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Getbig Main Boards => Gossip & Opinions => Topic started by: BOW on November 13, 2013, 11:59:42 AM
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Less than 10 months ago bitcoin was trading for around 30 something dollars. Today $400+. China is currently the driving force behind the surge in price as it appears many popular Chinese companies and even the government are backing bitcoin. There must have been a few small fortunes made over the last few weeks I wonder if any of you got lucky. If you bought bitcoin at its earliest price, you would have netted a similar gain compared to apples stock.
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Less than 10 months ago bitcoin was trading for around 30 something dollars. Today $400+. China is currently the driving force behind the surge in price as it appears many popular Chinese companies and even the government are backing bitcoin. There must have been a few small fortunes made over the last few weeks I wonder if any of you got lucky. If you bought bitcoin at its earliest price, you would have netted a similar gain compared to apples stock.
The common person gets peanuts compared to what the insiders that drive the market get.
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is it inflation safe?
sounds like a bubble.
i read their site but couldnt realy grasp it.
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(http://haha.nu/files/uploads/HLIC/farm3.static.flickr.com/2406/2067881597_9234be4df0_o.jpg)
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watch bitcoin beat all to become the one-world currency, just as CIA planed it.
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is it inflation safe?
sounds like a bubble.
i read their site but couldnt realy grasp it.
It is really vague. There is a lot I don't get about it. The way people share their computers to allow the currency to move and such.
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bitcoin to $10,000 minimum perhaps as high as 100k per coin as it grows in China, still not too late to jump aboard
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if el diablo la blango doesnt get it then its a safe bet that its a scam
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bitcoin to $10,000 minimum perhaps as high as 100k per coin as it grows in China, still not too late to jump aboard
Whoa. There are something like a total of 21 million issued but only 12 million in circulation. The whole mining process to get new coins is harder and harder. Who knows if all 20+ million are really available. How do you know if 1 million are secretly held? But 21 million with 100K per? come on man. So you are saying it can be worth $2 trillion dollars or 20% of the total wealth of gold in the world?
Being a digital economy means that it is going to be hyper volatile with one person and the swipe of a key to fuck it all up.
What Could Go Wrong?
There are various reasons why Bitcoin could fail:
•An error could be found in the design of Bitcoin which cannot be remedied, which allows hackers to steal bitcoins, or to double-spend (or something else).
•Governments may declare Bitcoin to be illegal, and successfully destroy it as a working system.
•The increasing value of Bitcoin may stress the system of peer-to-peer trust in a manner that undermines the trustworthiness of Bitcoin.
•Someone invents a new digital currency somewhat like Bitcoin, but obviously better, and everyone migrates to the new currency instead.
Even if Bitcoin as a whole does not fail, an individual's investment of bitcoins may fail:
•The investor may have their computer or their online Bitcoin account hacked and they lose their bitcoins.
•A Bitcoin exchange may be hacked to such a degree that it can not make up losses to its account holders.
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It is really vague. There is a lot I don't get about it. The way people share their computers to allow the currency to move and such.
oh that i do understand.
the creation of the currency i dont get entirely.
all i see they have some bullshit way around the 21million max circulating lie
which shoudl prevent inflation,lol, but they have a faudulent way around that, and make it seem like most normal thing to do.
in the real wold,it would be called a currency reform, lol.something that everyone fears.
they say its not centralized, cool, but everyone can create more currency,and the ones with best computers and tools will have a monoploy on creation.
its ok itll work,just like a fiat currency, as long ppl believe in it and trade in it, theyr own site has said, if ppl stop believing and or trading, the bitcoin is dead.
so by definition, a bubble.
hell, ill trust the govt and rothschild (joking) fiat notes over this.
bc ,the bitcoins are exchanged for.........fiat notes :D
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Less than 10 months ago bitcoin was trading for around 30 something dollars. Today $400+. China is currently the driving force behind the surge in price as it appears many popular Chinese companies and even the government are backing bitcoin. There must have been a few small fortunes made over the last few weeks I wonder if any of you got lucky. If you bought bitcoin at its earliest price, you would have netted a similar gain compared to apples stock.
It's a scam, a fad, a bubble, a trading vehicle. Might as well buy some penny stocks... at least they trade on a legit exchange.
Would not be surprised if bitcon was created by TPTB to trick as many as possible into accepting an electronic fiat currency... 100% trackable and controllable. Don't believe all the encryption security nonsense.
Look at a daily bitcoin chart... totally parabolic. The next crash will be glorious.
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It's a scam, a fad, a bubble, a trading vehicle. Might as well buy some penny stocks... at least they trade on a legit exchange.
Would not be surprised if bitcon was created by TPTB to trick as many as possible into accepting an electronic fiat currency... 100% trackable and controllable. Don't believe all the encryption security nonsense.
Look at a daily bitcoin chart... totally parabolic. The next crash will be glorious.
Agree with all of this. Simple question for all of you will sum this all up.
Would you allow your employer to pay you in bit coins?
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US gov be mad.
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It's a scam, a fad, a bubble, a trading vehicle. Might as well buy some penny stocks... at least they trade on a legit exchange.
Would not be surprised if bitcon was created by TPTB to trick as many as possible into accepting an electronic fiat currency... 100% trackable and controllable. Don't believe all the encryption security nonsense.
Look at a daily bitcoin chart... totally parabolic. The next crash will be glorious.
Even if so the mere idea of bitcoin is absolutely frightening to major governments.
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Agree with all of this. Simple question for all of you will sum this all up.
Would you allow your employer to pay you in bit coins?
hell no,the currency is too volatile.
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Less than 10 months ago bitcoin was trading for around 30 something dollars. Today $400+. China is currently the driving force behind the surge in price as it appears many popular Chinese companies and even the government are backing bitcoin. There must have been a few small fortunes made over the last few weeks I wonder if any of you got lucky. If you bought bitcoin at its earliest price, you would have netted a similar gain compared to apples stock.
this brings me to some thought.
the ones with best hardware adn software can produce most bitcoins,im sure the chinese govt will take advantage of this if it deems that needed.
same for usa etcetc.
such a rise within 10 months cannot be good sign.
yes there was story where one guy had some bitcoins from the starting days and now bought a house with it.
