Bitcoins

Discussion in 'The Okie Corral' started by Chaos, Apr 8, 2012.

  1. Chaos

    Chaos S.n.a.f.u.

    Messages:
    696
    Likes Received:
    0
    Joined:
    Feb 27, 2002
    Location:
    South Africa
    Fad or future?
    Must say I am dubious, but looking into it, seems there is a lot of technology going into some of these "online/virtual" currencies.
    I know many will respond with things like "I am not investing in something not backed by anything" or going on about gold and currencies that are not worth any real value.
    But in spite of all of this, there are advantages to having currency that cannot be charged back, is anonymous and seems to be well established.
    Dunno. :dunno:
    Wouldn't mind holding a few hundred in BTC myself... considering it.

    Taken from an old post here on GT, some advantages:

    a) Your coins can’t be frozen
    b) Your coins can’t be tracked
    c) Your coins can’t be taxed
    d) Transaction costs are extremely low or nil
    e) BitCoin cannot be controlled or artificially inflated by a central government/bank.

    Chaos
     
    Last edited: Apr 8, 2012

  2. PBCounty

    PBCounty

    Messages:
    21,195
    Likes Received:
    21,061
    Joined:
    May 11, 2005
    Location:
    Palm Beach County, FL
    While the topic has surfaced here and there over the years (not just GT - but the internet at large) I have still yet to come across a decent explanation as to how the system is supposed to work and translate into real capital. Maybe I'm stupid or I just haven't looked hard enough.
     
  3. vote Republican

    vote Republican White and nerdy Silver Member

    Messages:
    12,251
    Likes Received:
    4,020
    Joined:
    Aug 23, 2002
    Location:
    OAF Mecca, MD
    I bet you they can, if they are for example earned as income in the US. The fact that they may not be yet, or someone doesn't report it, is a different issue.