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PostPosted: April 11 13, 11:35 pm 
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Coiner of CarPegs
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Someone please explain it to me.


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PostPosted: April 11 13, 11:58 pm 
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Don't tone police me bro!
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I think its some sort of fancy internet currency.


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PostPosted: April 12 13, 3:19 am 
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Nothing. Literally.


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PostPosted: April 12 13, 3:57 am 
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Is this some anarchist lesson in the futility and hollowness of currency systems? I'm so confused. How can a retailer accept my payment of something I did nothing for except left my computer running as it 'mined' for this fairy dust? Is the value solely in the ability to trade with it and the subsequent demand? Am I super dense? Are Mr. Bit and Mr. Coin super rich off this?

Help me out here.

edit: Ok. This was helpful (primarily the links within): http://www.washingtonpost.com/blogs/wonkblog/wp/2013/04/03/heres-a-simple-60-second-primer-on-bitcoin/

I'm getting a better handle on it. It seems like two key entities--the Government who will have a great deal of constituents on the other side of this tax and exchange free currency system, and the financial institutions that both own us and demand most all of the milk in our breasts (and are these constituents) are eventually going to regulate the bejesus out of this. But it also seems like some of that regulation may be needed. What safeguards are in place here, and specifically with regards to Mr. Bit and Mr. Coin?


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PostPosted: April 12 13, 5:37 am 
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You've just been hit by...VidorSmarm™

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There are exactly zero safeguards. Bitcoin tanked yesterday. Here's an article at Slate comparing it to a Ponzi scheme

http://www.slate.com/articles/news_and_ ... lapse.html

which links to an earlier Slate article wherein one of their writers bought a Bitcoin. I think one of the best insights in that linked article is when the author notes that there's nothing to stop competitors to start making other virtual currencies and cutting the legs out from under Bitcoin.


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PostPosted: April 12 13, 5:42 am 
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You've just been hit by...VidorSmarm™

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Wow, I just checked here

https://mtgox.com/

and they're at $77, which is nearly $200 less than what they were just a couple of days ago.


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PostPosted: April 12 13, 6:33 am 
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Joe Shlabotnik wrote:
Nothing. Literally.


Though that's also what dollars and euros are.


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PostPosted: April 12 13, 6:47 am 
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ghostrunner wrote:
Joe Shlabotnik wrote:
Nothing. Literally.


Though that's also what dollars and euros are.

And gold as well. Our money is what we want it to be.


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PostPosted: April 12 13, 7:17 am 
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-go birds
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PostPosted: April 12 13, 7:26 am 
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Vidor wrote:
article at Slate comparing it to a Ponzi scheme


That's lazy writing. Ponzi scheme is the go-to phrase now for any monetary business someone doesn't like. The article makes some good points, but it's nothing like a Ponzi scheme.


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