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Love Gal!
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Whoa. There are something like a total of 21 million issued but only 12 million in circulation. The whole mining process to get new coins is harder and harder. Who knows if all 20+ million are really available. How do you know if 1 million are secretly held? But 21 million with 100K per? come on man. So you are saying it can be worth $2 trillion dollars or 20% of the total wealth of gold in the world?
Being a digital economy means that it is going to be hyper volatile with one person and the swipe of a key to fuck it all up.
What Could Go Wrong?
There are various reasons why Bitcoin could fail:
•An error could be found in the design of Bitcoin which cannot be remedied, which allows hackers to steal bitcoins, or to double-spend (or something else).
•Governments may declare Bitcoin to be illegal, and successfully destroy it as a working system.
•The increasing value of Bitcoin may stress the system of peer-to-peer trust in a manner that undermines the trustworthiness of Bitcoin.
•Someone invents a new digital currency somewhat like Bitcoin, but obviously better, and everyone migrates to the new currency instead.
Even if Bitcoin as a whole does not fail, an individual's investment of bitcoins may fail:
•The investor may have their computer or their online Bitcoin account hacked and they lose their bitcoins.
•A Bitcoin exchange may be hacked to such a degree that it can not make up losses to its account holders.
excellent points.
the bitcoiners are in self denial about these and claim everythings safe.
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Even if so the mere idea of bitcoin is absolutely frightening to major governments.
lol
they can just outlaw it and thats that.
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It would have been better if the virtual currency were retained for virtual, nonphysical purchases. Wasn't that the whole point? To establish an online, borderless economy to facilitate the exchange of data? As soon as it gets equated to a physical currency the whole purpose is lost and you might as well just revert to using the dollar.
What am I missing?
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fuck bitcoins
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Whoa. There are something like a total of 21 million issued but only 12 million in circulation. The whole mining process to get new coins is harder and harder. Who knows if all 20+ million are really available. How do you know if 1 million are secretly held? But 21 million with 100K per? come on man. So you are saying it can be worth $2 trillion dollars or 20% of the total wealth of gold in the world?
Being a digital economy means that it is going to be hyper volatile with one person and the swipe of a key to fuck it all up.
What Could Go Wrong?
There are various reasons why Bitcoin could fail:
•An error could be found in the design of Bitcoin which cannot be remedied, which allows hackers to steal bitcoins, or to double-spend (or something else).
•Governments may declare Bitcoin to be illegal, and successfully destroy it as a working system.
•The increasing value of Bitcoin may stress the system of peer-to-peer trust in a manner that undermines the trustworthiness of Bitcoin.
•Someone invents a new digital currency somewhat like Bitcoin, but obviously better, and everyone migrates to the new currency instead.
Even if Bitcoin as a whole does not fail, an individual's investment of bitcoins may fail:
•The investor may have their computer or their online Bitcoin account hacked and they lose their bitcoins.
•A Bitcoin exchange may be hacked to such a degree that it can not make up losses to its account holders.
•An error could be found in the design of Bitcoin which cannot be remedied, which allows hackers to steal bitcoins, or to double-spend (or something else). Nothing new here, existing currencies can be hacked.
•Governments may declare Bitcoin to be illegal, and successfully destroy it as a working system. - Agreed
•The increasing value of Bitcoin may stress the system of peer-to-peer trust in a manner that undermines the trustworthiness of Bitcoin. - stress the system of peer-to-peer trust??
•Someone invents a new digital currency somewhat like Bitcoin, but obviously better, and everyone migrates to the new currency instead. - Back a few of the leaders, at this stage its costs peanuts and if one of them succeeds, you win, if they don't you lose a small sum of money
Even if Bitcoin as a whole does not fail, an individual's investment of bitcoins may fail:
•The investor may have their computer or their online Bitcoin account hacked and they lose their bitcoins. - No different to having your bank account hacked, if you dont take security precautions.
•A Bitcoin exchange may be hacked to such a degree that it can not make up losses to its account holders. - Valid point and is happening today
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oh that i do understand.
the creation of the currency i dont get entirely.
all i see they have some bullshit way around the 21million max circulating lie
which shoudl prevent inflation,lol, but they have a faudulent way around that, and make it seem like most normal thing to do.
in the real wold,it would be called a currency reform, lol.something that everyone fears.
they say its not centralized, cool, but everyone can create more currency,and the ones with best computers and tools will have a monoploy on creation.
its ok itll work,just like a fiat currency, as long ppl believe in it and trade in it, theyr own site has said, if ppl stop believing and or trading, the bitcoin is dead.
so by definition, a bubble.
hell, ill trust the govt and rothschild (joking) fiat notes over this.
bc ,the bitcoins are exchanged for.........fiat notes :D
Not quite correct as bitcoins dont have to be exchange for fiat notes, small organisations are paying people in BTC and there are now a growing number of larger organisations accepting BTC. But of course on the grand scale, yes exchanging of fiat notes is taking place.
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the ones with best hardware adn software can produce most bitcoins,im sure the chinese govt will take advantage of this if it deems that needed.
This is well known and one of the major stumbling blocks, the cost of mining is increasing rapidly and will reach a point where the average joe cannot partake. It might lead to the popularity of one of the other crypto currencies with a much low mining overhead.
Anyway UK governments and US senate are starting talks about regulating the currency, it could go either way, a crash or a surge, when things like this become legitimised that usually attracts the attention of financial establishments and you could see massive investment from them.
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The bitcoin has withstood an assault (http://techcrunch.com/2013/08/23/feds-seize-another-2-1-million-from-mt-gox-adding-up-to-5-million/) on its largest exchange and the destruction (http://www.theguardian.com/technology/2013/oct/26/bitcoins-seized-silk-road-raid) of the largest market that accepted it, is apparently completely uncorrelated with happenings in the traditional financial system (its value has risen through the Great Recession, the Great Recovery from the Great Recession, and the current Great Meandering), has an inherent deflationary bias, and is in ever-increasing demand.
I'm becoming of the opinion that the sky's the limit, pending either some technological foible I'm too stupid to understand or an orchestrated government attack.
