Cavehill Red wrote: » VERY volatile market. Recently spiked and fell back a little in the last week. Looking very bubblicious just presently. Only speculate with money you can afford to lose.
Cavehill Red wrote: » It seems to me the only clear positive about bitcoins is their mobility. IE they can be accessed worldwide online. In the scenario you describe, where you merely have an allocated (or unallocated?) account, I don't see the point. If you're going to buy bitcoins, make sure you own them at least.
brendan86 wrote: » And what's the best way to buy them on your own? What sites recommended? Thanks Brendan
zonEEE wrote: » ive nearly doubled my money in less then a month.
Cavehill Red wrote: » And if that doesn't scream bubble (or Ponzi) at you, I don't know what will.
Cavehill Red wrote: » That volume issue could well be a product of both bubble mentality and a Ponzi structure. The government decisions that would concern me about impacting on bitcoin would be the overtly stated desire by both US and UK politicians to introduce regulation. Anyone who thinks they won't be able to is being foolish, I believe. If it's a Ponzi, getting in early will permit profit if you remember to get out before it pops. If it's a bubble, likewise, but you might have a little further to run. Fundamentally, it's meaningless to talk about value in relation to bitcoin, as they are even more notional than fiat currency. Their primary value currently is that they facilitate anonymous purchase of illicit drugs via the internet. Article from yesterday's Guardian makes some good points: http://www.guardian.co.uk/world/2013/mar/22/silk-road-online-drug-marketplace
zonEEE wrote: » It has come back and doubled in value since the 2011 crash. It was purely a security issue which banks have the exact same issue. 2 years on and its growing growing growing.
Cavehill Red wrote: » Classic bubble talk there: "Look at it's notional value increasing! Ignore the underlying problems in the market! Keep looking at it's notional value increasing!" Whether bitcoin is primarily used to buy and sell drugs or not (and it has no other USP that I can detect), that will be the reason used by law enforcement to shut it down, presuming that it neither collapses under its own weight and that it is not actually a Ponzi. (Do YOU know who created and manages its architecture?)
zonEEE wrote: » What underlying issues?
zonEEE wrote: » No other USP are you mad? People all around the world have lost confidence in the banking system and governments management of money. Bitcoin is being seen as the way forward.
zonEEE wrote: » No government control
zonEEE wrote: » no bank, no printing of money like the Americans are doing right now which is the biggest bubble that's going to burst.
zonEEE wrote: » Creator - https://en.bitcoin.it/wiki/Satoshi_Nakamoto
zonEEE wrote: » Bitcoin is open source software, the code is there for everyone to see and anyone can submit coding towards the software. This is what the Internets all about.
Cavehill Red wrote: » Security and credibility primarily. By you and a small fringe perhaps. But it has no other USP. There are plenty of alternatives to the banking system when it comes to wealth preservation, and even when it comes to currency (remember the barbarous relics?) YET. No bank required to store wealth in property or shares. No bank required to conduct transactions in currencies with 5 millennia of credibility behind them either. Where is he again? But not necessarily what wealth retention is about though. Recall the dot bomb?
B.A._Baracus wrote: » Can anyone explain what a bitcoin is to me in simple english I've read up about it, i know computers work together and all that ... what I just don't get is that how can money be born from nothing? It's like if I was to print up a note with my face on it, it doesnt mean its worth 20 dollars. lol. I just can't wrap my head around how a bitcoin holds value.
zonEEE wrote: » .com bubble but yet what is the leading industry in today's world? Technology.
zonEEE wrote: » Me and a small fringe?? haha do you live in a bubble?
zonEEE wrote: » Please explain how governments could take over bitcoin?
Cavehill Red wrote: » I'd say pharma or mining. Tech stocks haven't done so well in recent times.
Cavehill Red wrote: » That's the second time you've failed to debate without being abusive. Once more and I will report you.
Cavehill Red wrote: » They don't need to take it over, and don't want to. They'd likely just shut it down.
zonEEE wrote: » Maybe in the stock market, but im talking about changing the world, the money system in the world right now doesn't work, it never did, it needs to be changed.
zonEEE wrote: » Abusive? Please.....
zonEEE wrote: » How?
Cavehill Red wrote: » Maybe, but that doesn't make bitcoin any solution. If you can't argue civilly, you may find the mods reduce your ability to argue at all. Simply declaring it illegal in major jurisdictions would be one way. That would destroy all credibility in it as a global currency. There are also infrastructural weaknesses in the bitcoin model which could be exploited. Finally, such a tiny market is desperately prone to major market manipulation by the economic sharks. See the JP Morgan manipulation of the COMEX as a recent example. US politicians first raised the Silk Road issue in 2011. You can bet that since then both law enforcement and legislators have been monitoring bitcoin extremely closely. If they need to move on it, they will, and there will be no warning.
brendan86 wrote: » And why can't they just shut down the Silk Road website, if there shipping drugs to countries where it's illegal surely it's easier to shut them down?
zonEEE wrote: » I cant see them declaring it illegal. Cash has always been used to buy drugs. Should we ban cash? The drug market is always on the rise, there is no stopping it, billions has been wasted around the world on the war on drugs, if you cant keep them out of high security prison how can you keep them out of society? The problem can not be stopped, the only solution to it is legalisation, regulation, taxation, and education.
Cavehill Red wrote: » I can't speak for law enforcement. I'd say shutting down the Silk Road wouldn't be too difficult for them. The fact that it has not been shut down thus far would suggest to me that law enforcement has infiltrated it and uses it to identify vendors and purchasers of illicit drugs.
Cavehill Red wrote: » That's a different debate entirely, and again, one to which the solution does not necessarily revolve around electronic fiat currencies.
Cavehill Red wrote: » What else do you invest in, ZonEEE? Because it sounds very like this is an ideological rather than an investment decision for you and all your posts are extremely emotional and lacking in diligence or critical distance.
zonEEE wrote: » Emotional? I really don't know where you getting that from? All the arguments I gave are all over the internet in much detail.
zonEEE wrote: » I think your the one lacking in the critical distance... time will tell...
