The end of Bitcoin or take over by Big Money

[Swiper]

gold is up almost $30 today

 

[macgyver]

You seem like you want us all to agree with you so you can feel better about your investment.

I dont care if you agree with me or not. I am just sharing info. I think it a little puzzling that people are not more open minded to that fact that a change WILL come. Will it be bitcoin, or some other digital coin?....I dont know. But we are living in a world that is being (and has been manipulated) for years by banks with a system based on mortgage backed securities. People are not happy with this system. With the advent of new technology people in the future may have different choices.

FYI Warren Buffet said to stay away from Bitcoin. Are you smarter than WB? I know I'm not

That is funny. So a guy with arguably more money tied to current banking systems comes out against it....and you are surprised?.... You have to read between the lines. Buffet is old school. Some BIG guys from the tech sector that are the future economic giants have jumped on board publicly. (guys from google...etc) I just saw the first public traded investment fund to invest in cryptos, put $20mil in bitcoin

If you are looking for 'expert' people without an agenda....how about former Fed Chair Larry Summers. (1999-2001).

Larry Summers, former United States Secretary of the Treasury (from 1999-2001) made some interesting statements on bitcoin during the National Association for Business Economics Policy Conference to Politico’s Morning Money.“I think Bitcoin has the potential to be a very, very important development,” he said, which would possibly come to the surprise of many in the digital currency community. “I think that we are seeing many, many sectors of our economy be transformed by information technology and certainly it seems bizarre that at this late date, one has to pay as much as one does to use a debit card or to get cash from an ATM or to transfer money to one’s child living abroad. So it seems to me that there’s going to be a concerted effort to reduce financial frictions and that effort’s going to be multi-faceted and certainly Bitcoin is an innovative approach in that regard.”

Summers continues (bold emphasis ours):

I am very mindful that there have been other things that came out of Silicon Valley that seemed very flakey to people on the outside and then proved to be an enormous deal. Very serious economists thought that the Internet was going to be no more important than the fax machine so I’m not willing to dismiss Bitcoin. At the same time, I do think it’s important to recognize that it can’t and won’t flourish as a way of avoiding legal protections.


​

He makes an interesting point, and it’s certainly refreshing to see a public official (albeit former) acknowledge technological innovation as opposed to remaining set and their ways with a dismissive attitude.
Not everyone holds the same opinion, however. Recently, J.P. Morgan CEO Jamie Dimon said bitcoin is a “terrible store of value”, and his company subsequently released a less-than-positive report on the digital currency, calling it “vastly inferior to fiat currencies”.

 

[Dex]

It seems like you are here to argue and convince us all we are stupid. Go ahead and throw your money into Bitcoin. You've already seen how vulnerable it is and you still think it's a good idea so go for it.

If Buffet saw money in Bitcoin he'd be the first to jump on it.

 

[ftizzlefry]

I have a good friend who made like 60 grand last year from a $5000 investment. Pretty good turnover id say. He told me the value jumped when china made a push against corruption. All the corrupt officials had to scramble to hide their assets and bitcoin is where many of them turned. Now i personally dont know that much about it but something tells me the governments will do whatever they can to kill off anything they cant controll. I read an article last night about how NSA spyware has Russian systems so corrupted that they are using manual typewriters for anything they dont want compromised. Not sure if any of this is relevant to the thread but there you go.

 

[Swiper]

Overstock CEO Sees Bitcoin Sales Rising More Than Expected
Expects Bitcoin Sales to Reach $10 Million to $15 Million This Year

