Lambofan35 Report post Posted April 9, 2013 Is anyone in the BITCOIN market? This thing is so crazy.. Basically its a new universal currency started online that is not back by any country from what I understand. Drug traffickers use it, investors speculate in it, Online gaming is real big into using it for transactions, its starting to get some serious press. In the past 2 months its gone up 6x-7x times what it was worth compared to February. Check this article: http://www.cnbc.com/id/100627288 I'm pretty sure someone on this forum has found a way to make money off of it and I was just curious if anyone else thought it was a strange situation and bubble waiting to pop. Quote Share this post Link to post Share on other sites More sharing options...
FikseSTS Report post Posted April 9, 2013 my buddy is into it, where you talking to him? He drove my Tesla to the track... I'm going to put some $ in.... Quote Share this post Link to post Share on other sites More sharing options...
blylek Report post Posted April 9, 2013 There was a post on reddit a week or so ago about how some guy borrowed 50K (on credit cards) and purchased bitcoin with the money. If i remember correctly he purchased some at a value or equivalent value of 16 US$ and some at 21 US$. He never spoke about exact numbers, but other posters figured the bit coins were now worth around 250K US$ depending on how much he actually invested? Something like that. I don't think I would borrow money, especially on credit cards, to speculate on this type of currency, but it does appear that some folks are out there trying to make some money. Not sure about the legalities and how you convert into and out of the currency, but its seems more like a gamble versus an investment. Quote Share this post Link to post Share on other sites More sharing options...
vyce77 Report post Posted April 9, 2013 My Ric Romero observation: A few people are going to make a lot of money, many more people are going to lose money. Quote Share this post Link to post Share on other sites More sharing options...
Tara Report post Posted April 9, 2013 Been following and mining for a little over a month. When I started it was at $60. As of today it is at $214. Also mining Litecoin. Quote Share this post Link to post Share on other sites More sharing options...
VBUGKING Report post Posted April 9, 2013 I remember when they were like $4, but I never got into them. My former business partner (with some other guys) is opening an exchange for Bit-coins. Currently in the closed beta stage, but it will supposedly blow away Mtgox in terms of features, security, and useability. I own 5% of this new company, so I hope it does well, lol. The US Government has recently put some stuff out about regulating virtual currencies, and compliance could be a major issue in the near future. Quote Share this post Link to post Share on other sites More sharing options...
Tara Report post Posted April 9, 2013 I remember when they were like $4, but I never got into them. My former business partner (with some other guys) is opening an exchange for Bit-coins. Currently in the closed beta stage, but it will supposedly blow away Mtgox in terms of features, security, and useability. I own 5% of this new company, so I hope it does well, lol. The US Government has recently put some stuff out about regulating virtual currencies, and compliance could be a major issue in the near future. Please keep me updated once it is live! Quote Share this post Link to post Share on other sites More sharing options...
Lambofan35 Report post Posted April 9, 2013 No one really likes to talk publicly about making money as its kind of counter productive but if anyone wants to start some kind of conference call or virtual meeting, I'd be interested to discuss further. One side of me wants to say PONZI but the other side of me believes that its innovative new technology that one day may be as big as PAYPAL. Really huge swings emotionally for me. Quote Share this post Link to post Share on other sites More sharing options...
emanon Report post Posted April 9, 2013 No one really likes to talk publicly about making money as its kind of counter productive but if anyone wants to start some kind of conference call or virtual meeting, I'd be interested to discuss further. One side of me wants to say PONZI but the other side of me believes that its innovative new technology that one day may be as big as PAYPAL. Really huge swings emotionally for me. By definition it's not a PONZI scheme at all, they aren't taking money from new people to pay old people. But the security aspect of it bothers me a bit, and the fact that it is so unregulated/uninsured. Quote Share this post Link to post Share on other sites More sharing options...
speedy4500 Report post Posted April 9, 2013 Interestingly, the supply of bitcoins is limited in time.... once they're all made, no more will exist. This bodes VERY well for the currency for two reasons: it secures value over long-term, and it incentivizes people to get into the game earlier rather than later. More people involved means more stability and usability, which acts as positive feedback to get even more people involved. I don't think security or insurance are that big of a problem, since it is decentralized your bitcoins are not being stored at a "bank" that use the funds in other ways and may possibly lose it, but your bitcoins just simply exist. Rather than giving your money to a place to store it, the bitcoins take on your ID. So bitcoins never really change location, they just become assigned to different people. And it would take a hell of an effort to hack the logs and bring the whole thing down. I mean, no computer based system or functionality is 100% secure, but then most of our money is electronic now anyways. Really, I think the biggest threat to bitcoin success is the government. Who knows how or why or when they decide to get involved, but eventually the government will either want a cut of the action or start to see real problems from currency competition. Quote Share this post Link to post Share on other sites More sharing options...
