Bitcoin, the explosion continues (today's high on Mt.Gox $750!)

reply to post by Esotarious

The fact that governments can't manipulate them is one reason to bank on it failing eventually. You think your bank isn't going to catch on to the idea that you are not using them but rather Bitcoins? You think they are going to let that revenue slip through their fingers?

There are two possible scenarios that I see:

1) Bitcoins become regulated by either the government or the banks.

2) They are made illegal to use and are forced to be transferred into hard currency, or they are simply made illegal and left at that. Personally, I believe they will give an amnesty time to allow people to not lose too much, but if they make it illegal and leave it at that, they will be going the same way they were with prohibition.

Just my thoughts. It is interesting to watch this though, and I do regret not buying when I first heard of them! I'm not much of a gambler though.

Oh they can be heavily manipulated and tampered with.

Its a dark turn for humans in my opinion...

Won't end well at all...

There is nothing tangible there at all. It is worse than paper money!!

It would be the perfect Money for some sort of Order for a New World....Wink....WInk....

reply to post by On the level


Cant get their money out? Are they scared of a real bank? I am not sure sure. I just scraped out my last few bits for $300 and I just have to wait for the banks to actually be open and for it to not be a weekend.

And I live in a place where it's HARD to get your coins out. I could have arranged a face to face meet with someone local, but then I don't want to meet new people nor do I feel interested in haggling.

Or people can simply buy real world items online and have the product shipped to their door.

AthlonSavage
reply to post by PhoenixOD

 

This is no different than share floats, I have seen them in the first 2-3 months the price goes up to several times original value, 4 months later its worth lless than what originally bought for. What does Bitcoin have backing it? Gold, property, plant? Its being held together by hot air at the moment.

edit on 18-11-2013 by AthlonSavage because: (no reason given)

Every time there is someone like you to come here and baww about it.

Every time.

You know, you did it at $130USB.. then at $400USD... now at $750USD.

I bet you'll still be bawwing at $1000USD.

Ahh it's ok. you are just upset you didn't get on when you had the option to. Now it's surpassed your ability to get on, and you would rather poo poo it. I understand.

Me.. I'm bawwing that I panicked and sold it all when it was under $200..

AbleEndangered
Oh they can be heavily manipulated and tampered with.

Its a dark turn for humans in my opinion...

Won't end well at all...

There is nothing tangible there at all. It is worse than paper money!!

It would be the perfect Money for some sort of Order for a New World....Wink....WInk....

Yeah because paper money has real world value........

righto...

Ebay is now considering accepting bit coin as currency it accepts into PayPal.

They are not taking them now, but it is a consideration. There is a thread about it in seller central.

Here is a link to article : ebay expands digital currancy

I bought a coin back in August for £64, when I checked the other day, one coin was selling for £640. Unfortunately I spent my coin ages ago and never had the funds or knowledge to buy more at the time. If I had money, I would definitely buy more. Some people must have made a fortune over bitcoin.

reply to post by superman2012


No no nooooo. Hold and Horde! I predict they will go up beyond $5000 by the end of next year. And then still continue to climb. They won't level off for at least 50 years.

Converting bitcoins to actual dollars is not so easy.

Mt GOX is famous for tying up transfers in red tape.

Read a story last week by a guy who tried for 2 months to cash in bitcoins, no luck.

reply to post by Hmmmmmmm


Does anyone know anything about CoinBase? They seem legit to use and I am actually in the process of building a site to get in on the bitcoins myself. I am keeping my cards close, but I have a VERY good plan and am itching to implement it. Should be operational after New Years.

This is insane. I never thought BTC would climb this high. I'm really starting to wish I'd bought some a while back. I have spoken to a few people who have bought into BTC purely as an investment. They must be thrilled about this, if they haven't sold yet.


I read something online, from some guy who made over a million dollars investing in BTC.... back when they hit $100. In other words, this guy bought something like 10,000 BTC back when they were worth way less. Meaning by now his initial investment would be up to 7 million or better.



Back when they announced they arrested Ross Ulbricht aka "Dread Pirate Roberts" I was certain BTC was going to take a serious dive. And it did.... at first. Never did I imagine this would happen. I wish I'd had more money to invest.

Without giving away my strategy too much and my specific product, I can say that I will be providing a tangible hard asset in exchange for BitCoins and will be positioned to do right well from this.

Screw bit mining, find products that you can sell that BC holders want and simply maintain a merchant account and gain BitCoins this way. You can cash out at the end of every evening like you would in a real store with a credit card processor, or hold the coins and ride the wave and see where you end up. But jeez, if I had a few purchases at the $400 level and then my coins were valued at the $900 level I would make a substantial profit on the initial sale (obviously making money on every product i sell anyway) PLUS riding the BitCoin wave on up.