It might end up being what certain delusional quacks had hoped for gold.
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The bitcoin has withstood an assault on its largest exchange (MtGox) and the destruction of the largest market that accepted it (Silk Road), is apparently completely uncorrelated with happenings in the traditional financial system (its value has risen through the Great Recession, the Great Recovery from the Great Recession, and the current Great Meandering), has an inherent deflationary bias because there will only ever be 21 million of it, and is in ever-increasing demand.
I'm becoming of the opinion that the sky's the limit, pending some technological foible I'm too stupid to understand, or an orchestrated government attack.
It might end up being what certain delusional quacks had hoped for gold.
I concur. If China is backing it their economists see something in it.
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BitGimmick
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The bitcoin has withstood an assault on its largest exchange (MtGox) and the destruction of the largest market that accepted it (Silk Road), is apparently completely uncorrelated with happenings in the traditional financial system (its value has risen through the Great Recession, the Great Recovery from the Great Recession, and the current Great Meandering), has an inherent deflationary bias because there will only ever be 21 million of it, and is in ever-increasing demand.
I'm becoming of the opinion that the sky's the limit, pending some technological foible I'm too stupid to understand, or an orchestrated government attack.
It might end up being what certain delusional quacks had hoped for gold.
"Tech stocks are the future... the new paradigm" - 1998-99
"Real estate NEVER goes down... better buy now before it's too late" - 2005-06
"Bitcoin is the currency of the future... it's anti-government/Fed and uber-secure... the sky's the limit!" - 2013
There are many more, but I think you get the picture.
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"Tech stocks are the future... the new paradigm" - 1998-99
"Real estate NEVER goes down... better buy now before it's too late" - 2005-06
"Bitcoin is the currency of the future... it's anti-government/Fed and uber-secure... the sky's the limit!" - 2013
There are many more, but I think you get the picture.
In response, I may quote a variety of extremely foolhardy assessments of investments that ended up doing tremendously well. The reason I won't is because pithy quotes don't do the work of meaningful arguments.
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Yes, put all your money in Bitcoins. Thats very wise. ::)
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Worst case scenario - blackmarket currency in western countries but legitimized in 'rogue' and developing nations.
A universal digital currency - it's the future one way or another.
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I concur. If China is backing it their economists see something in it.
And therein lies the problem...they are backing it.
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And therein lies the problem...they are backing it.
Are you saying they want it to tank?
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I want it to tank.
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Are you saying they want it to tank?
;)
Trusting the Chinese (in regards to money, business practices, etc) is like trusting the fox to guard your henhouse....gain your trust, then one day you'll come home to an empty henhouse and a very full fox.
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;)
Trusting the Chinese (in regards to money, business practices, etc) is like trusting the fox to guard your henhouse....gain your trust, then one day you'll come home to an empty henhouse and a very full fox.
Bingo. People bash on the gov, but at least we know who they are and vote them in. But with Bitcoin, who actually owns it? Who controls the majority? Would you trust some Pablo Escobar type guy that owns 10% of it? What about the early adopters? Guys that bought it for pennies and own say a million coins. What happens when this does get to say $10k and they decide to dump it all causing a huge crash? Shit is too volatile. The whole method of a bunch of people with strong computers and coding knowledge being about to mine these is plain retarded. I also think the number of coins being 21 million is just too low. For this to be a world wide currency it needs to be higher. Once you start dealing with bits of bitcoin it becomes one large mess.
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Bingo. People bash on the gov, but at least we know who they are and vote them in. But with Bitcoin, who actually owns it? Who controls the majority? Would you trust some Pablo Escobar type guy that owns 10% of it? What about the early adopters? Guys that bought it for pennies and own say a million coins. What happens when this does get to say $10k and they decide to dump it all causing a huge crash? Shit is too volatile. The whole method of a bunch of people with strong computers and coding knowledge being about to mine these is plain retarded. I also think the number of coins being 21 million is just too low. For this to be a world wide currency it needs to be higher. Once you start dealing with bits of bitcoin it becomes one large mess.
Bits of Bitcoin.
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;)
Trusting the Chinese (in regards to money, business practices, etc) is like trusting the fox to guard your henhouse....gain your trust, then one day you'll come home to an empty henhouse and a very full fox.
Well thats a given. But if bitcoins were to become centralized or any funny business happend it would lose its appeal.
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the Great Recession, the Great Recovery from the Great Recession, and the current Great Meandering
^
:D ;D
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In response, I may quote a variety of extremely foolhardy assessments of investments that ended up doing tremendously well. The reason I won't is because pithy quotes don't do the work of meaningful arguments.
Foolhardy? -lol The point I was making is that the more things change, the more they stay the same. Anything that rises quickly into parabola, ends very badly.
Bitcoin has been around about 3 years. Gold has been money for 5000+ years. I'll take gold over the long term for the win.
The initial idea was admirable, but bitcoin has become a "get rich quick scheme". HFT algos are plugged into it... it's a bankster trading vehicle now, that's all. Many people are jumping on the bandwagon hoping to ride the gravy train to the moon. They'll probably do well in the short term. Over the long term?... good luck.
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This recent jump in bitcoin price from ~120 per coin to over 400 was primarily due to the announcement of the installation of a single bitcoin ATM in Vancouver. Can you imagine what’s going to happen when they start installing Bitcoin ATMs all over China and Europe? It WILL happen. Bitcoin and other competing crypto currencies are here to stay. Bitcoins are at less risk than the money in your wallet that’s being stolen from you via inflation. Trade your bitcoins on the exchanges and immediately transfer them to your jump drive and put them into a fireproof safe bolted to the floor. There’s literally zero risk of having them stolen unless you foolishly keep them stored online at the exchanges. This is how an unmanipulated, uncorrupted free currency market works. That’s why the US government and world central banks hate bitcoin. It’s out of their control. They can’t stop it. I’d recommened everyone a little in their portfolio. It is the investment of a lifetime and the price is going much higher.
