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posted by dennisn on September 10th, 2011 at 10:45PM
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posted by dennisn on September 10th, 2011 at 10:46PM
(And I'm keeping it in until the value goes back up! :)
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posted by dsk on September 11th, 2011 at 1:12PM
I'm jaded with bitcoins.
Right now, they have a similar problem to Gold when used as currency. They are intrinsically useless (as all currencies are), and are deflationary, which means it makes more sense to hold them, rather than spend them - which kinda kills economic output.
Edit:
Also, since there aren't many things to buy with them, they are a pure speculative investment.
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posted by dennisn on September 11th, 2011 at 5:56PM
Yea, hoarding was the first fear I heard about. (There is also that other economics Law about having multiple moneys -- you spend the shitty one first :p.)
Although, after that first asymptote, it's value has been pretty steadily declining -- the fear the last few days was that they were being "printed" (mined) too fast, and not enough people were buying them. (I'm not sure how valid any of these arguments are, but they're plausible :p). I saw someone write a napkin-calculation about how much money has to flow into the bitcoin system, to keep up with it's "inflation" :P.
But, yeah, the main issue is there aren't that many things to do with them, except speculate :s. I think once they get a good anonymizing system going, it'll take off :D.
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posted by dsk on September 11th, 2011 at 11:22AM
Have you not learned the value of diversification? :P
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posted by dennisn on September 11th, 2011 at 11:23AM
I have now :|.
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