| Author |
 Replies: 128 / Views: 18,807 |
|
Valued Member
United States
239 Posts |
I'm not sure if this is the right place for this? But I wanted to see if anybody is aware or has any real knowledge of the bit coin market. It seemed to of exploded recently & now 1 bit coin has surpassed the price of 1ozt of silver. Now, for those who don't know what bit coins are, they are a digital currency that is peer2peer controlled. You can read about it here : http://en.wikipedia.org/wiki/BitcoinWhats cool about bit coins or what I think will potentially EXPLODE the bit coin market is the black market. What I mean by that is there are certain underground websites that allow people to buy things that are illegal including anything from drugs & weapons to online gambling and more. I wont go into details about the drugs & weapons but I feel as if that basically drove the market to about where it is today. There are a good amount of entrepreneurs out there experimenting with opening online poker sites that ALLOW US players because of the acceptance of the bit coin currency. The reason that the black market thrives with bitcoins is because bit coin isn't a countries currency. The FBI kind of has their hands tied because no one is technically "buying" or "selling" or "gambling" anything as bit coins arn't a recognized currency. If you spend some time you can find out a lot of information about the market.. I just know the basics & I am thinking of getting more involved as it could be a potential exploding market. Now, its very sketchy to me because its not really based on anything. Bit coins are "harvested" in some kind of internet mining.. its really mind boggling to me, but in a sense they are not so easy to create making them WORTH something? It wasn't too long ago at all these were $8usd/1bc and I was thinking to myself how expensive. When I first stumbled across them they were about $4usd/1bc. So here I am thinking.. The online poker part could potentially attract lots of traffic, lots of people purchasing bitcoins, driving up the market more. Would it be smart buying up bc's now and hoarding them for a while? Ive read stories of fear of a "Pump & Dump" theory where some people thing a large player is manipulating their market right now but I think that's hog wash as the drug market caused it to rise up to where it is now & now with poker sites like Infinity Poker getting ready to pop up, I feel as if there is a lot of potential money to be made here. This could also potentially effect the PM's market. I think BC will become a serious player in the next few years to come. Thoughts? Opinions? Is it worth dipping your feet into or is this just too risky? |
|
|
|
Valued Member
 United States
239 Posts |
http://qz.com/56029/bitcoin-is-trad...record-high/"Traders at large investment banks, including Morgan Stanley and Goldman Sachs, are said to be active on bitcoin exchanges." "More prominent businesses have begun accepting payments in bitcoin in recent months." " Only 21 million bitcoins can ever be created. There are 10,814,125 right now, valued at a total of $341,942,633"
|
|
Pillar of the Community
United States
2543 Posts |
My son built a small server to exclusively mine bit coins which he then transfers to an investment account. He made $216 dollars last week, profit and still has his investment capital. Not bad for a sixteen year old.
|
|
Valued Member
Canada
314 Posts |
I really know nothing about bitcoins, but isn't it kind of like a pyramid scam.. Just wondering.?
Edited by rickynic
03/03/2013 12:53 pm
|
|
Valued Member
United States
239 Posts |
There ya go! That's very impressive.. Does he average $200 a week or did he unload a few that he's been saving?
I am seriously thinking of putting some of my savings away in a btc account.
|
|
Pillar of the Community
United States
1200 Posts |
Speaking as the hedonistic geriatric paranoid that I am, I prefer the tactile gratification of physical bullion in my physical possession (or at least
in a secure vault only a couple miles away). I know "paper silver" has its benefits, but I'm just not with that program. Ditto with the bit coin stuff.
|
|
Pillar of the Community
United States
2543 Posts |
. Quote:
Does he average $200 a week or did he unload a few that he's been saving? No he is busy with school work and activities, so he needs his computer for other things, that is why he just built another dedicated to bit coin mining. He then cashes them into a etrade account and invests I'm small gaming stocks and pc parts suppliers. Last week he bought shares of THX before they released a new game pack, the stock doubled and he pocketed $216. |
|
Bedrock of the Community
Australia
21788 Posts |
Bitcoin seems to have all of the hallmarks of the junk bond boom and bust.
|
|
Pillar of the Community
United States
2168 Posts |
I read an article about an ATM that will convert too bitcoins. I really don't feel safe with them. They are too elusive for me. I read about them but can't really understand where the value actually comes from. Plus, like stocks, can go to zero. At least PM in hand has something left in value I really don't get the mining thing.
|
|
Bedrock of the Community
Australia
21788 Posts |
Who would like to buy PM's in hand with Bitcoins?
|
|
Pillar of the Community
United States
2168 Posts |
Not me for sure. I'm sure some how they will be tracked as well. Just look what has happened with grocery store loyalty cards! Insurance companies and employers buyng info on us and using what we buy against us!
|
|
Valued Member
United States
264 Posts |
I have been Litecoin mining for months now and am very happy to see this recent price jump for Bitcoins. I make this digital currency using a solar array for power and about 6 computers with Radeon HD 6950 graphics cards. FYI for all of you capable of mining Bitcoins, there are lots of websites that offer bitcoin to gold trades for actual bullion shipped to your door! Here is my favorite: http://www.coinabul.com/ |
|
Pillar of the Community
United States
2168 Posts |
I really don't understand the mining part. Then they receive value? How do you do t. I just an a little confused how you get something for nothing and who actually exchanges for gold or dollars? And how does it not ge tracked since it seems all we do on computers is. I guess I'm just not at all familiar with this coNcept. Thanks!
|
|
Pillar of the Community
Canada
815 Posts |
The problem with bitcoins is their origin. The supply is increased artificially to outperform inflation. In essence, they are created from nothing. Additionally, they are not 100% anonymous, so black market transactions sing BC can be tracked back to the buyer. For a nice intro to bitcoins, and the deep web (Warning, this really is the rabbit hole, this is blue pill/red pill-caliber stuff!), see BBC's amazing three part audio series: "Danger in the Download". http://www.bbc.co.uk/programmes/p00r08zy |
|
Pillar of the Community
United States
1200 Posts |
How long will it be until internet scammers invade, infect and start mining the Bitcoin system -- soon, sooner or soonest?
|
|
Pillar of the Community
United States
2168 Posts |
Exactly. They are often referred to as an infallible secret 'money" but as we al know anything can be broken into. I don't get it. And thanks for the info! Something I will not become involved with
|
| |
Replies: 128 / Views: 18,807 |
Posted 03/03/2013 09:48 am
