Bitcoin. Some of you might be interested.

Most of you know about Bitcoin. But for those of you that don't here's the wiki page https://en.m.wikipedia.org/wiki/Bitcoin Here's what you might find interesting about it today. Bitcoin has been described as the single biggest threat to the status quo of international markets. Since it's inception it's yielded some really interesting results. It's growth alone could be the subject of numerous studies. Considering what it has revealed about people, it's rather easy to justify calling it one of the most interesting topics going. Now. Bitcoin has not been around for very long, and this is the first time in history that we will be able to look at how it responds to a global terrorism orientated market instability. Potentially also, war time economy. I urge you guys, even if you have no interest in the subject, to track Bitcoin progress in the coming year. I know, I should be more concerned about the war/terror/killing, and I really am. But i see Bitcoin as one of the few lights in the darkness. By the way, if any are you know a good amount about it already it would be awesome to have your views.

 I know all about bitcoin .and coin purses and washing coin etc  .Good for hiding money from  vicious ex wives apparently .

Recently noticed a few restaurants in Jo'burg that accept Bitcoin payments so hopefully it'll start taking off here.

Anyone using Bitx?

 Theres a bitcoin teller machine not far from me here in Brisbane .

I don't use Bitcoin yet Rooi. Haha, did dabble with SilkRoad and contemplated getting it then. I have however been tracking it for some time and I think the next 12 months will be super interesting. A banker friend of mine is convinced that it's very suddenly going to become extremely popular. And if that happens there'll be many financial institutions that won't be happy. The thing I like about it is the fact that it has a built version of the gold standard which one cannot separate from it. So do you guys use coins then?

I have yet to buy any Bitcoins but I have opened a BitX account thinking that this might be the right time to buy them. Bitcoins have devalued from around $1000 to $350 but Bitcoin is not dying like many predicted and the stats all show that it's growing at a phenomenal rate. I'm watching and waiting.

 I still have a tiny fraction left over ,Plum if your gonna use it for anything you  be meticulous about creating a coin purse and "washing " it .

Yeah, was reading a little about the washing process a while ago Wardad. Has to be done huh :) We have this second rate version of a popular US show in SA. I forget the name now. It may be called Pawn Kings. Anyway this guy turns up to the place and tries to flog his Bitcoin mining kit which is made up of a bunch of hard drives, a couple of graphics cards and some wiring all mounted on a crappy wooden frame. Haha the dubious looks the guy got, firstly because of how the thing looked and then trying to explain to the pawn shop guys what it does.

 Here in Canada folks are selling their cars through Bitcoin.
Not sure how it works but that aside what financial plan is not a ripoff.

 Mr Plum that road is quite reliable or so I've heard .No good for those whose brains are fried make sure you have an up to the minute VPN running.Bit-coin mining apparatus eh ? The dude should have put a wee pick-axe and spade on it might of helped him sellit hahahaha

Bitcoin's value is not intrinsic, its only worth whatever it will trade for nor is it a concept that cannot be easily replicated.
There are already several competing cryptocurrencies with various advantages over Bitcoin, some with backing by influential companies . As soon as one of them really catches on, Bitcoins popularity and value will plummet.
The fact that Bitcoin can be mined (created) makes it inherently unfair for those who do not have the necessary skill and/or equipment. 
5 years ago you could get Bitcoin for $0.25. The price has been driven higher by some well placed and timely media attention. There's nothing altruistic about the currency.

 In 2014 bitcoins hit almost $1200 for a bitcoin. Now you get $322... A fool and his bitcoins are soon parted.

