Any One Here Have Experience With Bitcoin?

[Bill Wiltrack]

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Or any other crypto-currencies?


Been looking at Bitcoin for some time now...just can't wrap my mind around it.








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[jasoncomely]

Yes, I have a fair bit of experience using Bitcoin and Dash, Litcoin etc. Bitcoin is the only one worth caring about IMO.

[Bill Wiltrack]

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Do you use Bitcoin to buy things?


If so, how do you use it? Is there a credit card of sorts for Bitcoin?


How do you observe the continually fluctuating value of a Bitcoin?


Does the Bitcoin value continually be compared to a fiat currency like the dollar?

Have you increased value of the Bitcoins you have just by holding them?


Do you actually refer to your holdings as your Bitcoin; your wallet, or do you have many Bitcoins as separate entities?








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[attofishpi]

You can still buy dildos without bitcoins Bill.

[Bill Wiltrack]

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................................................Your breath of knowledge & experience is awesome.





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[attofishpi]

Your breath of knowledge & experience is awesome.

Ah, thankyou Bill. I think you meant 'breadth'...its very hard to breath with a dildo shoved down your throat. (atto imparting more experience)

[Bill Wiltrack]

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Not sure what you are doing to yourself, really don't need any more sharing, but now I understand why it probably is a good thing that many members hide behind a moniker.




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[Bill Wiltrack]

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A Next-Generation Smart Contract and Decentralized Application Platform





Satoshi Nakamoto's development of Bitcoin in 2009 has often been hailed as a radical development in money and currency, being the first example of a digital asset which simultaneously has no backing or "intrinsic value" and no centralized issuer or controller.


However, another, arguably more important, part of the Bitcoin experiment is the underlying blockchain technology as a tool of distributed consensus, and attention is rapidly starting to shift to this other aspect of Bitcoin.


Commonly cited alternative applications of blockchain technology include using on-blockchain digital assets to represent custom currencies and financial instruments ("colored coins"), the ownership of an underlying physical device ("smart property"), non-fungible assets such as domain names ("Namecoin"), as well as more complex applications involving having digital assets being directly controlled by a piece of code implementing arbitrary rules ("smart contracts") or even blockchain-based "decentralized autonomous organizations" (DAOs).


What Ethereum intends to provide is a blockchain with a built-in fully fledged Turing-complete programming language that can be used to create "contracts" that can be used to encode arbitrary state transition functions, allowing users to create any of the systems described above, as well as many others that we have not yet imagined, simply by writing up the logic in a few lines of code.








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[FlashDangerpants]

This stuff is all very useful in some situations, but you have to understand that what makes peer-to-peer currencies so appealing to utopian visionaries is the same thing that makes them unappealing to people who like to just use money to get paid and buy stuff.

Your worst thing is that without a central bank to step in and inflict Financial Repression of some sort, there is nobody who can influence the value of the currency at all except all the users themselves. In effect this means mass panic when the value heads down, and acquisitive hysteria when it heads up. At each stage, the least sophisticated users get fleeced by those with more patience.

The Ethereum guys seem to think that their currency can be used to issue a Basic Income, designed to effectively end poverty. But if you were to issue people with a Basic Income via peer-to-peer money, random timing factors will mean that some are given excessive wealth on one day, others a pittance the next. You would have all sorts of other problems to do with convertibility and perceived value resulting from that problem.

These sorts of currencies have a place in the market. But it is for those who understand the pros and cons. If everyday people start using them for their daily bread and butter, they will starve.