mx's grotto v7.3.3 » Bitcoin to drop at the end of 2012

Bitcoin to drop at the end of 2012 #bitcoin — Secondo me no

It’s ineviatble that the conversion value of the Bitcoin currency will drop towards the end of 2012 with Fiat currencies. Why, BTCFGPA and Butterfly Labs are bringing to market specialised ASIC computers just to mine Bitcoins. You connect the boxes to your standard PC, they mine quicker and consume less electricity. My “guess” is at least a quarter on Butterly’s 832MH unit – 80W. (Compared to a standard PC rig and high end video card). Lower power consumption to mine bitcoins = lower fiat money conversion value. Bitcoin backed by People including so called “Bitcoin experts” write that Bitcoin is not backed by anything. This is absolute tosh. Gold and silver are backed by oil in today’s world, and Bitcoin is backed by electricity. Gold and silver has to be mined, and miners and the processes involved are paid in Fiat money which is underwritten by oil in some way. But the b...

Full article: http://mx.thirdvisit.co.uk/2012/09/10/bitcoin-to-drop-at-...