Thursday, June 13, 2013

Cryptocurrencies (Bitcon, ripple.com) (Nick)

Now that we all know how bitcoin work  we would like to see who out there among us has either tried or would now knowing what it is like to give bitcoin a try.  We have came to the conclusion that we are not afraid of the big bank going under.  We are not part of that group.  Those people were the first followers of bitcoin and have cashed in big now.  To us we see it as too late to jump on the bitcoin bandwagon.  That bubble for us has already popped.  We like the idea and think it is the revolutionary item in digital payments. When the next one comes around we will be sure to jump on that bandwagon.  How about you?
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5 comments:

  1. ReeseJune 15, 2013 at 7:51 AM

    I did not quite understand the BitCoin trend or how it works. Do you have to actually purchase the initial BitCoins? I don't think I would buy into it. It seems too far fetched right now. As you said, the bubble has already popped and I'm not sure what more we can see from this technology. With the hacking history and other potential threats, is there room for growth for this type of currency?

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    1. UnknownJune 17, 2013 at 6:14 AM

      Growth yes bitcoins are still being produced at an exponential rate. Also as stated in the presentation, even with trading sites being hacked noones bitcoins were stolen they could just not send or recieve them. Which in turn but a scare on the market and drove the trading price down. Here is the historical trends for bitcoin http://bitcoincharts.com/charts/

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  2. LeeannaJune 17, 2013 at 3:58 PM

    From what I understood in the presentation, Bitcoins can be purchased, as well as earned? Earned, meaning signing up for offers over the internet. If this is the case, what are you able to purchase with Bitcoins? If it is mostly used for gambling and black market transactions, I see no use in it for myself, but if I could get gift cards for cheap, then this may be a viable option. Is it cheaper to use Bitcoins than pay with cash? What are the advantages of using Bitcoins, and why would I purchase them rather than just paying with cash?

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  3. Laura WilliamsJune 19, 2013 at 6:16 AM

    To me, this form of currency is even more insecure than the tangible system we have today. I would not be interested in anything like this, since it has no meaning or backup like gold etc. (Although I do realize there is very little back up in the US treasury either) I don't like the idea of earning bitcoins. I think it may be fun short term for gamers to respond to this type of incentive, but what about the impact society and the lack of motivation it could cause? One more thing....Can I put a Bitcoin in my Google Wallet??
    Great Topic!

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    1. UnknownJune 19, 2013 at 7:11 AM

      First off your money is not back by gold anymore since 1971 common misconception. Secondly google wallet is not that far ahead of the game. http://www.owninggold.com/gold-american-dollar.htm

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