Comments on: A Bit Of Confusion

By: kaze

kaze — Tue, 14 Jun 2011 05:10:44 +0000

In reply to hijinksensue. Yea I'm just saying any one could up and make a new currency. don't know why it's so surprising to some people. any one have a coin miner running? I'd like to hear how those work.

By: Matt

Matt — Tue, 14 Jun 2011 04:36:38 +0000

The only thing that bitcoins have going for them is that people can get them for free if they have enough processing power. Soon their value in relation to U.S. dollars will start to stabilize. The problem they face is that everywhere that accepts bitcoins will also accept USD or Euros or some national currency, but most place won't accept bitcoins. (Like Steve's comparison to Disn- er, Itchy and Scratchy Land dollars). When the value of the bitcoin starts to stabilize or drop, people will cash out en masse. This is analagous to the gold bubble of right now. I can't buy anything with gold. When prices stop climbing, everyone will sell, sending the value plummeting.

By: The Unknown FB

The Unknown FB — Tue, 14 Jun 2011 02:08:52 +0000

In reply to Matt. Bet you can still get some nice wooden shoes, or a wind mill, for a lovely bouquet of tulips.

By: The Unknown FB

The Unknown FB — Tue, 14 Jun 2011 02:07:44 +0000

In reply to @TMOverbeck. Is that like LaRouche bucks, or Confederate dollars, or the money one pays for bad Nic Cage movies?

By: The Unknown FB

The Unknown FB — Tue, 14 Jun 2011 02:03:07 +0000

In reply to Brian. What are you going to feed them? Beets and BtiCoins?

By: hijinksensue

hijinksensue — Mon, 13 Jun 2011 21:32:33 +0000

In reply to kaze. Nope. Hence me making that exact same comparison in panel 3.

By: kaze

kaze — Mon, 13 Jun 2011 21:29:06 +0000

all money is equally as useless as bitcoins. you think a green piece of paper is actually worth any thing at all???

By: Matt

Matt — Mon, 13 Jun 2011 18:14:44 +0000

This seems like it will end up the same way as the Tulip based economy in The Netherlands back in the 1600's. If it really gets going, due to scarcity people will go to ridiculous lengths to get bitcoins. Eventually, they'll realize that the actual value and usefulness of bitcoins is far less than the resources they use to get them, leading to a steep drop in value.

By: Steve

Steve — Mon, 13 Jun 2011 14:29:35 +0000

Interweb Clerk: "Thanks for visiting the Internet today. Can I interest you in some Bitcoins?"
Me: "What are they?"
IC: "It's money made especially for the internet. It's like regular money except, uh, fun!"
Me: "Well … ok, if it's fun. Let's see … I'll take $1100 worth."
(Posted at every site) WE DO NOT ACCEPT BITCOINS!!
Me: "D'OH!"

By: James

James — Mon, 13 Jun 2011 13:13:30 +0000

If you want to know why Bitcoin will fail, just look at the fact that all the Bitcoin transaction and trade sites relate Bitcoins to the US Dollar. So long as any trade flag system is linked at its start to a real world monetary system it can not survive on its own.

Also look at the fact that the value fluctuates from $6 USD to $20+ USD every day. Give me a break…

By: @TMOverbeck

@TMOverbeck — Mon, 13 Jun 2011 11:29:01 +0000

Bitcoins have a long way to go to compete with Linden Dollars.

By: Benson

Benson — Mon, 13 Jun 2011 06:36:36 +0000

In reply to Felipe058.

There are a number of websites exchanging them for various currencies.

These exchanges are also the only way to buy bitcoins — the alternative is to set your computer to work minting them from scratch, which is expected to require electricity costs on par with their current value, but AIUI is actually reasonably profitable lately, thanks to a bubble from recent media coverage.

By: Garrett

Garrett — Mon, 13 Jun 2011 03:21:17 +0000

They're a way to securely send money around the world, through the internet. Not terribly hard. The really neat thing about them is the way they are made and the way the rules are enforced. Being able to mint and transfer a currency online, without trusting a third party, is pretty impressive. Hit me up with any questions you have at garrettb@thebitcoinsun.com or @gburgwardt – my twitter account.

By: Felipe058

Felipe058 — Mon, 13 Jun 2011 02:05:50 +0000

If the Deep Web were Knoebels, bitcoins would be the tickets. Or if you don't know what Knoebels is, bitcoins are the Deep Web's version of arcade tokens, except you're supposed to trade them with other people, and (I'm pretty sure) you can't trade them back for real world currency.

By: deadrobot

deadrobot — Mon, 13 Jun 2011 01:25:14 +0000

I leave bitcoins inside "?" labled boxes hovering over people's heads.

By: @JonS253

@JonS253 — Sun, 12 Jun 2011 22:52:42 +0000

I just looked up all the online info I could find about Bitcoins, including an article at Wired.

I still don't know what the frak they are, what they're for, or who thought they were necessary.

By: Brian

Brian — Sun, 12 Jun 2011 22:40:03 +0000

I'm just hoarding hookers… also for their nutritional value.

By: thevoxpopuli

thevoxpopuli — Sun, 12 Jun 2011 22:21:58 +0000

Don't forget guns.. I buy guns with bitcoins.

By: @jonnmolina

@jonnmolina — Sun, 12 Jun 2011 22:10:09 +0000

Ha ha. I just read an article on Yahoo about bitcoins and it was the frist time I've heard of them! Apparently, the site that you can get them at use to belong to a Magic the Gathering group? Nerd money…what will they think of next!