By ROBIN SIDEL
Bitcoin holders have spent more than $1 million at Overstock.com since Jan. 9, surpassing the online retailer's expectations and prompting it to keep a stash of the virtual currency that eventually may be used to pay vendors or employees.
Overstock.com Chief Executive Patrick Byrne said the Salt Lake City-based company now expects bitcoin sales to reach $10 million or $15 million this year, up from the $5 million that had been expected. That is a sliver of the $1.3 billion of revenue that the company generated last year.
Overstock began accepting bitcoins Jan. 9, becoming one of the biggest merchants to embrace the virtual currency as it attracts a growing amount of attention from merchants, investors and consumers. Created in 2009, bitcoins can be used to pay for goods and services.
The turnout from bitcoin customers comes during a difficult time for the virtual currency. One of its most prominent trading exchanges, Tokyo-based Mt. Gox, filed for bankruptcy protection last week and said it is missing more than $470 million of bitcoins.
In an interview, Mr. Byrne said that the recent events don't shake his belief that the currency can flourish.
"Banks get robbed and no one says that something must be wrong with the dollar," he said.
Mr. Byrne also said that customers who pay with bitcoins are mostly men and are spending more than others, with average orders of $230 compared with $150 for typical orders. Of the more than 4,300 customers who have paid with bitcoins, Overstock estimates almost 60% are new customers.
Among the most popular items that customers are buying with bitcoins are sheets, cellphone cases, headphones, socks and computer products, according to a list provided by the company.
Overstock has also recently started holding on to the bitcoins that it receives from customers instead of immediately exchanging the virtual currency for dollars, Mr. Byrne said. Many merchants don't keep their bitcoins because they want to avoid currency risk from bitcoin's price fluctuations.
"It is my interest to see a robust parallel monetary institution," said Mr. Byrne, a supporter of limited government oversight.
The company will keep 10% of its revenue from bitcoin sales in the virtual currency, with the intent of eventually offering it as payment for vendors and employees. Mr. Byrne said the company now holds ""tens of thousands" of bitcoins.
http://m.us.wsj.com/articles/SB10001424052702304815004579418962232488216?mg=reno64-wsj

 

[macgyver]

It seems like you are here to argue and convince us all we are stupid. Go ahead and throw your money into Bitcoin. You've already seen how vulnerable it is and you still think it's a good idea so go for it.

If Buffet saw money in Bitcoin he'd be the first to jump on it.

Actually I made it pretty clear that I understand the risks involved and this is far from a 'sure thing'. I am just surprised at how you can be so matter of fact dismissive about it.

I do not believe you are 'stupid' because we disagree. It is OK to have differing views. I for one would love to hear you elaborate on why you believe it is doomed to fail.

As for Buffet....sure he is a smart guy. But I am sure he has overlooked things in his live before and been wrong once or twice. Plenty of other big names out there who feel quite the opposite of him.

 

[69nites]

If you keep your bitcoins anywhere other than than a hard drive not connected to the Internet you are retarded.

Doubly so if you stored your coins at mt gox. For those that don't know mt gox stands for magic the gathering online exchange.

There are risks but riding the ups and downs has made ungodly amounts of money.

The only coins I have right now were mined not purchased. Trading in and out compounds the profitability.

The company that put Bitcoin atms in Canada is deep in the works to get some in the states.

On the way down? They get bigger and bigger every single day and the volatility has most big investment firms buying and selling just like you would trading foreign currency.

When you see an exchange shut down and it drops 20% just buy it. It's going to rebound like it always does and you're going to make a extremely quick 15-20% retern in less than a week.

I've been doing this for years now.

So yes when it comes to bitcoin I absolutely am smarter than any dumbass who days they aren't a smart short term investment.

 

[graniteman]

If you keep your bitcoins anywhere other than than a hard drive not connected to the Internet you are retarded.

Doubly so if you stored your coins at mt gox. For those that don't know mt gox stands for magic the gathering online exchange.

There are risks but riding the ups and downs has made ungodly amounts of money.

The only coins I have right now were mined not purchased. Trading in and out compounds the profitability.

The company that put Bitcoin atms in Canada is deep in the works to get some in the states.

On the way down? They get bigger and bigger every single day and the volatility has most big investment firms buying and selling just like you would trading foreign currency.

When you see an exchange shut down and it drops 20% just buy it. It's going to rebound like it always does and you're going to make a extremely quick 15-20% retern in less than a week.

I've been doing this for years now.

So yes when it comes to bitcoin I absolutely am smarter than any dumbass who says they aren't a smart short term investment.

