|
| Posted by | Message | Placebeaux 
LSU Fan
Member since Jun 2008
18624 posts
| re: Bloomberg: Bitcoin's gains may fuel central bank concerns (Posted on 1/29/13 at 2:47 pm to joshnorris14)
If currency becomes digital and its only backing is supply and demand. What will oil be traded in????
| | Back to top | | WikiTiger
LSU Fan
Member since Sep 2007
38302 posts
| re: Bloomberg: Bitcoin's gains may fuel central bank concerns (Posted on 1/29/13 at 3:14 pm to ugasickem)
quote:
I would like to learn more about this whole Bitcoin thing. If you've got any good advice on where I can learn the ins and outs of this system please link. I've watched some youtube videos and all, and could probably set up an account without a problem. I guess I'm wondering more about how to acquire the bitcoins through mining. Any info you could throw out here would be great since you seem to be pretty knowledgable on the subject.
Mining is very complex and right now probably isn't worth getting in to unless you have a significant amount of money and time to invest in it.
Efficient mining requires multiple expensive chips (currently GPU's and FGPA's, but soon to be moving to ASIC's) and a large amount of electricity. It can be difficult to actually turn a profit mining unless you pretty much make it a business.
If you are still interested, then check out this thread I started on the Money Talk board...I went into some detail on mining and provided some links: http://www.tigerdroppings.com/rant/display.aspx?sp=39397737&s=2&p=39397737#39397737
| | Back to top | | CITWTT
LSU Fan
baton rouge
Member since Sep 2005
25327 posts
| re: Bloomberg: Bitcoin's gains may fuel central bank concerns (Posted on 1/29/13 at 3:25 pm to joshnorris14)
What does any of your BS new monetary system have its foundation based upon? There is one thing I imagine, NOT A frickING THING.
| | Back to top | | WikiTiger
LSU Fan
Member since Sep 2007
38302 posts
| re: Bloomberg: Bitcoin's gains may fuel central bank concerns (Posted on 1/29/13 at 3:33 pm to CITWTT)
quote:
What does any of your BS new monetary system have its foundation based upon?
There are a lot of things I could list as an answer here, but none will satisfy you. So the best answer is probably:
quote:
NOT A frickING THING
And believe it or not, that's a good thing. It's all based on supply and demand. Obviously you have no demand for bitcoins so you would probably value them at $0. The thing is, there are a lot of people that do demand bitcoins, and they currently value them at $19.09.
| | Back to top | | joshnorris14 
Florida Fan
Florida
Member since Jan 2009
19583 posts
| re: Bloomberg: Bitcoin's gains may fuel central bank concerns (Posted on 1/29/13 at 4:22 pm to CITWTT)
quote:
What does any of your BS new monetary system have its foundation based upon?
Money doesn't have to be backed by anything. It's a silly misconception, nothing has intrinsic value. The only reason to "back" a currency with anything is to prevent the supply from being inflated, but with BitCoin, you don't have that worry.
| | Back to top | |
Back to top
|