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This recent jump in bitcoin price from ~120 per coin to over 400 was primarily due to the announcement of the installation of a single bitcoin ATM in Vancouver. Can you imagine what’s going to happen when they start installing Bitcoin ATMs all over China and Europe? It WILL happen. Bitcoin and other competing crypto currencies are here to stay. Bitcoins are at less risk than the money in your wallet that’s being stolen from you via inflation. Trade your bitcoins on the exchanges and immediately transfer them to your jump drive and put them into a fireproof safe bolted to the floor. There’s literally zero risk of having them stolen unless you foolishly keep them stored online at the exchanges. This is how an unmanipulated, uncorrupted free currency market works. That’s why the US government and world central banks hate bitcoin. It’s out of their control. They can’t stop it. I’d recommened everyone a little in their portfolio. It is the investment of a lifetime and the price is going much higher.
let me guess that you own some
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Yes, put all your money in Bitcoins. Thats very wise. ::)
Who said to do this, Mr Dawkins?
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Who said to do this, Mr Dawkins?
???
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This recent jump in bitcoin price from ~120 per coin to over 400 was primarily due to the announcement of the installation of a single bitcoin ATM in Vancouver. Can you imagine what’s going to happen when they start installing Bitcoin ATMs all over China and Europe? It WILL happen. Bitcoin and other competing crypto currencies are here to stay. Bitcoins are at less risk than the money in your wallet that’s being stolen from you via inflation. Trade your bitcoins on the exchanges and immediately transfer them to your jump drive and put them into a fireproof safe bolted to the floor. There’s literally zero risk of having them stolen unless you foolishly keep them stored online at the exchanges. This is how an unmanipulated, uncorrupted free currency market works. That’s why the US government and world central banks hate bitcoin. It’s out of their control. They can’t stop it. I’d recommened everyone a little in their portfolio. It is the investment of a lifetime and the price is going much higher.
Yo this sounds good , and i would think about buying some myself. but the thing is government could say bitcoins are a form of anarchism or counterfit, a way to void taxes especially with a good enough lawyer in a court system. courts and lawyers are in the governments favor.
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???
Who are you responding to when you say:
Yes, put all your money in Bitcoins. Thats very wise. ::)
I didn't see anybody recommend such an action.
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Who are you responding to when you say:
I didn't see anybody recommend such an action.
I floated the exaggerated idea with my overreaching comment.
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if the gov cant tax it it wont fly my neegrols
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if the gov cant tax it it wont fly my neegrols
Just always keep change handy.
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Huge advancement in bitcoin I just found out about today for Canadian users. You can now use a Virtex card to pay for anything in bitcoins anywhere regular bank cards are accepted. Expect to see more advancements like this in crypto currencies in the near future.
Bitcoin is now recognized in Germany as official private money.
http://rt.com/news/bitcoin-germany-recognize-currency-641/
United States Magistrate Judge Amos Mazzant for the Eastern District of Texas ruled for the first time that Bitcoin is a legitimate currency, opening up the possibility for the digital crypto-cash to soon be regulated by governmental overseers.
http://www.secretsofthefed.com/court-officially-declares-bitcoin-a-real-currency/
The US government will do everything they can to make crypto currencies into something evil but they will fall short. It's the current central banking scam they support that's evil. That's why so many other countries fully support bitcoin. Don't dump your entire savings into bitcoin but it's wise throw some US dollars into it.
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haha safe from inflation.
is it safe from deflation ::)
its always couple to some fiat currency, until you can go into shops and they take it as payment everywhere, you can dream on.
"theres only 21million", yet they gonna trade in bits of bitcoin.
if you think the issuing of currency is best done without regulation,i dont know waht to say.
so far,its a volatile goods exchange tool, you may calm down
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Imagine trying to explain to a 65-70 year old person what bitcoins are.
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Imagine trying to explain to a 65-70 year old person what bitcoins are.
and their pensions.
lol imagine your employer offered you to pay your pension funds in bitcoins.
lol
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Imagine trying to explain to a 65-70 year old person what bitcoins are.
Yes they will probably pull out some wheat pennies thinking they are dollar coins.
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"lol imagine your employer offered you to pay your pension funds in bitcoins."
Wait until you go to collect your pension and find out you'll be working the rest of your life instead of enjoying your golden years. I'd be searching out alternate methods to preserve and grow your wealth outside the system right now before it's too late. One great way is bitcoin. Another will be precious metals. The price explosion you're seeing right now in bitcoin would be the same in precious metals if every aspect of the market wasn't completely manipulated by the same people that hate bitcoin. Physical supply vs. demand will eventually blow the roof off metal prices. Consider these things insurance for unfunded liabilities that no government in the world will be able to cover without making the money in your wallet worthless.
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:D ;D
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This recent jump in bitcoin price from ~120 per coin to over 400 was primarily due to the announcement of the installation of a single bitcoin ATM in Vancouver. Can you imagine what’s going to happen when they start installing Bitcoin ATMs all over China and Europe? It WILL happen. Bitcoin and other competing crypto currencies are here to stay. Bitcoins are at less risk than the money in your wallet that’s being stolen from you via inflation. Trade your bitcoins on the exchanges and immediately transfer them to your jump drive and put them into a fireproof safe bolted to the floor. There’s literally zero risk of having them stolen unless you foolishly keep them stored online at the exchanges. This is how an unmanipulated, uncorrupted free currency market works. That’s why the US government and world central banks hate bitcoin. It’s out of their control. They can’t stop it. I’d recommened everyone a little in their portfolio. It is the investment of a lifetime and the price is going much higher.
yeah, but...what when your "jump drive" doesnt work anymore cause it s a pos made in china designed to last 4 months after it is powered on for the first time.
This is so retarded on so many levels. Solid assets ffs, gold, silver, land, house, guns, family, everything else is "virtual" including fiat money.
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if you own shares of gold in the stock market , can you pull this gold out of the market into your pocket?
gold and silver seem the best way to exchange since its not confusing. if someone offerd me a pound of gold for a rental house id probably take it. im guessing a pound of gold is 50 grand? anyways my point is gold and silver seems superior still
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This is one my favorite Fiats. Very fast from the start and a pleasure to drive.
