it doesn't scale, as has been driven into the ground repeatedly...

 

[Cutlass]

A more broad adoption of BitCoins would kill the volatility by volume anyway.

Why would that be true?

 

[dutchfire]

As far as I can see, the recent volatility was mainly caused by government actions (Silk Road shutdown, Chinese policy), so there's no particular reason to think that these would become less relevant as the volume of the Bitcoin trade changes. Comparable with the volatility of oil prices based on the situation in the Middle East.

 

[dutchfire]

an unpredictably volatile value in either direction is intrinsically a bad thing for a medium of exchange

Half of that is selection bias though. You only talk about BitCoin during the times that it's incredibly volatile. It's more volatile than most currencies though.

To judge the qualities of a medium of exchange, you have to compare the volatility and the transaction costs. Transaction costs for intercontinental money transfer were guestimated by Mise to be 10%. So with a 30% Bitcoin volatility in 2 days (which was the most volatile period recently), if you manage to complete your transaction within half a day, you're still pretty much golden.

 

[Tahuti]

Why would that be true?

Why are national currencies less susceptible to volatility than BitCoins? Higher volume. Before the Greek debt crisis, Iceland and Denmark actually contemplated adopting the Euro to prevent capital flight and speculative attacks.

 

[Symphony D.]

Why are national currencies less susceptible to volatility than BitCoins?

Actual backing beyond Randroid Dreams of Electric Sheep?

 

[Tahuti]

Actual backing beyond Randroid Dreams of Electric Sheep?

You sound like you've massively short-sold on BitCoins or as an inverse Randroid.

 

[El_Machinae]

Is there a post where it's explained how bitcoins are signficantly different from gold?

 

[Symphony D.]

You sound like you've massively short-sold on BitCoins or as an inverse Randroid.

I'm more into stamps, and the last time I bought those was in 1992, so, not really. Some say I am Fascist because I liked Pacific Rim, though...

 

[Crezth]

A more broad adoption of BitCoins would kill the volatility by volume anyway.

Yeah but we have established volume doesn't work for bitcoins. Where were you for that?

 

[El_Machinae]

Yeah but we have established volume doesn't work for bitcoins. Where were you for that?

Can't they be tranched?