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re: 40% of Bitcoin Exchanges Fail; only 30% of those refund your Bitcoins...
Posted on 4/29/13 at 12:48 pm to Poodlebrain
Posted on 4/29/13 at 12:48 pm to Poodlebrain
quote:
Legitimate Bitcoin users will probably use regulated exchanges to eliminate the risk of malfeasance by the exchange operators
yep!
Poodlebrain, you've been doing you're homework, haven't you? You certainly seem to be more and more educated on the topic as the weeks go on.
quote:
but there will be many Bitcoin users who patronize the unregulated exchanges.
Yep. And that's a risk they choose to take.
quote:
I doubt Bitcoins survive that long though.
Why do you feel that way?
2
Posted on 4/29/13 at 1:10 pm to WikiTiger
quote:
Why do you feel that way?
Don't want to put words in Poodle's mouth, but I think it all comes back to regulation as he said earlier.
I agree with you about the exchanges; amateur hour seems to be just about over and we should see more legit exchanges pop up. But without oversight, nothing will stop a major player from picking a side and manipulating the price in it's favor.
Posted on 4/29/13 at 2:26 pm to WikiTiger
For Bitcoins to succeed they need to be widely dispersed among tens of millions of users ready to use them without concern about exchange rates. Right now, and for the foreseeable future, most Bitcoin owners are more concerned with exchange rates than ability to spend Bitcoins. And ownership of Bitcoins are relatively concentrated. When you have douchebags like the Winklevoss brothers bragging about owning 11% of the existing Bitcoins you realize they are not holding the Bitcoins as an alternative form of currency. They are holding it as a commodity. It is safe to presume that many other Bitcoin owners have the same intentions.
Any event that causes a loss in confidence in Bitcoins as a commodity will be detrimental to Bitcoins' survival. I think the chances are that a catastrophic event will occur before Bitcoins become widely distributed among those who wish to use Bitcoins as currency rather than commodities.
Any event that causes a loss in confidence in Bitcoins as a commodity will be detrimental to Bitcoins' survival. I think the chances are that a catastrophic event will occur before Bitcoins become widely distributed among those who wish to use Bitcoins as currency rather than commodities.
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