Would be great if you shared your findings. Maybe this question could be posted on TER General Board to reach a broader audience. Have no experience with Bitcoin, but find the concept fascinating.
Fascinated as I am, it's a little too wild of a ride for me. I put it in the same category as FX speculation, or playing in the commodities market. Funny thing is my $9 silver looks the same as my $22 silver and the market is just over $19. Granted the dollar fluctuates in FX markets, but it's a little more stable and liquid depending on the situation. If I give you x bitcoins so we can share a good book together, what happens if there is a massive spike or drop in the value before we meet? Do I get a couple of extra chapters, or do I have to tear a few pages out of the book (nooooo!)
WOW he threw his mining machine away. mm mm mm...Hope he doesn't commit suicide like the Victoria Secret's guy did. That's a whole lot of digital currency to just toss out! Whoever finds it will likely not know what the hell it is. It's not an ordinary machine.
Yes, it is entirely up to you to protect your BCs. There is no FDIC. No one to report it to, unless insured. And even then there's no guarantee. This vulnerability doesn't deter me though. The system will evolve and improve. I wouldn't be surprised if they eventually imbedded microchips in our wrists to protect our assets from being lost or stolen. Kind of like that one movie... "In Time" with Justin Timberlake? I hope this happens in my lifetime. So cool.
And to answser your question: I would only accept BCs in the form of a deposit so that I could cash out my BCs immediately upon receiving a book reading request, at a BC exchange market or on CL. I wouldn't let any BCs I've earned stay in there. Well, I may leave a modest amount in there just to see if I have a knack for predicting the market. Who knows, I might become a millionaire soon But even if the market did happen to drop or crash suddenly, I'd still follow through with the book reading and give it 110%. Not your fault I decided to take that risk! What if the market goes up? Yes you would definitely get some extra pages, just for making it possible. Hell yea!
Here's a cool site that shows every stat you can possibly think of concerning BCs. I make myself stare at it for a long, long time every other day or so. It is updated every 5-10 seconds. Eventually it begins to make sense lol
When the price of tulip bulbs collapsed, at least you had a tulip bulb to show for your money. 90% of bitcoin value is from speculation, not the value it can purchase. Bitcoin is not as stable as a house of cards. The internet was the greatest boon to con artists ever
But there are also different banks that compete for customers. Same concept. Same theory. The point is that digital currency IS coming. And people are sick of banks and fees. LiteCoin is a contender for BitCoin. Soon there will be a TinyCoin or something like that. Matter fact, I hope to be the one who creates that one. The point of these networks is that, the more people who participate, the stronger the system is. Finally, a financial instiituion offered to us, by the people, for the people. Why does this scare people? It's an option, just like paying cash or using your CC. I doubt anyone has invested ALL their cash into BCs. Cash will be around for a long time. But eventually, as technology advances, there will only be digital currency. Will that happen in our lifetime? Doubt it. But sometimes it's the creators and builders who make the most money. Think FaceBook. No risk=no reward.
Of course, all these digital currency markets CAN crash at any given moment. Just like the stock market CAN (and will). But I guarantee, the government is probably trying to put together some laws right now, as we speak, to establish some type of control over digital currency. Why? Because they know they can not stop it. It is inevitable. So, they might as well monitor it. Just like they are doing with marijuana.
I'm more interested in group effort mining. I wouldn't do this alone, it wouldn't make sense. Not at this point in the block chain
ps. I am aware that many believe this is a ponzi scheme. I am also aware that ponzi schemes make billions. But so far, digital currency IS legal. And it IS real. It is HERE. And so far I haven't read any reports of anyone not being able to transfer their BCs back into cash. But I have read reports of many people cashing out their BCs for more cash than they invested. Bam. Profit.
Ponzi schemes /mlm make billions on paper, and only for the top and first ins. It ain't real till you cash out. And there are ways to keep you from cashing out, because getting real money out collapses the whole thing.
This thing could be gone tomorrow. Our stock market and currency won't be. Any idiot can get rich slow in the markets...even me, chief idiot. I'll continue to do what has worked and will continue to work until my kids retire. Probably not much past that, i'll grant you that much.
But I learned something new and I hope you make a million bucks in real money.
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But even if the market did happen to drop or crash suddenly, I'd still follow through with the book reading and give it 110%. Not your fault I decided to take that risk! What if the market goes up? Yes you would definitely get some extra pages, just for making it possible. Hell yea! 