Quote:
Originally Posted by facialfreak
the main problem with bitcoin ... is that it's based on NOTHING!
people have backed currencies with GOLD and SILVER for thousands of years ... but a currency backed by absolutely NOTHING has no ability to instill trust in people to take it as a viable alternative to physical currencies.
1,000,000% increase of NOTHING .... is still NOTHING.
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just admit you don't understand what is bitcoin and how it works. because i think if you knew what is and how it worked you would not stay it's based on nothing. bitcoin's value lays in providing cost effective and secure means to exchange value. this technology is priceless.
all 3rd party bullshit that is in the news right now about bitcoin - theft, hacks etc this isn't exactly proving faulty of bitcoin. these are simply security issues with parties holding bitcoins. People didn't realize how valuable bitcoins maybe and how negligible they were/are about security of their digital wealth.
bitcoin exchanges like any other exchanges, meaning they are market driven, will have their ups and downs and will balance out to a more concrete and reasonable rate.