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HDRider

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CB,
I am not sure it can be explained simple or otherwise.

I cannot figure out what its value is based on.
 

HDRider

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The google said this, "Bitcoins do not have value as a physical commodity like gold and are not widely accepted as legal tender like dollars. ... In short, people accept and trade in Bitcoin because other people accept and trade in Bitcoin. It is recognized and accepted as a currency by many. Bitcoin is decentralized and limited."

Somebody explain that.
 

sim.-ang.king

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HDRider

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sim.-ang.king":1v44tf77 said:
https://www.bitcoinmining.com/
From that site. "With Bitcoin, miners use special software to solve math problems and are issued a certain number of bitcoins in exchange. This provides a smart way to issue the currency and also creates an incentive for more people to mine."

Now someone explain that.
 
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Caustic Burno

Caustic Burno

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HDRider":10ewfk8e said:
The google said this, "Bitcoins do not have value as a physical commodity like gold and are not widely accepted as legal tender like dollars. ... In short, people accept and trade in Bitcoin because other people accept and trade in Bitcoin. It is recognized and accepted as a currency by many. Bitcoin is decentralized and limited."

Somebody explain that.

Now I am even more confused.
How do you intelligently invest in something that no one can explain the value.
 

sim.-ang.king

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HDRider":356z3jc2 said:
Sounds like the one with the fastest computer wins.
Well sort of, but the faster computers get the hard the problems get, and the longer it takes a miner to complete it.
This is meant to curb inflation by slowing down faster computers to the same level as the slower computer were a few years ago.



Here you go CB, invest in a mining rig and all of your money problems will be solved!!!

https://www.neweggbusiness.com/Product/ ... gJXAPD_BwE
 
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Caustic Burno

Caustic Burno

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sim.-ang.king":2qu5749o said:
HDRider":2qu5749o said:
Sounds like the one with the fastest computer wins.
Well sort of, but the faster computers get the hard the problems get, and the longer it takes a miner to complete it.
This is meant to curb inflation by slowing down faster computers to the same level as the slower computer were a few years ago.



Here you go CB, invest in a mining rig and all of your money problems will be solved!!!

https://www.neweggbusiness.com/Product/ ... gJXAPD_BwE


You need an aspirin I have trouble with an iPad.
 

Craig Miller

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Best I can decipher is it's a made up money that is only accepted on the dark web(which I have never been on and don't plan to be)
 

artesianspringsfarm

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Caustic Burno":108eg2a2 said:
HDRider":108eg2a2 said:
The google said this, "Bitcoins do not have value as a physical commodity like gold and are not widely accepted as legal tender like dollars. ... In short, people accept and trade in Bitcoin because other people accept and trade in Bitcoin. It is recognized and accepted as a currency by many. Bitcoin is decentralized and limited."

Somebody explain that.

Now I am even more confused.
How do you intelligently invest in something that no one can explain the value.

What’s the value of a dollar?
 
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Caustic Burno

Caustic Burno

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artesianspringsfarm":nywze5ee said:
Caustic Burno":nywze5ee said:
HDRider":nywze5ee said:
The google said this, "Bitcoins do not have value as a physical commodity like gold and are not widely accepted as legal tender like dollars. ... In short, people accept and trade in Bitcoin because other people accept and trade in Bitcoin. It is recognized and accepted as a currency by many. Bitcoin is decentralized and limited."

Somebody explain that.

Now I am even more confused.
How do you intelligently invest in something that no one can explain the value.

What’s the value of a dollar?

Lot of exchange rates comparing values of country currency and how many widgets they will buy.
Value can be determined against precious metals gold, silver etc.
1300 bucks buys an ounce of gold I have no clue how much bitcoin buys an ounce and of gold
 

HDRider

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artesianspringsfarm":1uiicah9 said:
Caustic Burno":1uiicah9 said:
HDRider":1uiicah9 said:
The google said this, "Bitcoins do not have value as a physical commodity like gold and are not widely accepted as legal tender like dollars. ... In short, people accept and trade in Bitcoin because other people accept and trade in Bitcoin. It is recognized and accepted as a currency by many. Bitcoin is decentralized and limited."

Somebody explain that.

Now I am even more confused.
How do you intelligently invest in something that no one can explain the value.

What’s the value of a dollar?
100 pennies, 10 dimes, 20 nickels or 4 quarters
 

HDRider

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artesianspringsfarm":2r1ql0kt said:
Caustic Burno":2r1ql0kt said:
HDRider":2r1ql0kt said:
The google said this, "Bitcoins do not have value as a physical commodity like gold and are not widely accepted as legal tender like dollars. ... In short, people accept and trade in Bitcoin because other people accept and trade in Bitcoin. It is recognized and accepted as a currency by many. Bitcoin is decentralized and limited."

Somebody explain that.

Now I am even more confused.
How do you intelligently invest in something that no one can explain the value.

What’s the value of a dollar?
A reasonable semblance of stability.
 

melking

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I may be oversimplifying this but my understanding of bitcoin now is a virtual currency that is unregulated by any government. While it is used for "dark web" transactions, that is mainly due to the unregulated part. Bitcoins are also used for regular aboveboard transactions and are slowly gaining in popularity. I equate them to money market funds or mutual funds. You purchase a share of a bitcoin and you hold it or sell it when it goes up in value. Bitcoin is one of several such currencies that exist.
 

artesianspringsfarm

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HDRider":1020x7dh said:
artesianspringsfarm":1020x7dh said:
Caustic Burno":1020x7dh said:
Now I am even more confused.
How do you intelligently invest in something that no one can explain the value.

What’s the value of a dollar?
A reasonable semblance of stability.


You obviously arent involved with a business thats affected by exchange rates. :D My point overall, though, is that a dollar's value has no objective guarantor. It is influenced by the FED but it is not objectively valuable. Bitcoin's value is determined by a non-centralized group which is basically all those who invest and trade in it. I am not an economist but most people who are certain that Bitcoin is some kind of farce base that logic on premises that are all true of the USA currency, or even more prevalent.
 

HDRider

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I understand the point you were trying to make, and understand currency fluctuations. But, to compare the fluctuations of the dollar to bitcoin shows the incredible stability of the dollar.

It is hard to say where bit coin will go, but from $1K to over $15K in a year isn't what I'd call stable. Obviously the question is will it fall, or go higher?
 

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