why am i not surprised that a "currency" that is not authorized nor backed-up nor enforced by any government(s) and not completely transparent, is getting hacked or ripped-off by some presumably third party, and those who have invested real money getting bitcoins are now at risk that their monetary instruments might become worthless? https://en.wikipedia.org/wiki/Bit_coin#Unauthorized_mining https://en.wikipedia.org/wiki/Bit_coin#Thefts it's really hard for me to understand how this "currency" became so widely used. -- r b-j rbj@audioimagination.com "Imagination is more important than knowledge."
here's another OT: Bitcoin
Started by ●February 25, 2014
Reply by ●February 25, 20142014-02-25
> > >why am i not surprised that a "currency" that is not authorized nor >backed-up nor enforced by any government(s) and not completely >transparent, is getting hacked or ripped-off by some presumably third >party, and those who have invested real money getting bitcoins are now >at risk that their monetary instruments might become worthless? > > https://en.wikipedia.org/wiki/Bit_coin#Unauthorized_mining > https://en.wikipedia.org/wiki/Bit_coin#Thefts > >it's really hard for me to understand how this "currency" became so >widely used. > >-- > >r b-j rbj@audioimagination.com > >"Imagination is more important than knowledge." > > >Transactions are secure and anonymous. The curreny increases in value like a stock, so I think people saw that and wanted to risk making money from nothing. Stocks are widely used, do you feel the same about them. Normal currency has the same issues, theft and goverments controlling amount in circulation. I think people liked the fact that is was not controlled by any government, but this is also why government is trying to shut it down, they have no control of it. Its an interesting concept, but I dont have any bitcoins. _____________________________ Posted through www.DSPRelated.com
Reply by ●February 25, 20142014-02-25
On Tuesday, February 25, 2014 11:09 AM, r b-j wrote:>it's really hard for me to understand how this "currency" became so widely used.... safer than tulip bulbs?? Kevin McGee
Reply by ●February 25, 20142014-02-25
On Wednesday, February 26, 2014 5:09:30 AM UTC+13, robert bristow-johnson wrote:> why am i not surprised that a "currency" that is not authorized nor > > backed-up nor enforced by any government(s) and not completely > > transparent, is getting hacked or ripped-off by some presumably third > > party, and those who have invested real money getting bitcoins are now > > at risk that their monetary instruments might become worthless? > > > > https://en.wikipedia.org/wiki/Bit_coin#Unauthorized_mining > > https://en.wikipedia.org/wiki/Bit_coin#Thefts > > > > it's really hard for me to understand how this "currency" became so > > widely used. > > > > -- > > > > r b-j rbj@audioimagination.com > > > > "Imagination is more important than knowledge."Like it or not it is the future. We are coming to distrust bankers, or Banksters as they are now known. Maybe it will be killed off but another will arise like a phoenix.
