Results 1 to 4 of 4

Thread: Bitcoin

  1. #1
    Join Date
    Nov 2008
    Location
    Corn Field
    Posts
    22,773

    Default Bitcoin

    Anyone into it? Anyone really understand it? I hear people talking about it from time to time but don't really get it.


  2. #2

    Default

    It's a digital currency based on blockchain technology. Blockchain is real and has the ability to change finance and a host of industries with regards to how payments are processed. Bitcoin has limited if any value - the idea was to create a currency that couldn't be manipulated over time. While the thought process makes sense - don't let the Federal Bank and politicians continue to tax you through inflation - it's anyone's guess as to the long-term value. It skyrocketed in 2017, and then came crashing back down last year.

  3. #3

    Default

    Bitcoin has the exact same value every other currency in the world has: what the market assigns. In the case of the US dollar, much of the market-assigned value is based on the fact that it is backed by the credit of the US. In the case of Bitcoin, its value is based on the fact it isn't subject to the whims of a nation-state.

    I still believe there's a long-term market for a non-fiat currency. The issue now is that there isn't enough of an infrastructure in place to really use bitcoin without it having to be converted into dollars. But that's the type of snowball effect that could take off at some point: infrastructure gets built, more people use it, more infrastructure gets built to serve the growing need, more people use it, etc.

    The interesting thing about bitcoin vs blockchain is that bitcoin is one of the few existing blockchains that really behaves like blockchain is supposed to. Most blockchains are centralized and administered by companies. That defeats the purpose and makes blockchain just a really inefficient database.

  4. #4

    Default

    If you want an interesting way to play Blockchain technology, do some research on Overstock.com (OSTK). I'm not invested, but am very intrigued. Seems like a company that will go to 100 plus (or much, much higher), or zero (currently 15.89).
    Last edited by balds; 01-08-2019 at 12:14 PM.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •