I was giving up Bitcoin interest, UNTIL

By flynavy, January 22, 2014

This is a discussion topic or guest posting submitted by a Stock Gumshoe reader. The content has not been edited or reviewed by Stock Gumshoe, and any opinions expressed are those of the author alone.

OK, I went through a couple of weeks digging on Bitcoin interest and long term survivability. I mean, Micheal Robinson had me turning in my dollars but I could not get matched up with any other blogger or news letter site which seemed to find the same energized feeling
I was having on Bitcoin so I decided to move on down the investment road. Then, on Tuesday January 21st in the Dallas Morning News is a nearly full lenght column on ”Overstock to accept bitcoins”.
”I’ve been hearing from people all over the world–cult followers of Bitcoin — who say they are going to shift all of their shopping to Overstock.com” chief executive Patrick Byrne said.
Although Amazon is apparently denying ever stepping over to Bitcoin, Burne’s contended Amason and other big retailers will jump on board as they are not going to concede this whole section of the market to Overstock.com.
Additionally, the column writer expressed that the linchpin of the system would be the ”miners” — high-end computer users who supply the bitcoin network with the processing power needed to maintain a transparent, running tally of all transactions. Tally is one of the important ways to prevent fraud.
So, I’m back on the Bitcoin issue and looking for ways and means to consoladate current and future news, thoughts and comments (tracking) on the movement of Bitcoin from ya’ll who are interested in, following or invested in the same (Bitcoin).
P.S. Received Robinson’s ”Edison’s revenge” yesterday via snail mail so will read the print asap.

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6 Comments on " I was giving up Bitcoin interest, UNTIL"

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jimag
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jimag
January 22, 2014 4:26 pm
I’m in the same boat. Got the info from Robinson and am tempted to step into the bitcoin realm, but still not sure. I’ve been trying to trade the Forex and have had little (read that as “no”) success. I’m trying to figure out how I might utilize bitcoin as an alternative to forex, as it seems to have the potential of addressing my concerns over the USD devaluation. It’s hard to tell if the renewed attention on the bitcoin is because its a good deal, or if it is simply to provide new buyers for the folks now trying… Read more »
lockeptrv
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lockeptrv
January 23, 2014 7:38 pm

I THINK I understand Bitcoin as a storehouse of value, but don’t understand how it would have any ‘investment’ value except in arbitrage, much like any foreign currency. Seems to me the value of any currency is simply what it will buy (what we think it will buy). So, what makes a ‘bitcoin’ go up in apparent value? What is the standard against which it is being measured?

Andre Blanchet
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Andre Blanchet
January 24, 2014 11:52 am
Bitcoin is simply about supply and demand. Only 21million bitcoins will ever be mined from the “cloud”! There’s only so many to go around so as it goes the more scarce the items are the more expensive! To me, it’s kinda like the gold industry! THere’s only so much gold And it s costs xyz to get out of the ground, right? so it costs xyz to buy special computers to mine, lots of electricity to run computers and blah blah blah. So, I think the bitcoins are a good investment but it probably would have been better to get… Read more »
lockeptrv
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lockeptrv
January 28, 2014 1:19 pm

“Only 21million bitcoins will ever be mined from the “cloud”.”
So there is the crux of the question. How can a person be sure that more ‘bitcoins’ won’t be ‘mined’?

royener
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royener
January 24, 2014 5:40 pm

two sites for some good information are https://coinbase.com/ and https://www.bitstamp.net/

nick
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nick
February 1, 2014 11:30 pm
Because it is designed to have a finite number over x amount of time…the most promising application would have to be payment processing …. supposedly the next biggest thing, the theme of 2014 is Mobile Payment….credit cards and payment methods are going to rapidly change and Bitcoin being first to market will have a role and hopefully a key one. I read an article two years ago called “Why I’m buying $1,000 worth of bitcoin” (about 100 bitcoins at the time), the author said that he could go to a casino and give the money a chance, he could buy… Read more »
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