Quote:
Originally Posted by SkinnyPupp
No, it's not. It's a case of you arguing about something you know nothing about, and are unwilling to learn.. so your arguments have nothing to stand on.
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LOL. More like you are trying to make an argument when the only ground you can hold is because BTC is still too new to even have a point.
I came into the thread to talk about 2 issues with BTC if one wants to treat it as investment:
Safety and value
Safety: BTC itself is not cracked. It's not promised it never will. And it's vulnerable in other aspects due to its nature. Moreover, when it has any problem, there is no one to back it up and since BTC's current legal status is vague at best, it is not treated the same on a legal level as other investment instruments. Thus, there is a ridiculous amount of risk for no apparent benefit (at least not at $1000/BTC level) Sadly, from an accounting perspective, the same could not be said. (discussed in value)
Value: BTC in itself has little to no value. You can spin all you want. But all the processing power poured into BTC is simply to maintain BTC itself from breaking. It can hardly be used for anything else. There is no real value created in the process except hiding from the govs or the taxmen. But if BTC gets mainstream enough, you can bet the gov will find a way to get their hands on it. The only reason it's not doing yet is because there isn't enough financial incentive and it's still too new to put through laws. Also, unless BTC gets a way to convert into other currencies safe and totally anonymous, whatever income you realize from BTC is still subject to tax. If you choose not to declare anything (hence breaking the law), trust me, there are easier/safer ways to make a buck without gov knowing.
By considering these two aspects, it makes BTC, as a form of investment, very high in risk. Sure one could simply sit back and only farm BTC and not involve into any risky stuff, last time I checked, unless you spend some serious dough on highly specialized rigs, the expense (both financial and time) per coin no longer make much sense. And people only continue doing it because they believe BTC's value will go up into stratosphere.