Bitcoin Explained: Online Currency Has Real-World Investors | the New York Times

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TimesCast: The Times’s Nathaniel Popper discusses Bitcoin, the online currency that has attracted a number of investors, including Cameron and Tyler Winklevoss.

Related article: http://nyti.ms/XwlrZ3
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Bitcoin Explained: Online Currency Has Real-World Investors
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20 COMMENTS

  1. this. But bitcoin takes 10 minutes to do a transaction. That makes bitcoin great for long distance trade but bad for local trade, and gold is bad for long distance trade but great for local trade. Also gold can be confiscated much more easily than bitcoin, you cant take gold on an airplain with out worrying about having it stolen by the tsa, like i said you can carry your bitcoins in your brain and no one has any way to know that you have them. out of room again so many cool things, do look in.

  2. How liquid is it? well the market has about a billion dollars worth of capitalization so it depends how wealthy you are. If you are not so wealthy than its even more liquid than gold. If you are a big fish than it wont do you much good, a big sale would move the market too much. As for it being electronic you have to think of it not as a replacement for gold but a compliment, you cant send gold over the internet with out being forced to trust a third party. Bitcoin allows you to do (ctd)

  3. Compared to gold, the dollar has lost 99%! I think fiat currency would be great, if it weren't controlled by the bankers who don't let us know what they are doing. Secretly debasing our currency and pumping trillions into the economy. It's the biggest fraud ever. The bankers are in power! It has to stop!

  4. Interesting. Well thanks for explaining that much to me! I think real debt-free U.S. DOLLARS need to be printed to replace federal reserve notes and we need to end the fed. Bitcoin seems unique I guess, I need to learn more. But I don't really like the idea of digital money. I'm still sticking to gold on a real long term investment. How liquid is the bitcoin market? It just seems like this is for speculation purposes rather than exchanging goods..

  5. Most bitcoin users envision a future not where we sell our bitcoins for large dollar profits but where out bitcoins replace dollars. So in this sense its similar to a pump and dump scheme with out the dump, its just a pump scheme =P.

    The over all purpose is for it to become the new money, this is because it has amazing properties that no money in history has ever had. There are so many cool things about it i dont have room here, just one example is you can store your bitcoins inside your brain

  6. Yes bitcoin is god awful as a currency right now but thats only because it is still in its infancy. Its such a small market that a single wealthy investor coming into the market can double the price in an instant, that will not be the case in the future if it becomes significantly more capitalized.

    who accepts bitcoin? there are actually thousands of businesses. Probably the most noteworthy is bitcoinstore which sells electronics at 0% markup and has thousands of product listings.

  7. You are a slave and you dont even know it because it is your mind that is enslaved. Ask yourself something, what do you think came first government or media of exchange? What implications does the answer to this question have on the line of "reasoning" expressed in your comment?

  8. Get a couple of bitcoin and play with them for a bit and you will see how it is different. I was in wells fargo trying to change my account and i had to wait for a banker, then tell them my name my age my favorite flavor of icecream…. With bitcoin all there is to it is heres my address, please and thanks from anywhere in the world to anywhere else instantly completely safe from capital controls for 0 fee. Oh yea and the fed can print infinite amounts of FRN, bitcoin is limited supply.

  9. Real World traders are there because they know that there are gamblers to take advantage of… They're like trap-door spirders… Just waiting for some doofus to come along…
    A little skill, a little manipulation, a little disinformation, and as people pile in and raise the rate, they bail and just wait for the crash to get back in and ride it again…

  10. Seems just like the fed, it isn't backed by anything, changes value on speculation, etc. This shit seems dumb. Anything that goes up in rapid value like that has no real fundamental value.

  11. The U.S. dollar is no longer backed by gold or silver. Therefore it is a (fiat) currancy backed by NOTHING but air. Since 1913 when the Fed Res. began the dollar has lost 98 cents of it value. It is only worth 2 pennies of what it was worth in 1913.

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