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> Is anyone in the BITCOIN market?
Lambofan35
post Apr 9 2013, 07:53 AM
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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.
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FikseSTS
post Apr 9 2013, 08:34 AM
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my buddy is into it, where you talking to him? He drove my Tesla to the track... I'm going to put some $ in....


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blylek
post Apr 9 2013, 08:46 AM
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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.
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vyce77
post Apr 9 2013, 08:49 AM
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My Ric Romero observation: A few people are going to make a lot of money, many more people are going to lose money.
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Tara
post Apr 9 2013, 08:58 AM
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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.


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VBUGKING
post Apr 9 2013, 10:17 AM
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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.


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Tara
post Apr 9 2013, 10:23 AM
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QUOTE (VBOXKING @ Apr 9 2013, 02:17 PM) *
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!


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Lambofan35
post Apr 9 2013, 12:30 PM
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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.
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emanon
post Apr 9 2013, 12:49 PM
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QUOTE (Lambofan35 @ Apr 9 2013, 01:30 PM) *
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.


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speedy4500
post Apr 9 2013, 02:25 PM
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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.
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Charlie
post Apr 9 2013, 03:00 PM
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Funny I was watching CNBC one morning (in the last week) and they had someone from the company getting interviewed...
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hipresr
post Apr 9 2013, 07:26 PM
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Pump and dump, don't be a bag holder...


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Rawr
post Apr 9 2013, 08:10 PM
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QUOTE (hipresr @ Apr 10 2013, 04:26 AM) *
Pump and dump, don't be a bag holder...


iamwithstupid.gif

might seem like someone large is pumping it to get out .


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jtrump
post Apr 10 2013, 08:52 AM
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http://bgr.com/2013/04/09/bitcoin-margin-trading-426158/
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Mako
post Apr 10 2013, 12:52 PM
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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.
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Robster Craws
post Apr 10 2013, 12:55 PM
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Uuuuuuh oh. 41% value drop in one day
http://www.businessinsider.com/bitcoin-plunges-2013-4
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capt_chaos
post Apr 10 2013, 12:58 PM
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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


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hipresr
post Apr 10 2013, 01:10 PM
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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...


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emanon
post Apr 10 2013, 01:15 PM
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QUOTE (Robster Craws @ Apr 10 2013, 01:55 PM) *
Uuuuuuh oh. 41% value drop in one day
http://www.businessinsider.com/bitcoin-plunges-2013-4


Ouch! Thats gonna leave a mark! shock.gif


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MrDoctor
post Apr 10 2013, 01:19 PM
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QUOTE (Robster Craws @ Apr 10 2013, 01:55 PM) *
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.
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