(http://www.curbsideclassic.com/wp-content/uploads/2011/05/FiatDino2400SpiderFront.jpg)
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the way i see it there is some cash to be made with these cypto currencies. Ive purchased bitcoins over the years I'd have close to $7-10k usd if i would have kept all that ive purchased or mined. Im going to throw a small investment into litecoin as well. seeing that its very affordable and has 4x the amount available than bitcoin it can become a viable option as well. at around $4/litecoin it doesnt hurt to give a few hundred into it.
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I think bodybuilding supplements should be used as purchasing power instead of money. That would be a good idea.
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yeah dont worry... keep buying bitcoins....LOL, youre money is really safe..... dumbasses
http://blogs.marketwatch.com/thetell/2013/11/12/chinese-bitcoin-exchange-disappears-with-4-1-million/
Chinese bitcoin exchange disappears with $4.1 million
When in doubt about the location and basic information for a trading platform, it’s probably best not to pour money into it.
About 1,000 investors in mainland China lost the equivalent of $4.1 million when the Chinese bitcoin exchange GBL shut down on Oct. 26, highlighted in a post by CoinDesk. The disappearance came amid broad-based suspicions about the authenticity of the site, according to reports, which flagged a lack of contact information, a failure to procure a financial-services license and questions about the company’s location.
Bitcoin experts have attributed the slew of record bitcoin highs in part to the rise in Chinese demand. The Chinese bitcoin exchange BTC China has taken over as the most heavily traded and the Chinese yuan makes up roughly 50% of international exchange volume, according to Greg Schvey, head of research at the Genesis Block, a bitcoin research firm. Read: The next 10 investment bubbles
One bitcoin recently bought $384.00 on the trading exchange Mt. Gox, with prices poised for a run on $400.
The bigger takeaway from this incident is that the disappearance of a bitcoin exchange is quite common, according to research highlighted by WantChinaTimes.com. Of the 40 trading platforms created in the past three years, 18 have closed and 13 of those closed exchanges didn’t give a warning before shuttering operations, research from Southern Methodist University and Carnegie Mellon University professors showed.
The U.S. Senate Committee on Homeland Security and Governmental Affairs is scheduled to hold a hearing on virtual currencies on Nov. 18. “Witnesses will testify about the challenges faced by law enforcement and regulatory agencies in dealing with virtual currencies, like bitcoin. The hearing will also provide a perspective from non-governmental entities who can discuss the promises of virtual currency for the American and global economies,” the press release said.
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I called the Ferrari dealership and asked how many Bitcoins is a 458 Spider and they just hung up the phone on me. :-\
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unstable currency...
used mostly for black market, money laundry and shady stuff....
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Takeaway.com, one of the world’s largest food-ordering websites that specializes in online food ordering and home delivery now accepts bitcoin:
http://www.coindesk.com/netherlands-food-delivery-network-bitcoin/
Subway sandwich shop in Russia now accepting bitcoin payments:
http://www.coindesk.com/subway-sandwich-russia-bitcoin-payments/
This is just the beginning. Wouldn't have been nice to buy Apple stock when it was a few dollars? I'm surprised at the amount of computer savvy dudes here don't see the why its inevitable bitcoin succeeds.
Don't store your bitcoins on any exchange as the people who lost their bitcoins in China did. It's a currency just like any other fiat currency that can be traded. Unlike fiat currencies, it will find free market value. That value is considerably higher than the current price. If you invested in bitcoin when this thread was started you'd already be up 20% in your investment. Bitcoin broke through $500 today. I don't know of any other investment that performed that well in the past week. There is a limited number of bitcoins that can't be printed to oblivion like every other fiat currency can and will be. That puts considerable value on each bitcoin. Bitcoin will appear unstable until market value is found. It might even suffer pull-backs but estimates put that value above $10000 per coin.
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bodybuilders are predominantly negative people, with a denialist mentality, steroids don't do me any harm bla,bla,bla
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unstable currency...
used mostly for black market, money laundry and shady stuff....
Laundromats are accepting bitcoins now?
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Laundromats are accepting bitcoins now?
Its in the black market now so you can rest assured that the currency is backed by fried chicken and purple drank.
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bodybuilders are predominantly negative people, with a denialist mentality, steroids don't do me any harm bla,bla,bla
I would say that they are the opposite. They are overly positive people with a delusional mentality, steroids will make me Mr. Olympia and they will only enhance their naturally genetically freaky status.
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and who runs the system, the sytem itself.
hows it ensure dto keep running.
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Its in the black market now so you can rest assured that the currency is backed by fried chicken and purple drank.
My friend, I'm hearing through the grapevine that the renowned Vincent Goodcum Enterprises, LTD. is putting its weight behind the coin. This will send waves through the markets.
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I would say that they are the opposite. They are overly positive people with a delusional mentality, steroids will make me Mr. Olympia and they will only enhance their naturally genetically freaky status.
It was a generalisation but the positive ones tend to be stupid/low IQ in my observations. Amongst the masses ,bodybuilding often attracts those with inferior physical genetics, who wish to train to compensate for the inferior hand they have been dealt. Men who have a good natural build often don't go into bodybuilding as they never felt the need to build their physique further than what they were born with.
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Here is a good site with slider buttons used for calculating potential value per bitcoin based on percentage of world economy/percentage bitcoins used for transactions:
http://www.btcglobe.com/tool/calculate-future
"If you believe in Bitcoin, and have a belief it can be used in 0.05-1% of all transactions in the world, it will have a HUGE value. As an investment alone, this is a smart choice. This is why you should buy Bitcoins. Yes, they're not that cheap anymore, but compared to the future value, it's probably one of the best investments you can ever make."
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Here is a good site with slider buttons used for calculating potential value per bitcoin based on percentage of world economy/percentage bitcoins used for transactions:
http://www.btcglobe.com/tool/calculate-future
"If you believe in Bitcoin, and have a belief it can be used in 0.05-1% of all transactions in the world, it will have a HUGE value. As an investment alone, this is a smart choice. This is why you should buy Bitcoins. Yes, they're not that cheap anymore, but compared to the future value, it's probably one of the best investments you can ever make."
