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Bitcoins? WTF ...

Discussion in 'General Business' started by NeilUK, Apr 20, 2013.

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  1. #1
    What the f*$@ is all this I keep hearing about bitcoins?
    What the bloody hell are bitcoins and why would you use them?
     
    NeilUK, Apr 20, 2013 IP
  2. Ntech25

    Ntech25 Active Member

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    #2
    Here is some information I found about it http://en.wikipedia.org/wiki/Bitcoin . Looks like if you want to purchase stuff and have no traces back to you, could be used for good and bad.
     
    Ntech25, Apr 20, 2013 IP
  3. NeilUK

    NeilUK Active Member

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    #3
    Hmmm ... I smell bad things on the horizon for this. What's wrong with good old money?
     
    NeilUK, Apr 20, 2013 IP
  4. Ntech25

    Ntech25 Active Member

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    #4
    This reminds me back e-gold.com days, not sure if anyone here remembers that site. It's still up but has changed a lot since 911.

    It was pretty much untraceable money and a lot of people were being scammed and a lot of people were making money with the HYIPs, e-gold game which were all ponzi schemes.

    Bitcoins is a lot different than egold since egold was backed by gold I believe and bitcoins is a whole complicated system but I'm interested to see where it goes.
     
    Ntech25, Apr 20, 2013 IP
    NeilUK likes this.
  5. tekkers

    tekkers Well-Known Member

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    #5
    the story begins like this, all money is fake, i mean fiat(paper money), i mean fake, yes its just paper, it has absolutely no value, the only value it has, is the value you believe it has

    the problem with fiat based money is that the issuing authorities can issue of much of it as possible

    this is where bitcoin comes in, there can only be a maximum of 21 million bitcoins in circ ever and 21 million do not even exist yet

    a new bit coin is created every time a complex numerical algorithm is completed

    so one aspect of bitcoin is that it is limited in supply unlike fiat based paper money whose supply grows daily as banks create more and more money

    the other aspect of bitcoin is that it is based on a p2p software which is decentrilised throughout the internet which makes it difficult to control

     
    tekkers, Apr 20, 2013 IP