Official saddo financial thread

[brocktonblockbust]

Bit coins are like the pet rocks of the new millennium. There has to be something of value behind any currency. When I pay $10 for my lunch at a Greek diner, I get the food plus the service and my $10 is backed by labor that earned that $10. With bitcoins it's all about inflating the currency through speculation which means the bulk of it is empty profiteering driven value. Once people start cashing in, the value drops exponentially...causing a rush on cashing out before people "lose" the "on paper" value

[walrus]

Bit coins are like the pet rocks of the new millennium. There has to be something of value behind any currency. When I pay $10 for my lunch at a Greek diner, I get the food plus the service and my $10 is backed by labor that earned that $10. With bitcoins it's all about inflating the currency through speculation which means the bulk of it is empty profiteering driven value. Once people start cashing in, the value drops exponentially...causing a rush on cashing out before people "lose" the "on paper" value

I'm not 100p sure on Bitcoin and it is risky but our cash today is fiat backed by nothing but faith in the government. It has no intrinsic value. I can say the same about Bitcoin it is bought on the faith it will go up (or down via contract) but a lot of people do have faith in it. It is slow and cumbersome with expensive fees, not a practical currency to pay for small things. If I wanted to send you a couple bucks in Bitcoin it would cost me more in fees to send it. Confirmation times are slow. If these issues are not resolved I don't know if Bitcoin can survive as a mere store of value but perhaps it can. I'm really not a big advocate. Just cause I've made some money I do realize I stand to lose. Perhaps a greater chance of losing although it seems to be building good resistance right now