I am drowning in Bitcoins over here. I keep printing them out on printer paper. If you want me to put some in an envelope and mail you a stack of bitcoins, let me know. I can print us both as many as I need. I am going to tape a bitcoin to the envelope and see if they take it. How could they refuse, its worth like a 1000 hundred dollars.
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I am drowning in Bitcoins over here. I keep printing them out on printer paper. If you want me to put some in an envelope and mail you a stack of bitcoins, let me know. I can print us both as many as I need. I am going to tape a bitcoin to the envelope and see if they take it. How could they refuse, its worth like a 1000 hundred dollars.
Truth be told I don’t fully support the fundamentals behind bitcoin either. I’m more a physical gold and silver supporter (real money). I’m astute enough to realize that a sufficient number of countries/computer users/anti paper currency advocates/investors/businesses believe in bitcoin enough to send the value of a single bitcoin to the moon. In the time it took me to write this it went up another $20.
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My friend, I'm hearing through the grapevine that the renowned Vincent Goodcum Enterprises, LTD. is putting its weight behind the coin. This will send waves through the markets.
;D
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Takeaway.com, one of the world’s largest food-ordering websites that specializes in online food ordering and home delivery now accepts bitcoin:
http://www.coindesk.com/netherlands-food-delivery-network-bitcoin/
Subway sandwich shop in Russia now accepting bitcoin payments:
http://www.coindesk.com/subway-sandwich-russia-bitcoin-payments/
This is just the beginning. Wouldn't have been nice to buy Apple stock when it was a few dollars? I'm surprised at the amount of computer savvy dudes here don't see the why its inevitable bitcoin succeeds.
Don't store your bitcoins on any exchange as the people who lost their bitcoins in China did. It's a currency just like any other fiat currency that can be traded. Unlike fiat currencies, it will find free market value. That value is considerably higher than the current price. If you invested in bitcoin when this thread was started you'd already be up 20% in your investment. Bitcoin broke through $500 today. I don't know of any other investment that performed that well in the past week. There is a limited number of bitcoins that can't be printed to oblivion like every other fiat currency can and will be. That puts considerable value on each bitcoin. Bitcoin will appear unstable until market value is found. It might even suffer pull-backs but estimates put that value above $10000 per coin.
so a bitcoin is worth $400, you can buy a sub at subway for $5. so you are using 1/100th of a bitcoin? sounds legit to me. ::)
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How fucking nice is it to wake up and find I just made a $1000 profit off of litecoin like I said it was worth earlier. I don't know if I should hold or sell this stuff just keeps going up and up
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I farted on a bitcoin to test authenticity no response.
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How fucking nice is it to wake up and find I just made a $1000 profit off of litecoin like I said it was worth earlier. I don't know if I should hold or sell this stuff just keeps going up and up
Sure you did.
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I remember way back when eggs cost 0.000000021 Bit coins. Those were the days.
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so a bitcoin is worth $400, you can buy a sub at subway for $5. so you are using 1/100th of a bitcoin? sounds legit to me. ::)
I was very critical of bitcoin at first too until I learned the nuances of the currency. A single coin is divisible up to 8 decimal places. In the past day it’s up over $150. Since the start of this thread it’s up over 50 percent. It will continue to outperform any other investment you can make. The government can do absolutely nothing to stop it. The only reason they’ll attempt to make it look criminal is because they missed the boat on it. It’s revolutionary, as much as the internet was. A complete paradigm shift on how we think of currency. Jump aboard while it’s cheap. Buy 0.5 bitcoin just in case.
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Sure you did.
Why do you doubt him? Check the online exchanges for yourself. Had you invested in Litecoin last week, you would have doubled your money. Litecoin is a competing digital currency.
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I think someone should come up with a currency based on nintendo 8-bit video games.
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I had a Afro American today ask me at the gas station "Can I hold some Bitcoins" I said no I am low today.
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I had a Afro American today ask me at the gas station "Can I hold some Bitcoins" I said no I am low today.
I saw one pay for a Moon Pie with a Bitstamp.
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I saw one pay for a Moon Pie with a Bitstamp.
;D
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Why do you doubt him? Check the online exchanges for yourself. Had you invested in Litecoin last week, you would have doubled your money. Litecoin is a competing digital currency.
and there is your reason why this is a scam. So bitcoin, now litecoin, what's next?
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and there is your reason why this is a scam. So bitcoin, now litecoin, what's next?
US dollar, Canadian dollar, Mexican Peso, Japanese Yen... all competing currencies including the Zimbabwean dollar. The free market determines their value. Right now Bitcoin is the US dollar of crypto currencies. However, bitcoin can't be printed into oblivion or maniuplated like the US dollar making bitcoin a superior currency.
Here is more news today for those who doubt the legitimacy of bitcoin:
U.S. Agencies to say Bitcoins Offer Legitimate Benefits:
http://finance.yahoo.com/news/u-agencies-bitcoins-offer-legitimate-030000406.html
If the Federal Reserve says bitcoin is ok, I wouldn't want to be sitting on the sidelines debating its value.
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Why do you doubt him? Check the online exchanges for yourself. Had you invested in Litecoin last week, you would have doubled your money. Litecoin is a competing digital currency.
do feed the trolling man all i know is comparing the charts of litecoin to bitcoin they followed similar paths. i saw that litecoin was late to the party since bitcoins big jump. it was trading around $3.8-4.2 as of 2 days ago when i bought 150 ltc. saw a jump to $5.38 last night, woke up this morning and it peaked around $9! I think litecoin can hit around $20-30 over the next few weeks, not bad for a quick investment. there is money to be made wether its viable or not. who cares how you make money as long as you make it.
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bitcoin is too high right now so people will be pouring money into litecoin to make quick money thats what im doing. so the more people do the same that i do,it will drive the market prices up. expect a huge boost in price when china wakes up. im thinking of dropping $2k into this its tempting...
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bitcoin is too high right now so people will be pouring money into litecoin to make quick money thats what im doing. so the more people do the same that i do,it will drive the market prices up. expect a huge boost in price when china wakes up. im thinking of dropping $2k into this its tempting...
You should invest your life savings if you really want to make the dough.
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You should invest your life savings if you really want to make the dough.
thanks for the advice
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thanks for the advice
No problem. The first one is free, but the next time its going to cost you. 17 percent.
