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Business/Finance See other Business/Finance Articles Title: Bitcoin enters Poland Bitcoin Embassy Launches In Poland's Capital Warsaw dnalroct ♂ Edited by: Moderator My comments: Bitcoin is gaining acceptance more and more everyday. Cryptocurrencies are the future. There looks to be another massive move up in the price of bitcoin sometime this summer. We shall see! :) A new bitcoin embassy was launched in Poland's capital Warsaw on 12th May with the aim of promoting the digital currency in the country and fostering innovation. www.coindesk.com/bitcoin-...launches-polands-capital- warsaw/ gues0123 Bitcoin is nothing more than a glorified PayPal, and will act as nothing more than such. dnalroct Couldn't be more wrong! There are over 30,000 companies accepting bitcoins and the number is growing rapidly by the day. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. dnalroct: Couldn't be more wrong! There are over 30,000 companies accepting bitcoins and the number is growing rapidly by the day. You're right. Paypal has much bigger acceptance. BitCoin is mere imitation of PayPal. Fascinating. The one thing I don't understand in bitcoin mining is what mathematical equations my computer is solving? And for whom?? Here is an extremely simplified sketch of the problem, but it should give a pretty good idea of what the problem is. The data: This is the hash of the last block (shortened to 30 characters): 00000000000001adf44c7d69767585 These are the hashes of a few valid transactions waiting for inclusion (shortened). 5572eca4dd4 db7d0c0b845 And this the hash of one special transaction that you just crafted and which gives 25BTC (the current reward) to yourself: 916d849af76 Building the next block: ... bitcoin.stackexchange.com...ns/8031/what-are-bitcoin- miners-really-solving It's solving it for the network = for itself = for nobody = for you. dnalroct Bitcoin was trading for $12 on 1-1-2013 and hit a high of around $1100 in December of 2013. Adoption is continuing exponentially and bitcoin could hit $5,000 in 2014. kondzior: No serious investor wants any part in Sh!tcoin, or any cryptocurrency for that matter. All the red flags are there: no intrinsic value, no government backing, limited supply (deflationary 'currency' oh my god itz heavan). I'd rather 'invest' in derivatives (hint: I would not 'invest' in derivatives). Naturally, speculators gonna speculate, but speculator is a four letter word. Sir Richard Branson(billionaire) is a serious investor, no? He is part of a group that just invested $30 million into a bitcoin company. And your points about no governement backing , limited supply make bitcoin that more appealing. www.bizjournals.com/atlan...atlantech/2014/05/branson -invests-in-bitcoin-startup.html?page=all And the myth that bitcoin has no intrinsic value: Bitcoins have no intrinsic value (unlike some other things) This is simply not true. Each bitcoin gives the holder the ability to embed a large number of short in-transaction messages in a globally distributed and timestamped permanent data store, namely the bitcoin blockchain. There is no other similar datastore which is so widely distributed. There is a tradeoff between the exact number of messages and how quickly they can be embedded. But as of December 2013, it's fair to say that one bitcoin allows around 1000 such messages to be embedded, each within about 10 minutes of being sent, since a fee of 0.001 BTC is enough to get transactions confirmed quickly. https://en.bitcoin.it/wiki/Myths#Bitcoins_have_no_intrinsic_value _.28unlike_some_other_things.29 cms Maybe a tulip bulb would be a better analogy than gold - the price of gold jewellery in a ritzy shop is a reflection of its aesthetics and its higher than the market price per ounce The value of a phone is that you can speak to someone realtime who is not in the same room as you. I like that. I have looked at investing in bitcoin a few times, but the reason i don't is because i cant understand how it works, despite 20 years of finance experience - your posts about how it is mined and the reputed intrinsic value are perfect examples. So good luck to branson, generally he will invest in anything that gets his mugshot in the paper - his last investment in poland was pretty disastrous. jon357 dnalroct: But as of December 2013 This is the key. Technology changes very fast and what we call the internet did not exist a blink of an eye ago, just as it's naïve to think it'll be around in the same form in a generation's time. So-called 'bitcoins' have no intrinsic value. cms: The value of a phone is that you can speak to someone realtime who is not in the same room as you. I like that. I have looked at investing in bitcoin a few times, but the reason i dont is because i cant understand how it works, despite 20 years of finance experience - your posts about how it is mined and the reputed intrinsic value are perfect examples. Spot on. kondzior I farmed up some bitcoins a few years ago, but then I deleted the program because it all seemed so pointless. Don't even know if/where my wallet is still stored. Dammit, I could be rich now... dnalroct: Each bitcoin gives the holder the ability to embed a large number of short in-transaction messages in a globally distributed and timestamped permanent data store, namely the bitcoin blockchain. No. Real currency needs to have underlying assets while a bitcoin is an asset in itself just like a credit or shares are. It becomes a ponzi scheme if your concern is buying them with real physical money (dollars -- oh wait, I mean gold) with the aim of making an investment. Then it's nothing but speculation. There are things that have intrinsic value and others whose value is based on current normative establishments. Printed money has value because you can buy and sell goods, and you have a government to enforce it. Bitcoins can only affirm themselves when they can be used for useful commerce (buy a tshirt, movie, software, etc). Bitcoin isn't an investment. It's a way of buying drugs from The Silk Road in a delightfully middle-class fashion. There are two problems with BTC: 1. The reductive generation method of creating scarcity doesn't really map onto real models of currency scarcity. Fiat money is directly linked to the goods and services that they represent. The'work' involved is a part of that, but the underpinning is the actual content, and that content is *not* the currency itself. There's no other sensible way of making a currency have value in a capitalist model, in spite of what the hedge-fund crowd would like you to believe. Everything else is just bubble/inflation, no matter how long the con might last. 2. It's an unregulated currency, so all the negatives of the laisse faire model are focussed on this one area, rather than being spread across the global economy. Criminals and those looking to make a fast buck will gravitate to wherever they can do so. The really important thing about BTC is the fact that it's proved that you can create fiat money with a cryptographic transaction model sufficiently obscure to make investigation of low-level 'crime' unfeasible for most law-enforcement agencies. Post Comment Private Reply Ignore Thread Top • Page Up • Full Thread • Page Down • Bottom/Latest
#1. To: Tatarewicz (#0)
Very few businesses are investing in Bitcoins. They accept Bitcoins as payment and instantly convert Bitcoins into whatever currency the wish. Therefore, it doesn't matter what the price of Bitcoins is or how risky investing in Bitcoins is because they don't hold Bitcoins more than a few microseconds so accepting Bitcoins is not a risk.
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