Bitcoin

[Ben Dover]

Obviously no government really wants to lose control over the money supply. Being able to print money is hard to pass. But the underlying technology of Bitcoin is very useful and it will probably be adapted by the larger banking institutions and governments once they figure out how to take full advantage of it.

Don't forget that Bitcoin is still very much in beta stage of development. All sorts of manipulation is taking place. The possibility of a single agency (or a consortium of Chinese miners) controlling the bulk of Bitcoins in circulation is a real concern. They already make up 70% of the world's Bitcoin processing power, due to cheap hydropower electricity and inexpensive microprocessors used in mining.

We still don't fully understand a lot of things - it was thought to be anonymous at the start but that was very quickly debunked, it was thought to be perfect for microtransactions but that also now isn't true anymore. A lot of interesting things are happening at the moment and I think the biggest things are yet to come to Bitcoin - the lightning network and smart(er) contracts.

[Macarons]

The value of any form of currency relies on trust. But Bitcoin is different. I have some coins myself, (both digital and tangible lol), had doubts but bought a few back then and its shocking at how fast it spread.

not really, trust is not important as they claim, nor is faith in the currency system, value of currency is from the state (forced to pay tax and debts by decree, ie. fiat) but value of money (gold and silver as stipulated in the Quran and hadith ) gets value from marginal utility, its a unique characteristics Allah has given money (gold and silver).

by the way smart move getting bitcoins, its a hedge against government capital controlls like its happening in india and china lately slowly in the west

I'm definitely stocking up on gold which is the quickest option. I have my eye on farm lands as there will be a man-made world food shortage/crisis somewhere down the line.

[Ben Dover]

I found this article interesting, it seeks to correlate the price of bitcoin with Chinese capital controls:

http://www.zerohedge.com/news/2017-01-0 ... l-controls

This paragraph caught my eye:

what is surprising is that if China indeed wishes to limit capital flight by bitcoin it could easily do so with the flip of a switch, sending the price plunging. As we noted recently, according to Bloomberg sources, Chinese officials have been considering policies including restricting domestic bitcoin exchanges from moving the cryptocurrency to platforms outside the nation and imposing quotas on the amount of bitcoins that can be sent abroad. Further indicating that Chinese regulators were "just a little behind the curve", they allegedly noticed only recently that some investors bought bitcoins on local exchanges and sold them offshore, evading rules on foreign exchange and cross-border fund flows, the report further reveals.

[GAMES]

LooL its not like you can goto your local store and buy goods with this so called bitcoin. I don't understand what the obsession is. Probably a scam.

[FAH1223]

I found this article interesting, it seeks to correlate the price of bitcoin with Chinese capital controls:

http://www.zerohedge.com/news/2017-01-0 ... l-controls

This paragraph caught my eye:

what is surprising is that if China indeed wishes to limit capital flight by bitcoin it could easily do so with the flip of a switch, sending the price plunging. As we noted recently, according to Bloomberg sources, Chinese officials have been considering policies including restricting domestic bitcoin exchanges from moving the cryptocurrency to platforms outside the nation and imposing quotas on the amount of bitcoins that can be sent abroad. Further indicating that Chinese regulators were "just a little behind the curve", they allegedly noticed only recently that some investors bought bitcoins on local exchanges and sold them offshore, evading rules on foreign exchange and cross-border fund flows, the report further reveals.

https://youtu.be/JPXANQ44JC0?t=3m41s

[GalliumerianSlayer]

Fah I'm 6 episodes behind/.

[gurey25]

The idea of the blockchain is more important than bitcoin or any other currency.
This is revolutionary.

[Museyusuf]

Etherum or ether is better and way cheaper than bitcoin.