Quote from: franky1 on July 27, 2014, 05:55:29 PM

Quote from: Bitcoinpro on July 27, 2014, 05:51:23 PM

Quote from: prophette on July 26, 2014, 04:00:39 PM

Observing for these months, my strongest feeling is that Bitcoin is fading away with no material object backup. Apart from the geeks, ordinary people who first know about Bitcoin always say "this matter is vague and insubstantial".

Geeks have confidence in crypto-algorithms but ordinary people don't.

So linking Bitcoin to gold may be a good idea.

could u explain this in laymens terms,

he is saying because bitcoin is NOT a commodity people dont understand it. so it needs to be backed by a commodity to be understood..

my reply is that bitcoin does not need to be backed by anything, and being an asset is actually better.. but its a damn shame that people cant tell the difference between a asset and a commodity and only want to deal with their comfort zone and narrow minded knowledge of commodities

Quote from: Baitty on July 27, 2014, 05:53:34 PM

How is Bitcoin fading away? That doesn't make any sense it's dropped by a small amount but has major companies accepted it. I don't think you've done your homework.

dont worry its FUD spreading season again, people trying to spout out lies trying to get a panic crash. simply because they missed out on the cheap coin at $450 and know that the next jump would be $1000, so they are hoping to crash the market just to get the coins they missed before it jumps over $1000 again

its neither an asset or a commodity though its a currency, and its dosn't even need to be backed by labour because its backed by a computer

network that cannot even be matched by any amount of physical labour