Bitcoins have been around since 2009. They are for real. It's the 100 other crypto-currencies that are pump and dumps. http://coinmarketcap.com/
I never said I thought Bitcoins were new...... only that they are the newest form of a pyramid scheme. When you are old like me..... something that came out in 2009 is pretty damn new. Like I said..... at least you could plant a tulip bulb. This is just the newest variation of the same old schemes. The recent thefts and volatility prove my point much better then I can. As I said before they have no underlying value whatsoever...... it would not take a PHD to understand that. A bitcoin is worth nothing. Like most pump and dump schemes where there is no actual underlying value...... the price always settles to zero eventually...... leaving geniuses like you to whine about unfair it all is.
You realize that a share of comman stock on the NYSE has no underlying value either don't you? I'm not saying bit coin will be around 10 years from now from now. But your reasoning for the reason it won't is flawed
I trade bitcoins every day at the following exchanges. It's no different than stock trading. You can trade over 100 crypto-currencies.
https://btc-e.com/
https://www.cryptsy.com/
There are more exchanges but those are the two that I use the most..
https://btc-e.com/
https://www.cryptsy.com/
There are more exchanges but those are the two that I use the most..
Everything you said was correct but it does not dispute anything I said.
Stocks have no intrinsic value after the initial IPO.
Yes generally speaking the stocks go up and down in price based on earnings but this is based on nothing more then people deciding the stock has value.
Pretty much the exact thing that bit coins value is based.
Here's the coin market cap for the different crypto-currencies. Many are penny stocks.
[h=1][URL="http://coinmarketcap.com/"]Crypto-Currency Market Capitalizations[/h]http://coinmarketcap.com/[/URL]
[h=1][URL="http://coinmarketcap.com/"]Crypto-Currency Market Capitalizations[/h]http://coinmarketcap.com/[/URL]
of course stocks have value. they make money (most) and pay dividends. saying
they have no value is like saying a job has no value because it only gives you cash
on a regular basis. if you want to compare bitcoin to pump and dump penny
stocks that NEVER make money, then bit coin is might be more valuable. comparing
bitcoin's value to real companies that make money; then you are way
out of line.
they have no value is like saying a job has no value because it only gives you cash
on a regular basis. if you want to compare bitcoin to pump and dump penny
stocks that NEVER make money, then bit coin is might be more valuable. comparing
bitcoin's value to real companies that make money; then you are way
out of line.
there are a lot of people that strongly believe in bitcoin. after all it is anonymous, gaining in
places that will accept, and has very low transaction costs when transferring. the problem
with bitcoin is its volatility and the fact that it is backed by nothing. no one even really knows
who invented bitcoin. in my opinion, i am shocked that no one has been able to cyber counterfeit
bitcoins and mingle them in with the real ones (maybe they have). in addition there is the
issue of safe storage. i'm sure those who deposited at mt gox thought they were safe. or
the host at bloomberg who showed his bitcoin wallet on tv and had his bitcoins cyber stolen.
then there is the exciting issue of which/when governments will crack down on an anonymous
and underground currency that might used for illegal purposes or worse used to avoid taxes.
places that will accept, and has very low transaction costs when transferring. the problem
with bitcoin is its volatility and the fact that it is backed by nothing. no one even really knows
who invented bitcoin. in my opinion, i am shocked that no one has been able to cyber counterfeit
bitcoins and mingle them in with the real ones (maybe they have). in addition there is the
issue of safe storage. i'm sure those who deposited at mt gox thought they were safe. or
the host at bloomberg who showed his bitcoin wallet on tv and had his bitcoins cyber stolen.
then there is the exciting issue of which/when governments will crack down on an anonymous
and underground currency that might used for illegal purposes or worse used to avoid taxes.
Of course they have value I never said they did not.
All I said was the only reason stocks have any value at all is because collectively millions of people decided they have value.
Bitcoins for now are the same exact way.
For now, no matter what you and I think of Bitcoins they have value because there are enough people willing to pay for them.
You can keep your bitcoins in cold storage (offline) so that it's not on the Internet and no one can hack into it. Only coins in a hot wallet can be lost. It's just a hunch, but I think the MtGox theft was an inside job. Sportsbooks such as Anonibet keep coins in cold storage. There are many offshoots of Bitcoin but you can not counterfeit it as you can with paper money.
