What are your thoughts on BitCoin?

[useless]

No but you see Archbob if you can buy stuff like pizza in netherlands it justifies bitcoin's existence because reasons

Let's just be honest here, Bitcoin is just another way to buy drugs as well as other, more questionable items

 

[Tahuti]

I buy drugs and I do not use BitCoins (yet) to do it. Though that's a Dutch thing I guess.

 

[bhsup]

Dateline - OMGbitcoinsAREinTHEcrapperVILLE

Bitcoin sinks after China restricts yuan exchanges

Bitcoin has fallen to less than half the value it recently traded for, following reports of fresh action by Beijing to restrict trade in the virtual currency.

BTC China has said that local payment companies have been blocked from providing it with clearing services.

It means that the firm - the world's biggest Bitcoin exchange in terms of trading volumes - can no longer accept yuan-based deposits.

Prices tumbled following the news.

One bitcoin was trading for as low as 2,560 yuan ($421, £258), according to the South China Morning Post.

That compares with an all-time high of 7,588 yuan ($1,250; £764) in late November.

I'll be honest, I can't wrap my head around why anyone would really consider them a true currency in their own right as opposed to a speculative commodity (that doesn't even have the decency to be a tangible object), so I don't really know how this will affect them in the long term, but it seems like a bit of bad news...

 

[Tahuti]

Honestly, all that needs to happen is an alternative to BitCoin, and China's ban is circumvented. Unless they want to restrict currency trade completely, in which case China shuts itself of the world even further, which it already by forcing all currency exchanges through the Chinese Central Bank.

 

[warpus]

Bitcoin seems way too volatile to be used as a currency.. It seems to be more of a trading commodity thing you can invest in - but not really a good currency for you to buy things with.

 

[Symphony D.]

It's almost like combining a commodity AND faith-stock AND currency AND decentralization AND pegging it to real world currencies while claiming it's unaffected by them all in one package is a bad idea or something!

Honestly, all that needs to happen is an alternative to BitCoin, and China's ban is circumvented. Unless they want to restrict currency trade completely, in which case China shuts itself of the world even further, which it already by forcing all currency exchanges through the Chinese Central Bank.

Alternatives already exist. (They're all small-time and the same thing and just as terrible except DogeCoin, which is the same thing and slightly less terrible.) It's irrelevant: this sets a precedent. The CCP can play whack-a-mole with any follow on, and probably won't have to because everyone knows to not accept them in the first place now.

 

[useless]

 

[Kaitzilla]

Well, I'd be pretty depressed if I bought them at $1000 and they are worth $450 today after most of their buyers (Chinese ppl) got banned from turning Yuans into Bitcoins anymore.

 

[Archbob]

This should teach people that Ron Paul Fun Bux are exactly what they sound like.

 

[Farm Boy]

So glad you're amused.

 

[Archbob]

Wonder how frantic some people are now to sell them now.

 

[bhsup]

Probably more frantic than those poor bastards holding the pork belly contracts on Christmas Eve who desperately need to buy their kid the GI Joe with kung-fu grip. Wouldn't you agree, Mortimer? Why yes, yes I would, Randolph.

 

[Silurian]

Jamie Lee curtis was good in that

 

[Rashiminos]

Jamie Lee curtis was good in that

I'm curious as to which aspects of her performance were good for you..

 

[useless]

I fail to see the problem, we're merely just commenting on how much of a massive failure Bitcoin is and how people are losing their life's savings due to making stupid and idiotic decisions.

 

[Symphony D.]

Charlie Stross with a roundup.

 

[useless]

Every time a Bitcoin is mined $500 of real resources are destroyed.

 

[El_Machinae]

Not sure how they calculate that $500, it (again) strikes me as being a similar criticism to gold mining.

 

[Crezth]

Not sure how they calculate that $500, it (again) strikes me as being a similar criticism to gold mining.

Gold and bitcoins aren't the same thing.

 

[Algeroth]

Every time a Bitcoin is mined $500 of real resources are destroyed.

Elaborate, please, we Dunning-Krugerrands can not comprehend your advanced reasoning.