my bitcoins gone up...

[MilgaussMan1]

what should i buy that is not a watch???

[southtexas]

A RPG?


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[Darlinboy]

Are you sure you want to sell? I predict bitcoins will continue to go up or down, and I've never been wrong so far.

As for your purchase... stocks, bonds, real estate, vacation home on a beach? Airplanes, islands, tiger on a gold leash?

All depends on how much you've got and what you're looking for, investment or celebration of good fortune, or both. Fortunately, there are many options in the "not a watch" category.

Congratulations on your good fortune.

[andromeda160]

I told my friend that we should invest in bit coins and just sit on them. He said it was a dumb idea and I dropped it. A year later and I coulda been a millionaire -.-

[diver2012]

Originally Posted by andromeda160

I told my friend that we should invest in bit coins and just sit on them. He said it was a dumb idea and I dropped it. A year later and I coulda been a millionaire -.-

Why didn't you just do it yourself?

You can't have been that convinced!

Hindsight is a wonderful thing...

...don't worry though...they will come crashing down soon...oh wait it looks like they already are...

[MilgaussMan1]

darn that is a lot of milgauss and day dates we missed out on...

one year ago it was 10$ now its sitting at over 1100$

[Welshwatchman]

Originally Posted by MilgaussMan1

my bitcoins gone up...what should i buy that is not a watch???

Originally Posted by MilgaussMan1

darn that is a lot of milgauss and day dates we missed out on...

one year ago it was 10$ now its sitting at over 1100$

I thought you didn't miss out. You seem to state that your collection of bitcoins went up.

Perhaps you should double check.

[77T]

The bitcoin market can come down so fast by government or financial action, it would be wise to cash in now. The value bubble makes the move more likely. One action by EU, USA or even PayPal could crater the value.

[powerfunk]

Originally Posted by 77T

The bitcoin market can come down so fast by government or financial action, it would be wise to cash in now. The value bubble makes the move more likely. One action by EU, USA or even PayPal could crater the value.

How can the government do anything to stop bitcoin? It can't be controlled by governments or banks; that's part of the appeal and the value IMHO. Litecoin and novacoin over 25 USD and even feathercoin over 1 USD...Cryptocurrency is here to stay whether or not Bitcoin stays on top.

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[77T]

Originally Posted by powerfunk

How can the government do anything to stop bitcoin? It can't be controlled by governments or banks; that's part of the appeal and the value IMHO. Litecoin and novacoin over 25 USD and even feathercoin over 1 USD...Cryptocurrency is here to stay whether or not Bitcoin stays on top.

Sent from my SPH-D710VMUB using Tapatalk 2

Governments and Financial Consortia like EU can impact the underlying factors of valuation by decreasing the demand curve. For example, when online gambling was soaring here in USA, the virtual value many successful players had amassed was wiped out when DoJ chose to act in United States v. Scheinberg. That triggered confiscation which killed the industry.

I'm not predicting doom - just noting that conditions could be approaching a level that attract the attention of authorities.

For example, if EU and USA cooperated in attacking bitcoin exchange activity by citizens of their respective countries, it would take a large number of buyers out of the market. That would reduce demand by a large % (based on buy/sell activity over past 2 months) and thereby reduce valuation.

[powerfunk]

Originally Posted by 77T

Governments and Financial Consortia like EU can impact the underlying factors of valuation by decreasing the demand curve. For example, when online gambling was soaring here in USA, the virtual value many successful players had amassed was wiped out when DoJ chose to act in United States v. Scheinberg. That triggered confiscation which killed the industry.

I'm not predicting doom - just noting that conditions could be approaching a level that attract the attention of authorities.

For example, if EU and USA cooperated in attacking bitcoin exchange activity by citizens of their respective countries, it would take a large number of buyers out of the market. That would reduce demand by a large % (based on buy/sell activity over past 2 months) and thereby reduce valuation.

