The end of Bitcoin or take over by Big Money

[69nites]

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).

I've got my hands in most cryptocurrency.

The smaller ones are a little less predictable but mining had higher yields.

 

[Dex]

Apples to oranges. In order for someone to steal my gold they have to physically be there to do it. Hackers can steal bitcoin without a trace. It's not stable and it's vulnerable. Doesn't sound like a great currency

Kinda related but sad.

First Meta CEO found dead in Singapore

 

[69nites]

Apples to oranges. In order for someone to steal my gold they have to physically be there to do it. Hackers can steal bitcoin without a trace. It's not stable and it's vulnerable. Doesn't sound like a great currency

Kinda related but sad.

First Meta CEO found dead in Singapore

I'm not sure you understand.

You don't have to keep your bitcoin in a exchange.

You can store them on a hard drive not connected to the Internet.

The funds aren't being stolen during transfer. They are being stolen from extremely dumb people who leave their coins out there for the taking.

 

[prime]

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

Just for reference. It was about $10 a coin about one year ago. It's $650 now.

Actually holding bitcoin long term has always weathered the downswings. This is like the 8th time it's dropped and every time people say it's the end of it.

 

[prime]

I'm not sure you understand.

You don't have to keep your bitcoin in a exchange.

You can store them on a hard drive not connected to the Internet.

The funds aren't being stolen during transfer. They are being stolen from extremely dumb people who leave their coins out there for the taking.

Or in a paper wallet. The coins are actually in the blockchain. The keys are what you safeguard. If I'm really paranoid I'll store it in a virtual machine and keep it on a removable or thumb drive and keep a few copies.

 

[Gstacker]

Wouldn't that be great if a company like EBay started excepting bitcoin for payment.

 

[graniteman]

Just for reference. It was about $10 a coin about one year ago. It's $650 now.

Actually holding bitcoin long term has always weathered the downswings. This is like the 8th time it's dropped and every time people say it's the end of it.

As I said it was at a high of $1k plus, it's now $600 and change. Your premise is fine IF you bought under the current price. It's no different than a stock exchange other than it is much more volatile and has no governing body with teeth (as in jailing powers)

Lol, holding bitcoin has always weathered the storms? How can you say that when it is down nearly 40%? It also hasn't been around long enought to earn a title like ''weathering storms', 2014 will tell much.
If it were me I would play it like a penny stock , watch it very closely. Who knows maybe it will replace the petro dollar...but you do know in that sceanrio America goes up in flames?

 

[graniteman]

Bitcoin bank Flexcoin shuts down after hack | Internet & Media - CNET News

Bitcoin Hacked: Price Stumbles After Buying Frenzy

^^This one shows the need for some sort of real regulation

 

[prime]

As I said it was at a high of $1k plus, it's now $600 and change. Your premise is fine IF you bought under the current price. It's no different than a stock exchange other than it is much more volatile and has no governing body with teeth (as in jailing powers)

Lol, holding bitcoin has always weathered the storms? How can you say that when it is down nearly 40%? It also hasn't been around long enought to earn a title like ''weathering storms', 2014 will tell much.
If it were me I would play it like a penny stock , watch it very closely. Who knows maybe it will replace the petro dollar...but you do know in that sceanrio America goes up in flames?

The high was in December. Let's talk this summer. If you bought on any prior peaks the price has always come back. That's what I meant by weathered. Dropping huge amounts after every peak is very common for bitcoin. This is Ike the 8th time.

 

[graniteman]

The high was in December. Let's talk this summer. If you bought on any prior peaks the price has always come back. That's what I meant by weathered. Dropping huge amounts after every peak is very common for bitcoin. This is Ike the 8th time.

One of my points about it's problem being a currency. Business and markets especially need stability

 

[prime]

One of my points about it's problem being a currency. Business and markets especially need stability

I agree. It's to volatile at its current market cap.

 

[JR Ewing]

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.

Did he show you proof that he bought at a bottom and sold at a top with that $5k?

Bitcoin to me right now is like many other things I may or may not throw a few bucks at as a speculative play - if I ever did throw a few bucks in it, it would just be with a very, very small amount of my $ that would be $ I wouldn't be afraid of losing totally. Like a few penny stocks here and there that look very promising but could prove worthless due to empty oil wells, failed drug trials, accounting fraud, or any of a number of other reasons.

It's largely a question of valuation for me. I'm not much on charts and technicals.

How do you value the investment? I can always measure revenue growth, earnings, margins, cash flow, etc with a stock. Or credit worthiness / risk with a bond. Demand with oil, gas, real estate, etc. Gold is a hedge and an alternate form of currency with real value and liquidity.

If it's difficult or impossible to estimate value, supply / demand, etc, it's a speculative play for me that I may or may not throw a few bucks at here and there. But NOT something I'm putting much into if I do play it. Be careful!