I like this chart and think it's largely accurate, but I have a couple comments: - Bitcoins aren't much safer than precious metals unless you've secured your wallet. There are a lot of different ways to accomplish this depending on which type of "attacks" you're trying to protect against. Bitcoins have the potential to be more secure than precious metals, but they're not necessarily more secure imo. - Bitcoins rely on a network of trustworthy nodes. If most of the nodes are controlled by some untrustworthy source, the entire model breaks down, counterfeiting becomes feasible, etc. Furthermore, if the Internet as we know it is "shut off" somehow, bitcoin transactions would become impossible rendering them useless.
Those are definitely two extremely valid points, how do you feel about yubikeys? Internet Archive Starts Taking Bitcoin Donations to Pay Employees
I don't think a yubikey is necessary or adds a layer of protection I would be interested in, but I have only done a cursory amount of research on them, so I could be wrong. What I mean by securing your wallet basically involves encrypting it and then securing the private keys that "unlock" the wallet (usually with a password). Yubikeys provide a way to secure your data, but there are simpler, cheaper methods available that don't require you to keep track of a physical "key" that work for me. Yes, it's more security, but at some point it becomes a waste of time. My memory is pretty good (my passwords are often long), so I haven't really looked into password-less security like that, but I could see it being useful for some people. My main point was that a bitcoin "wallet" isn't encrypted by default, so it's relatively vulnerable to someone physically accessing the computer and then just taking it (similar to how gold is insecure if someone can gain physical access to it or whatever is holding it).
^ agreed.. If you ask me, paper currency is outdated a decade ago. Its almost like snail mail.. to an extent. I mean, who sends letters when you can email, text, etc. We have so many new and "preferred methods" for transactions now like plastic, transfers, etc.. I walked in a store in downtown Detroit recently and was urged to use my card rather than cash, at that, they also offer end a faster lane for checkouts. Furthermore , cash registers have to go.. most common stores here have I pads where they swipe your card and all purchased funds are sent that way..
You don't believe in intrinsic value, though. You say all the time that all value is solely subjective.
There can only be 21 million bitcoins in existance ever, I think there are currently around 9.2 million coins in circulation. The price is simply based on supply and demand. I bought back in Janurary at like 13/btc hopefully this keeps going
Oh it is! My prediction is for them to be above 100ea before 2014 Currently they are 44.6 now! What a day! thats a 9.00 increase in less then a day per coin I've been buying bitcoins since early 2012 and I have to say it sure beats having to deal with 3rd party trading companies and its given me hope for the future of investing in this world.
LOL. What? You clearly have no ability to read for comprehension. Please keep your judgemental comments to yourself as we do not allow disrespect. _thanks YODA Gold is a rare metal meaning there is a set ammount of it. Using it as a guideline subjective values can be applied to other things in Tue free market. Your just not good at this....
Cut the trollish ad hom bullshit, buddy. It doesn't help your argument and it's against the rules to insult someone every time you reply to one of their posts. I don't sit here and insult your intelligence constantly so knock it off. I'm just confused by your contradictory statements. I mean, in one thread you say all value is subjective and there's no such thing as absolute value, yet here you're arguing that gold somehow has an intrinsic value just because it's limited in quantity even though most things on this Earth have a finite quantity. There's no consistency there. I mean, why use the subjective value of gold as the basis to value other things if you believe value is solely subjective? Shouldn't be subjectively assessing everything for its subjective value or use a completely different economic set-up that doesn't rely on the value of substances such as gold since you so persistently claim that value doesn't exist except subjectively? By saying value is only subjective, but then basing an entire economic system on it, you could be stealing value away from other people and forcing your subjective views on them. How is that right or consistent with your whole anti-government thievery stance? I'm just trying to make sense of all of your claims.
Do you understand how the price system works in a free market (i.e. without price controls)? Yes, values are subjective, but backing a currency with gold is not stealing or forcing your subjective views on anyone.