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Old 02-25-2014, 04:14 PM   #1
Charles
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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?
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Old 02-25-2014, 04:17 PM   #2
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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.
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Old 02-25-2014, 04:24 PM   #3
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They took a huge hit on the market
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Old 02-25-2014, 04:27 PM   #4
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Market for them is looking a little iffy (as if I know what I'm talking about! :
http://bitcoincharts.com/markets/
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Old 02-25-2014, 04:27 PM   #5
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Quote:
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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.
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Old 02-25-2014, 04:31 PM   #6
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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.
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Old 02-25-2014, 04:33 PM   #7
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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.
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Old 02-25-2014, 04:54 PM   #8
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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.
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Old 02-25-2014, 04:59 PM   #9
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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
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Old 02-25-2014, 05:17 PM   #10
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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!
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Old 02-25-2014, 05:37 PM   #11
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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.
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Old 02-25-2014, 06:11 PM   #12
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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.
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Old 03-01-2014, 10:32 PM   #13
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What does a bitcoin look like anyway?
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Old 03-01-2014, 10:36 PM   #14
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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
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Old 03-01-2014, 10:41 PM   #15
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Bankruptcy?

http://www.ibtimes.com/bitcoin-excha...e-news-1558579
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Old 03-02-2014, 01:05 AM   #16
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Old 03-02-2014, 01:12 AM   #17
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That's a heck of a deal ^^^
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Old 03-02-2014, 01:37 AM   #18
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Quote:
Originally Posted by adam_p View Post
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.
Yeah same here. A buddy of mine threw a few thousand at it when it was really low. I considered it but decided not to. Really wish I would have.


I think I'm just going to sit this one out and keep on with my mutual funds.


Not really sure what top think. I researched it alot about 13-14 months ago. Haven't really done much reading on it in the last few months.




Ike
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Old 03-02-2014, 02:35 AM   #19
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$3.50 for a hundred plastic pennies? Thats just beautiful!
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Old 03-02-2014, 07:56 AM   #20
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MtGox, a primary bit coin exchange, just declared bankruptcy. I don't think bit coins will go away, but they are still in their infancy and don't yet offer day-to-day advantages over hard currency.
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Old 03-02-2014, 10:33 AM   #21
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LOL! I got a great deal! I got 100 real ones for a dollar.
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Old 03-05-2014, 10:44 PM   #22
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Bitcoin firm CEO found dead in suspected suicide...
http://www.foxnews.com/tech/2014/03/...ected-suicide/
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Old 03-05-2014, 10:45 PM   #23
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I lost all mine when the Silk Road was shut down...
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Old 03-05-2014, 10:50 PM   #24
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I'll gladly pay you Tuesday for a cheeseburger today.....
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Old 03-05-2014, 10:51 PM   #25
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Quote:
Originally Posted by blacksunshine View Post
Bitcoin firm CEO found dead in suspected suicide...
http://www.foxnews.com/tech/2014/03/...ected-suicide/
When a CEO kills themselves you pretty much know the deal is bunk. Virtual money may make sense at some point but not right now.
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Old 03-05-2014, 11:28 PM   #26
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Quote:
Originally Posted by JeffJ View Post
When a CEO kills themselves you pretty much know the deal is bunk. Virtual money may make sense at some point but not right now.
And the second it begins to make sense, the government will regulate, or tax it into oblivion.
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Old 03-05-2014, 11:39 PM   #27
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I lost all mine when the Silk Road was shut down...
well done
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Old 03-06-2014, 12:01 AM   #28
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Following
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Old 03-06-2014, 12:46 AM   #29
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Quote:
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When a CEO kills themselves you pretty much know the deal is bunk. Virtual money may make sense at some point but not right now.
There are quite a few wall street and banking executives that have offed themselves as well. Does that mean their business is bunk? Lehman Brothers had assets of 600 Billion before their bankruptcy filing in 2008. The entire market cap of bitcoin is 8.3 billion. Now Gox losing 600 million in theft was a big deal, however most of those coins were held by people in Asia, as it was very hard to get dollars into the US from GOX. A few bad apples will drag down the reputation of any field, but just like wall street, bitcoin will keep trucking on. Tigerdirect and Overstock both now accept bitcoins and I have started accepting them on my firearms website. I did 10k in sales alone in bitcoin last month, nerds sure do like their ammo! It will spread more once people are more accepting. Merchants love it for the extremely low processing fees. I also get my money faster than my credit card processor.
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Old 03-06-2014, 01:09 AM   #30
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Im really not that big of believer in US dollars, I sure aint a believer in bitcoins.
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Old 03-06-2014, 06:34 PM   #31
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Its a crazy market. We have a guy at work that's made a few hundred playing the market, and a little more mining them. Mining them is a geek endeavor that is pretty interesting.

One of the entire "features" of bitcoins is that they are untraceable and untrackable. Its a dream for less than savory enterprises.

So the question is do you have a need for a non-taxable, untraceable, and entirely virtually/speculative currency?

fyi overstock.com is/was taking bit coins as are some auto dealers in certain areas.
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Old 03-06-2014, 07:17 PM   #32
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Give me your money and i will give you some worthless paper that you are rich
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Old 03-06-2014, 07:30 PM   #33
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I may have missed this reading earlier post, but one of the "regional" places that had these in Japan went bankrupt and investors lost everything. There was a news clip on it, but said other areas were still functioning?