Fair points, Paul. From what I've seen though, government action thus far has increased the cost of BTC and actually pushed it MORE towards being a legitimate international reserve currency. For example, once US customers could no longer withdraw USD from Mt. Gox accounts, the price of BTC actually increased significantly. This is because Americans who want to withdraw are effectively forced to withdraw in BTC instead -- thus increasing demand for BTC.

As more and more merchants accept cryptocurrency directly, the importance of fiat exchanges will decrease. Even if the entire EU and US stopped using Bitcoin, the value would drop but probably by less than 50%. A whole new world of international opportunity is opening up here and I just hope the US doesn't end up behind the curve.

[77T]

Originally Posted by powerfunk

Fair points, Paul. From what I've seen though, government action thus far has increased the cost of BTC and actually pushed it MORE towards being a legitimate international reserve currency. For example, once US customers could no longer withdraw USD from Mt. Gox accounts, the price of BTC actually increased significantly. This is because Americans who want to withdraw are effectively forced to withdraw in BTC instead -- thus increasing demand for BTC.

As more and more merchants accept cryptocurrency directly, the importance of fiat exchanges will decrease. Even if the entire EU and US stopped using Bitcoin, the value would drop but probably by less than 50%. A whole new world of international opportunity is opening up here and I just hope the US doesn't end up behind the curve.

Speaking of amping demand for BTC - http://finance.yahoo.com/news/colleg...153845085.html

Huge props for the creativity of this guy

[77T]

Originally Posted by powerfunk

Fair points, Paul. From what I've seen though, government action thus far has increased the cost of BTC and actually pushed it MORE towards being a legitimate international reserve currency. For example, once US customers could no longer withdraw USD from Mt. Gox accounts, the price of BTC actually increased significantly. This is because Americans who want to withdraw are effectively forced to withdraw in BTC instead -- thus increasing demand for BTC.

As more and more merchants accept cryptocurrency directly, the importance of fiat exchanges will decrease. Even if the entire EU and US stopped using Bitcoin, the value would drop but probably by less than 50%. A whole new world of international opportunity is opening up here and I just hope the US doesn't end up behind the curve.

Actually the first shoe has just dropped...http://www.bloomberg.com/news/2013-1...nsactions.html

As China has a large footprint financially, it may be a the first step. BTC dropped 20% on the news - now EU and US must react.

Note the concerns about money laundering....
http://www.bloomberg.com/news/2013-1...n-germany.html


And loss from fraud/exchange closure...

"GBL, a Bitcoin trading platform that began operating in May and had 4,493 registered users at the end of September, abruptly closed on Oct. 26, the official Xinhua News Agency reported Dec. 3., citing police in eastern Zhejiang privince’s Dongyang city.

One investor who reported the case to the police claimed a loss of 90,000 yuan ($14,774), Xinhua reported, saying the total amount of money stolen was unclear. The Hong Kong Standard reported on Nov. 11 that investors may have lost as much as 25 million yuan after the site closed."

[DiamondJack]

There was something on UK London news last night about some bloke who threw away his hard drive with (if I remember) a few million sterling of Bitcoins.......

The TV news item was filmed at the waste landfill sight....... and needless to say he was somewhat sorry for himself......

[padi56]

Originally Posted by DiamondJack

There was something on UK London news last night about some bloke who threw away his hard drive with (if I remember) a few million sterling of Bitcoins.......

The TV news item was filmed at the waste landfill sight....... and needless to say he was somewhat sorry for himself......

Thats quite true and not far from my home QTH its on a Dell laptop hard drive with £5m in Bitcoins on it.

[Welshwatchman]

Originally Posted by DiamondJack

There was something on UK London news last night about some bloke who threw away his hard drive with (if I remember) a few million sterling of Bitcoins.......

The TV news item was filmed at the waste landfill sight....... and needless to say he was somewhat sorry for himself......

Originally Posted by padi56

Thats quite true and not far from my home QTH its on a Dell laptop hard drive with £5m in Bitcoins on it.

