>I don't understand why people consider bitcoin something worth investing in
You don't understand the power of frictionless micropayments and monetary privacy?
Re:Bitcoin falls from $266
by altcognito on Wednesday April 10, 2013 @11:53PM
(#5529897)
Frictionless? Isn't the very definition of how bitcoin is secure the opposite of frictionless? It derives it's value from friction.
I was referencing the fact with Bitcoin micropayments are practical because there are no transaction fees.
The main friction IMO is exchanging fiat currency for btc. It's ridiculous. Sign up for gox, send a bunch of private identifying documents (to a site that's been hacked), send a wire transfer, wait a week... craziness.
I wanted to buy $10k of btc last week @ ~$100, I didn't have any open accounts anywhere, so I used coinbase... which limited the amount I could buy. I ended up with 0.2 BTC, which didn't post in my account until late last night.
Looking at today's quotes, it probably for the best.
For now. Once mining becomes slow enough (and it has to slow down over time), exchanges will have to charge transaction fees to make the "proof of work" worth their while.
You don't need to use an exchange to make a payment, though.
Re:Bitcoin falls from $266
by bill_is_here on Friday April 12, 2013 @06:04AM
(#5537533)
Its actually the miners who will be getting the transaction fees once the supply of bitcoins stops growing.
The whole banking system works hard to earn the customers' trust and any small mistake damages that. Bitcoin doesn't provide any assurances, support, etc...
Looks like another fad the computer industry created for its own amusement. Let's see how long it lasts. I'm sure all the revolutionaries out there fighting the man will come up with solutions for the trust issues.