Sounds like a sophisticated scam, virtual blue sky selling. With any scam or Ponzi scheme there are always enough to buy into it supporting the structure until the house of cards comes tumbling down. There is nothing backing these up.
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Old 03-06-2014, 07:40 PM   #34
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Quote:
Originally Posted by Loneaggie View Post
So the question is do you have a need for a non-taxable, untraceable, and entirely virtually/speculative currency?
I personally have no need for currency that is nor tangible or at least cannot be. The dollar may collapse & not be worth the cotton paper its printed on, but at least i can burn it or stuff my mattress with it.

having said that having money that is theoretically untraceable is attractive, but only for hiding it from a government.

Last edited by Playa; 03-06-2014 at 07:43 PM.
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Old 03-06-2014, 08:21 PM   #35
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Not sure just how long this technology will be around but the company I work for is building thousands of aluminum chassis for bitcoin processing. Basically they are super computers that run so much power they are water cooled. We build the chassis, front panel, fan mount and cover and ship them to a company in Richardson that does the integration work. They are projecting 200 a week!!! The volume is so high we designed re-usable shipping packaging.
I think it will not last long unless the feds figure out how to regulate and tax this.
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Old 03-06-2014, 08:21 PM   #36
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Quote:
Originally Posted by Loneaggie View Post
So the question is do you have a need for a non-taxable, untraceable, and entirely virtually/speculative currency?
well, the point is always either to spend it or to save it

it's still compared in value in some other currency....switch from and then back to.

is that a bad or good thing?
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Old 03-06-2014, 09:13 PM   #37
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It's value is based on perceived value and amount in circulation. There is a finite number of bit coins that can ever be generated, and they are increasingly hard to generate(mine).

I think they are neither good nor bad. It is an interesting subject I keep up with. The bankruptcies etc all deal with exchanges where people exchange them for other currencies. The major hacks target places that store the bit coins. It's no different than having cash stolen from a bank really.


MtGrox was VERY VERY badly engineered and even more poorly managed. Other heist victims were also vulnerable.


Time will tell.
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Old 03-06-2014, 10:17 PM   #38
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Wasn't the founder or CEO found dead today in China?
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Old 03-06-2014, 10:24 PM   #39
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Just today, Newsweek is claiming that they unmasked the Bitcoin founder, Satoshi Nakamoto... The mystery deepens...I will say it's wildly speculative but some people have made some serious money trading it...
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Old 03-06-2014, 10:26 PM   #40
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Virtual Money = Virtual Girlfriend: 95% of what you want with anything real behind it. I heard Manti Te'o just inked a deal with them.
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Old 03-06-2014, 10:41 PM   #41
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For me only if they will start putting them in the Monopoly games instead of play money
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Old 03-07-2014, 11:24 AM   #42
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Just saw a report on Bitcoins on Fox.

The creator, who's always been a "shadowy" figure who's tried to remain anonymous was, apparently, unearthed. Some older Asian man who still lives with his mom and is the stereotypical "nerd." LOL!

They also mentioned that a major player in Bitcoin world was recently found dead in Singapore of "unnatural causes" and it's being investigated. She was related to a $500M loss of bitcoins that occurred in Asia recently. The money "vanished" and the people owning them lost everything. Pretty shady stuff right now, IMO
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Old 03-07-2014, 11:53 AM   #43
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Default Bitcoins

http://www.foxnews.com/tech/2014/03/...ehind-bitcoin/

http://www.foxnews.com/tech/2014/03/...ected-suicide/

http://m.gadgets.ndtv.com/internet/n...ite=gadgetsweb

I think that, IF I has any money tied up in Bitcoin, I'd be scrambling to get it back out. The reports of Bitcoin firms collapsing and getting hacked keep rolling in. It's one thing to invest in new technology but it's a whole different ball of wax to invest in some shaft currency created out of thin air by a bunch of shadowy nerds with no real backing or regulation. Not sure you could find a higher risk investment.

Last edited by Horitexan; 03-07-2014 at 11:58 AM.
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Old 01-14-2015, 01:21 PM   #44
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Quote:
Originally Posted by GarGuy View Post
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.
How much would you have lost?

How do you buy bitcoins anyway?
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Old 01-14-2015, 01:48 PM   #45
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Quote:
Originally Posted by Horitexan View Post
http://www.foxnews.com/tech/2014/03/...ehind-bitcoin/

http://www.foxnews.com/tech/2014/03/...ected-suicide/

http://m.gadgets.ndtv.com/internet/n...ite=gadgetsweb

I think that, IF I has any money tied up in Bitcoin, I'd be scrambling to get it back out. The reports of Bitcoin firms collapsing and getting hacked keep rolling in. It's one thing to invest in new technology but it's a whole different ball of wax to invest in some shaft currency created out of thin air by a bunch of shadowy nerds with no real backing or regulation. Not sure you could find a higher risk investment.
Those dates are 2014.
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Old 01-14-2015, 01:51 PM   #46
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Quote:
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Those dates are 2014.
So was that post
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Old 01-14-2015, 01:52 PM   #47
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Quote:
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So was that post
lol
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Old 01-14-2015, 01:54 PM   #48
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So was that post
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Old 01-14-2015, 01:54 PM   #49
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Quote:
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Those dates are 2014.
This thread is 2014
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Old 01-14-2015, 02:00 PM   #50
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I bumped to talk about Bitcoins. They're still around.
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