Bitcoin imitators

The downside, as many learned not too long ago, is if the company that hosts the servers goes belly up (because they weren't paid, or the US Treasury thought they were engaged in a conspiracy to launder money) and the servers go down, so does your bit coin. LoL

 

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Yep!

Exactly the same as the model for the "LIBERTY Coin" which ended up embroiled in Legal Challenges from the Federal Government with the owner and designer thrown behind bars.

I firmly believe that the legality of the enterprise as a media of currency exchange will come into question here shortly.

IIRC correctly, LIBERTY Coins ran successfully for about 5 or 6 years before being brought down by the Feds.

 

http://online.wsj.com/news/articles...0001424052702304603704579323352532979922.html

 

Bitcoin<Litecoin<Quark at least that's my take. Already made a nice chunk of money with BTC being any early adopter and all. Now I enjoy playing around with trading other crypto currencies.

 

Bitcoin isn't the first virtual currency and it won't be the last. There are hundreds of viritual currencies and there are thousands in the patent phase.

Here is a 2 month old Forbes evaluation:

http://www.forbes.com/sites/reuvenc...currency-market-capitalizations-in-one-place/

 

More recent news:

http://www.reuters.com/article/2014/01/18/us-usa-bitcoin-forfeiture-idUSBREA0G1K920140118

 

I remember when the Feds froze these Bitcoin last October. Looks like they finally got around to seizing them.

 

Here's a coin collecting question for CT: If someone started selling physical versions of all those, and the ones yet to come, would anyone buy them as an alternate currency type collection? I think I would except for most expensive ones. It would be like collecting broken banknotes ahead the curve.

 

There is now coin shop (Sovereign Numismatics) accepting Bitcoin (as well as Mintcoin and Blackcoin) for payment on some of their inventory:

http://www.sovnumisltd.com/alt-currency.html

 

Business must really be slow.

 

There are actually number of larger companies that accept bitcoins as shown in the following articles:

http://www.nasdaq.com/article/what-companies-accept-bitcoin-cm323438

http://www.reuters.com/article/2014/01/29/idUS48480526120140129

Overstock is one of the biggest and I believe TigerDirect does as well.

Some asked about a "wallet" there are a couple of ways to secure a wallet. One is to save and encrypt it on a thumb drive or memory card. You can also get plastic cards like credit cards that contain the coins and your decrypt key - but if you lose it (or a thumb drive) it's like throwing your wallet into the middle of the Pacific ocean - you ain't getting it back.

 

doubt. it.

 

With internet theft quickly becoming the biggest crime in the world, I wouldn't participate in any financial endeavor which is dependent on it. Many people like this Bitcoin idea because it gets back at the government whom they feel is trying to control them. Or it's the wave of the future. I think it's just another entity trying to gain access to everyone's money. If it was such a great thing, why do they except currency for their Bitcoins to begin with. You would think they would prefer silver or gold. They seem pretty happy getting real dollars for it. Perhaps future control of the market is their bottom line as well.