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 Replies: 9 / Views: 1,513 |
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Pillar of the Community
United States
3670 Posts |
So I have yahoo pegged as my home page via email (Why I don't know as their writers waste my valuable seconds with Justin Bieber girlfriend updates and what not), but this add caught my eye.... In case you are too lazy to click on link, I will sum up fast, and that ain't easy for me if some of you all have not noticed. It is non existent Internet money. See South Park episode Canada on strike as they ask the USA.... "We want some of that Internet money!" Even though they only get some bubble gum and a buy one meal and get the 2nd of equal or lesser value for free coupons from Bennigan's, rof  . Sorry my Canadian friends from the north, looks like you may get the cup back, so that should shut me up for a while.... http://finance.yahoo.com/banking-bu...n-smartmoneyAnyway, curious what you guys know about it, as it has tripled in value in a very short time it seems.... I have my fingers crossed this does not get moved, and ruin my...."Never had a topic moved for wrong category listing streak"  .... Edited by Silverhawk74
06/11/2011 12:35 am
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Pillar of the Community
United States
1150 Posts |
Sadly, I don't think Bitcoins count as PMs. LOL
However, like PMs, they aren't very traceable. Or taxable. And like PMs you can 'bid' on bitcoins.
Also like PMs, their value can be extremely volatile. Right now one bitcoin goes for about 23 bucks, but over the last few days they've traded for as much as 29 bucks and as little as 20.
Edited by mitchhailey
06/11/2011 12:58 am
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Pillar of the Community
 United States
3670 Posts |
Mitch, would it not be similar to having your money in pay pal after an ebay sell or whatever? Lets say you don't send to your bank account and keep in pay pal, and eventually buy something else. You never see the money, but it all works on trust. Minus the flucution of value, and that is just your own money, not a purchased credit, all be it the same in the digital sense.... So it is like a single credit, worth anywhere as you said from about 20 to 30 bucks. so if you bought a bunch for 20 bucks, held onto until they were worth lets say 50, could you then use them to buy say a 200 dollar gold coin with 4 bitcoin credits? Perhaps this is all just another example of physical currency becoming more and more obsolete over time, even though it will always have its place to collectors, even if we do reach a day when all ones credits are just on a card or computer.... Edited by Silverhawk74
06/11/2011 01:12 am
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Pillar of the Community
United States
2589 Posts |
physical currency will always have its place in all economies, the need for a median of exchange that is tangible and untracable will always exist
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Pillar of the Community
United States
1150 Posts |
Silver,
Bitcoins are being used as a means of exchange between people online as a means of keeping governments from taxing the transactions. There are also more, uh, morally questionable reasons that they are being used. Such as buying drugs online.
Once you buy bitcoins they are fairly hard to trace as to who buys what. And some computer programs can make your transactions with bitcoins completely untraceable, hence there are online sales sites for elicit drugs where you pay with bitcoins.
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Pillar of the Community
United States
3670 Posts |
Oh that makes sense Mitch, a corner cutter eh for taxes and illegal activities, makes sense. Drugs online, who knew. I guess you can get just about anything online anymore....
I agree XOG as well, like a book it will always have its place. On hand if you will, and some need their untraceable angles....
Edited by Silverhawk74
06/11/2011 02:47 am
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Pillar of the Community
United States
648 Posts |
It's an interesting idea with zero intrinsic value. So for me to get a bitcoin - I have to install an application on my computer to mine bitcoins or I can buy from ebay. While the idea is some what interesting, I'd rather not install any applications on my machine and collect the real deal PM - not virtual PM (if you even want to call it that). I'm not sold on it. |
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Pillar of the Community
United States
2661 Posts |
Bitcoin has introduced us to a new investment vehicle and falls into it's own category for now, that being PEME"s or "Precious ElectroMagnetic Energies". Yeap You heard it here first. There will be more to come. Names of which will be dreamed up by those seeking internet fortunes. I see names such as Intercoin, Web$, ElectroGold, and so on. You may laugh now, but people laughed at the Wright Bro's. I'll see you guys on Monday, my flight leaves in 4 hrs. and I need to get to the airport.
Edited by Tim Stroud
06/11/2011 07:25 am
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Valued Member
United States
364 Posts |
Tread carefully with a product as intangible as frequent flier miles, subject to the whims of the internet, and even less based in reality than fiat currency.
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Pillar of the Community
United States
4008 Posts |
Quote:
the need for a median of exchange that is tangible and untracable will always exist Yes, it will. But will it always be provided? Governments tend to be in charge of currency production and it will only be a while until they discover that their precious tax collecting ability is being diddled via things like BitCoins. I think that we can safely assume that they will get around to doing something about such things in time. Then what happens to all those BitCoins, forever stranded in limbo? Don't forget that there are government agencies that use computers too and if they decide that this form of commerce needs to be tracked, regulated, or banned, it WILL be. Just sayin'. |
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Replies: 9 / Views: 1,513 |
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Posted 06/11/2011 12:59 am
