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ECT News Community   »   E-Commerce Times Talkback   »   Re: Is Bitcoin Bubbling Over?



Re: Is Bitcoin Bubbling Over?
Posted by: Richard Adhikari 2013-12-12 12:53:39
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Nothing stirs up speculation like success, and right now questions about Bitcoin are on everyone's lips. Is it headed for the moon after once again breaking the $1,000 mark on Wednesday? Or is it, as former Federal Reserve chairman Alan Greenspan said, overpriced, lacking in intrinsic value and, essentially, a bubble? Bitcoins are basically bits of computer code, which means their value lies in people's perception of the virtual currency. Granted, Bitcoin is not backed by anything tangible -- but then neither is the United States dollar.


Re: Is Bitcoin Bubbling Over?
Posted by: yehudisabbagh 2013-12-12 13:40:22 In reply to: Richard Adhikari
The problem with Bitcoins is that its value is not backed by anything tangible, and it is not true what you say that the US Dollar is the same.

The US Dollar is backed ant its value comes from the productiveness of the US economy. You can see that when the economy is down the dollar is weak and vice-versa.

Bitcoins are just backed by the fact that there is a limited quantity and that the software that lets them operate is safe. No real value behind.

Diamonds and Gold are also worth based on their limited quantity and demand. But they are diffent in the sense that they comply with the phisical law that matter cant be created nor destroyed while Bitcoins a good hacker can eventually disrupt the whole balance of things.
Jump to:
What was your initial reaction to news of the Colonial Pipeline cyberattack?
It demonstrates that all critical infrastructure sectors are at high risk of disruption by cybercriminals.
Everyone will be paying for this attack in the form of higher energy costs.
Governments need to work more closely with private industries to protect networks for the sake of public safety.
It's a global problem. An international alliance must be formed to hold the perpetrators accountable and prevent future attacks.