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Bitcoin's don't seem very stable
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someone just made $120000 selling off their ltc on btc-e.com wow this is nuts
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Bitchcoin, bitch.
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someone just made $120000 selling off their ltc on btc-e.com wow this is nuts
Are you aware that we have getbiggers everyday making that and more on a daily basis?
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(https://mail-attachment.googleusercontent.com/attachment/u/0/?ui=2&ik=7d02817bd5&view=att&th=1426dbedbc8b1146&attid=0.1&disp=inline&realattid=1452089697922711552-local0&safe=1&zw&saduie=AG9B_P9dHFpOvx5Sks2Cktz0Iy0A&sadet=1384820731209&sads=JZzi6AmTdEz1zuutUSyH4wL0cp8&sadssc=1)
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US dollar, Canadian dollar, Mexican Peso, Japanese Yen... all competing currencies including the Zimbabwean dollar. The free market determines their value. Right now Bitcoin is the US dollar of crypto currencies. However, bitcoin can't be printed into oblivion or maniuplated like the US dollar making bitcoin a superior currency.
Here is more news today for those who doubt the legitimacy of bitcoin:
U.S. Agencies to say Bitcoins Offer Legitimate Benefits:
http://finance.yahoo.com/news/u-agencies-bitcoins-offer-legitimate-030000406.html
If the Federal Reserve says bitcoin is ok, I wouldn't want to be sitting on the sidelines debating its value.
If the Fed says it's okay, that means they created it.
Asshole... WAKE UP!
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I was very critical of bitcoin at first too until I learned the nuances of the currency. A single coin is divisible up to 8 decimal places. In the past day it’s up over $150. Since the start of this thread it’s up over 50 percent. It will continue to outperform any other investment you can make. The government can do absolutely nothing to stop it. The only reason they’ll attempt to make it look criminal is because they missed the boat on it. It’s revolutionary, as much as the internet was. A complete paradigm shift on how we think of currency. Jump aboard while it’s cheap. Buy 0.5 bitcoin just in case.
wait for bitcoins to go down a bit first prior to moving in?
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wait for bitcoins to go down a bit first prior to moving in?
Yes, when it broke $900 I expected profits to be taken off the table. There's a big pullback going on now. It will likely drop several hundred dollars.
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If the Fed says it's okay, that means they created it.
Asshole... WAKE UP!
Previous to yesterday every US agency and mainline news outlet was slamming bitcoin as the currency of criminals/drug buyers/money launderers etc. and doing absolutely everything they could to deter bitcoin. Yesterday the US government and Federal Reserve to came out to support it? That should tell you they never created it. It is more likely they came to the realization there isn’t anything they can do to stop it and have considered other options to control it. Perhaps making it the official world currency when the US dollar collapses? Who knows for sure. It’s obvious the powers that be have plans involving bitcoin and crypto currencies. The way I’m interpreting it is now it would be foolish not to hold any. You haven’t seen anything yet as to the price it will reach. Now watch mainline news do a 180 and show support for digital currency. Then we'll know the power elites missed the boat on bitcoin.
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It would have been better if the virtual currency were retained for virtual, nonphysical purchases. Wasn't that the whole point? To establish an online, borderless economy to facilitate the exchange of data? As soon as it gets equated to a physical currency the whole purpose is lost and you might as well just revert to using the dollar.
What am I missing?
Bump for ignorance.
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What backs bitcoin? What are their assets? Currency is backed usually by something like gold. What about the bicoin exchanges? Who runs those?
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I feel something dangerous in investing for bitcoin .
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I feel something dangerous in investing for bitcoin .
Yes probably North Korea is behind this.
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I feel something dangerous in investing for bitcoin .
It is a common scam, lots of people putting money in and taking money out. You can definitely invest but take money out fast for profit. You never know when the floor will fall and lose your cash.
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It is a common scam, lots of people putting money in and taking money out. You can definitely invest but take money out fast for profit. You never know when the floor will fall and lose your cash.
According to several experts, this bubble will continue for a while.
I am not so interested in the value of this virtual currency but i am interested in how long exist this virtuual currency. Even if it goes very high value,its a garbage for me if it disappears.
If it wont disappear, i would exchange lots of money for it .
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According to several experts, this bubble will continue for a while.
I am not so interested in the value of this virtual currency but i am interested in how long exist this virtuual currency. Even if it goes very high value,its a garbage for me if it disappears.
If it wont disappear, i would exchange lots of money for it .
Experts are probably investors trying to rake in some fish before they bail.
An old saying is when Time magazine does a story about an investment, it's already to late.
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What backs bitcoin? What are their assets? Currency is backed usually by something like gold. What about the bicoin exchanges? Who runs those?
yah we can say whatever we want how "bad" fiat curency is, but botcoin uses same fractional reserve system.
while fiat currencies arent backed by gold anymore(that was usa first move),theyre backed by things like economic power and expected taax revenues.
bitcoin is backed by what again? ??? ???
by the belief of suckers.
believing in a currency is important for its survival, but with national economy and taxes, you can rely on somehting.
all the ppl were afraid on some non phsical worldwide currency, and now theyre fully buying into it.
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yah we can say whatever we want how "bad" fiat curency is, but botcoin uses same fractional reserve system.
while fiat currencies arent backed by gold anymore(that was usa first move),theyre backed by things like economic power and expected taax revenues.
bitcoin is backed by what again? ??? ???
by the belief of suckers.
believing in a currency is important for its survival, but with national economy and taxes, you can rely on somehting.
all the ppl were afraid on some non phsical worldwide currency, and now theyre fully buying into it.
To be fair, Fiat is making some inroads in the American market so the currency for buying one of these cars is going to be pretty strong.
Now if the government helped remake the Fiat 8V and backed it, I think the dollar would sky-rocket.
(http://www.ritzsite.nl/Fiat_8V/1954_Fiat_8V_berlinetta_Zagato.JPG)
OR if they made more of these and made them worth a few billion each, the 1952/53 Fiat 8V Supersonic, then the dollar will regain the value. I am glad that they chose Fiat to back the money system. Not a bad move at all.
