This forum should have cryptocurrency trading mentioned in the commodity sub-forum. We all know that cryptocurrency is more to a commodity than to a currency. It's mined, and traded on on it's own networks. With the added exposure of every online outlet, every single day the profits from swing, and day-trading on cryptos is astounding. I'm not suggesting anyone go long on cryptos, but I do think that this is the place where bets should be discussed.
Interesting point... Cryptocurrency was started because it was originally founded based on its being unregulated. After the recent shutdown of the major BT provider Mt. Gox--resulting in thousands of people losing money) the destiny of the trust in these currencies is in question. Anyone that will place their money in cryptos like they would in gold or other PMs, is asking for a huge disappointment. Currently the US government has the sought to regulate the unregulated currency. This will cause the decline in the allure towards cryptos, in my opinion. After the downfall of Silk Road these assets have taken a huge hit, and has prompted governments to want to regulate the currency. I agree that cryptos is worth of a discussion forum, but I am not sure of the destiny of cryptos. The following article discusses the will of the Gov't to regulate the Cryptos: http://www.thenewamerican.com/econo...overnment-is-taking-steps-to-regulate-bitcoin
For currency, stability and a reasonable degree of regulation by an honest (LOL!) government is needed. For investment purposes, there needs to be a way to value it.
Regulation would surely stabilize the cryptos, but the allure of the original purpose of these currencies (as an open-source unregulated currencies) would be gone, and that would possibly cause a decline, and ultimately cripple the growth and use of BT; for what would be the reason to use BT as opposed to any other method of payment?
I lost interest in cryptocurrency when the Silk Road fiasco happened and companies like Mt. Gox (biggest supplier of BT) went out of business, causing those poor souls foolish enough to leave their funds in these unregulated account. I saw cryptos then as I see them now, not as an investment, but more like a money order to purchase online (which doesn't really appeal to me like it did in the past).
Mine too, which is why I tend to shy away from banks. The shortsightedness of people never ceases to amaze me. BT gets hacked and people say "See, it's unstable". As if regulating it will stop a hacker. "It's value isn't based on anything". Neither is the dollar. The only thing, really, that gives the dollar any value is it's familiarity and widespread use. "If it's all done online, it's not real". I know people who haven't held a dollar bill in their hand for a year. You have electronic deposits of paychecks. You have plastic cards that you buy things with. If you want to get technical about it, every adult in the United states uses e-currency everyday because all those numbers that represent your money.........are online. The same "online" that BT is on. The same online where factions of it get hacked into every day of the year.
You make good points. It should definitely be listed here. I agree. I look at it more as an investment then a currency. Even bitcoin isnt stable like a currency should be. It makes sense to look at them like investments.
If that's your thing, that's you. Knock yourself out. I'm not certain a hacker will have a more difficult time stealing bitcoins from me than stealing my money from my banks. And I'm not certain at all that I could be reimbursed for stolen bitcoins the way banks have done for customers for many years who were victims of cyber-theft. I'm staying away for the time being. Too much uncertainty for me. The transparency, stability, liquidity, etc of the dollar has always been linked to the strength of the US and the oversight of the US govt, which admittedly means less to many than it did years ago. Still safer than something so new, volatile, unregulated, etc to me. But knock yourself out. I've never had any issue with a bank myself. I diversify and keep pretty much everything in the most stable institutions - Wells Fargo, Goldman, JPM. If those banks fail and everything is lost, I don't think "bitcoin" will solve our problems at that point, lol. It will be all about food, water, firearms, bullets, etc.
It is amazing how times have changed. I know people who have not held a dollar as well. It is pretty scary about how often the hackers do what they do.
