View Single Post
      11-19-2013, 07:59 AM   #12

Drives: 2007 335i Sedan, 2021 X3
Join Date: Nov 2006
Location: Philadelphia

iTrader: (0)

Okay at first when I heard of this it was presented as way to replace hard currency and you would be able to buy things with it over times as stores and such get online with it. However, it really being treated as some kind of investment. People are hoarding it and making money off of selling it like some sort of commodity or stock. But you all buying into something which really does not exist its all virtual. it kind of like having virtual sex.

To make matters worse, you have now competing systems, bitcoin and litecoin and anyone can create their own an compete against one another. Originally I was kind of sold on the idea, but now I am little concerned, if you buy in and accumulate more over time you have to hope new people will also wanted in and would be willing to pay more than you paid to get in so you can some how make a profit. It all falls apart when people stop wanting to get in or decide they will move to a competing system which has a lower buy in cost.

The question I have has anyone actually walked into a store and buy something with your bit coins.

The other thing about this, if you go shopping, and the merchant telling you it cost 1 bitcoin and yesterday 1bitcoin was $100 and today it worth $120 you just paid 20% more for the product. the opposite could happen as well. Our current systems of exchanging money does not have this affect, (yeah I know currency value does change over time but not the same way bitcoin is changing).

Last edited by Maestro; 11-19-2013 at 08:11 AM..
Appreciate 0