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Old 04-12-2013, 10:19 AM   #508
masskillingspree
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Member#: 176730
Join Date: Apr 2008
Chapter/Region: TXIC
Location: The Land of Sugar
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Quote:
Originally Posted by FightingFalcon View Post
Kinda busy at work this week so I'm just now catching up on the Bitcoin shenanigans from earlier in the week.

I have to say, all of my available schadenfreude is being taken up by watching Bitcoin both skyrocket and then collapse. Remember kids, removing the central bank would bring even *greater* stability to our currency
Like the stability of guaranteed deflation... by design.

It's nice if you just sat on a bunch of bitcoins, but it would be absolutely disastrous if you actually used them. Imagine if you bought something for 10 bitcoins back in 2011 when bitcoins were trading at about $8. Those 10 bitcoins that were valued at $80 the time of your purchase would have been worth $2500 a week ago, and are still worth $790 today. No one is going to conduct any financial transactions denominated in bitcoins in that kind of environment (especially financial institutions), and that is the environment that bitcoins will always be in, by design. And as long as bitcoins have no prayer of being used in complex financial transactions, then they are more of a curiosity than they are a currency.
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