Bitcoin: What do you think?

[dave1949]

Bitcoin: It

I've heard of Bitcoin and see occasional references to it, but really know nothing about it.

I'm curious as to what folks think about Bitcoin. Anyone use it, or is that not supposed to be asked?

Do you think it has a big or small future in specific types of transactions?

 

[smstonypoint]

Dave,

I know how much you appreciate economics and economists (), so here are two links for your reading pleasure: Whatç—´ a Bitcoin Worth? (Wonkish) at Steven Landsburg | The Big Questions: Tackling the Problems of Philosophy with Ideas from Mathematics, Economics, and Physics and Robert P. Murphy, The Economics of Bitcoin | Library of Economics and Liberty.

The discussion takes us to the realm of macroeconomics. I am a microeconomist and so I am wrong about specific things -- macroeconomists are wrong about things in general.

Steve

 

[rekees4300]

I'm curious as to what folks think about Bitcoin.

I think it's a scam.

 

[grsthegreat]

im staying as far away from that crap as i can get.

 

[Tomtint]

The gubment sees it as a threat to the debt system that is in place now. This alone should tell you something. I see it as more of a barter system, the gubment also does not like this thought process. If ,ore and more people start taking and exchanging them as means of paying for goods... It could turn the irs on its head

 

[dave1949]

Dave,

I know how much you appreciate economics and economists (), so here are two links for your reading pleasure: Whatç—´ a Bitcoin Worth? (Wonkish) at Steven Landsburg | The Big Questions: Tackling the Problems of Philosophy with Ideas from Mathematics, Economics, and Physics and Robert P. Murphy, The Economics of Bitcoin | Library of Economics and Liberty.

The discussion takes us to the realm of macroeconomics. I am a microeconomist and so I am wrong about specific things -- macroeconomists are wrong about things in general.

Steve

You took umbrage at my suggestion for a Siberian vacation? :laughing:

The Robert P. Murphy article was very helpful. Thanks for that reference.

 

[MikeFarm]

Hi all

First off bitcoin is not a scam but like all monetary systems scammers will get in on the act. Aleady some have lost money when they deposited their bitcoins into an "online bank" and the so called banker vanished. Bitcoin is actually brillian in design from a mathematical aspect - but no one knows who actually created it. That itself is very interesring. As a monetary system it's doing very well, it's now accepted by the Belgium Telecom, some big stores in the US, and Lamborghini even! Mnay online gamers and games accept it and there is a big trade in bitcoin transactions and mining. Enough that banks and Govts that poo-hooed it just a year ago and now chaning their ideas. Bit coins are appreciating in value but with the expected ups and downs and sometimes big fluctualtions. As a device to hold and exchange value it works and there will be critisism and FUD from established banks and the Govt as they cant easily control it. It's a new monetary system, early adopters are risk takers, unless you understand it it's not an investment, it is here to stay and banks and govts will have to adapt.

Mike

 

[smstonypoint]

You took umbrage at my suggestion for a Siberian vacation? :laughing:

The Robert P. Murphy article was very helpful. Thanks for that reference.

Dave,

Steve Landsburg did admit that his blog entry was "Wonkish." He is a true polymath.

Steve

 

[riptides]

I think it's the future, or something like it. A true global currency that an individual can use, globally, locally.

 

[Tomtint]

I think it's the future, or something like it. A true global currency that an individual can use, globally, locally.

Will never happen, To many gubments would loose control over their disciples