iCoin Virtual Currency has finally been released. The big one?

[Gheld]

It's backed by a car?
Fiat is just latin.

Actually it's in the English dictionary meaning a formal "decree".

In economy it is defined as anything defined by the government to be legal tender and has no intrinsic value at all.

Neither does gold. Less than 10% of all the gold on the planet that is known to exist, would meet all of humanities demands.

You're somewhat correct in that it is backed by collective interest, but a more correct way to describe it would be a collective belief in the stability of the currency.
It is absolutely not backed by firepower. If it was, then we wouldn't have a history where every single fiat currency has failed.

Every single currency has failed. <--- period. History doesn't smile heavily upon economics in general.

Gold was a great currency because of its scarcity.

Gold is LOL as far as scarcity goes. In terms of humanities practical need, versus the amount readily available it's far from scarce. 90% of it's value is the result of market speculation, which is caused by commonly accepted misinformation about gold.

That's why the US constitution says

Most of the people here, don't live in the US. So the US constitution means nothing. But again, it's just a piece of paper backed by blind faith.

that you can't use anything but gold and silver as currency. But in a modern society you need to be able to transfer funds across vast distances in an instant. Gold does not provide that.

That's what bank drafts were for.

It's also used in just about every electronic device in the world. But I guess the average person doesn't use computers, mobile phones and other electronic devices much.

It's used for making electrical contacts corrosion resistant. You only need a layer 1 atom thick to do this.

Cryptocurrency is also backed by a collective belief in the stability of that currency.
That collective belief does not yet exist, and who can say if it ever will. It does however have the scarcity that a fiat currency does not have and the speed of transfer that gold can not achieve. Economic schools differ on whether inflation (fiat) or deflation (cryptocurrency) is a good thing though.

So first you are like "fiat currencies are bad, FIAT IS A LATIN CAR LOOOOOOOOOL gold is the ultimate thing ever made, all hail gold." And then proceeded to describe cryptocurrency as a fiat currency and talk about how it offers the best of both worlds.

[StayTuned]

Because we totally never had bubbles before and this totally isn't one either.

After this one we will have 10 more x Coin companies, they will all sooner or later go to hell, with them a shit ton of investment, and a lot of people are going to lose a lot of money.

[FeedsOnDevTears]

Given the name, is the actually affiliated with Apple or is it just waiting for a lawsuit?

[Gheld]

Because we totally never had bubbles before and this totally isn't one either.

After this one we will have 10 more x Coin companies, they will all sooner or later go to hell, with them a shit ton of investment, and a lot of people are going to lose a lot of money.

The level of volatility is just absolutely ridiculous. Maybe it's not just a big ponzai scheme for the inventor to eventually rake in all the money put into the system, maybe this guy had noble intentions, to replace central banking, but the fact is that the cure is worse than the disease.

[Reeve]

The creators do the first "investments" into the system. Whatever it is they gain from it, they gain something. They control it. They own a certain amount but want to limit how much more they create, as creation of the currency devalues what is already in the system.

So these early creators take say 1%. The early adopters who buy or earn the currency tend to get a healthy share, those who adopt later buy even less as the price goes up, and so on. It's not a pyramid scheme, but each person that invests in it earns progressively less than their predecessors, and the creators/early adopters benefit tremendously. When someone feels like they need a big cash out, they cash out. A few more people see a small dip, they start cashing out too and this tanks the value of the currency. Some do this INTENTIONALLY so they can buy a bigger share up and then wait for it to raise in price again.

Fiat currency is in my eyes a scam. I earned some money with the bitcoin, but I got out while I was ahead, and before that crash that happened.



It ALWAYS happens with Fiat currency. When there's an exponential spike in value, someone breaks and it crashes.

That chart fails to show the recovery that occurred right after the crash. I don't think Bitcoin is a good currency, or even a good investment, but that chart is just biased.

[Deleted]

Bitcoin are now worth 625 $ nice crash

[v2prwsmb45yhuq3wj23vpjk]

The main problem with virtual currencies right now is how volatile they are. They're not being used as a currency as much as a way to get rich quick. This is why there is such large growth and such large crashes. Lots of people buy it, inflating the price. Then when the price gets really high, lots of people try to sell it off. They aren't using it to buy things, they are using it as a trade material in order to fund their real wallets.

[Deleted]

Wut is this iCoin promotion thread. If we could compare the bitcoin to gold the litecoin would be silver, this iCoin would be mud.

Keep an eye on dat maxcoin tho : http://coinmarketcap.com/

[ypolt]

Actually it's in the English dictionary meaning a formal "decree".
So first you are like "fiat currencies are bad, FIAT IS A LATIN CAR LOOOOOOOOOL gold is the ultimate thing ever made, all hail gold." And then proceeded to describe cryptocurrency as a fiat currency and talk about how it offers the best of both worlds.

You seem to be quite mad and it's obviously hindering your ability to read as I've said no such thing. In fact I would argue that gold is utterly useless as a currency, as you would be able to tell from my previous posts had you bothered to read them before clicking reply.
I simply said that fiat is a latin word, it is not an entity or a supply of anything that backs a fiat currency, nor is gold completely useless to 99.999999% of the population and cryptocurrencies are no more backed by blind faith than any fiat currency.

[Yunru]

Here is some fun s**t. Today i get a paper commercial at home. I was reading it and then i have seen this:
Bitcoin (any coin) mining computer parts in pack for only 799 euro (5 parts that cost way less if you buy them alone). YEAA RIGHT

So its not just scam online, its also Irl.

[Marthisdil]

Interesting new virtual currency was released yesterday. iCoin , wonder if it can be competition for Bitcoin in the future. Price is still very cheap, might be a great investment opportunity. What do you guys think? It has the best name and a great look.

Promo vid
http://www.youtube.com/watch?v=ygdXrS4XoWQ

Homepage
http://geticoin.com

Dogecoin has a head start...

[PACOX]

All of these coins popping up reminds me of beenie babies and pogs back in the day.

[Deleted]

theres thousands of crypto currencies that are trying to be the next bitcoin, tbh these coins are useless people said i can buy cofee with bitcoin ok so how can i get a bitcoin to buy cofee well yo ucan either spend $500+ to buy a bitcoin or you have to spend $10000 on a mining rig to mine bitcoin to make a profit yeah who in there right mind is gonna do that just to buy generic items you can already buy with cash alot easier it doesnt cost me £100 to get money from my job. yet with bitcoins theres electricity costs and everything if your bitcoins are stolen you cant do shit where as if your cash is stolen you have options. seriously i hope bitcoi ncrashes and dies its all over the place its like fucking facebook all over the place and sucks

[Deleted]

theres thousands of crypto currencies that are trying to be the next bitcoin, tbh these coins are useless people said i can buy cofee with bitcoin ok so how can i get a bitcoin to buy cofee well yo ucan either spend $500+ to buy a bitcoin or you have to spend $10000 on a mining rig to mine bitcoin to make a profit yeah who in there right mind is gonna do that just to buy generic items you can already buy with cash alot easier it doesnt cost me £100 to get money from my job. yet with bitcoins theres electricity costs and everything if your bitcoins are stolen you cant do shit where as if your cash is stolen you have options. seriously i hope bitcoi ncrashes and dies its all over the place its like fucking facebook all over the place and sucks

much hate
very tears

...wait is that the other coin?