Reply by ●February 25, 20142014-02-25
On Tue, 25 Feb 2014 18:30:10 -0800 (PST), gyansorova@gmail.com wrote:>On Wednesday, February 26, 2014 5:09:30 AM UTC+13, robert bristow-johnson wrote: >> why am i not surprised that a "currency" that is not authorized nor >> >> backed-up nor enforced by any government(s) and not completely >> >> transparent, is getting hacked or ripped-off by some presumably third >> >> party, and those who have invested real money getting bitcoins are now >> >> at risk that their monetary instruments might become worthless? >> >> >> >> https://en.wikipedia.org/wiki/Bit_coin#Unauthorized_mining >> >> https://en.wikipedia.org/wiki/Bit_coin#Thefts >> >> >> >> it's really hard for me to understand how this "currency" became so >> >> widely used. >> >> >> >> -- >> >> >> >> r b-j rbj@audioimagination.com >> >> >> >> "Imagination is more important than knowledge." > >Like it or not it is the future. We are coming to distrust bankers, or Banksters as they are now known. Maybe it will be killed off but another will arise like a phoenix.That remains to be seen. Bitcoin is seeing some practical headwinds lately and if confidence falls it can easily become worthless. Currency has value only because of the confidence of its users and the same is true with Bitcoin. With no government or central bank or real assets to back it up bitcoin value is solely dependent on the whims of the users, and if the winds of sentiment blow another way it could collapse entirely. This is partly why many central banks are currently advising against its use and/or refusing to recognize bitcoin. http://www.telegraph.co.uk/finance/currency/10660128/What-is-bitcoin-and-why-is-it-in-trouble.html Eric Jacobsen Anchor Hill Communications http://www.anchorhill.com
Reply by ●February 26, 20142014-02-26
On 26/02/14 03:44, Eric Jacobsen wrote:> On Tue, 25 Feb 2014 18:30:10 -0800 (PST), gyansorova@gmail.com wrote: >> Like it or not it is the future. We are coming to distrust bankers, or Banksters as they are now known. Maybe it will be killed off but another will arise like a phoenix. > > That remains to be seen.Just so.> Bitcoin is seeing some practical headwinds > lately and if confidence falls it can easily become worthless. > Currency has value only because of the confidence of its users and the > same is true with Bitcoin.The older I get the more I realise I don't know what money actually /is/. The only satisfactory answer I've found has been enshrined on all UK banknotes, which say "I _promise_ to pay the bearer ..." signed by the chief cashier of the Bank of England. If you believe the promise, all is well. OTOH, if you don't....> With no government or central bank or > real assets to back it up bitcoin value is solely dependent on the > whims of the users, and if the winds of sentiment blow another way it > could collapse entirely.Too simplistic. The same argument could be made about many goods and properties that are traded, up to and including entire currencies.> This is partly why many central banks are > currently advising against its use and/or refusing to recognize > bitcoin.True but not the whole truth. Loss of accountability and loss of control are also a factor. None of which indicates whether or not Bitcoin or similar will survive, nor what it will be used for in the long term. It may well be that it is used for short-term transmission of value, analogous to Western Union, rather than as something to hide under the bed for a rainy day.
Reply by ●February 26, 20142014-02-26
On Tuesday, February 25, 2014 11:09:30 AM UTC-5, robert bristow-johnson wrote:> why am i not surprised that a "currency" that is not authorized nor > > backed-up nor enforced by any government(s) and not completely > > transparent, is getting hacked or ripped-off by some presumably third > > party, and those who have invested real money getting bitcoins are now > > at risk that their monetary instruments might become worthless? > > > > https://en.wikipedia.org/wiki/Bit_coin#Unauthorized_mining > > https://en.wikipedia.org/wiki/Bit_coin#Thefts > > > > it's really hard for me to understand how this "currency" became so > > widely used. > > > > -- > > > > r b-j rbj@audioimagination.com > > > > "Imagination is more important than knowledge."Its a governmentless fiat currency (figure that one out!). Its value seems way too capricious to me. Since it exists only in cyberspace, just wait until someone (or group) counterfeits his(their) own. Clay
Reply by ●February 26, 20142014-02-26
