What the hell is (a) bitcoin?

[Fat_Bulldog]

I want money, lots and lots of money
I want to fly in the sky
I want to be rich...

[sighyoung]

Hey, everybody! Go check out Mike Piri, founder and CEO of mylocalbitcoin.com

[Arthur Dent]

I know you're just ranting zeus, and it seems (and is) ridiculous in many ways, but I also kind of enjoy the hostility it generates just by existing. I also like that it creates some discussion about what currency is. I think we could benefit from a similar examination of the currency we're used to. When I started looking into Modern Monetary Theory after the discussion here a few years ago, it was eye-opening to consider the origins of our money and the idea of currency in general.

The currency we have is impressively malleable. In short time, ie the last 15 years, we've gone from a paper and coin currency to its full scale electronic conversion. First with debit cards, now with electronic payment systems like paypal that allow money to be exchanged from your phone or other device, instantly. I wouldn't say I'm hostile to the idea of different currencies; I'm skeptical of the NEED for an unregulated currency like bitcoin when payment systems using the dollar are inherently flexible.

But then, I don't buy and sell drugs or child porn online, so I'm not too concerned about my purchases potentially being tracked.

Indeed. Other than the crime angle, I really don't see the point, while the boosters seem to be filled with libertarian derp about largely imaginary problems with the dollar. I'm supposed to avoid dastardly government manipulation of the dollar that has resulted in its value drifting by around 2% a year by using a currency with a value that fluctuates wildly daily.

[heyzeus]

I think I just love the idea that I could spend maybe an hour at my local coffee shop submitting to four palm scans, entering my phone number, entering my ID, waiting for a text message, coming up with a PIN number, having a picture taken of me, and waiting 20 minutes for account verificiation to buy my cup of coffee with a cryptocurrency that could be worthless by sunset.

Or I could swipe my credit or debit card and be done in about 3 seconds.

[ghostrunner]

I'm not buying the hype on it, just more interested in the discussion it generates. I will not be buying any myself.

The libertarian angle is interesting, given all those requirements on that ATM.

[pioneer98]

[Joe Shlabotnik]

When I think of bitcoin owners, I think of these guys:

[sighyoung]

I really like the inner workings of the atm, by the way.

[AdmiralKird]

The more I think of it, Bitcoin really is the Ron Paul of currency.

Yet...Ron Paul wanted to go back to the gold standard...

/universe-explodes

[pioneer98]