Quote from: Swishercutter on June 19, 2011, 03:27:44 PM

Clearly he has none...otherwise he wouldn't be here trolling.

Read his 9 posts...again a pattern...awful lot of trouble for his short time on the forum. Nothing positive to say. Seems to have just joined to discredit/smear.

The more I read...the more I believe the "tin foil hat conspiracy people".

He may not have a counterargument but there is nothing wrong with the opposite view.

This place is basically a community of bitcoin enthusiasts, most of whom cannot see any flaws in it or are in self-denial.

I wonder how many people are willing to pour thousands of dollars of their own money into bitcoins and I don't include mining because that is a profitable operation anyway.

But put your own hard earned dollars into BTC? I don't know anyone pouring thousands into them. Nobody really has any great confidence in this currency yet. Especially when you can get your wallet stolen so easily. All that money in one tiny little file on your hard drive - what a joke!

By the way, you have to love the OPs username, "wallet_dat" Cheesy

As for the person who quoted a bitcoin Wiki as a source as if it were gospel, come on!

I agree with the other guy: this currency needs to establish credibility first. While people are hoarding and not willing to spend their currency, trade will never evolve. And without trade, this currency is nothing.

Also, the classic argument that early adopters profiting is not ponzi because this also happens with corporations is totally flawed. Corporations do not create money out of thin air. Capital that they raise comes from the existing economy.

The big problem with BTC is that it is not exclusive. You can create infinite number of virtual currencies that are preprogrammed like it is. What happens then?

At least when a currency issues new currency, it is backed by something. Used to be backed by gold but now by government guarantees. What is BTC backed by? Absolutely nothing. Imagine 50 different BTC deriviatives similarly all based on nothing. They won't even have any trust value.

I personally think that BTC will slowly become worthless, panic mode will set in and those who have hoarded will try to get off the sinking ship a.s.a.p. Then it will become truly worthless.

Currencies have to be backed on something, even if it is shaky. And BTC cannot be considered a commodity like precious metals either because there are finite varieties of precious metals. BTC has neither and that will be its downfall.

If BTC were a barter currency (promise to pay the bearer etc.) then it would work. The transaction proof is transparent and this is great. But its not a barter currency due to the way that it is slowly created over time, the mining etc.

It is destined to become worthless, the OP is right.