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bitcoin is a financial currency.
The money, unlike the goods, have a value because there is an entity that ensures that value. For the national currency, it is the nation itself.
As we saw in Italy, financial speculation can ruin entire countries ... the bitcoins are nothing more than money, "protected" by the financial market (in practice subject to enormous speculation).
One day a bitcoin can be worth 1000, the day after 0.1. There is no nation that guarantees its value over time.

Investing in bitcoins is risky, it's like playing the stock market.

Furthermore, bitcoins are used for criminal activities seen that no country track them, and the owner is anonymous.

Steam support bitcoins for me is a negative news.
Post edited April 29, 2016 by LiefLayer
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LiefLayer: bitcoin is a financial currency.

One day a bitcoin can be worth 1000, the day after 0.1. There is no nation that guarantees its value over time.

Investing in bitcoins is risky, it's like playing the stock market.

Furthermore, bitcoins are used for criminal activities seen that no country track them, and the owner is anonymous.

Steam support bitcoins for me is a negative news.
Also Bitcoin, unlike the stock market is finite. There is a pyramidal amount of bitcoin remaining in order to keep an artifical value, but there is already bitcoin deadlock.
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LiefLayer: bitcoin is a financial currency.
Not exactly, see Starmaker's post.

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LiefLayer: One day a bitcoin can be worth 1000, the day after 0.1. There is no nation that guarantees its value over time.
I don't think it has ever taken a dive that steep but in theory, yes. What's interesting is that over time it has stabilized itself. It will become even more stable once it becomes more mainstream and the potential to bring in easy money by early speculation is decreased.

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LiefLayer: Investing in bitcoins is risky, it's like playing the stock market.
What venture isn't risky? I think very few people actually believe they are investing in Bitcoin, it is speculation.

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LiefLayer: Furthermore, bitcoins are used for criminal activities seen that no country track them, and the owner is anonymous.
First, what does it matter it is being used for criminal activies have to do with legal activities? Regular money is being used for criminal activities all the time. Are you going to stop using them? No.

Secondly, they are being tracked, only it's a new area so it might be easier as authorities will have to adapt and that takes time. Also, the owner isn't anonymous. Every transaction is available for the public. That said, there are money laundering services that can send small amounts to multiple addresses using clever techniques to make it expensive to track it but ultimately not impossible. Also, you would have to trust the third party that they don't keep a record or that they are a plant created by law enforcement.

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LiefLayer: Steam support bitcoins for me is a negative news.
Why? If legitimate businesses like Steam begin to offer it then perhaps it becomes more mainstream and trusted. It's merely an alternative feeding a demand for people that have a need to use it.

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Darvond: Also Bitcoin, unlike the stock market is finite. There is a pyramidal amount of bitcoin remaining in order to keep an artifical value, but there is already bitcoin deadlock.
I recall reading that was intentional but I forgot the advantage. I'll see if I find a decent explanation.
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Nirth:
You cannot know if a speculation one day will make it unstable.
I don't trust any venture.
We have more control with regular money. Bitcoins are used by criminal because autorities cannot stop that now.

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Nirth: Why? If legitimate businesses like Steam begin to offer it then perhaps it becomes more mainstream and trusted. It's merely an alternative feeding a demand for people that have a need to use it.
because I don't like the support of finance venture risky thing.
hm, wasn't bitcoin already pronounced dead and fundamentally broken?
https://medium.com/@octskyward/the-resolution-of-the-bitcoin-experiment-dabb30201f7
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Nirth: I don't think it has ever taken a dive that steep but in theory, yes. What's interesting is that over time it has stabilized itself. It will become even more stable once it becomes more mainstream and the potential to bring in easy money by early speculation is decreased.
Not quite, since bitcoin is inherently deflationary (due to a hard limit on the supply, by design). This means that as the volume of commerce conducted using bitcoin increases, the value of bitcoin relative goods or more stable currencies increases. This in turn tends to result in hoarding and speculation, thus still leading to boom and bust cycles (this is a problem for any deflationary currency).
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DarrkPhoenix: Not quite, since bitcoin is inherently deflationary (due to a hard limit on the supply, by design). This means that as the volume of commerce conducted using bitcoin increases, the value of bitcoin relative goods or more stable currencies increases. This in turn tends to result in hoarding and speculation, thus still leading to boom and bust cycles (this is a problem for any deflationary currency).
Ah, I didn't know that, thanks. It might be inherently unstable but over time maybe knowledge about the cycles will become more available to the public and then people are less willing to speculate with large amounts, making it less spiky even if some form hoarding and speculation will always be there.

Frankly, I'm not as much of a pro Bitcoin person as I may seem. What I'm after is a discussion about decentralized cryptocurrencies in general because a healthy one should promote anarcho-capitalism (where some form anarchy is inherently needed) and this should make it harder for people who are ultra rich to stay ultra rich as they get some needed competition. This should help make life financially better for those on the lowest income scale but I suppose it will also mean more personal responsibility so might take a generation or two for the needed effect to stay in people's head.