I wanted to get peoples thoughts on Bitcoin. I'm not here to promote it but rather gather peoples thoughts on what they think of it, discuss if its a practical tool, and potentially decide if such a monetary tool could be used within the online independent music infrastructure to generate simpler and more direct streams of income.

If you don't know what Bitcoin is please go here.

I personally see some major advantages with Bitcoin as a method of payment for the production work I do online worldwide. Do any of you guys currently accept Bitcoins for work ? I actually think with the right systems in place an online royalty payment system could be setup which pays artists directly from fans with out third party fee's. May be we don't need this. What are your thoughts ?

Would work you can buy drugs online with bitcoins and I thought they were going to be obsolete because of it

I don't know if I am stating the obvious but I don't think a business should adapt a form of currency that can't pay any overhead or future assets, much less bills and something to eat. Until you can pay your electric bill with it, it's not really worth it, IMO.

Too volatile...
A fad..
Central Banks are going to crush that attempt at a new currency they are not 100% in control(if that's not what they did already)...

all i know is i changed 200 dollars into bitcoin a while back, let it sit for 2 months and when i cashed it out i had 600.

Unless alternative currencies make central banks obsolete..

It's early days for Bitcoin (and hopefully alternatives).

And in case it slipped anyones attention, you can buy drugs with dead presidents too.

people buying beats now with bitcoins

Why not ? With the Bitcoin tipping system I can see people offering Mixtapes for free download with the option to send a Bitcoin tip to the artist if the wanted to. There would be no PayPal fees and fans could send money direct.

Admittedly we do need more bitcoin shops and local currency exchanges for bitcoins to be converted and spent in the conventional manor.

That's sick

it's up 92% since yesterday lol

Its a bubble

sounds like the end of the world is upon us ...

15 The second beast was given power to give breath to the image of the first beast, so that the image could speak and cause all who refused to worship the image to be killed. 16 It also forced all people, great and small, rich and poor, free and slave, to receive a mark on their right hands or on their foreheads, 17 so that they could not buy or sell unless they had the mark, which is the name of the beast or the number of its name.

18 This calls for wisdom. Let the person who has insight calculate the number of the beast, for it is the number of a man.[e] That number is 666.

Volatile Yes. And most likely a Ponzi Scheme.

But I do think your overestimating the ability of Central Banks. How do you crush something that is operating in the shadows, where transactions run through servers run by organisations and hackers who continue to evade detection? Much in the same way that P2P has not been stopped by any government or authority .. Just some food for thought ..

Haaaaahahahahahaaaa!

Yeah, sounds terrifying.

this

Just by printing more dollars/Yen/Euro etc and acquiring a sizeable amount of the bitcoin market... then you can manipulate it at will.

It's not only bitcoins, it can be any kind of asset exchange, in general the lower the size, the easier.


The Central Banks are actually already doing that with their QE on the whole global stock and bond markets.

Just buy a lot and sell a lot to make the market untradeable... since you have infinite power in terms of money creation as a central bank it's easy.

The usual alternative to fiat currencies is Gold and I am of the ones to think that Central Banks are manipulating the price of it to keep it artificially low. And that's a bigger market than bitcoins. Soooo

Saying "its a ponzi scheme" or "the USgovt will crush it" is the same as saying "I didnt take the time to actually research what Bitcoin is" because if you had, you would realize that cryptocurrency is a legitimate financial instrument. It has a big future, and the sooner you realize what it represents (financial independence from banks and government manipulation) the better. If you dont really believe in it, just buy ONE as an insurance policy. Hold onto it through the ups and downs which will be crazy as it grows. At $1,000 (Nov27 2013) it might be the best investment you ever make.

http://www.cnbc.com/id/101230884
http://www.weusecoins.com/en/
http://en.wikipedia.org/wiki/Bitcoin

I'll let you guys beta test. I'll stick with dollars, pounds and euros.

Everything is a bubble.
Just get in and out on time.

Bitcoins are not backed by anything. therefore there worthless you can buy things with them yes but there is nothing backing the actual currency. I am fully aware that sterling dollars etc are not backed by commodities but they are by debt. which means there will always be something to support it even if the central banks went bust. now can we get back to how make a 808

really?

Can you explain this process?
I watched the video but. I feel like there's more to it than just whats explained in the time of 1:45.

I'm sorry for posting here but is it worth to invest in bitcoin in 2020? I want to know if it's actual nowadays.