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That's sweet. I don't see how it's that much different than the economies we have already because bitcoins are finite, just like gold, so whats holding anyone back from creating sub-economies on bitcoins and inflating and deflating the value of them eventually just like our physical economic system? The way I see it is that the digital economy came about from digital communities and those communities could start producing their own languages as well. pseudo code type computer languages, especially when communicating with machines.
Yeah, I think they were created to be nearly the exact concept of gold. It's finite and rare, which makes it a more stable investment compared to currencies. I think the main difference is that it is designed to be more liquid, than say gold, meaning that it would be common to purchase consumer goods with a bitcoin. Whereas it is not very common to purchase goods and services with gold. I guess it would ultimately be up to the designer/"manufacturer" of bitcoins to control the stability in an economy, since they could technically just stray away from the finite supply of bitcoins and produce more, like the government with USD.
Or... people could realize it is a made up concept, lose interest, and completely devalue it. Considering some guy just made the idea of a bitcoin and put a price-tag on it.
It's all based on algorithms. You can set up a bitcoin 'mining' operation where your computer basically solves complex equations. When it has solved enough of it, it earns you a bitcoin.
Now, don't go setting up your laptop to do this. The successful mining operations are done on FPGA ans ASIC farms, basically huge arrays of unreal amount of computing power. From what I understand, if you set one up at home you wouldn't even make back the cost of electricity to run the machine.
So forget about mining (unless you are setting it up as a legit operation.)
Now what about trading? You can purchase bitcoins somewhat similarly to stock (although, you can't buy them with a credit card, and you have to find someone who is willing to sell.) Maybe there is some money to be made here, but it is tough to say. The price just dropped like crazy last week. Lot's of people lost a lot of money, I'm sure. Will it come back? Time will tell.
Some people certainly made a shit load of money right when they got started. Like unreal amounts I'm sure. With all this recent news on it, I'm sure it is too late to get in on that...
I like bitcoin because it is (almost) completely anonymous. I'm not sure I like the idea of my purchases being tracked. That kind of data can really tell you a lot about a person, and even possibly give some idea of their vulnerabilities...
That's sweet. I don't see how it's that much different than the economies we have already because bitcoins are finite, just like gold, so whats holding anyone back from creating sub-economies on bitcoins and inflating and deflating the value of them eventually just like our physical economic system?
ReplyDeleteThe way I see it is that the digital economy came about from digital communities and those communities could start producing their own languages as well. pseudo code type computer languages, especially when communicating with machines.
Yeah, I think they were created to be nearly the exact concept of gold. It's finite and rare, which makes it a more stable investment compared to currencies. I think the main difference is that it is designed to be more liquid, than say gold, meaning that it would be common to purchase consumer goods with a bitcoin. Whereas it is not very common to purchase goods and services with gold. I guess it would ultimately be up to the designer/"manufacturer" of bitcoins to control the stability in an economy, since they could technically just stray away from the finite supply of bitcoins and produce more, like the government with USD.
ReplyDeleteOr... people could realize it is a made up concept, lose interest, and completely devalue it. Considering some guy just made the idea of a bitcoin and put a price-tag on it.
It's the matrix, digital gold.
It's all based on algorithms. You can set up a bitcoin 'mining' operation where your computer basically solves complex equations. When it has solved enough of it, it earns you a bitcoin.
ReplyDeleteNow, don't go setting up your laptop to do this. The successful mining operations are done on FPGA ans ASIC farms, basically huge arrays of unreal amount of computing power. From what I understand, if you set one up at home you wouldn't even make back the cost of electricity to run the machine.
So forget about mining (unless you are setting it up as a legit operation.)
Now what about trading? You can purchase bitcoins somewhat similarly to stock (although, you can't buy them with a credit card, and you have to find someone who is willing to sell.)
Maybe there is some money to be made here, but it is tough to say. The price just dropped like crazy last week. Lot's of people lost a lot of money, I'm sure. Will it come back? Time will tell.
Some people certainly made a shit load of money right when they got started. Like unreal amounts I'm sure.
With all this recent news on it, I'm sure it is too late to get in on that...
I like bitcoin because it is (almost) completely anonymous. I'm not sure I like the idea of my purchases being tracked. That kind of data can really tell you a lot about a person, and even possibly give some idea of their vulnerabilities...
Bitcoin Millionaires:
ReplyDeletehttp://bit.ly/1buyugV