I love the idea of an international currency that is not under the control of a
single national government or agency.
It's a great idea... if IF it's safe. But since there is no
transparency in the code... there is no way to make it safe. There are reasons
for the current gov't backed system. Supporting this, you are
assuming that the gal or guy who writes the program is some innocent "love
the world", "borderless" guy or gal. What if he or she or the group
is simply a front for Al Queda? They control the programming. They could wait
until it gets popular ... wait until many many of us have their money in it and
then simply... change the programming to make it stop working. Suddenly all
that money just disappears! Economic chaos galore. Transparency is
vital in trust. Money's value is all about trust. This could be a
disaster waiting to happen.
The gold bubble is busting, maybe something new with now intrinsic value
If bitcoin is a currency its value/price should rise and fall related to other
currencies. Its value should not wildly fluctuate like an over-hyped stock that
speculators are jumping on and others are shorting. There are people that have
millions of bitcoins for which they paid pennies per coin to acquire and now
they are magically worth over a hundred dollars each? Sorry, I don't see
it. I will not be participating in their scam. I like the idea, I just
don't care for the current implementation. Of course, If I had a lot of
bitcoins my opinion might be different. But, to participate now, thinking it a
scam, would be to discard my integrity to cheat another out of their money.