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muriel_volestrangler

(101,316 posts)

1. Buried deep in the article, is the answer: 'no'.

Reply to RKP5637 (Original post)

Tue Jun 19, 2012, 12:25 PM

Jun 2012

Currently, for example, Bitcoin's current market cap is only the equivalent of $50 million -- a drop in the ocean of the world's money supply.

It's not a 'haven', because if you leave your money in it (rather than just using it as a momentary medium of exchange between 2 currencies), you are trusting that an internet company will be able to honour a decent rate of exchange when you want it to. It's a fiat currency backed by an internet company. Does that sound safe to you? It plainly doesn't to most, which is why the company is a minnow.

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Highlight:

Are Bitcoins Becoming Europe's New Safe Haven Currency? [View all] RKP5637 Jun 2012 OP

Buried deep in the article, is the answer: 'no'. muriel_volestrangler Jun 2012 #1

Thanks!!! I missed that, yep, it seems very high risk IMO. n/t RKP5637 Jun 2012 #4

What is Bitcoin? Peter Surda Jun 2012 #5

Well, 'not fiat money', as in 'with less backing than fiat money' muriel_volestrangler Jun 2012 #7

What Bitcoin is and isn't Peter Surda Jun 2012 #9

Well, IP addresses are an interesting topic to bring up muriel_volestrangler Jun 2012 #10

can or cannot? Peter Surda Jun 2012 #11

So: no prices, no price index, no list of goods that can be purchased muriel_volestrangler Jun 2012 #12

Errors upon errors Peter Surda Jun 2012 #14

Misrepresentation Peter Surda Jun 2012 #13

They are distributed to people running a useless computer program muriel_volestrangler Jun 2012 #17

Fail Peter Surda Jun 2012 #18

I Think More Europeans May be Using the American Stock Markets as a Safe(r) Haven AndyTiedye Jun 2012 #2

I would think that, especially if they do not fear ripples in the American Stock Markets. n/t RKP5637 Jun 2012 #3

No. MineralMan Jun 2012 #6

Yep, that's what I think too. It's a novelty, but I can't imagine the RKP5637 Jun 2012 #8

So what is "Bitcoin" based on? The value of unredeemed Groupons? The value generated by Chinese Erose999 Jun 2012 #15

Interesting question. I had wondered the same. Here's what RKP5637 Jun 2012 #16