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Bitcoins, scam?

Laine

Registered Member
A Bitcoin is a digital coin that is bought and sold like on the stock market or purchased for about $40.00 USD per coin For more info about a bitcoin:Why cyber currency Bitcoin is trading at an all-time high - Mar. 6, 2013


I can not understand this at all. It is a digital coin, meaning it is literally nothing but a fabricated name, yet people are buying them, selling and even trading them? It makes no sense to me at all. Is this just a scam? If you invest enough into it will a magical coin just appear for you?

Discuss, explain if you can and Thank you.
 

Hilander

Free Spirit
Staff member
V.I.P.
A few countries have made it illegal to use them and others have warned against using them. Personally I don't want them, seems a little risky to me.

If its easy to launder drug money using them or pay for child pornography and other illegal ventures I'm not sure Bitcoins should be recognized as legal tender.

I hope our politicians don't start excepting them as campaign donations.

https://en.wikipedia.org/wiki/Legality_of_bitcoin
 

dDave

Well-Known Member
V.I.P.
A few countries have made it illegal to use them and others have warned against using them. Personally I don't want them, seems a little risky to me.

If its easy to launder drug money using them or pay for child pornography and other illegal ventures I'm not sure Bitcoins should be recognized as legal tender.

I hope our politicians don't start excepting them as campaign donations.

https://en.wikipedia.org/wiki/Legality_of_bitcoin
From my understanding, it's more like investing in gold or something else that is valuable but is technically not currency (we've been off the gold standard since what, the 70s?)

The main reason I can see for investing in bitcoins is that it's a lot more secure than any currency you're going to find out there because of the economic instability and the fact that world governments are printing money like crazy. It's very controlled and thus it maintains it's value much more easily than say the US Dollar or the Euro.
 

Major

4 legs good 2 legs bad
V.I.P.
The main reason I can see for investing in bitcoins is that it's a lot more secure than any currency you're going to find out there because of the economic instability and the fact that world governments are printing money like crazy. It's very controlled and thus it maintains it's value much more easily than say the US Dollar or the Euro.
It's funny you say that, because just today they are reporting that $480 million of bitcoins have gone missing and the one-time largest bitcoin exchange, Mt. Gox, has filed for bankruptcy.

Mt. Gox bitcoin exchange is bankrupt, 850,000 bitcoins worth hundreds of millions missing: CEO - NY Daily News

Doesn't seem like a secure investment to me.
 

Hilander

Free Spirit
Staff member
V.I.P.
I bet the drug dealers, hitmen and illegal arms dealers will want to talk to him. They aren't going to take losing their money lightly. If you want to put your money in something buy gold. Too easy for hackers to steal bitcoin's.
 

idisrsly

I'm serious
V.I.P.
I can not understand this at all. It is a digital coin, meaning it is literally nothing but a fabricated name, yet people are buying them, selling and even trading them? It makes no sense to me at all. Is this just a scam? If you invest enough into it will a magical coin just appear for you?
It's a foreign concept to grasp right now, I agree. But I can see how it can work. I work at a bank for their reward program. We deal in virtual currency. So people get "rewards" according to their banking and spending habits and use that virtual currency at our "shop". I myself am on the travel side of the business. So yes, I take virtual currency as payment every day at work.

It's an interesting innovation that I've been meaning to look into.
 

Clare

Registered Member
My knowledge on bitcoins is limited at best, forgive me, haha. I wouldn't invest in them though... I think if you got in there straight away when they were significantly cheaper it would be a decent investment. But it seems too risky to me to invest now when there's no way of knowing what will happen with them. At least with something like gold you are buying a real resource and one that has been around for donkey's years.
 

Italiano

Film Elitist
I can not understand this at all. It is a digital coin, meaning it is literally nothing but a fabricated name, yet people are buying them, selling and even trading them? It makes no sense to me at all. Is this just a scam? If you invest enough into it will a magical coin just appear for you?
Technically the US dollar has no intrinsic value. No currency has an intrinsic value. We place value upon it and perpetuate the idea that it's worth the value of trade for goods and services. The Bitcoin is simply another form of currency that apparently has a high market price at the moment.

Ebay and Paypal have already begun to allow their users to transfer Bitcoins as a legitimate currency. Many other companies and merchant dealers are also already or preparing to incorporate Bitcoins into their businesses.

There is allegedly supposed to be a complex security system attached to each Bitcoin. It's a signature that is unique to each "miner" and many have equated to minting paper currency. However there have been security breaches in the past that have damaged the market value of Bitcoins. It's a new system that hasn't been perfected yet and from where I'm standing the paper currency system has yet to be.

A lot of people I know have already built "mining" computers specifically for the purpose of mining Bitcoins or joining "mining pools" and receiving a share of mined Bitcoins. As soon as I built my new PC all my friends asked me if I was doing a mining job. I still have reservations about joining the mining pools and the Bitcoin market. However a lot of colleagues and friends have spent money on mining computer systems and apparently they have already made all their money back and then some.

I won't say it sounds tempting but I like to know market system of something a little more before I make any kind of investment.

Thoughts?
 
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