What the hell is (a) bitcoin?

[MrSaigon]

Nothing. Literally.

Though that's also what dollars and euros are.

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

While I was alluding to that before, gold is a material and it's scarcity has real limits. And Euros and dollars have some weight behind them with political officials who have names and faces.

[heyzeus]

I think I'll keep my savings in the form of bags of human hair, thank you very much.

[thrill]

Planet Money did an episode on bitcoins when it was still blowing up.
http://www.npr.org/blogs/money/2013/04/ ... o-the-moon
Explains it very well.

My friend kept telling me to buy bitcoins and I kept not doing that because of the reservations everyone here has posted and I think he lost a ton of money. Haven't talked to him.

[Joe Shlabotnik]

Nothing. Literally.

Though that's also what dollars and euros are.

Absolutely not true on its face. Wild exaggeration!

You can wipe your ass with a dollar or a euro.

That is hardly nothing.*

*But close to it. The first lesson to my kids about the dollar is that what gave it value was the power projected by America and nothing else.

[MrSaigon]

Not that it will challenge the temperature of their blue blood (we should start a thread for 'why do we look down on the fortunate' there seriously might be some good discussion there and far more guilty parties), but the Winklevosses lost a cool fortune in the last couple days.

[ghostrunner]

Nothing. Literally.

Though that's also what dollars and euros are.

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

While I was alluding to that before, gold is a material and it's scarcity has real limits. And Euros and dollars have some weight behind them with political officials who have names and faces.

I'm not a big proponent or anything, but it's usefulness would depend on how many people accept it as currency. If you've accumulated it, and someone accepts it as payment, then it's valid.

I was kinda sorta considering getting one of these t-shirts the other day

http://www.earthflag.eu/

Bitcoin is an accepted payment. So you can at least buy a t-shirt with it.

Apart from that, regarding it's drop in value, I'm not sure it's value relative to the dollar is relevant at this point.

[Transmogrified Tiger]

Nothing. Literally.

Though that's also what dollars and euros are.

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

While I was alluding to that before, gold is a material and it's scarcity has real limits. And Euros and dollars have some weight behind them with political officials who have names and faces.

My Bitcoin knowledge is piecemeal at best, but I'm pretty sure there's limit to the number of possible bitcoins too. Something like 40-50% of the possible ones have been mined, I think?

[MrSaigon]

Nothing. Literally.

Though that's also what dollars and euros are.

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

While I was alluding to that before, gold is a material and it's scarcity has real limits. And Euros and dollars have some weight behind them with political officials who have names and faces.

My Bitcoin knowledge is piecemeal at best, but I'm pretty sure there's limit to the number of possible bitcoins too. Something like 40-50% of the possible ones have been mined, I think?

Right, that's what I read. There will be 22 million and presently there is roughly half of that. But, my point, or question, is 'says who?'

[pioneer98]

Not that it will challenge the temperature of their blue blood (we should start a thread for 'why do we look down on the fortunate' there seriously might be some good discussion there and far more guilty parties), but the Winklevosses lost a cool fortune in the last couple days.

Of all the fortunate people out there, the Winklevosses are one of the very few that I *do* feel sorry for.

[TimeForGuinness]

[SHOW]