Whenever you are dealing with something new, especially a decentralized currency, there is large risk involved. So far Bitcoin has become fairly widely accepted and its value has shot up. If some governments go on a crusade against it that could all change and this guy's bit coins could become valueless. Bitcoin could have never taken off and he would have made no money.
So don't beat yourself up too badly about not making all that money guys.
Originally Posted by HanSomPa
You're under a delusion that real money is worth something. Wake up call. All Fiat currencies are essentially worthless piece of paper that are only backed by the word of the government that prints them. As Bitcoin is supported by people who actually exchange them, the currency in reality, has purchasing power, and therefore not worthless.
This is correct. I highly recommend everyone who can read this to take at least one economics course in your life, you learn a great deal about how money works, which you shouldn't assume you already know just because you pay for your groceries each week. In the US our currency used to be backed by precious metals, meaning your "dollar" actually entitled you do something that had intrinsic value due to its rarity. Now it is a fiat currency, meaning it is backed by nothing but the strength of the US economy and your willingness to take it in exchange for goods and services.
If a nuclear war were to break out and you were a survivor good luck buying anything with green pieces of paper. They will be worthless for anything other than fire fuel. Of course in such a scenario the infrastructure to support bit coins would likely not exist, so they are out too.Edited by Mygaffer - 11/4/13 at 11:54am