Seems to me that this is a ponzi - pyramid scheme.
The coinage is based on nothing of value, and has no armed forces to defend it.
Seems to me that this is a ponzi - pyramid scheme.
The coinage is based on nothing of value, and has no armed forces to defend it.
“ We cannot withdraw our cards from the game. Were we as silent and mute as stones, our very passivity would be an act. ”
— Jean-Paul Sartre
Trading in the 140's now after hitting 260 earlier today.
Not sure what happened.
Politics is the gentle art of getting votes from the poor and campaign funds from the rich, by promising to protect each from the other. ~Oscar Ameringer
I think something will come of it but perhaps not bitcoin.
There is a germ in the idea and this should be considered an early attempt
A good summary of the problem in this quote from one of the Count's links.
The commodity value of bitcoins is rooted in their currency value, but the more of a commodity they become, the less useful they are as a currency.
today's crazy action
http://bitcoin.clarkmoody.com/widget/chart/
Politics is the gentle art of getting votes from the poor and campaign funds from the rich, by promising to protect each from the other. ~Oscar Ameringer
LOL
looks like Ireland
http://www.bbc.co.uk/news/technology-22105322
Value of bitcoin crashed...
History is the only true teacher, the revolution the best school for the proletariat - Rosa Luxembourg
Bitcoin crash will not prevent Ireland's return to the market - Taoiseach
More inclined to suspect those two ol' chestnuts.But if you were one of those who found out about Bitcoin from the mass of recent media and bought at yesterday's peak, then you've learned a valuable lesson - like tulips in the 17th Century and London houses in 1988, prices can go down as well as up.
There have been all sorts of explanations of what caused yesterday's crash - from a problem at the main exchange to a strange incident in which someone called Bitcoinbillionaire apparently started giving away large sums on the social news site Reddit.
A likelier reason is our old friends Greed and Fear combining to inflate and then depress prices as all those new arrivals crowded into the market.
Media coverage influenced yesterday's spike.
Not good.
Last edited by musashi; 11-04-2013 at 05:44 PM.
In case this all goes pear-shaped, I'll bid you adieu
Think I'm probably pushing the limits of copyright here but:
A playground for geeks and gamblers...oh right it's internet stuffs...goddamned Luddites make me wanna...What is true is that we are seeing a fascinating experiment in what a currency of the future might look like. But unless and until Bitcoin can be used to buy a sandwich, or be accepted by your friends when you pay them back for a restaurant meal, then it is likely to remain just a playground for geeks and gamblers.
In case this all goes pear-shaped, I'll bid you adieu
http://en.wikipedia.org/wiki/Tulip_mania
Can see the principle of what you are saying musahi, very true!
History is the only true teacher, the revolution the best school for the proletariat - Rosa Luxembourg
Ballsy bitcoin, via conor mccabe
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