Bitcoin Revolution: More Retailers are now accepting this non-government controlled 'currency'

Townhall ^ | 01/15/2014 | John Stossel

[E. Pluribus Unum]

Anything that diminishes the power and control of the big-government/big-corporate criminal monopoly is good.

[PeterPrinciple]

But I do fear government destroying the value of my dollars by printing more of them,

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Fear is relative. We fear govt more than Bitcoin. In my opinion Bit coin is VERY risk, comparable to the Tulip bulb investment scam of history. Now we have a better understanding of the thinking during the tulip bulb investment situation.

[SeekAndFind]

Hey, I am not afraid to use Bitcoin. I use it, the retailer accepts it, I get the goods I want from the retailer. I get what I want.

I’ll take the risk as long as I can use money I can afford to lose.

[Yo-Yo]

So with the BitCoin system of competing "miners" trying to be the first to reconcile a long chain of transactions, how many transactions per second can the BitCoin system sustain?

Sure, it may be good for a few people buying stuff online, but for the billions of daily transactions that occur worldwide?

[SeekAndFind]

RE: So with the BitCoin system of competing “miners” trying to be the first to reconcile a long chain of transactions, how many transactions per second can the BitCoin system sustain?

THAT my friend is the potential problem with Bitcoin. As the number of users JUMP exponentially, so will the need for computing power to VALIDATE the transaction.

Who has that kind of computing power eventually?

[Errant]

Mark Faber has warned that if WE have an economic collapse, there is no backup for the dollar like there was when the dollar served as backup for other country's currencies during their economic turmoil (e.g., Argentina, Zimbabwe, etc.).

Perhaps there is now with the invention of cryptocurrency?

[George from New England]

We have that computing power. It has exploded in capacity in just 7 months. 1000 times the calculating power today then in June 2013. Makes for a good heater too !

Running about 1.5 terrahash/second now

[E. Pluribus Unum]

Perhaps there is now with the invention of cryptocurrency

Only if the Interwebs are still alive.

[Vermont Lt]

Uh oh....a realtively positive bitcoin headline.

Surely this is a sign of the apocalypse.

[Dutchboy88]

"Anything that diminishes the power and control of the big-government/big-corporate criminal monopoly is good."

Curious...why don't you just use barter to conduct all business then? Bitcoin is simply another venue for barter and you don't have to have an invasive computer download.

[Errant]

how many transactions per second can the BitCoin system sustain?

14,765.18 Terra Hashes / second, with more being added by the minute.

[E. Pluribus Unum]

Curious... why do you care what I do?

[Errant]

Only if the Interwebs are still alive.

If they're not, we'll have a lot more to worry about than just our money.

[E. Pluribus Unum]

As a great man once said, “On a long enough timeline, the survival rate for everyone drops to zero.”

[Errant]

Makes for a good heater too !

Yep, I've using a miner now to keep a little grow room for vegetables seedlings warm.

[Tenacious 1]

I always carry a few Bitcoins in my pocket just in case.

;o)

[dsc]

“I fear my dollars may someday be worth pennies.”

Compared to the date upon which the first income tax was signed into law, your dollar is already worth less than two cents.

[PeterPrinciple]

Money and credit is a matter of trust. It is your choice to trust Bitcoin but there is nothing of value to back it up except trust, which is fine and again your choice.

I don’t trust the govt anymore than I trust Bitcoin. There is nothing to back up the govt either

History tells me not to trust Bit coin or govt.

So that leaves the question of what or who I should trust..............

[Dutchboy88]

"Curious... why do you care what I do?"

Down off the courthouse roof, my FRiend. Just asking to find out the attraction to bitcoin, itself. Bartering has been around for a hundred years.