Sure if you treat it like a short term investment with highly volatile risk it's something to invest in. BUT it is still down from it's all time $1,147, that's close to a 40% drop. I'm all for risk and reward, I would just be cautious. the world powers are not going to let this survive, it means them giving up control
Bitcoin to Collapse in 2014?: 5 Fast Facts You Need to Know | HEAVY

 

[Dex]

Another bitcoin bank shutting down UPDATE 1-Bitcoin bank Flexcoin shuts after hacking theft

 

[69nites]

Sure if you treat it like a short term investment with highly volatile risk it's something to invest in. BUT it is still down from it's all time $1,147, that's close to a 40% drop. I'm all for risk and reward, I would just be cautious. the world powers are not going to let this survive, it means them giving up control
Bitcoin to Collapse in 2014?: 5 Fast Facts You Need to Know | HEAVY

It's all about riding the rebound and dumping them.

Long term investment is a bad idea with any volatile trading.

When I compare the risk/reward of conservative Bitcoin trading to something like penny stocks I wonder why people even waste their time with the penny stocks anymore.

Something else to consider.

You have a computer sitting all day why not mine bitcoin and then trade what only costed you a few bucks in electricity?

 

[macgyver]

Another bitcoin bank shutting down UPDATE 1-Bitcoin bank Flexcoin shuts after hacking theft

It is funny as you seem to want to post any negative news story. The one above, AGAIN has nothing to do with "bitcoin" but rather a company that offered to store your coins and make the easier to transfer. ( a little too easy to move them I guess ). Again....bank gets robbed of gold... does anyone say 'gold' is the issue?.....or poor security?

For every negative article you post there are many developments everyday that overwhelmingly positive.

This one is funny though. In response to Manchin's open letter to ban bitcoins, a congressman (Jared Polis) calls for the ban on the dollar

“I write today to express my concerns about United States dollar bills. The exchange of dollar bills, including high denomination bills, is currently unregulated and has allowed users to participate in illicit activity, while also being highly subject to forgery, theft, and loss,” he wrote in hisstatement addressed to Secretary Lew, Chairwoman Yellen, Comptroller Curry, Acting Chairman Wetjen, Chairman Gruenberg, and Chairwoman White.He continues:

The very features of dollar bills, such as anonymous transactions, have created ubiquitous uses from drug purchases, to hit men, to prostitutes, as dollar bills are attractive to criminals who are able to disguise their actions from law enforcement. Due to the dollar bills’ anonymity, the dollar bill market has been extremely susceptible to forgers, tax fraud, criminal cartels, and armed robbers stealing millions of dollars from their legitimate owners. Anonymity, combined with a dollar bills’ ability to finalize transactions quickly, makes it very difficult, if not impossible, to reverse fraudulent transactions.
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The statement closes:

Before the United States gets too far behind the curve on this important topic, I urge the regulators to work together, act quickly, and prohibit this dangerous currency from harming hard-working Americans.
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If you haven’t already guessed, Polis is being facetious.
“This is just a satirical version of Senator Manchin’s letter, meant to draw attention to the fact that BitCoins are not any more susceptible to the problems that the Senator points out than dollars,” spokesperson Scott Overland said. “Congressman Polis is not actually calling for a ban on physical currency, but hopes this helps move the debate forward so we can come up with ways to improve BitCoins, not ban them.”

 

[macgyver]

It's all about riding the rebound and dumping them.

Long term investment is a bad idea with any volatile trading.

When I compare the risk/reward of conservative Bitcoin trading to something like penny stocks I wonder why people even waste their time with the penny stocks anymore.

Something else to consider.

You have a computer sitting all day why not mine bitcoin and then trade what only costed you a few bucks in electricity?

69,

I dont know if you are into litecoin trading as well. Get ready for a big spike in value. Huobi is adding it to their exchange in a matter of days. Should be good for a very big bump.

BTC China added it and we saw an almost 20% jump. I think it will be even great when Huobi comes online. Volume of trading is almost matching bitcoin in the last few days. (which is pretty crazy). Market cap up 20% in one day

This could actually be huge. As being on a major fiat exchange is what prevents Coinbase from adopting them (currently servicing bitcoin transactions for companies such as Overstock.com).

If the above all happen, I am looking at Litecoin to be close to $100 by end of the year. (hoping ) Some think it will go higher (on par with 25% the value of bitcoin).