Oh to be so rich as to forget there's £5,000,000 worth of currency locked into one place, and then to throw it away without ever bothering to back the data up.

I get het up enough when I lose a tenner in the washing machine.

[The Joker]

Originally Posted by DiamondJack

There was something on UK London news last night about some bloke who threw away his hard drive with (if I remember) a few million sterling of Bitcoins.......

The TV news item was filmed at the waste landfill sight....... and needless to say he was somewhat sorry for himself......

That was a Bit careless.

[bayerische]

Originally Posted by The Joker

That was a Bit careless.

[diver2012]

http://en.wikipedia.org/wiki/Greater_fool_theory

[bplein]

I've started playing around with BTC just to understand the tools, the gotchas, the "dos and don'ts". I have just over $200 in BTC (as of this week LOL). Just enough to exaggerate the transaction fees (makes you think about them and understand them), it's a low enough investment that if I lose it all it has zero impact to me, and if I happen to accidentally make a huge increase in USD based on it, it's still not an impact to me.

Just enough skin in the game to learn to use the new tools.

There are dozens, maybe hundreds of cryptocurrencies out there. Some are more tongue-in-cheek than others https://www.cryptsy.com/

[renfield33]

i was wondering if any of the trusted sellers accept bitcoin!

[77T]

Haven't seen any taking BTC since their own suppliers and people who sell to them are unlikely to accept BTC.

[powerfunk]

Originally Posted by 77T

people who sell to them are unlikely to accept BTC.

That's very true...for now!

For now, with a little legwork and localbitcoins.com they could turn BTC into cash pretty easily.

[psv]

Isn't it just another pyramid sheme/scam/bubble/unregulated financial instrument/gamble?

[powerfunk]

Originally Posted by psv

Isn't it just another pyramid sheme/scam...

No; it doesn't rely on newcomers at all. It's all open-source, and every bitcoin transaction ever made is permanently logged in the "blockchain." So, it's publicly visible that the creator(s) didn't just hoard a bunch of coins for themselves.

Originally Posted by psv

/bubble...

Maybe!

Originally Posted by psv

/unregulated financial instrument...

Yep! Well, it's not regulated by people. It's regulated by its algorithm. Its scarcity is predetermined. The algorithm allows around 4,000-5,000 new Bitcoins to be created per day (this will automatically be halved in about 3 years, and it will be further halved in the future, etc.).

Originally Posted by psv

/gamble?

Absolutely!

[powerfunk]

The number 6 I think is believed to be lucky in China; it represents happiness and smoothness, and is believed to be good for business. Bitcoin seemed to plateau around 600 CNY for a while until its recent explosion to its current level of about 6,000 CNY. Coincidence? Probably.

[77T]

Rob - points well made

I'm just old enough to have avoided many different "bubbles" including dot com stocks, e-gold and others. Just worrying to see some of the same trends developing. I realize there are differences with BTC because the inventors learned how to avoid the pitfalls from previous systems. But the skyrocketing BTC value could be a problem in disguise whereby some faction in the financial sector or hacker/scammer community have found a loophole and is exploiting it like ponzi schemers do.

[renfield33]

i have no doubt the BTC market is being manipulated by people holding large amounts of coins, but the large buy in by china has really stabilized it.

the news this morning was that banks cannot conduct transactions in BTC, but people can. market has already recovered from the news.

[powerfunk]

I agree with the potential-bubble factor; the price may indeed be way too high right now. Maybe BTC will drop 90% in the next 2 months or 2 years. But as long as it eventually ends up at a relatively stable price, it can continue to be a functional currency, which is what's exciting to me.

I think BTC opens up an exciting world of international trade opportunities, but I definitely don't think people should be "investing" in BTC because they expect some sort of ROI. Definitely crazy risk involved.

[Bassplayer]

keep buying bit coins. keep money out of gold/silver for a while...