>On Tuesday, February 25, 2014 11:09:30 AM UTC-5, robert bristow-johnsonwrote:>> why am i not surprised that a "currency" that is not authorized nor >> >> backed-up nor enforced by any government(s) and not completely >> >> transparent, is getting hacked or ripped-off by some presumably third >> >> party, and those who have invested real money getting bitcoins are now >> >> at risk that their monetary instruments might become worthless? >> >> >> >> https://en.wikipedia.org/wiki/Bit_coin#Unauthorized_mining >> >> https://en.wikipedia.org/wiki/Bit_coin#Thefts >> >> >> >> it's really hard for me to understand how this "currency" became so >> >> widely used. >> >> >> >> -- >> >> >> >> r b-j rbj@audioimagination.com >> >> >> >> "Imagination is more important than knowledge." > >Its a governmentless fiat currency (figure that one out!). Its value seemsway too capricious to me. Since it exists only in cyberspace, just wait until someone (or group) counterfeits his(their) own.> >Clay >If you research bitcoin a little, you find its way more complicated than one would think, and seems to be a very secure system, at least as secure as our current monetary system. Also, no one seems to like my analogy to stocks/securities, which is almost exactly like bitcoin, they can lose value too and disappear. _____________________________ Posted through www.DSPRelated.com
Reply by ●February 26, 20142014-02-26
Clay writes:>> >> Its a governmentless fiat currency (figure that one out!).usually it's a monarch or dictator who issues fiats. (or maybe the italians who drive them.)>> Its value seems >> way too capricious to me. Since it exists only in cyberspace, just wait >> until someone (or group) counterfeits his(their) own.i think that's what's happening now. On 2/26/14 10:15 AM, jacobfenton wrote:> If you research bitcoin a little, you find its way more complicated than > one would think, and seems to be a very secure system, at least as secure > as our current monetary system. Also, no one seems to like my analogy to > stocks/securities, which is almost exactly like bitcoin, they can lose > value too and disappear.perhaps bitcoin is like a stock or security in some ways. but a stock is a portion of a company that, unless it's Enron, is actually involved in industry and producing something of material. sure, these instruments get more complicated (which is why i just leave it to the mutual funds), but the purpose is to raise sufficient money to support an industrial effort that requires great scale. immediately, the value of the stock is greatly related to the whims, greed, and fear of investors, but at the bottom line eventually the value of the company is coupled to the value of the product and services produced, which people pay for. -- r b-j rbj@audioimagination.com "Imagination is more important than knowledge."
Reply by ●February 26, 20142014-02-26
On Wednesday, February 26, 2014 4:44:33 PM UTC+13, Eric Jacobsen wrote:> On Tue, 25 Feb 2014 18:30:10 -0800 (PST), gyansorova@gmail.com wrote: > > > > >On Wednesday, February 26, 2014 5:09:30 AM UTC+13, robert bristow-johnson wrote: > > >> why am i not surprised that a "currency" that is not authorized nor > > >> > > >> backed-up nor enforced by any government(s) and not completely > > >> > > >> transparent, is getting hacked or ripped-off by some presumably third > > >> > > >> party, and those who have invested real money getting bitcoins are now > > >> > > >> at risk that their monetary instruments might become worthless? > > >> > > >> > > >> > > >> https://en.wikipedia.org/wiki/Bit_coin#Unauthorized_mining > > >> > > >> https://en.wikipedia.org/wiki/Bit_coin#Thefts > > >> > > >> > > >> > > >> it's really hard for me to understand how this "currency" became so > > >> > > >> widely used. > > >> > > >> > > >> > > >> -- > > >> > > >> > > >> > > >> r b-j rbj@audioimagination.com > > >> > > >> > > >> > > >> "Imagination is more important than knowledge." > > > > > >Like it or not it is the future. We are coming to distrust bankers, or Banksters as they are now known. Maybe it will be killed off but another will arise like a phoenix. > > > > That remains to be seen. Bitcoin is seeing some practical headwinds > > lately and if confidence falls it can easily become worthless. > > Currency has value only because of the confidence of its users and the > > same is true with Bitcoin. With no government or central bank or > > real assets to back it up bitcoin value is solely dependent on the > > whims of the users, and if the winds of sentiment blow another way it > > could collapse entirely. This is partly why many central banks are > > currently advising against its use and/or refusing to recognize > > bitcoin. > > > > http://www.telegraph.co.uk/finance/currency/10660128/What-is-bitcoin-and-why-is-it-in-trouble.html > > > > > > Eric Jacobsen > > Anchor Hill Communications > > http://www.anchorhill.comOf course banks are against it just as Turkeys don't like Xmas! Their control would be gone. As for real value, what real value does a US dollar have? What of quantatitive easing - they just print more when they need it. What you have at present is a giant Ponzi scheme just waiting to collapse like it did ten years ago or so.