(http://www.car-stock-photos.com/photos/fiat-8v-ghia-supersonic-1953.jpeg)
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Bingo. People bash on the gov, but at least we know who they are and vote them in. But with Bitcoin, who actually owns it? Who controls the majority? Would you trust some Pablo Escobar type guy that owns 10% of it? What about the early adopters? Guys that bought it for pennies and own say a million coins. What happens when this does get to say $10k and they decide to dump it all causing a huge crash? Shit is too volatile. The whole method of a bunch of people with strong computers and coding knowledge being about to mine these is plain retarded. I also think the number of coins being 21 million is just too low. For this to be a world wide currency it needs to be higher. Once you start dealing with bits of bitcoin it becomes one large mess.
21 million coins = nominal value of $11.18 billion USD
Plenty of $ to start of with.
The computers generate codes to create more coins everyday.
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21 million coins = nominal value of $11.18 billion USD
Plenty of $ to start of with.
The computers generate codes to create more coins everyday.
Yah but what kind of cars are backing the system?
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21 million coins = nominal value of $11.18 billion USD
Plenty of $ to start of with.
The computers generate codes to create more coins everyday.
They are NOT creating new coins. There are 21 million total coins. The computers are mining the coins and those that mine them, own them.
Remember Enron was worth billions, but in reality was backed by shit. Same as many other companies.
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Why can`t someone take a couple hundred million and make a computer to mine all of them? ???
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so bit coins are made of granite or what
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Why can`t someone take a couple hundred million and make a computer to mine all of them? ???
That's what they are doing. There are teams of people working together trying to mine them. It is difficult encryption and takes time but they are doing it. The Chinese probably have a warehouse of computers and people working on them trying to mine them all day long.
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That's what they are doing. There are teams of people working together trying to mine them. It is difficult encryption and takes time but they are doing it. The Chinese probably have a warehouse of computers and people working on them trying to mine them all day long.
LOL
this shit makes no fucking sense i thought they were actually mining shit out of the ground...
How are new bitcoins created?
Number of bitcoins over time, assuming a perfect 10-minute interval.
New bitcoins are generated by the network through the process of "mining". In a process that is similar to a continuous raffle draw, mining nodes on the network are awarded bitcoins each time they find the solution to a certain mathematical problem (and thereby create a new block). Creating a block is a proof of work with a difficulty that varies with the overall strength of the network. The reward for solving a block is automatically adjusted so that roughly every four years of operation of the Bitcoin network, half the amount of bitcoins created in the prior 4 years are created. 10,500,000 bitcoins were created in the first 4 (approx.) years from January 2009 to November 2012. Every four years thereafter this amount halves, so it will be 5,250,000 over years 4-8, 2,625,000 over years 8-12, and so on. Thus the total number of bitcoins in existence will never exceed 21,000,000. See Controlled Currency Supply.
Blocks are mined every 10 minutes, on average and for the first four years (210,000 blocks) each block included 50 new bitcoins. As the amount of processing power directed at mining changes, the difficulty of creating new bitcoins changes. This difficulty factor is calculated every 2016 blocks and is based upon the time taken to generate the previous 2016 blocks. See Mining.
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LOL
this shit makes no fucking sense i thought they were actually mining shit out of the ground...
How are new bitcoins created?
Number of bitcoins over time, assuming a perfect 10-minute interval.
New bitcoins are generated by the network through the process of "mining". In a process that is similar to a continuous raffle draw, mining nodes on the network are awarded bitcoins each time they find the solution to a certain mathematical problem (and thereby create a new block). Creating a block is a proof of work with a difficulty that varies with the overall strength of the network. The reward for solving a block is automatically adjusted so that roughly every four years of operation of the Bitcoin network, half the amount of bitcoins created in the prior 4 years are created. 10,500,000 bitcoins were created in the first 4 (approx.) years from January 2009 to November 2012. Every four years thereafter this amount halves, so it will be 5,250,000 over years 4-8, 2,625,000 over years 8-12, and so on. Thus the total number of bitcoins in existence will never exceed 21,000,000. See Controlled Currency Supply.
Blocks are mined every 10 minutes, on average and for the first four years (210,000 blocks) each block included 50 new bitcoins. As the amount of processing power directed at mining changes, the difficulty of creating new bitcoins changes. This difficulty factor is calculated every 2016 blocks and is based upon the time taken to generate the previous 2016 blocks. See Mining.
So a country like china with billions of people and billions of computers can create the largest network and mine the shit out of it. See why I don't trust it?
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http://www.theguardian.com/technology/2013/dec/18/bitcoin-plummets-china-payment-processors-digital-cryptocurrency
Digital cryptocurrency has lost almost 50% of its value overnight after BTC China said it could no longer accept deposits in the Chinese currency
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http://www.theguardian.com/technology/2013/dec/18/bitcoin-plummets-china-payment-processors-digital-cryptocurrency
Digital cryptocurrency has lost almost 50% of its value overnight after BTC China said it could no longer accept deposits in the Chinese currency
can't believe your the first to post this. So here's a question is now a good time to buy? In my eyes this is done.
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Remember Enron was worth billions, but in reality was backed by shit. Same as many other companies.
^
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Draining 3's daily.
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can't believe your the first to post this. So here's a question is now a good time to buy? In my eyes this is done.
The bitcoin has a quasi-religious cult following that will, in all probability, continue to drive the price up conditional on any news deemed positive. So, there will be opportunities to profit in the future.
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Not worth it at all.
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Not worth it at all.
While you were baking pies you could have earned a 26% return over the course of a few days, as I did...and my return is minuscule compared to persons' who held bitcoins earlier in the year.
Your hate is only justified if it's directed at the zealots who think this thing will ever be a legitimate store of value; as a speculative vehicle, it is amazing!
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While you were baking pies you could have earned a 26% return over the course of a few days, as I did...and my return is minuscule compared to persons' who held bitcoins earlier in the year.
Your hate is only justified if it's directed at the zealots who think this thing will ever be a legitimate store of value; as a speculative vehicle, it is amazing!
::)
Have fun with that.
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::)
Have fun with that.
(http://i.imgur.com/m3ftf8D.gif)
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:D