Bitcoins are skyrocketing. Possible solution to hedge against financial collapse.

bitcoincharts.com...

With everything going on right now in the global markets.. Investing in some bitcoins might not be a bad idea at all.

As much as I like the idea of an alternative currency, I think for now I will stick with tangible assets. Silver and gold are both still good for hedging against inflation, and you don't have to worry about not having access to it. Bitcoins however are not tangible and you do not have access to them unless you are purchasing electronically.

It's the new miners coming online. Expect wild fluctuations at least until the end of the year.

Eventually, the coins will be mined through. I think this is expected to happen within the next 4-6 years.

The swings will level out after this point. If you were wise enough to preorder one of the new classes of miners last year, you're making good money right now, else will be soon.

Unfortunately, I only became aware of these new miners a couple of months ago, and realized it was no longer worth it to join the waiting list.

Wouldn't Bitcoins ultimately mean a cashless society ?

Isn't that what the elite want !

reply to post by ken10


Yes and no.

It's decentralized, secure, and not capable of being so highly manipulated as the currency which the elite wants to have.

BitCoins FTW!

The current usage of Bitcoins will be illegal soon.

arguments: financing terror and money laundering

US regulator: Bitcoin exchanges must comply with money-laundering laws
Bitcoin miners must also register if they trade in their earnings for dollars.

The federal agency charged with enforcing the nation's laws against money laundering has issued new guidelines suggesting that several parties in the Bitcoin economy qualify as Money Services Businesses under US law. Money Services Businesses (MSBs) must register with the federal government, collect information about their customers, and take steps to combat money laundering by their customers.

arstechnica.com...

I dont like bitcoins. power goes out, your screwed. And just like any other currancy, all you need to do is add a few zeros to collapse the price.

try adding zeros to a brick of silver in hand.

Originally posted by camaro68ss
I dont like bitcoins. power goes out, your screwed. And just like any other currancy, all you need to do is add a few zeros to collapse the price.

try adding zeros to a brick of silver in hand.

It's not as simple as "adding a few zeros". If it was the price of bitcoin wouldn't be skyrocketing would it. And if the entire internet goes out we're going to have a lot more problems than bitcoin collapsing. All fiat currencies would collapse because 95% of money only exists on computers now and computers are required to store the serial numbers of notes in circulation. But I don't think bitcoin would collapse even if the entire internet went down, as long as the HDD's on the computers remained safe it would be possible to start up bitcoin again as soon as the internet came back.

reply to post by ChaoticOrder


Yes, harddrives and the thumb drives which you can securely store your virtual wallet full of bitcoins on.

It's all fun and what not, but seriously, when the lights go out none of this matters. Guess it depends on your perspective for how far overshot we truly are.

As a concept, it's truly awesome. In reality, you stand to make some monies in the short term, most likely. In the long term, meh.

Originally posted by SpaDe_
Silver and gold are both still good for hedging against inflation, and you don't have to worry about not having access to it.

Until they find a massive gold reserve on a passing asteroid and mine it!

Love it... I was in mining them for fun when they first started.. I nearly sold them at £13, glad I didn't now.

Bought my missus a new car this week with the proceeds of selling half of the ones I had...

reply to post by CommanderCraCra

Yes, harddrives and the thumb drives which you can securely store your virtual wallet full of bitcoins on.

Describing it like that is rather misleading...in reality you don't have a "wallet full of bitcoins". It's more like a list of secret keys which allow you to prove that you own certain bitcoins, and no one can access those bitcoins without the right key. But the only way we can know who owns what bitcoins is by referring to the blockchain, and that's mostly why it's important to have the HDD's. If we have copies of the blockchain we can restore bitcoin to exactly how it was before the power went out.

reply to post by ChaoticOrder


Appreciate the followup and correction. I was unaware that it worked like this.

reply to post by shanegm


I had not Idea what Bitcoin was till today. Im not sure I wouldn't ratherhave fiat money @ least I have something in my hand

great for buying drugs, street guns, and child porn i guess. you know... the real reason they were created, to buy certain goods on the darkweb anonymously.

otherwise bitcoins is yet another unregulated currency in the wrong hands. to be exploited by those who create and hold them.

and to top it off i cant even trust the tangible us dollar bill right now, why on earth would i want to take yet another step back to an even more digital money.
at least my inflated dollars have a last minute trade value at the store. when the world/economy is going up in flames, no one will be concerned over the trade of the bits lol.

reply to post by grobi77

The current usage of Bitcoins will be illegal soon. arguments: financing terror and money laundering

in the u.s. money laundering is completely overlooked so long as uncle sam gets his cut, just look at all the banks who launder drug money, they just get a slap on the wrist in the form of a fine.

I cant believe people are trusting cyber money.

Like.. is that the ultimate ignorance?

Even gold.. well real physical gold in your safe at home yeah, good call. But all these people buying gold and getting no physical gold, just guarantee's they own gold..

.. its no wonder the banks get away with what they do.. people seem willing to go with it.

Bitcoins are benefiting from both the current financial news and limited supply BUT the current chart looks "bubblicious" (close to the top of a wave 3 as it approaches 100). It could seriously correct (w4) back to the 50 area and chop around for awhile and then make a final new high (w5) that could go from just over 100 to around 140-50 (depending on how it unfolds....). Then a Bitcoin Crash is likely (down to 20-50)....I am not sure on what the fundamental news will cause it but that is the elliott wave structure interpretation and probably price action from the current chart.

Originally posted by SpaDe_
As much as I like the idea of an alternative currency, I think for now I will stick with tangible assets. Silver and gold are both still good for hedging against inflation, and you don't have to worry about not having access to it. Bitcoins however are not tangible and you do not have access to them unless you are purchasing electronically.

Yeah but gold and silver's prices are regulated to demand....

Imagine this scenario...

You buy gold, it doubles in price.....The government sells all their gold at the inflated doubled price.....Then the government requires all gold to be turned in because the dollar crashed and gold will be the standard once again.....You are forced to sell it at way less then you paid for it......Then the cycle starts all over again....

That's why I don't like gold/silver/platinum for the long run.....Not a bad thing to invest in and sell when the price increases for some profit, but don't get greedy and sit on it.....IMHO

Then again, bitcoins will be regulated by the government soon enough....IF NOT ALREADY