Bitcoin and the fall of the Dollar

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editor
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Bitcoin and the fall of the Dollar

Post by editor » Fri Mar 22, 2013 12:47 am

Just a quick note which may spur a discussion:

When I first looked at Bitcoin, about six or eight weeks ago, a single Bitcoin was worth about $22. I looked it up last night, and Bitcoins are going for about $60.

If I had bought $22,000 worth of Bitcoins eight weeks ago, I could now trade them for $60,000.

Has anyone been in a grocery store lately?
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Re: Bitcoin and the fall of the Dollar

Post by Y.O.G. » Sat Mar 23, 2013 2:36 am

Cyprus, coming soon to a city near you!
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Re: Bitcoin and the fall of the Dollar

Post by LEC » Fri Apr 12, 2013 10:26 pm

A major correction in Bitcoin prices occurred today, with the price plummeting from a high of $266 to a low of $105, last time I looked, it was back above $170 and climbing. In this article, I would like to discuss why this occurred and what it means for the currency system.


Looks as though you still would have come out ahead.> http://www.libertariannews.org/2013/04/ ... -happened/
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Re: Bitcoin and the fall of the Dollar

Post by Thomas Jeffrey » Wed May 22, 2013 1:51 am

Am I late for the bus again? What's a Bitcoin?

If it's not legal tender, can the Feds try to tax it?
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Re: Bitcoin and the fall of the Dollar

Post by editor » Wed May 22, 2013 6:40 am

Depending on who you ask, Bitcoin is either a digital currency, a fictional commodity, or a Ponzi scheme. To me, Bitcoin is very interesting.

The gist of it is that in 2007 an anonymous man or group going by a Japanese name, developed a system for a digital currency which is completely open source. It cannot be inflated. It cannot be directly controlled by governments or banks who, by the way, do not recognize it as a currency (such recognition might lend legitimacy to a means of exchange from which they cannot make obscene profits).

I intend to write an article on Bitcoin for this group. The only thing holding me back is I expected to find a reasonable way of purchasing them, and make that a part of my report. So far, my efforts have failed.

For now, Thomas, I'd rather refer you to startpage.com to do your own research. I'll still do the article once I sort out the details.
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Re: Bitcoin and the fall of the Dollar

Post by Thomas Jeffrey » Thu May 23, 2013 8:27 pm

Thanks for the reference to startpage.com, Gregory. Excellent tip!

I checked it out and I'm thrilled with it. Privacy is a big deal to me. As with most people, I've got nothing to hide, but that's not the point. The same idea applies to "rewards cards" at the local supermarket.

The Jury's still out on Bitcoin... It looks interesting though.
Thomas
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