St Pete Bowl Now Bitcoin Bowl

[Bane]

 

 

I have been involved in Bitcoin for a year now, honestly I see it as part of the future payments, very much like a Credit Card, or a better more secure Paypal.

 

Its not a fiat currency, research it and you will be amazed.  The blockchain software is priceless, bitcoins are just "credits" for future buying power.  Invest in the blockchain.

 

Unless its backed by something of real value that can't be mass minted or printed (gold, silver, platinum, cooper, rare gems, etc) its a fiat currency. Unless I can take a bitcoin down to a bank or reserve and exchange it for something of real value its a fiat currency.

 

http://www.theverge.com/2014/3/21/5533272/mt-gox-missing-bitcoins

 

The bitcoin is just a complicated fiat ponzi scheme like the USD.

 

Give me gold and silver any day.

 

 

 

LOL

 

Gold and silver only have real value if you're a dentist, or printing circuit boards, etc.

 

Diamonds are only good if you're making drill bits or cutting blades, etc.

 

Give me cattle or wives, FTW!!!

 

 

http://www.moneynews.com/Economy/states-gold-silver-coin/2013/02/07/id/489288/

 

The article is from 2013... since then Utah, Arizona, and Oklahoma have passed laws that allow gold and silver to be used as legal tender. Virginia is in the process of making their own State Gold and Silver Coins. Currently Texas, Georgia, Nevada, Oregon, Alaska, Alabama, and South Carolina have bills to also legalize the use of Gold and Silver as legal tender.

 

Gold and Silver retain their value because you can't print more of it.

 

America like all of the other Empires before is collapsing under the weight of its Empire. It will be in the dust bin with the other failed Empires before we know it.

[SpeedyBull]

 

Technically it isn't a fiat currency. When I am not at work I will dig up some articles explaining what it is and why it is actually a really nifty idea. But basically it is a crypto currency that has a finite amount and more can not be "printed" or made. The value of it will be completely driven by supply and demand. Unlike the USD which is a Fiat currency and can be printed at will. 

 

 

Yes, more can be created, there's a sort of puzzle, by which more "coins" can be "minted" - the diffculty of the algorithm is what ensures the currency won't lose its value by "running the printing presses"

 

http://en.wikipedia.org/wiki/Bitcoin#Mining

 

Ugh wikipedia... 

ok here is a good place to start: http://www.reddit.com/r/Bitcoin/comments/1r9pqh/rbitcoin_faq_newcomers_please_read/

I forgot to bookmark an excellent article explaining bitcoin but hopefully it is on my laptop at home and I will post it later. However you are incorrect in that there is a finite amount (21million) bitcoin that can ever be "mined" and after that income will likely come from transaction fees. 

The beauty of bitcoin is how robust and secure the system is for transferring money at a relatively low cost. While completely bypassing the brick and motor middleman (big banks). Which is why owners/investors of such big banks like JP Morgan are coming out as against it. They feel threatened as they should be. Soon I imagine governments will feel threatened too as they realize they will not simply be able to print more money to pay for their expenditures. This currency if you will directly combats inflation problems of traditional fiat currencies such as the USD. The problem is there is no exact figure on exactly how many USD are floating around the world, nor do we have access to how many bills are retired and how many are printed every year. There is a whole lot of blind faith in the USD which is currently backed by nothing. Gold,Silver, Diamonds whatever precious metal are great until more is discovered. They are not truly finite. The article I had found had equated it to older cultures that used shells or stones as currency. It wasn't that the shells or stones had value it is that they represented value in the trading systems used by that culture. The value of bitcoins comes from the demand of other bitcoins. Like all money it is just a tool for barter because the orange farmer can't count on everyone needing oranges all the time to trade with, not to mention lugging oranges around everywhere would be very difficult. 

sorry if this is a bit short and scattered. At work and can't don a proper write up. 

[SpeedyBull]

Here is a pretty good video series explaining a lot about bitcoin. I am still learning quite a bit myself and cannot vouch for 100% accuracy but he does have a lot of good info:

[jvwvu]

Here is the only thing you need to know

 

Buy 1 Bitcoin - put it on a paper wallet using Bitaddress.org (offline) - put it in a safe and come back to it in 10 years.

 

Right now BTC is trading at $617 - within 3 months I expect to see high of $3600-$4800 per coin and then a drop back to about $1200 a coin.

[jvwvu]

Bitpay is pushing the Bitcoin Bowl hard, as they should.

 

Bitcoin Bowl â€@BitcoinBowl 5m

What game are you looking forward to the most this #collegefootball season? SHARE your thoughts with us! #btcbowl

 

If you are serious about looking into / investing into Bitcoin send me a message, as I said I have been in game for about a year, and worked some 401k money over to be able to buy the possible upcoming ETF "COIN" that SEC is reviewing, my estimated ETA is 2-3 months.

 

 

And yes I am a fan of gold and silver but now for an emergency - ie a Nuke or Solar Flare, at that point I want gold, silver, guns and ammo.