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by ulvund 5048 days ago
That's just glib. People use lots of bitcoins on silk road every day with no interest in speculation. Bitcoins are a real currency with value backed by the interest in silk road products.

If you can only look at bitcoins from the viewpoint of turning a quick buck, then you are not able to see a substantial part of the elephant.
3 comments
illuminate 5048 days ago
"People use lots of bitcoins on silk road every day with no interest in speculation. Bitcoins are a real currency with value backed by the interest in silk road products."

The existence of some people who use bitcoins as they are intended does not change that goldbugs, speculators, and others are legitimately affecting the currency as capitalism not only allows for, but ENCOURAGES. This is not glib. This is reality.

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LyndsySimon 5047 days ago
I'm very interested in Bitcoin, and advocate for it as best I can.

I don't think you'll find anyone really who disagrees with you in the Bitcoin community. Most of us see that as a feature, not a bug.

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illuminate 5044 days ago
Sure, I just don't see how observing these patterns is "glib". It's not the "point" of Bitcoin, but certainly common.
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davidw 5048 days ago
> Bitcoins are a real currency with value backed by the interest in silk road products.

If a few big countries legalized drugs, perhaps that would make bitcoins less valuable/interesting, causing a bust? Probably not realistic in the short term, but interesting to consider.

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yason 5048 days ago
Bitcoins are a real currency with value backed by the interest in silk road products.

Why isn't one bitcoin fixed to dollar or euro by some conversion factor? That would remove the question of the value of a bitcoin. There are lot of currencies that are permanently fixed to an other.

The novel thing is the theory that you can cryptographically make anonymous transactions unique. It doesn't imply being a separate currency. Or am I missing something?

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jamoes 5048 days ago
Who would enforce the restriction that 1 BTC == 1 USD? The fact that bitcoin is decentralized means that the value of the currency pretty much has to float.
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