Thread: Bitcoin

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    Quote Originally Posted by SteakTartare View Post
    I'm pretty bearish on Bitcoins. Its, essentially, impossible for an individual to mine them at this point. The volatility of the currency is nuts, some governments are starting to get hostile to them and Mt Gox shut down. Also, while the IRS has yet to weigh in on Bitcoins, that silence won't be forever.
    Completely agreed with you, everyone who doesnt gamble should stay away.


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    Quote Originally Posted by DomDom View Post
    Completely agreed with you, everyone who doesnt gamble should stay away.
    That is a good way to put it. Investing into bitcoins is really almost like gambling. I've stayed away for the moment, mainly due to difficulties with acquiring them. (especially now with the problems with Mt Gox etc)


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    The value of Bitcoin is massive because government bodies like that in China are using them. Many stores are using them too. However, with no central regulatory system, Cryptocurrency is as stable as a massive castle filled with gold with a floor made of paper towels.

    At this moment in time, the BTC is worth trading if you can get it at a super low price and sell it or trade it off for a higher value, but you will need to find places that does this. The BTC stock exchanges wouldn't be good places in my opinion.


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    Quote Originally Posted by crimsonghost747 View Post
    That is a good way to put it. Investing into bitcoins is really almost like gambling. I've stayed away for the moment, mainly due to difficulties with acquiring them. (especially now with the problems with Mt Gox etc)
    Agreed with this. The only thing I would add is at least with gambling, you know the rules of the game. The Bitcoin world is so wild these days, who knows what will pop up next.


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    Bitcoin is a widely popular virtual currency system in Asian countries, but in Western countries most financial experts advise about the risks of investing in a coin that has not really a solid foundation, and therefore may disappear into the thin air similarly as it came from the thin air.

    Personally i wouldn't risk in any virtual currency system without a real material guarantee backing it. I remember a virtual scheme my father wanted to try because it was supposedly backed by gold, the name of the system was something about "pay gold" or the like -- sorry cannot remember it -- but the true fact is that he never saw clear where his money was going nor how he was really benefiting from such a system.

    If investing in Forex is somewhat risky due to the volatile currency exchange, with a virtual coin I would not trust in transactions that are easy to manipulate in a tricky way.


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    I would say than rather guess if the market is going to go up or down have a look at arbitrage. I think there is a difference of about $70 ($550-$620) between exchanges. If I had the money I would go into arbitrage. They say that bitcoin is going to reach another high by the end of the year but who really knows? Apparently transactions are automatic because there is no middle bank but I don't know about its safety. What about bitcoin mining, have you ever thought about that?


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    I've heard about bitcoin mining, but that isn't really worth it unless you have the ASIC hardware, and this is quite an investment. As for buying bitcoins, that's a huge investment either and the risk is even higher because of the flotation of the coin. It seem pretty unpredictable to me.


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    This is something I would definately not invest in. The stock market is tricky enough, this would be even trickier. I believe that
    their are always more secure ways to increase your funds, and it does'nt have to be something like this. But their was a CNBC story about bitcom on a few weeks ago.
    I'm sure if you googled it you could find the information.


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    If you have some money to lose it would be OK to get a few bitcoins and watch what happens in the upcoming months.
    Otherwise, it is a system that is quite open to exploitation and manipulation.
    It would be wise to stay away from it and go for stocks exchange or gold.


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    Quote Originally Posted by tinyfang View Post
    The value of Bitcoin is massive because government bodies like that in China are using them. Many stores are using them too. However, with no central regulatory system, Cryptocurrency is as stable as a massive castle filled with gold with a floor made of paper towels.

    At this moment in time, the BTC is worth trading if you can get it at a super low price and sell it or trade it off for a higher value, but you will need to find places that does this. The BTC stock exchanges wouldn't be good places in my opinion.
    I would like to point out that your statement is completely wrong that China is using bitcoins. I would also like to say that bitcoins and other cryptocurrencies do not have any form of sovereign backing. This is one of the reason due to which these currencies are extremely volatile.


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