GatewayRedbirds.com

Someone please explain it to me.

I think its some sort of fancy internet currency.

Nothing. Literally.

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/won ... n-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?

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.

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.

Joe Shlabotnik wrote:Nothing. Literally.

Though that's also what dollars and euros are.

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.

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.