Bitcoins

[Charles]

Let's start a discussion about Bitcoins. Curious as to what everybody thoughts are.

You think it's a fad that will go away soon or is around for the long haul?

[kfd82]

I dont know much about them at all, only that I've heard the name and that it is a virtual currency. That being said, I think it will be here to stay if Amazon and ebay and other super large retailers support it.

[BUCKSTAR]

They took a huge hit on the market

[ZZ Pops]

Market for them is looking a little iffy (as if I know what I'm talking about! :

http://bitcoincharts.com/markets/

[Reaper33]

They took a huge hit on the market

huge is an understatment. The problem with bitcoins is that its not regulated to the extent other currencies are. Is it useful yes, will it survive the upcoming onslaught...i guess time will tell.

[CSF45]

I've heard you could have made some serious profit on it a while back. That being said, it is a highly speculative currency and I definitely wouldn't bet the farm on it.

[GarGuy]

Well if you are a gambler, Today is the day to buy bitcoin! Lets pretend I dropped 500,000 in there right now. In a month we will see.

[adam_p]

I think it will go back up but not to the level that peaked. I'm considering buying some myself.

But what do I know? I could have bought in at around $19 to $20 when I first learned about it.

[Playa]

I think bit line are the precursor of something larger & more impactful, but bitcoins will likely die & may die soon due to the breach of one of the large brokers, press of that hit today which is partly why they have been so beat up in the markets

[Samson]

Bitcoin touched it's 200 day sma yesterday, so we should see some amount of re-trace back up. I quit mining and cashed out in 2011 after Mt Gox got hacked the first time. People invested in the game have seen the writing on the wall with GOX for some time. There are still people that haven't gotten their withdrawals from GOX in 6 months. There are stable, regulated exchanges here in the US now that can deal direct on the interbank exchange and not have to use a proxy to wire their dollars like GOX was doing. I'm accepting bitcoins on my firearms website now and have done about 10k worth of sales with them this month. Hopefully this scare will get more people to convert them to tangible assets like firearms and ammo!

[Tryton]

When millions of dollars of them turn up missing do to hacking and the host site says there is no way to trace what happened. No thanks.

[coogfan]

When millions of dollars of them turn up missing do to hacking and the host site says there is no way to trace what happened. No thanks.

Yep.

[GarGuy]

What does a bitcoin look like anyway?

[Sparkles]

I think we will see more success with a virtual wallet or e wallet somewhat like PayPal for long term staying power. A few big names in the electronic processing world are working on such things

[Burnadell]

Bankruptcy?

http://www.ibtimes.com/bitcoin-exchange-mtgox-files-bankruptcy-prices-still-despite-news-1558579