I aint gonna lie, im trying to make some bank

Couple of hours ago, BitCoin passed 1000 dollar mark at Mt.Gox Very high spike within a matter of days.

rt.com...

bitcoinmagazine.com...

If you can wait 22 months to get your cash, go for it.

reply to post by phishfriar47


I use Coinbase and consider it one of the most legit exchanges. Just sold a bitcoin last week and got the money wired to my bank account within 2 business days. They store their bitcoins in a vault offline as well. Dont listen to all the haters. Like others said, they are probably just mad because they sold at $200. If you can afford it, buy some and forget about them for a while. Make sure you keep them in a safe place offline. They will be worth some serious bank in a few years.

Hmmmmmmm
Converting bitcoins to actual dollars is not so easy.

Mt GOX is famous for tying up transfers in red tape.

Read a story last week by a guy who tried for 2 months to cash in bitcoins, no luck.

I'm with bitstamp and they've got the first BTC ATM in a coffee shop in my city. Made 100,000k in sales first week. There's another company coming out to offer BTC bank cards that will convert between regular currency and BTC currency for your added shopping pleasure I think they're called coinkite

If you can't afford Bitcoins, get into Litecoins NOW.
Believe me it will be worth your while.
As with anything though, Don't spend more than you can afford. Although Litecoins are still pretty easy to mine.

Bitcoin - Gold.
Litecoin - Silver.

This conversation astounds me on most levels because folks do not know the most basic information about what "fiat currency" is, or your dollar note, and what a bit coin is.

A dollar not is a DEBT, is an IOU. The dollar note is a less then worthless piece of paper, as it says right on it the holder is holding an IOU.

Gold is a item, a thing you can hold, like sea shells or Air Jordan Shoes. In fact, these three things are REAL money, while the dollar note is not.

A bit coin is a THING, like gold or sea shells. It is NOT, I repeat NOT, once again, it is not a debt like the dollar.

Comparing the dollar to the bit coin is like comparing ice skates to a lawn mower. Comparing the bit coin to gold is the right comparison. You can argue that bit coins are digital and therefor not "real" but the way in which the are obtained and the limited total available says are real enough - just a new kind of real.

They were created as a means of transaction, not as a alternative IOU - debt note. If you get a bit coin you get a bit coin, you do not get a certificate that says you can have a bit coin. A dollar note used to be a certificate that entitled you to gold or silver, now it entitled you do nothing at all - nothing. This is the most important part. The Federal Reserve OWNS their IOU's, and they have domain on what you do with them. They have no domain over your Air Jordan Shoes, your hockey pucks or your Bit Coins because THEY DID NOT PRINT THEM. Get that in your head. The Federal Reserve is not involved in these because they did not create them and they do not like competition.

The run up in "value" relative to the dollar is a psyop by the reserve banks. Consider, who can afford to spend 1k for a bit coin? A drugging looking to score in silk road? Oh, maybe a hedge fund manager who sees "value" on something he can't understand? No, the idea here is to draw attention to the new pieces of gold and to do that you have to have people saying, "bit coin hit 1000k dollars!" Once that happens, the same idiots will be clambering for SOMEONE, ANYONE to regulate this insanity and just like that, a form of real exchange will be dust.

Bit Coins are not an investment, they are means of exchange and there is a difference. The psyop here is to give people, stupid people, the idea that bit coins are fiat currency and to then get the government to control them because the government works for the Fed and is responsible for maintaining the illusion that the dollar is something other then debt.

Consider: The US has bombed Iraq, Afgh, Libya because the do not accept the IMF as their fiat currency god (NK, Iran are next), so given the killed untold people to keep this going it stands to reason they will go after bit coin. Since they can't bomb it, they'll simply create a demand to "regulate" it. Poof, no more bit coin in order to protect people.

reply to post by crankyoldman


Funny you said that 'cause right now I'm receiving several push notifications from an iphone BTC trading app stating not to upgrade to the latest version because Apple won't allow the buy/sell features within the app. IF customers wish to continue trading, don't upgrade. They're working on a new merchant.

This is a major flaw with the cryptocurrency technology. It relies on the firmwares proprietary of the big players like Apple, Samsung, or any other large smartphone manufacturer. If they limit developers, then it basically goes no where.

FlySolo
reply to post by crankyoldman

 

Funny you said that 'cause right now I'm receiving several push notifications from an iphone BTC trading app stating not to upgrade to the latest version because Apple won't allow the buy/sell features within the app. IF customers wish to continue trading, don't upgrade. They're working on a new merchant.

This is a major flaw with the cryptocurrency technology. It relies on the firmwares proprietary of the big players like Apple, Samsung, or any other large smartphone manufacturer. If they limit developers, then it basically goes no where.

I do not see that as a coincidence at all. Excellent spot.