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joshnorris14 
Florida Fan
Florida
Member since Jan 2009
19554 posts
| Bloomberg: Bitcoin's gains may fuel central bank concerns (Posted on 1/28/13 at 10:19 pm)
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TrueTiger 
LSU Fan
Republic of West Florida
Member since Sep 2004
2619 posts
| re: Bloomberg: Bitcoin's gains may fuel central bank concerns (Posted on 1/28/13 at 10:34 pm to joshnorris14)
Dey gettin' skeered?
BTC is fascinating. I'm not sure what the average Joe should be doing with it and I have a concern that virtual currency is worthless without the power grid and the internet working.
So if you fear that your government money will be wiped out, well BTC has its issues too. Hard goods like gold & silver seem more durable in rough times.
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Beau Tie
LSU Fan
Member since Oct 2012
744 posts
| re: Bloomberg: Bitcoin's gains may fuel central bank concerns (Posted on 1/28/13 at 10:43 pm to joshnorris14)
This makes me happy. Central banks are part of the problem.
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Interception
Providence Fan
Member since Nov 2008
8671 posts
| re: Bloomberg: Bitcoin's gains may fuel central bank concerns (Posted on 1/29/13 at 12:02 am to joshnorris14)
The Fed hates fantasy monetary policy
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MississippiLSUfan
LSU Fan
Brookhaven
Member since Oct 2005
9622 posts
| re: Bloomberg: Bitcoin's gains may fuel central bank concerns (Posted on 1/29/13 at 12:28 am to Beau Tie)
quote:
This makes me happy. Central banks are part of the problem.
Me too. This will be very interestdasting.
Wiki called it on bit coin.
This post was edited on 1/29 at 12:29 am
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WikiTiger
LSU Fan
Member since Sep 2007
38300 posts
| re: Bloomberg: Bitcoin's gains may fuel central bank concerns (Posted on 1/29/13 at 8:30 am to MississippiLSUfan)
quote:
Wiki called it on bit coin.
Whether or not I'm right remains to be seen.
The thing is, even if bitcoin fails, the digital currency cat is out of the bag. This is something that will revolutionize the world, probably even to a greater extent than the internet did.
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C
LSU Fan
The Woodlands, TX
Member since Dec 2007
17410 posts
| re: Bloomberg: Bitcoin's gains may fuel central bank concerns (Posted on 1/29/13 at 8:43 am to WikiTiger)
quote:
to a greater extent than the internet did
Are digital currencies even possible without the internet?
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WikiTiger
LSU Fan
Member since Sep 2007
38300 posts
| re: Bloomberg: Bitcoin's gains may fuel central bank concerns (Posted on 1/29/13 at 8:48 am to C)
quote:
Are digital currencies even possible without the internet?
Technically yes, practically no.
But I get your point. The internet is the facilitator of digital currencies, thus saying a digital currency will be more revolutionary than the internet is a bit contradictory.
But then that would be like saying that the internet isn't possible without electricity, so electricity is more revolutionary than the internet.
At some point, you have to let each new innovation stand on its own, at least in the philosophical realm.
This post was edited on 1/29 at 8:49 am
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Porky 
Arkansas Fan
Member since Aug 2008
9325 posts
| re: Bloomberg: Bitcoin's gains may fuel central bank concerns (Posted on 1/29/13 at 8:54 am to WikiTiger)
quote:
Whether or not I'm right remains to be seen.
I hope you are. It definitely has my attention.
quote:
The thing is, even if bitcoin fails, the digital currency cat is out of the bag. This is something that will revolutionize the world, probably even to a greater extent than the internet did.
It's a unique and revolutionary concept in regard to traditional money. I like the possibilities.
This post was edited on 1/29 at 9:02 am
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buddhavista
Member since Jul 2012
3543 posts
| re: Bloomberg: Bitcoin's gains may fuel central bank concerns (Posted on 1/29/13 at 9:01 am to WikiTiger)
quote:
The thing is, even if bitcoin fails, the digital currency cat is out of the bag. This is something that will revolutionize the world, probably even to a greater extent than the internet did.
I am a big proponent of BTC causing change, but its not going to do what the internet did. And honestly social media is going to be the biggest agent of change in our lifetimes.
