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To be clear, I don't have a fundamental issue with the concept of bitcoin or the technical implementation. I just see a lot of people who grow interested in obt
by trotsky 16y ago
To be clear, I don't have a fundamental issue with the concept of bitcoin or the technical implementation. I just see a lot of people who grow interested in obtaining it without knowing what they'll do with except for selling it to someone else. If people want to trade their USD/EUR/GBP/JPY for it as is often suggested by the bitcoin community, or decide that they want to consume electricity in order to obtain it well more power to them. I just think it's good for them to understand what a thin, speculative market it is.
Rationally, people not wanting to speculate in the currency should hold off obtaining any until there is something they want to purchase with it right then.
- kiba 16y agoIt is still difficult to acquire bitcoin for the foreseeable future, so more exchanges will become online to make it easier. There's source code for open source exchanges floating around, so the barrier of entry is getting lower and lower over time. On the other hand, we have to be patient about goods and services coming online. The community grown a lot in the past few months but it takes a while for people to develop their goods and services and find their niche within the economy. The economy is small, so it's harder to make money as well. For example, I am just starting to gain back my investment on a niche magazine I made for bitcoin. After the website development is finished, I will be moving on to an ambitious video game project. Just to be clear, the bitcoin economy is very tiny. It's only about 4.4 million USD economy at best and the real value is probably much smaller.