I love bitcoin! To me it is the greatest invention of mankind, and the mystery of the creator makes it that much more compelling. It is about revolution. Yes it's being traded like a stock, but, there is a solid base which we saw a few days ago when China banned banks from wireing funds into bitcoin, followed by the worlds largest online retailer removing them as a pay option, and today Bitcoin is back at $1000 on a steady rise. I just did my xmas shopping online with it and it was the fastest most fluid payment I ever made. Scan send DONE! The first time I did it I had an epiphany. Bitcoin is Awesome, and like I said, 'revolutionary.' The people monkeyhammering the paper prices of metals until this week (I hope) are quaking in their suits. They are having all kinds of meetings and finding out that BITCOIN is going to replace them, and Free the Market and there isn't a thing they can do about it! Not really, they will time announcements the agitate bitcoins price when it becomes significant again, just as China did a last week. All the worlds banks are at arms, JPM has a patent application for a bitcoin like protocol, only it will be centralized and not free, and doomed to fail. If for no other reason than to see bankers squirm, who wouldn't buy in?!
Quote: but, there is a solid base which we saw a few days ago when China banned banks from wireing funds into bitcoin, followed by the worlds largest online retailer removing them as a pay option
Bitcoin is becoming more solid as more and more authorities start cracking down on it...?
Quote: The people monkeyhammering the paper prices of metals until this week (I hope) are quaking in their suits.
The monkeyhammerers are making tons of money and will continue making tons of money. I really doubt one week of Bitcoin Action is going to shake the foundations of world finance... it might not even make it to the living room window.
Quote: They are having all kinds of meetings and finding out that BITCOIN is going to replace them, and Free the Market and there isn't a thing they can do about it!
I just don't believe this, although I'm all for important people in suits having meetings and unanimously coming to the conclusion that certain things are Freedom Personified.
Quote: All the worlds banks are at arms
Well, I went on the Bank of Canada tour this July, and they are temporarily closing the Currency Museum for three years. Bitcoin in action? You decide!
Quote: If for no other reason than to see bankers squirm, who wouldn't buy in?!
Since they have all my money in a relatively non-volatile and stable form (dollars Canadian), I would actually prefer for them to sit still.
Quote: I just did my xmas shopping online with it and it was the fastest most fluid payment I ever made.
That's interesting, elf... you mean faster than Paypal? What kind of protection does bitcoin offer in case you don't receive or aren't happy with your merchandise?
What I find most intriguing is that everyone talks about how Bitcoin is the future yet the coins themselves have absolutely no value. People don't hold them for any reason other than the hope that they will increase in dollar value. Merchants that accept Bitcoin list their prices in terms of the Bitcoins currency equivalent and I am sure they immediately transfer their Bitcoins into their currency of choice as I am sure they are not in the business of speculation. I understand the appeal from an on-line security and anonymity perspective but that is all I ever see Bitcoin being. But hey, what do I know.
A good 20% drop for BitCoin once the Chinese government decided that their Central banks will no longer accept it few days ago, but do allow people to buy and sell off shore. Also, BitCoin is held/secure in your own personal computer, and if your computer drive dies, so do your BitCoin, unless you back it up of course. Rumor that a guy lost all his BitCoins because he did not back it up.
You can have offline or "paper" wallets. It can be as secure as you want it to be, you really have to decide. You can recover wallets with a passphrase so its not a huge deal if your computer dies.
They were trying to do a big bitcoin black friday this year which I did not participate in because I am broke but everyones main goal was to bring btc more exposure and get more retailers to accept it or atleast think about it.
Bitcoins dropped to $555 this morning. Anyone who picked these up a few weeks back at $1100 has to be alarmed. Stores that accepted these yesterday just took a very big hit. Not sure why anyone would want these. I would rather not have a currency that I have to spend immediately or risk loosing 50% if I hold it a week.
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
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Posted 12/10/2013 6:36 pm
