Bitcoin - Peer to Peer currency

greggles said:

I think this aspect of cryptocurrencies is what will probably lead to its undoing in the long term. There are so many scams and ripoffs around and no protection for the average person. No checks and balances. No recourse to a higher authority. I imagine that cryptocurrency scams will only proliferate given that people are powerless once the funds have been transferred. The perfect theft is one where the victim cannot do anything about it.

There is a real downside to anonymity. The wild west it most certainly is.

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Tim_54321 said:

Why is fiat currency worth anything? All it is is a bit of paper? I'd rather have bitcoins than USD where politicians and bankers are destroying the currency.

There will only ever be 21 Bitcoins. ATM there are around 6 million bitcoins in existence so the value of all bitcoins in existence is only around 50 million despite them trading at 8USD each, in the scheme of things they are very scarce. If everyone in Australia wanted a bitcoin right now there would only be enough for ~.25 each.

If you think of how many countless billion there are floating around the world not much needs to go into bitcoin for the price to continue to rise.

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Tim_54321 said:

Just thought I'd bump this thread for posterity. Hope someone got in back when I originally posted and Bitcoin were $8.

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moXJO said:

You end up being a billionaire Tim?

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