Digital currency Bitcoin hits new high before losing S$200 in value in one day

I don't know there is a "digital currency", till i saw the news report. I assume it is not a hoax...

Interesting to know more on the digital currency...

Digital currency Bitcoin hits new high before losing S$200 in value in one day

NEW YORK — Bitcoin, the digital currency, lost more than US$160 (S$200) in value yesterday, just hours after hitting a record high.

The currency hit a new high of US$266 before falling to US$105 and then bouncing back to US$130. The fall is unlikely to put off speculators. Two months ago, a Bitcoin was worth US$20.

http://www.todayonline.com/business/digi...ue-one-day

http://bitcoincharts.com/markets/

Looks just like a stock market with real time quote in all currency including sgd

Tulips all over again.

This is the only currency in the world that has no physical form and yet does not pass through any banking system nor controlled by any government. It is like ditigal gold with inbuilt mechanism to control its growth rate. Transactions that does not wish to be tracked by the banking system nor govt love this medium of exchange. You can use it to buy real goods and services, some website only accept payment in bitcoins, e.g. those selling drugs. Such alternative currencies are a natural development in a world where govt prints so freely.

(11-04-2013, 08:54 PM)Spidey Wrote: This is the only currency in the world that has no physical form and yet does not pass through any banking system nor controlled by any government. It is like ditigal gold with inbuilt mechanism to control its growth rate. Transactions that does not wish to be tracked by the banking system nor govt love this medium of exchange. You can use it to buy real goods and services, some website only accept payment in bitcoins, e.g. those selling drugs. Such alternative currencies are a natural development in a world where govt prints so freely.

Not sure how it work? Is the bitcoin backed by anything?

Base on the news report:

"There are around 11 million Bitcoins in circulation, 25 new bitcoins are produced every 10 minutes, and they are traded through online exchanges like Mt.Gox."

(11-04-2013, 09:44 PM)CityFarmer Wrote:

(11-04-2013, 08:54 PM)Spidey Wrote: This is the only currency in the world that has no physical form and yet does not pass through any banking system nor controlled by any government. It is like ditigal gold with inbuilt mechanism to control its growth rate. Transactions that does not wish to be tracked by the banking system nor govt love this medium of exchange. You can use it to buy real goods and services, some website only accept payment in bitcoins, e.g. those selling drugs. Such alternative currencies are a natural development in a world where govt prints so freely.

Not sure how it work? Is the bitcoin backed by anything?

Base on the news report:

"There are around 11 million Bitcoins in circulation, 25 new bitcoins are produced every 10 minutes, and they are traded through online exchanges like Mt.Gox."

It is an algorithm based currency and the algorithm will control the production of bitcoins. In simple term, it will get harder and harder to harvest new bitcoins.
To improve your chance of harvesting, I recommend any aspiring harvester to buy BitCoin Asic Miner http://www.butterflylabs.com/

There are a lot of underground sites a sort of hidden world within the internet itself that is untraceble where banned or controlled substances, banned equipment are exchanged and use of bitcoins is the preferred mode of payment not credit cards

But there's a lot of fraud and scams involved in and around the use of bitcoins.

i think it will be very hard to regulate. plus computer geniuses will be able to create their own software to "harvest" more of these bitcoins?

how on earth is it possible to generate cash and cash equivalents by using things such as a BitCoin Asic Miner/harvesting program. why isnt there a gold bar harvester then..
it seems very suspicious to me.

the last time i tried generating more money was years ago in GAMES.
Games are not reality and are in a virtual world, and after a while, dies off.

(11-04-2013, 10:43 PM)TheMillennium Wrote: i think it will be very hard to regulate. plus computer geniuses will be able to create their own software to "harvest" more of these bitcoins?

how on earth is it possible to generate cash and cash equivalents by using things such as a BitCoin Asic Miner/harvesting program. why isnt there a gold bar harvester then..
it seems very suspicious to me.

the last time i tried generating more money was years ago in GAMES.
Games are not reality and are in a virtual world, and after a while, dies off.

Hello, which world are you living in? People pay Huge money for virtual stuffs which they do not own. Take alook at companies like Facebook, EA Games, Blizzard Entertainment and Tencent holdings.

These companies make money by selling virtual currencies and items not backed by anything.

Quote:These companies make money by selling virtual currencies and items not backed by anything.

and that is similar to modern day government-issued currencies which are not backed by anything as well.