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Re: Bitcoin

On Thu, 2011-03-17 at 16:22 -0400, shawn wilson wrote:
> On Mar 17, 2011 12:55 PM, "Eric Morey" <eric@glodime.com> wrote:
> >
> >
> > Bitcoins are not convertible to other currencies and practically no
> one
> > accepts them. It does not look promising to me in the current
> > environment.
> >
> >
> It is possible I was brain damaged at the time however I recall seeing
> them mention a half dozen companies that will buy and sell bitcoins. I
> also think the currency has a decent Exchange rate. 

My language was a bit strong about not being able to convert them to
other currencies. However, if http://bitcoincharts.com/markets/ is any
indication of the market for Bitcoin exchange, there was a total
worldwide transaction volume of maybe $8,000 today. That doesn't give me
much confidence that I'll be able to exchange any significant value
without an unacceptable price adjustment. 

I've seen evidence that the cost of electricity to create a bit coin
currently exceeds it's value. I wish I could fine the source now. I'd
bet against major acceptance of bitcoins. 

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