Silk Road forums

Discussion => Silk Road discussion => Topic started by: Dcompany on March 22, 2013, 12:02 am

Title: Bitcoin Fever
Post by: Dcompany on March 22, 2013, 12:02 am
Bitcoin Fever: The World's Largest Online Currency

21 Mar 2013

Sara Eisen takes a look at Bitcoin, what it is and how it's used. She speaks on Bloomberg Television's'' Market Makers.'' ...


clearnet link

http://www.bloomberg.com/video/a-look-at-the-world-s-largest-online-currency-cPMjkXT0QB~SWJbQWWaB2g.html
Title: Re: Bitcoin Fever
Post by: Dcompany on March 22, 2013, 12:13 am

Fleeing the Euro for Bitcoins


Worried your government is going to take your savings? There's an app for that.

Actually, there's an entire currency: Bitcoin, an online-only currency based on a decentralized network. It's unregulated, hard to track and increasingly common. Since Sunday, downloads of three Bitcoin-related apps have surged on Spanish charts, Bloomberg Businessweek reports.

The interest in Bitcoin coincided with news that the Cyprus government planned to tax savings accounts as part of the country's bailout program. The value of the online currency increased more than 20 percent in the past two days to $64, according to the latest price information.

The downside is it's a currency that has experienced price fluctuations, occasional hacking and account thefts, and is a favorite for black-market transactions, including almost 2 million a month in illegal online drug purchases at the Silk Road marketplace. That some Europeans are investing savings in Bitcoin isn't exactly a sign of confidence in European banking.

According to a European Central Bank report published in October, increased demand for Bitcoin "could have a negative impact on the reputation of central banks," especially if the public perceives Bitcoin's rise is due to "a central bank not doing its job properly."

Bitcoin removes financial institutions completely from transactions, allowing users to conduct two-party exchanges over the Internet without a middleman. People can exchange local currencies into Bitcoins on online exchange sites and store them in e-wallets. Payment-processing services such as BitPay allow merchants to accept the currency as payments. The virtual money can buy a range of goods and services, including video strippers, gun parts, pizza and WordPress upgrades.   

Without regulation or integration into existing banking structures, Bitcoin doesn't yet appeal to investors looking to park large amounts of money. But as the currency grows more mainstream, with banking confidence eroding, Bitcoin is something to watch.


clearnet link
http://www.bloomberg.com/news/2013-03-20/fleeing-the-euro-for-bitcoins-.html
Title: Re: Bitcoin Fever
Post by: J4M136 on March 22, 2013, 12:34 am
A lot of people are moving there savings out of euros into bitcoin because of whats happening with cyprus. Now is a good time to buy and watch them raise in value. Will (IMO) the $ will probably break the 3 figure mark within a few weeks.
Title: Re: Bitcoin Fever
Post by: flaxceed on March 23, 2013, 06:47 pm
A lot of people are moving there savings out of euros into bitcoin because of whats happening with cyprus. Now is a good time to buy and watch them raise in value. Will (IMO) the $ will probably break the 3 figure mark within a few weeks.

I agree we will see $100 coins very soon.
Title: Re: Bitcoin Fever
Post by: boosties on March 23, 2013, 07:41 pm
i hope so!! that makes me feel a lil better about the money i lost overnight due to
the fluctuation. i would feel awesome if it broke 100! :)
Title: Re: Bitcoin Fever
Post by: Mr. Fluffles Schrodinger on March 23, 2013, 08:13 pm
That feels when the return on the droogz you provide is < the return from just hanging onto the coin.... like, 3x less. lol  Strange days, my friends.

Hey!  All Muricans should invest their tax returns directly into btc. :}