What is with the bitcoin obsession?

So Kludge, or anyone else, did you have any more understanding or enlightenment about bitcoindays or other ways of figuring out the actual spend volume on BitCoin, as I tlked about here?
 
Coinabul is the first professional bitcoin to gold and silver dealer. It should provide some liquidity and sound money backing for bitcoin.
 
Bitcoin seems to be making a solid comeback (as far as price & total network hashing rate) since it was pronounced dead. Price's jumped over 50% since last month. Difficulty's even creeping upward again.

(network speed and difficulty)
speed-small-lin.png


Guess I'll start resuming BTC sales on MtGox.
 
Like I was certain bitcoin will survive when the value was falling I'm certain right now it will survive and flourish when it's rising again. As long as the technical aspect of it retains it's integrity, nothing can stop it. If nothing more it will remain the preferred back market money.
 
I've been pretty good at keeping up on the latest miner kernals, but only just upgraded to the new client. It's pretty fancy. Encrypts the wallet.dat file & has a new interface I'm not particularly fond of (more clicks to do what I want than before) - but it looks more slick. It's still miles ahead of the Namecoin GUI, anyway. :D
 
hazek said:
If nothing more it will remain the preferred back market money.
Click to expand...
It will remain the preferred HYIP enabler. Until it stops being that.

I'm warning you guys, hedge your bets. It's only a matter of time before bitcoin crashes and loses all value.
 
I agree with those who see bitcoin, NOT as a store of wealth, but as an hyper-efficient wealth transfer mechanism that cuts banks and other transfer institutions out of the equation. All "in the moment". As such, I don't see bitcoin ever going away or dying a death, despite anyone's losses, because I don't see it losing it losing its utility as a superior transfer mechanism. Bitcoins could lose 99.99% of their value, and so what? People who mistook it for a store of wealth are wiped out, but I can still make a transfer in the moment. And as long as people are using bitcoins to transfer, that's means they are being temporally bought and sold. Buy a gajillion devalued bitcoins on one end, the recipient on the other side of the Earth collects and converts the same bajillion bitcoins on the other. The rest is gravy (e.g., volatility smooths out, trust increases, etc.,), but not necessary.
 
Steven Douglas said:
I agree with those who see bitcoin, NOT as a store of wealth, but as an hyper-efficient wealth transfer mechanism that cuts banks and other transfer institutions out of the equation. All "in the moment". As such, I don't see bitcoin ever going away or dying a death, despite anyone's losses, because I don't see it losing it losing its utility as a superior transfer mechanism. Bitcoins could lose 99.99% of their value, and so what? People who mistook it for a store of wealth are wiped out, but I can still make a transfer in the moment. And as long as people are using bitcoins to transfer, that's means they are being temporally bought and sold. Buy a gajillion devalued bitcoins on one end, the recipient on the other side of the Earth collects and converts the same bajillion bitcoins on the other. The rest is gravy (e.g., volatility smooths out, trust increases, etc.,), but not necessary.
Click to expand...

So you believe bitcoin has a non-monetary value. I agree. If that is so, there is a hole in most arguments for hyperinflation (pricewise) of bitcoins.
 
low preference guy said:
So you believe bitcoin has a non-monetary value. I agree. If that is so, there is a hole in most arguments for hyperinflation (pricewise) of bitcoins.
Click to expand...

The nice thing about bitcoins having a marginal utility that is independent of its long term value makes hyperinflation a non-issue. No wheelbarrels required for a go-jillion bitcoins. The computer screen can handle whatever number it throws at you, and as long as you aren't letting your money rest in that form, the odds of it losing (or gaining, and who cares) value in the space of a few hours is virtually irrelevant.

It's not the value of the bitcoins themselves - it's value of the mechanism itself. That, to me, is the brilliance, and indeed "intrinsic" value of the system, which will ultimately immortalize it in one form or another - now that that encrypted cat is out of the bag. It doesn't even matter if Bitcoin 1.0 dies the death! There will be ENORMOUS demand for Bitcoin 2.0, and there you are, back in business, able to transfer funds at a click, peer-to-peer, with minimal short-term risk and no transfer fees other than the teensy losses (but sometimes gains) which happened along the way.

I am definitely in the category of those who think bitcoins are here forever, and will even evolve to some amazingly reliable (and government/bank-ousting) forms. Just not for the reasons most people are thinking.
 
Well their value has to remain stable for at least the time it takes to buy a certain sum, transfer them and sell them but yes, their value is inconsequential to their utility as a means to transfer wealth across the world.

But I do believe given their nature of built in scarcity they will eventually also have the role of a store of value much like gold bullion does today. I mean gold is down quite a bit off it's peak and people that bought at peak and were forced to already sell lost some money but that doesn't take away from gold being a store of value over the long run now does it? It will just take time. Plus, whoever bought bitcoins at $0.003 is still up by quite a lot.
 
Steven Douglas said:
I am definitely in the category of those who think bitcoins are here forever, and will even evolve to some amazingly reliable (and government/bank-ousting) forms. Just not for the reasons most people are thinking.
Click to expand...

I'm in the same camp. I'm thinking bitcoin will outlast the dollar.
 
hazek said:
Well their value has to remain stable for at least the time it takes to buy a certain sum, transfer them and sell them but yes, their value is inconsequential to their utility as a means to transfer wealth across the world.

But I do believe given their nature of built in scarcity they will eventually also have the role of a store of value much like gold bullion does today. I mean gold is down quite a bit off it's peak and people that bought at peak and were forced to already sell lost some money but that doesn't take away from gold being a store of value over the long run now does it? It will just take time. Plus, whoever bought bitcoins at $0.003 is still up by quite a lot.
Click to expand...

In a very strange and ironic way, volatility and artificial scarcity are the saving graces of bitcoins. If it becomes truly inflated, it can and will crash. I fully expect bitcoins to have boom and bust cycles of its very own for that reason! I also expect that will level out over time, but that remains to be seen. However, so long as anyone continues to use it, and have any faith in it at all, it will continue to have and rebuild its value. It is really no different from the same principle exploited by Keynesian-spawned currency meddlers and what they recognize about so-called "banks", and that is your utter dependence on checkbooks and plastic debit cards - not as a storage mechanism, so much as a momentary transfer of wealth mechanism (deposit so much, pay out so much).

I have a PayPal account which has extreme utility value to me - only as a transfer mechanism, and even though my balance is ALWAYS ZERO. No fees involved on my part, because I don't use it to receive funds. I make a PayPal payment, it comes straight from my bank account in that moment, into my PayPal account for all of what might as well be nano-seconds, and straight to the person I paid. That, to me, is analogous to Bitcoin's ultimate core function.
 
Yep, I couldn't agree more. I also expect more bubbles with perhaps the swings eventually becoming almost irrelevant.

I practically haven't changed my position on the Bitcoin technology since the day I learned about it almost a year ago, that as long as the technology can maintain it's integrity, it is here to stay forever, even if improved upon and replaced by a better version down the road.

And I'm glad that more and more free market economist realize this, especially given their fairly strong opposition in the beginning.
 
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