Ambassador wrote:I think it is a mispelled term should be 'BitCON' as it sounds like a Con to me!
The only thing that may seem "unfair" in the bitcoin system is that earlier adopters can earn much more than those who are late. But the same can be said about any new business affair. Those that started mining gold early got rich , but this doesn't make gold less precious
It is totally possible that bitcoin will cease to exist if governments will unite against it. Unless this happens I don't see how bitcoin will stop existing in the worst case it will have it's own niche.
Here are some quotes from a reuters article about bitcoin
"Bitcoin is not run by people with hot sexual appetites for hotel maids. It is not run by corporations. It is not governed by people with budgets to meet. It is governed by a mathematical formula," one trader and Bitcoin enthusiast told Reuters over a pint of Guinness in London's financial district.
He also likes that there is an absolute limit of 21 million Bitcoins built into the system.
"If you try to print more than 21 million Bitcoins, you will be rejected by cold, loveless computers whirring away in nerds' garages. It is a better form of money than we have right now, or than anyone has designed so far."
The trader, who was not willing to be named, said he spent four hours a day on Bitcoin, describing it as his second job. He estimated 90 percent of traders have bought it, most "looking for a quick 2,000 percent".
Workers at Morgan Stanley and Goldman Sachs in London and New York have been visiting online Bitcoin exchanges as often as 30 times a day, according to documents seen by Reuters. Neither bank wanted to comment.
And here is an interesting comment to that article:
Bitcoin’s value does not exist merely because “people believe in it” like with fiat currencies. Rather, it’s value derives from its usefulness. Bitcoins are valuable because their properties make them effective in the transfer, protection, and storage of value in an age increasingly digitized.
Monies are valuable because governments force them upon you (fiat USD and EUR, etc) or because they’re useful (gold and bitcoin). Bitcoin is by far the most exciting (and important) technology since the internet.