The Gun Counter

Do we have such a thing? Anyone interested is setting up such a thing? Pros? Cons?

There was an article that sourced out of the NYTimes last week by a BitCoin maven who does a lot of work on it to keep it going, fighting off a counterfeiting attempt, Denial of Service attacks, and etc.
He stated that it was basically an experiment and really they had no idea how it was going to end up and if you put money into it to make sure it was money you weren't going to miss.

To paraphrase, the known pros for it are faced with an unknown number of cons. Political forces could align to kill it.

No worries. It's too early to tell what'll become of it. May very well be the Napster of currencies.

Near as I can tell, it's a fiat currency, only without the full faith & credit of a nation to back it. I'll stick with physical bits of shiny metal for my emergency money stash.

Cybrludite wrote:Near as I can tell, it's a fiat currency, only without the full faith & credit of a nation to back it. I'll stick with physical bits of shiny metal for my emergency money stash.

Built into the design in an absolute limit to how many Bitcoins can ever exist (21 million iirc). The coins need to be discovered, and finding new ones gets progressively harder.

It's much closer to a Ponzi scheme than a fiat currency.

It also seems to have become a target for the Feds.

http://arstechnica.com/tech-policy/2013 ... ge-mt-gox/