Might be a good buying opportunity. After all, according to Max Keiser, Mr. Rick Falkvinge, the founder of the Swedish Pirate Party, predicts that bitcoins could climb to as high as $100,000 or even a million dollars a bitcoin...
Bitcoins reminds me of penny stocks.... high risk...
Lol. The penny stocks was a good comparison, does seem like a massive pump and dump before moving onto the next thing. If "serious" predictions are being made about 40 and 100k a coin you know it's future is in trouble. Anytime something starts sliding and can't stand on its own anymore promises of massive wealth are used to lure people back in. The same thing happened with silver and gold when the slide started and they're still sliding.
What we're seeing now is a Bitcoin bubble that can't *quite* decide in what manner it wishes to pop. Where I originally thought that Bitcoin was an awesome idea, now that speculators got their hands on it I wouldn't touch'em. It's going to be like Silver Thursday all over again.
Well, it lost half its value in one week... this makes bitcoin more unstable than mendelevium. It may have a promising future in the nuclear energy industry
If it is a platform I think it is like the platform on a dunk tank. Someone (China) just hit the target and it dropped (50% in a day). I'm guessing those that accepted bitcoins yesterday are feeling a little under water today.
Trust me, the merchants that accept Bitcoins are not holding them past the time that they receive them. They are converting them to USDs, Euros, etc. daily if not immediately upon receipt. If they aren't they won't be in business long making inexcusably stupid decisions like that. Bitcoin is an interesting payment processing system but as a "currency" not so much.
At this point, Bitcoin is impossible to cash out through any remotely non-shady channels. It's doubtful there's any actual money left in the Bitcoin economy, seeing as everyone is knocking their heads together trying to dump it and run at the same time. Almost every company that has been badgered into accepting Bitcoin is taking losses on it. Here's the saga of someone trying to sell a pile of Bitcoins for more than 50% off their market value with almost no success:
So not only is it extremely volatile, the only thing holding it anywhere near its reported value is a spackle of false hope and the fact that all the exchanges are queued up into 2015. Stick to penny stocks!
Well guys, Id like to be bumping this explaining how I am a filthy rich man and that I have now made it. However, that is not the case.
Today bitcoin is ~ $2700 each, I literally watched it from $8 on. If any of you bought coin when I posted this, chances are you are a very rich man. Not many generations have had an opportunity like this..
Instead I bought silver and lost. Ive sold my silver since, an emergency came about where I needed to liquidate something, and that was my PM collection. I still enjoy looking at different coins, rounds, bars, but I cant see myself getting back into it. Not for investment purposes anyway. I know many of you will disagree with me, but we'll have to agree to disagree.
Anyway I hope you guys are all doing well! Its been awhile =)
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Posted 12/18/2013 09:01 am
For sure... and feeling a "bit" under water too... sorry, couldn't resist, LOL 
