Thread: Bitcoin

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    Yes, money laundering is an issue, but you can launder money with cash in any currency, so excluding Bitcoin just in that note is unwise in my opinion. The fact is that Bitcoin is slowly getting more and more acceptance as a method of payment. The currency rate moves aren't as dramatic and bitcoin is slowly gaining popularity among merchants (Virgin Space is now accepting Bitcoin as a method of payment for space flights). Once enough merchants start accepting it you might see Bitcoin gift cards at your local convenience store. Bitcoins main issue is security. If they can prove it is secure enough to handle broader market transactions I don't see it going away.


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    Quote Originally Posted by DomDom View Post
    I dont think the currency has a bright future. Why? Because China banned it and for good reason - to protect the system from money laundering. Its a great thing to use for criminal organizations who want to wash their money and I dont think it will survive for long! Very speculative!
    China banning it has been huge. Once more criminal organizations get caught I think it might fade out.
    That said, currently it seems to be doing just fine even though many people have no idea what it even is.


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    Quote Originally Posted by KNH View Post
    China banning it has been huge. Once more criminal organizations get caught I think it might fade out.
    That said, currently it seems to be doing just fine even though many people have no idea what it even is.
    It is doing fine because it is a novelty. Especially since the supply is running out. But in a few months, people will realize that what they have is actually nothing but a hash. And the exchange rate will drop.
    Actually I imagine 2 scenarios. One is the one is described, the other is that it will be something a lot of people will look after because it is a means of doing illegal activities without getting noticed. If this is the case, mobs will try to buy and control Bitcoins.


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    Quote Originally Posted by DomDom View Post
    I dont think the currency has a bright future. Why? Because China banned it and for good reason - to protect the system from money laundering. Its a great thing to use for criminal organizations who want to wash their money and I dont think it will survive for long! Very speculative!
    I also think this is the case. People don't realize there is a lot of corruption in China. Almost all the rich Chinese people have a history in something illegal. China banning Bitcoin is a good measure to step the mafia from spreading even further.


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    I am still skeptical of virtual currency, It's really a risk of putting real money into virtual money which has no definite rules and regulations or law to make it simpler. Swindling would be much more easier and scamming and ripping people off would be easier and very convenient for the people with bad intentions. I'm not going to invest there in any time sooner, I would rather invest in stocks since we have local stores and stock exchanges rather than virtual money.


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    I'm kind of still trying to understand bit coin system. Until I finish grasping it before I can know what to do with it.


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    To those saying it's "Run its course as an investment", You should really pay attention to the news and media as it gives MUCH better insight into the estimated values of things like this in the near-future. New York is trying to implement it as an alternative currency for businesses. If New York does, there is no reason why the rest of the country won't follow suit. Which will increase it's use even further, hence, more profits.


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    Quote Originally Posted by KaplanTheThird View Post
    Yes, money laundering is an issue, but you can launder money with cash in any currency, so excluding Bitcoin just in that note is unwise in my opinion. The fact is that Bitcoin is slowly getting more and more acceptance as a method of payment. The currency rate moves aren't as dramatic and bitcoin is slowly gaining popularity among merchants (Virgin Space is now accepting Bitcoin as a method of payment for space flights). Once enough merchants start accepting it you might see Bitcoin gift cards at your local convenience store. Bitcoins main issue is security. If they can prove it is secure enough to handle broader market transactions I don't see it going away.
    You cant money launder with real currency as easiyl as you can with bitcoin. I believe the partial reason that the price of bitcoin went up so much is because it was bought alot by criminal organizations and thus pushed the price up by higher demand!


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    I agree with this, even though the value of the bitcoin did drop significantly recently who is to say that markets will not accept it? and from there, that consumers will not either. If it is adopted by many nations it could be a currency very much worth investing in the future. Cyber security and currency control will have to be ramped up heavily to assure that this money does not become fraudulent or dare i say counterfeit...


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    It's so hard to tell with that. Because there is a limited amount of Bitcoins, at some point the bubble is going to burst for good. There's been little bursts throughout the history, but by the nature of the currency it can't survive for long. It's a privately issued currency. It's almost like an elaborate pyramid scheme.


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