I keep hearing about bitcoins, crypto-coins etc. To me it just seems like a very well organized scam. To me, if I can't trade it to fill my car with gas, it's not real money.
One of Japan's largest cryptocurrency exchanges has revealed that it's lost nearly $400 million in a security breach. ... The hack appears to be roughly the same scale as the 2014 Mt Gox theft, in which thieves made off with $400 million in bitcoin, causing the Japanese coin exchange to file for bankruptcy.
I've also done a little reading on this and it sounds way too much like a scam in the long run. Too easy to lose everything too fast. I'll stick with regular money for the time being.
Amongst other things, it's value seems to fluctuate wildly. I wouldn't except it as payment because I'd have no idea how much it would be valued at next week.
You're not to blame Jim, it's hard to understand something you can't hold in your hands, it's not a scam but very risky. This wont be profitable when everyone is going crazy over it.
To me it seems like a pyramid selling system. This is why so many want you to buy into it, because the early adopters will profit from the majority that buy in later. Then it seems that new currencies keep springing up everywhere so that more can get in at the start. I do think though, that an untraceable currency system will prevail long-term but the price that it bottoms out to will be like a stock-market equalisation after a boom/bust etc.
It is connected. I prefer my money to remain unconnected.
Your paper money isn't real money either.
But at least I can go into any store and exchange it for goods. Can you do that with bitcoins?
JJ I agree if I can't hold the cash in hand it isn't real, but as I understand it alot of what you buy that way are things on line such as new clothing for your avitare in a game or time to use a game. Nothing I care about.