Quote from: nuff on July 13, 2015, 05:18:35 AM

Quote from: TheRealistMassiah1 on July 13, 2015, 02:37:09 AM

Just think of it rationally and logically ... Bitcoin uses a base standard currency = USD / EUR / CNY .... now think of it, those currencies alone account for 80% or more of the worlds GDP with established economies and backing of those currencies with the IMF and in net imports and exports to account for their value. How ever Bitcoin is based on backless speculation of a realized "Value" ... How is this value determined?? a ledger? value in property? value in its source code? backed by debt? ... There is only one way to increase "bitcoins value" currently its low volume and an influx of increase of buyer side = short term DELTA of a sellers market instead of a "buyers" market... just think of it as wanting to buy candy and the candy maker was not expecting for an increase in 100% of volume so he has to increase the price to decrease the volume. This is easy to manipulate when there are very small key players in the market. So to the question of delusional... it is up to you to understand the economics and viability of bitcoin. It is only valued as people pump real currency into it and this money is held by your Exchanges... Remember what happened when MT Gox? that is just a reminder.

Edit and addition to my post.
Jeffrey Robinson is quite correct about virtual and digital currency as the future path for currency as its more efficient and is the only measurable answer for the future. Example is Denmark, how ever it is not a "Crypto" system of money its more of a standardized system like using your debit card. This way they can deter fraud and account for various aspects of the system.

Bitcoin is backed by its own protocol, based on mathematics (to be specific, cryptography). You need to solve equations in order to produce new coins, and solving those equations require computation in the form of miners, and miners require power and operational costs to run. The true value of the btc will be based on the costs to mine those coins. Without miners, you won't get bitcoins. And in within the mining world is another free market at play: operation costs, how fast miners can hash, electricity rates etc. All these would give btc its true value. Bitcoin as a protocol is a lot of things, being a currency is just one of its utility. It's fully independent of any control until a time one has more power than the rest combined, be it in the form of hashing power or having a huge bankroll to influence its natural progression.

All currencies in the world are currently backed by debt, controlled by the government, with full authority to print as much as needed and as when feel like it. This debt-based money system is illusionary and is not sustainable, as shown by the latest, biggest example of it all: A country, Greece, going bankrupt, and simply just walk away. And they should, it's money created out of thin air anyway.

Holy cow,you need to also take a lesson in economics, O_O My brain is literally bleeding from your statement, ( not meaning to offend you) ... The fact that bitcoin has to be mined and depends on coin hashing is in itself flawed also a deflationary currency doesn't work as with the case scenario of lost coins etc etc... viable coins will be to limited to host enough trade, also bitcoin is not a currency its an "account/commodity" per definition of its act its more of an m3 account than anything. Also currency values aren't just magically printed to kingdom come. Just like with Germany and Zimbabwe and many other failed currency and governments, they only retain value by what they produce and other countries seek price value exchange in the fair market etc etc (research this topic on your spare time) ... Also Greece's debt has to do more with its reliance on Germany and what happened after ww2 .. (again research this on your time) ... and the money isn't just created out of thin air. It's a retained debt that has to be paid off through some sort of liquidation ex. IMF , Government resources etc etc....

side note: money isn't just created out of thin air ....

Also in answer to Cconvert,
past 6000 years you mean past 10,000 years well there was bartering then an evolution to kingdoms like an authoritarian where thousands of coined currency in silver and gold and bronze etc etc were used and if you have the spare time research of history of currency it'll brighten your day