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A Man of Wealth and Taste
Join Date: Dec 2002
Location: Out there somewhere beyond the doors of perception
Posts: 51,063
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It always was an ersatz currency. Better to have the real thing GOLD and SILVER my son. None of this new fangled paper stuff that has all the intrinsic value of TP. Full Faith and Credit of the US govt what a joke, did u listen to the Democrat debate last night.
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01-18-2016, 12:59 AM
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Did you get the memo?
Join Date: Mar 2003
Location: Wichita, KS
Posts: 32,305
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Was it really ever relevant? Currency backed by nothing can pretty easily become nothing.
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‘07 Mazda RX8-8 Past: 911T, 911SC, Carrera, 951s, 955, 996s, 987s, 986s, 997s, BMW 5x, C36, C63, XJR, S8, Maserati Coupe, GT500, etc |
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01-18-2016, 03:17 AM
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Bandwidth AbUser
Join Date: Nov 2001
Location: SoCal
Posts: 29,522
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To me, it was never alive.
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Jim R. |
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01-18-2016, 04:13 AM
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Get off my lawn!
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I have no need for the product. It always seemed rather shady and not on the up and up.
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Glen 49 Year member of the Porsche Club of America 1985 911 Carrera; 2017 Macan 1986 El Camino with Fuel Injected 350 Crate Engine My Motto: I will never be too old to have a happy childhood! |
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01-18-2016, 04:23 AM
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Registered User
Join Date: Sep 2012
Location: Växjö Sweden/Hannover Germany
Posts: 1,135
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Was waiting for this!
Great news! |
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01-18-2016, 04:41 AM
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Registered
Join Date: May 2004
Location: Lake Cle Elum - Eastern WA.
Posts: 8,417
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I'm kinda from the "Silver Dollar" and "Two Dollar Bill" generation myself......
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Bob S. 73.5 911T 1969 911T Coo' pay (one owner) 1960 Mercedes 190SL 1962 XKE Roadster (sold) - 13 motorcycles |
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01-18-2016, 04:43 AM
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Cars and Cappuccino
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Not sure...but the USD hasn't technically been backed by gold since '72.
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http://www.carsandcappuccino.com 1987 Grand Prix White "Outlaw" Turbo Coupe w/go-fast bits 1985 Prussian Blau M491 Targa 1977 Mexico Blue back-dated,flared,3.2,sunroof-delete Coupe 1972 Black 911 T Coupe to first factory Turbo (R5 chassis) tribute car (someday) |
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01-18-2016, 04:50 AM
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Quote:
Yes, every time you mention Bitcoin, someone wants to know what it's worth in dollars.
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01-18-2016, 05:19 AM
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Model Citizen
Join Date: May 2007
Location: The Voodoo Lounge
Posts: 18,815
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In-forum bickering...
It's a good thing that all of us here on this BBS are above that sort of nonsense, and we know how to keep things civil.... |
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01-18-2016, 05:58 AM
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I see you
Join Date: Nov 2002
Location: NJ
Posts: 29,883
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It's dead Jim!
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Si non potes inimicum tuum vincere, habeas eum amicum and ride a big blue trike. "'Bipartisan' usually means that a larger-than-usual deception is being carried out." |
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01-18-2016, 02:28 PM
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Almost Banned Once
Join Date: Feb 2009
Location: Adelaide South Australia
Posts: 38,305
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Is anyone really surprised?
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- Peter |
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01-18-2016, 02:39 PM
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A funny thing happens when a currency loses value, people want to spend the bad currency and save the good currency but spending is what makes something a currency to begin with.
Since you can link Bitcoin to paypal, your bank account it has plenty of hooks into the financial system, you can spend it without exchange issues internationally and you can store your money on your hard drive. There are a lot of uses for a currency like that and if your argument is that it was not backed by a strong government, talk to Argentinians and Grecians (Grecos?) about that. I own no Bitcoin but thinking about it. . . |
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01-18-2016, 03:25 PM
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Registered
Join Date: Apr 2004
Location: Seattle, WA
Posts: 177
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I understand mining for gold, silver, etc.
I could never quite grasp mining for bitcoin .... |
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01-18-2016, 03:34 PM
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Registered
Join Date: Oct 2003
Location: Roseville, CA
Posts: 3,066
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nice of the developer to sell all his coins and THEN let everyone one its failed.
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1992 968 Polar Silver 2010 Toyota Highlander SE 2006 Lexus LS430 ML |
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01-18-2016, 03:40 PM
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Registered
Join Date: Oct 2003
Location: Northside, Brooklyn
Posts: 2,352
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If bit coin goes by the way side something else will fill the gap. This is a new form of currency for a new world. Going to be hard to un-invent it. No personal investment on my part, but it just seems really likely that something will come along and do it, and maybe better, and it's "out there " quality is part of its power. As long as it's trading it s working. Wapum on the other hand probably lasted 800 years but we dont hear about it much anymore.
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jt '83 SC '96 M3 6 Bicycles 2 Sailboats Last edited by Kraftwerk; 01-18-2016 at 04:21 PM.. |
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01-18-2016, 04:19 PM
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It'll be legen-waitforit
Join Date: Jan 2002
Location: Calgary, Canada
Posts: 6,975
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Bitcoin was a joke, anyone with a laptop that could start rumors could directly affect the value of it
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Bob James 06 Cayman S - Money Penny 18 Macan GTS Gone: 79 911SC, 83 944, 05 Cayenne Turbo, 10 Panamera Turbo |
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01-18-2016, 05:17 PM
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I wonder if the ever-declining rewards to bitcoin miners will become a problem. The reward gets halved on a predefined schedule (every four years, I think), around 2040 the reward will be zero. Then the miners' only revenue will be transaction fees. So computing costs have to decline faster than the reward, which is probably reasonable. Then when the reward is zero, computing costs have to be lower than the transaction fee or the fee has to be raised. If mining becomes unprofitable, blocks will not be hashed and thus transactions not processed. Is there a mechanism to adjust fees?
This also means that the rate of creation of new bitcoin declines to zero by 2040. If bitcoin usage grows faster than bitcoin supply, then bitcoin will become more valuable over time. In other words, there will be deflation in the bitcoin world. Deflation is bad because it incentivizes people to delay spending (the item will be cheaper if you wait) and to not borrow (repaying the debt becomes more expensive). That is the case in every normal exhibit/currency. Is bitcoin different for some reason?
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1989 3.2 Carrera coupe; 1988 Westy Vanagon, Zetec; 1986 E28 M30; 1994 W124; 2004 S211 What? Uh . . . “he” and “him”? |
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01-18-2016, 05:29 PM
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Join Date: Oct 2003
Location: Roseville, CA
Posts: 3,066
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Quote:
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1992 968 Polar Silver 2010 Toyota Highlander SE 2006 Lexus LS430 ML |
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01-18-2016, 06:12 PM
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Join Date: Oct 2013
Posts: 1,621
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Parfers.
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01-18-2016, 09:55 PM
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A Man of Wealth and Taste
Join Date: Dec 2002
Location: Out there somewhere beyond the doors of perception
Posts: 51,063
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Back bitcoin with Gold and you will have a real currency. Ones and zeros dont cut it.
Further the USD is backed by the Saudi's saying all oil trades WILL be settled in USD. That gives the USD an intrinsic value. |
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01-19-2016, 01:54 AM
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Carrera
1971 Porsche 911 T Targa
1989 Porsche 911 Carrera 3.2