Charlie Report post Posted April 9, 2013 Funny I was watching CNBC one morning (in the last week) and they had someone from the company getting interviewed... Quote Share this post Link to post Share on other sites More sharing options...
hipresr Report post Posted April 10, 2013 Pump and dump, don't be a bag holder... Quote Share this post Link to post Share on other sites More sharing options...
Rawr Report post Posted April 10, 2013 Pump and dump, don't be a bag holder... might seem like someone large is pumping it to get out . Quote Share this post Link to post Share on other sites More sharing options...
jtrump Report post Posted April 10, 2013 http://bgr.com/2013/04/09/bitcoin-margin-trading-426158/ Quote Share this post Link to post Share on other sites More sharing options...
Mako Report post Posted April 10, 2013 It's a fascinating industry to me, especially now that the Canadian Government has already tried to copy it for themselves...surely other governments will try to take the plunge as time passes. My barrier to it would be that it seems so stacked in favor of the early adopters that mining (or trading really) for the coins now is 1000x more risky/more difficult than even just 6-12 months ago, to the point where it doesn't make sense to get involved if you haven't already. Will be interesting to see how Aaron's venture goes and hearing about it from an insider's perspective once it goes live. Quote Share this post Link to post Share on other sites More sharing options...
Robster Craws Report post Posted April 10, 2013 Uuuuuuh oh. 41% value drop in one day http://www.businessinsider.com/bitcoin-plunges-2013-4 Quote Share this post Link to post Share on other sites More sharing options...
capt_chaos Report post Posted April 10, 2013 Anything that has this enterprise running with it already has got my backside twitching http://www.theregister.co.uk/2013/04/05/bi...alware_appears/ http://www.bbc.co.uk/news/technology-22064534 Quote Share this post Link to post Share on other sites More sharing options...
hipresr Report post Posted April 10, 2013 Hope no bag holders on lp. Sure there will be a dead cat bounce as with any pump and dumps. Don't be catching no knives... Quote Share this post Link to post Share on other sites More sharing options...
emanon Report post Posted April 10, 2013 Uuuuuuh oh. 41% value drop in one day http://www.businessinsider.com/bitcoin-plunges-2013-4 Ouch! Thats gonna leave a mark! Quote Share this post Link to post Share on other sites More sharing options...
MrDoctor Report post Posted April 10, 2013 Uuuuuuh oh. 41% value drop in one day http://www.businessinsider.com/bitcoin-plunges-2013-4 Wow, that happened a lot sooner than I thought. Which is why it has never been taken as a serious currency, its a joke to me. I heard about people starting bitcoin hedges, selling houses for bitcoins, pretty moronic imo. Quote Share this post Link to post Share on other sites More sharing options...
blylek Report post Posted April 10, 2013 Uuuuuuh oh. 41% value drop in one day http://www.businessinsider.com/bitcoin-plunges-2013-4 Here's a link to reddit thread with the original link to the guy who used his credit card to buy 30K US worth of bitcoin a while back, for those who are interested.... Reddit Bitcoin thread Quote Share this post Link to post Share on other sites More sharing options...
Robster Craws Report post Posted April 10, 2013 Here's a link to reddit thread with the original link to the guy who used his credit card to buy 30K US worth of bitcoin a while back, for those who are interested.... Reddit Bitcoin thread http://www.reddit.com/r/Bitcoin/comments/1...vings_invested/ Quote Share this post Link to post Share on other sites More sharing options...
blylek Report post Posted April 10, 2013 Wow, this is like driving past a car wreck....just watched to price go from the low 150'2 to the low 130's in the last 5 minutes....fascinating. Quote Share this post Link to post Share on other sites More sharing options...
blylek Report post Posted April 10, 2013 http://www.reddit.com/r/Bitcoin/comments/1...vings_invested/ You reddit much better than me! Quote Share this post Link to post Share on other sites More sharing options...
Lambofan35 Report post Posted April 10, 2013 This smells funny. 1-Did I miss the boat or is this just how it works? 2-I would say that my first question is, who are the people behind this bitcoin development? 3-Can I start my own virtual currency? Quote Share this post Link to post Share on other sites More sharing options...
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