What do you think of bitcoin?

Interesting, I was considering asking a question on this myself....

It's a fascinating experiment to be sure. Without any centralized management of this currency, I have a hard time seeing how it will remain stable over the long run, and indeed, so far the exchange rate of bitcoins to more traditional currency has been very unstable.

Until recently, bitcoins have been small enough to fly under the radar, but now that the worldwide supply of them is valued at around US $1 billion, it's becoming too large to ignore. What happens if hackers find a way to exploit the supply, and generate a huge number of fake/duplicate bitcoins? In 2010 this did happen to a minor extent, and was quickly fixed (as well as patching the vulnerability that made it possible), but the potential for it to happen again could be out there.

Considering how unstable the exchange rate has been, this could become ripe pickings to speculators. Once that happens, it could cause havoc with both bitcoins and other currencies. At that point there might be a huge backlash, including them being banned as currency in certain countries. It could also be used as a tax haven or a way of hiding assets. Already its played a roll in the Cyprus mess.

So many questions have yet to be answered:

Can it prove itself to be a stable currency?

Can hackers exploit the transaction system?

Will its instability cause broader economic problems if total evaluation continues to increase?

How will it be regulated by local laws?

After increasing in value so dramatically, is it being set up for a big crash?

the Dollar is a bubble

the Euro is a Bubble

the Pound is a bubble

the yen is a bubble

All FIAT currencies are created by an unelected and unaccountable elite out of thin air, and then to add insult to injury, it is then issued as a DEBT!?!?!

ALL FIAT currencies crash after a few decades. Not backed by gold anymore. Not backed by silver either. The £ was called Sterling because sterling is an alloy of silver and a Pound is 454g, so you would get 454g of silver in exchange for the Pound note which was really just a receipt for silver. Now you would get just a few grams for £1.

The world owes more money than exists. So who do we owe it to??? If the central banks are state owned, and we are the state, then we owe it to OURSELVES. So why are all countries bankrupt in that case? They are bankrupt because the central banks are privately owned.

If I weld a car to a plane.... is it a car or a plane, or is it something else?

If I weld debt to a unit of exchange.... is it debt or is it a unit of exchange or is it something else? Do we need to give it a new name?

The so called "money" that we have is not "money". It probably isn't currency either. Neither is it a unit of exchange. It needs a new name. I prefer to call it a SCAM.

Gold can be confiscated. Silver can be confiscated. They can confiscate your bank account. They will try to confiscate your bitcoins. They can send you to prison on trumped up charges and confiscate your freedom. They can send you to a concentration camp and confiscate your life!

Does bitcoin function as a unit of exchange? Yes.

Until people start selling food and other essentials in bitcoin it will probably never take off. Until people wake up they will never be free. If the world started using bitcoin the elites would start a 3rd world war to try to stop it.

There are no guarantees. Governments work for banksters and everyone is responsible for their own DUE DILIGENCE!

Keeping an eye on it. There is a small possibility it will wind up the defacto new world reserve currency. I expect that it will immediately be under assault by the powers that be until they can game that also.

THe only cure for this is to stay fluid and avoid long-term trapped investments.

Bitcoin is peer-to-peer; users can transact directly without an intermediary. Bitcoin transaction is the well secured online trading platform.

If history repeats again, it will inflate and soon collapse but not until after the ignorant place their faith and their assets in it.

I have been watching its trend for a while, and its value is appearing to be a bubble.