Hi Oimatey. What I mean by its own built in version of a gold standard is it's unique intrinsic value. The most obvious example being it's fasilitation of anonymous trade. That is valuable, not to everyone but to some. When you add the list of all these attributes together, it amounts to an intrinsic value, and quite a solid one. Personally, I'm not sure if it was intended, but i think it's genius. A currency that has a value to you, over and above what it can busy. Almost like gold, but maybe a little more useful. I'm not against new versions of bitcoin either. Competition does drive innovation. And in this case, the coin that holds the most intrinsic value wins. Consequently a win for users too. Awesome :) I do think that keeping an eye on it now, while Europe are revealing their plans in the aftermath of Paris, and beyond will be interestng. And i also think that in future, dictators and the like will find it increasingly difficult to control their people since they will have a means of trading, locally and abroad, which is untraceable, safe etc. To me, that's a good thing. Moz, this is a guess, a total guess and it'd would be nice if you'd correct me actually, but i know that SilkRoad was closed down late in 2013. That's the site which operated via Bitcoin, where one could buy anything from drugs and weapons to unique and rare services. Maybe you hired a hooker and bought some Viagra on there, I dunno :) As far as I've read, that was a massive factor. So, I guess it's bares similarity to other currency in that regard. Where is differs though is that one can't destroy the value of privacy, security, freedom and so on. So, even if you shut down the market place, it retains a value? And this is what I'm finding interesting. I'm surprised Beenis hasn't linked us to death yet with "facts" about how it is the one world currency of the antichrist. PS, sorry for the long posts but I'm on the road and Mr driver ran out of things to talk about like a week ago haha. Also typos...my phone hates me.

Thanks Wardad. VPNs are pretty vital in SA if you wanna use the internet like a first world person :) Actually getting a VPN router soon. Pretty cool device. Auto loads your settings etc.

Plum ......I did a bit (no pun intended) of reading on the subject a year or so ago. It's a speculation not a currency. A currency is backed by gold reserves and  a flow of goods and services. This is a speculation...like betting in hog bellies. But unlike hog bellies there is no intrinsic value.....and the rules are opaque.
My advice....as long as commodities are weak, hold dollars, it's positioned ahead of the Euro in the interest rate cycle. The moment there is speculation about a Euro rate rise.....switch to the Euro. But when you hear China growth is accelerating, switch into a basket of the Rand and Aussie dollar which have the potential to rebound substantially.

 Bitcoin is an interesting phenomenon, more of a cult than anything else.  It is very exclusive as the great unwashed masses will never have the know-how and or equipment to fully utilise the currency, that is if one can call it a currency.  I am afraid that unless the whole Fiat system has some finger in this pie they will watch it carefully and the minute it becomes a threat it will be dealt with.  Sound advice would be to look at and track the volatility of this currency.  It is very much controlled and manipulated by the nerds with ponytails in the information technology arena.
Now, I am not saying it is bad, neither am I saying it is good - what I am saying is watch it, dabble a little if you have the means, but do not get too involved as yet.  

 Thanks Moz and Lunatic(dude you need a new name-feels like I'm giving you a hard time haha). I don't really have much interest atm in investing any substantial real world money in it. As I mentioned earlier, I looked into it a few months before SilkRoad got snuffed, no pun intended Moz ;). Not as an investment though. I am however supremely interested in seeing what happens to it over the next twelve months as I feel it could surprise a lot of people, what with the world's present situation. I hear you Moz, as regards the standard definition of intrinsic value -gold standard etc. I guess my interpretation of Bitcoin's unique intrinsic value is rather abstract IE Security, anonymity and so on being very different to gold and oil. But i do think it's somehow a tangible value and relatively stable, considering what it is really. Then again, i'm not in posession of all the facts so I may be talking right out my rear ;)

 Plum you do realize that the silk road is not the only one out there doncha ?

Yeah I do Wardad. It was just the best and biggest though. I never wanted anything in particular from there either. Guess I was a little caught up in the novelty of it all at the time and so learnt a bit more about Bitcoin as a result.

http://www.foxnews.com/tech/2015/11/25/isis-parks-its-cash-in-bitcoin-experts-say.html The inevitable.

 Yeah I thought they robably would ,and I suspect that anonymous may well try to crack into their deposit info ,theyve already done the easy to crack stuff like twatter and farcebook .