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Codythetiger
LSU Fan
Member since Nov 2006
16129 posts
| re: Bloomberg: Bitcoin's gains may fuel central bank concerns (Posted on 1/29/13 at 9:07 am to WikiTiger)
Haha wiki I've had my computer room turned into my bit coin mining factory for a year and a half now. Takes serious computing power though. Im gonna let it keep climbing.
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WikiTiger
LSU Fan
Member since Sep 2007
38300 posts
| re: Bloomberg: Bitcoin's gains may fuel central bank concerns (Posted on 1/29/13 at 9:16 am to WikiTiger)
BTW everyone, bitcoin is exchanging at $19.44 right now.
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WikiTiger
LSU Fan
Member since Sep 2007
38300 posts
| re: Bloomberg: Bitcoin's gains may fuel central bank concerns (Posted on 1/29/13 at 9:16 am to Codythetiger)
quote:
I've had my computer room turned into my bit coin mining factory for a year and a half now. Takes serious computing power though. Im gonna let it keep climbing.
How much are you mining per day?
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Codythetiger
LSU Fan
Member since Nov 2006
16129 posts
| re: Bloomberg: Bitcoin's gains may fuel central bank concerns (Posted on 1/29/13 at 9:19 am to WikiTiger)
Haha I'm sitting pretty at the current exchange.
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C
LSU Fan
The Woodlands, TX
Member since Dec 2007
17410 posts
| re: Bloomberg: Bitcoin's gains may fuel central bank concerns (Posted on 1/29/13 at 9:23 am to WikiTiger)
quote:
so electricity is more revolutionary than the internet
And I'd agree with that all the way back to man being able to control fire. it may seem rather simple today but that probably took a few millennia.
quote:
At some point, you have to let each new innovation stand on its own, at least in the philosophical realm.
I agree and digital currency has a chance to do wonderful things. I just happen to believe that govts have very strong reasons to outlaw its use and will take draconian steps to do so with very little protesting from the public.
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WikiTiger
LSU Fan
Member since Sep 2007
38300 posts
| re: Bloomberg: Bitcoin's gains may fuel central bank concerns (Posted on 1/29/13 at 9:38 am to C)
quote:
I just happen to believe that govts have very strong reasons to outlaw its use and will take draconian steps to do so with very little protesting from the public.
How far do you see governments going to prevent the use of digital currencies?
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C
LSU Fan
The Woodlands, TX
Member since Dec 2007
17410 posts
| re: Bloomberg: Bitcoin's gains may fuel central bank concerns (Posted on 1/29/13 at 10:04 am to WikiTiger)
quote:
How far do you see governments going to prevent the use of digital currencies?
They'll treat them like drugs or terrorism. No US company will be able to legally report it's use. They'll probably have reporting requirements for foriegn banks if they have US citizens using them. And all they have to do is sieze a small % of the bitcoins to scare off the novice investor.
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WikiTiger
LSU Fan
Member since Sep 2007
38300 posts
| re: Bloomberg: Bitcoin's gains may fuel central bank concerns (Posted on 1/29/13 at 10:16 am to C)
quote:
They'll treat them like drugs or terrorism. No US company will be able to legally report it's use. They'll probably have reporting requirements for foriegn banks if they have US citizens using them. And all they have to do is sieze a small % of the bitcoins to scare off the novice investor.
guy on Forbes wrote an article yesterday arguing that a Government Ban On Bitcoin Would Fail Miserably
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TrueTiger
LSU Fan
Republic of West Florida
Member since Sep 2004
2619 posts
| re: Bloomberg: Bitcoin's gains may fuel central bank concerns (Posted on 1/29/13 at 10:31 am to WikiTiger)
quote:
electricity is more revolutionary than the internet.
It is still pretty fricking revolutionary and vastly under-appreciated, right up until you have to go a few days without it.
Without it I think we go right back to an average life span of about 45-50 years.
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ugasickem 
Georgia Fan
I'm on a Boat!
Member since Nov 2010
3358 posts
| re: Bloomberg: Bitcoin's gains may fuel central bank concerns (Posted on 1/29/13 at 2:41 pm to Codythetiger)
Wiki...How does the whole mining thing work? Basically I set up a mining program on my PC and just let it do the work?
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.
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