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Thread: Bitcoins gaining credibility and use

  1. #1
    Senior Member razz's Avatar
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    Bitcoins gaining credibility and use

    This article http://www.csmonitor.com/Business/Sa...801-15-2014%29 is amazing to me.
    The world of finance may be going bonkers maybe? Would you use bitcoin?
    Gandhi: Happiness is when what you think, what you say and what you do are in harmony .

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    Member Simplicity's Avatar
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    I just wish I would have bought some a year or two ago!
    Lurker/poster formerly known as squeak

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    My son has been mining Bitcoin for about a year and we have invested as well as others. Right now we are ahead of the game. Will let everyone know how it works out in the long run. I consider it a totally risky investment so only invested the amount that I was willing to lose.

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    Senior Member jp1's Avatar
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    Central banks throughout history have always succumbed to the temptation to print, print, print money until it becomes worthless. In the years since the meltodwn in 2008 the federal reserve is showing itself to be no different from all the others. Because of that I'm very much in favor of the idea of bitcoin. However, the value of them is not stable enough for me to consider them useful as money at this time. I'd consider buying them as a speculative investment since I expect the price to go higher, but not as somewhere to store and preserve my wealth. At least for now.

    Also, the mining, now being done by some big players who have invested big bucks in computer equipment designed specifically for the purpose of mining them, uses lots of electricity in the process. http://www.zerohedge.com/news/2013-1...-bitcoin-mines

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    I agree jpl that I would not put wealth in them. They do use alot of electricity but we just consider that the cost of doing business. Also they require air conditioning even in the winter since they get so hot but we have a dirt basement which keeps them cool so we don't need air. People that bought small amounts of them 5 years ago are now millionaires. The computers my son uses are specifically for mining-they don't look like a computer at all. However, some very wealthy individuals have bought alot of them because they expect them to go up to $20,000/per coin. It will be interesting to see what happens. None of his investors bought more then they were willing to lose. We emphasized that alot because we did not want anyone hurt.

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    Ok, so bitcoins are invisible 'something' with a number that only exist on the internet (which could also be said for credit card balances I suppose) and people are willing to accept them as payment for real stuff? And the value changes daily? so you sell a ton of flour for some bitcoins and then the next day (or even the next hour) that group of bitcoins could be worth a totally different amount. Am I getting this right? So now you have to find somewhere to spend your bitcoins (do electric companies accept them for your outstanding bill?) and you might need more or less than you needed yesterday to pay the same Dollar balance or something? I don't get it.
    Help please?

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    You have some understanding of the process. You can cash out your bitcoins for real $ but pay an exchange a fee to do this. The price changes constantly-varies thru out the day. There are many other coins to be mined besides bitcoin but this is the most well known one. Some businesses accept them and some do not. We started in June & keep reinvesting our profits instead of cashing out. Each person decides when the value is high enough that they want to cash out. What you are mining is that the computers are solving math algorithms and you are being paid to do so. All those computers can solve probs faster then a person could.

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    Senior Member bae's Avatar
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    Senior Member IshbelRobertson's Avatar
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    Sad story from this side of the pond!

    http://news.sky.com/story/1175103/bi...away-4m-laptop

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    Quote Originally Posted by bae View Post
    Exactly.

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