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In case you have not noticed - Bitcoin is EXPLODING in price.

Oh, I noticed. I accept BTC as one form of payment in my business. I'm usually pretty good about cashing them out quickly precisely because the exchange rate can be volatile. But on a whim I let some sit that I got a couple months ago. I cashed them out today. For once procrastinating made me money. :) It is fun when it happens by accident but trading BTC, or even stocks, for a living would stress me the hell out.
 
Skeptic Bob said:
Oh, I noticed. I accept BTC as one form of payment in my business. I'm usually pretty good about cashing them out quickly precisely because the exchange rate can be volatile. But on a whim I let some sit that I got a couple months ago. I cashed them out today. For once procrastinating made me money. :) It is fun when it happens by accident but trading BTC, or even stocks, for a living would stress me the hell out.
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I like whimsically lucky people. ;)
 
Luck trumps skill!
 
One thing about bitcoins is that like gold there is not way to greatly increase the total supply in a short time period so any increase in demand will cause the value to sharply increase.

As it is very hard to block, trace or tax the movement of wealth by way of bitcoins so any attempt to do so such as for example the US government attempting to place a heavy tax on Mexicans sending funds home will increase the value of bitcoins or for that matter any increased in ransomware demands by way of bitcoins will increase the value of bitcoins for a time at least.
 
lurchadams said:
Clicking on your article link installed a type of malware on my computer yesterday - bitcoin marketing tray notification popups. I had to run a malware tool to get rid of them.
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Sorry...I have never had a problem with it...though I have malware software...so maybe it just filters out the bad stuff.
 
Chomsky said:
Luck trumps skill!
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exactly. better to be lucky than good

and for those 'investing' in bit coins, i have some dutch tulip bulbs for sale. cheap
 
justabubba said:
exactly. better to be lucky than good

and for those 'investing' in bit coins, i have some dutch tulip bulbs for sale. cheap
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Yeah, that's my take on it, there has to be some seriously big players manipulating the hell out of the valuations. I still have some clients that still have silver bought when the Hunt brothers were trying to corner it.
 
Winchester said:
Yeah, that's my take on it, there has to be some seriously big players manipulating the hell out of the valuations. I still have some clients that still have silver bought when the Hunt brothers were trying to corner it.
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people are still 'mining' for bit coins, but each successive coin requires much more computer power to acquire

the bit coins will hold their value until the public loses faith in their value ... just like any fiat currency
 
I'm wondering if certain players are playing in order to discredit the bitcoin system due to it being the "coin of the realm" of all things illegal. If they aren't doing this after the cyber attacks, they damn well should be.

The bitcoin is a "promise to pay" - a check written by a stranger to a stranger, with certain safeguards built in.

I think if I were doing it, I'd inflate the price to find the players, then knock the legs out from under it again and again until no one trusts it.
 
chuckiechan said:
I'm wondering if certain players are playing in order to discredit the bitcoin system due to it being the "coin of the realm" of all things illegal. If they aren't doing this after the cyber attacks, they damn well should be.

The bitcoin is a "promise to pay" - a check written by a stranger to a stranger, with certain safeguards built in.

I think if I were doing it, I'd inflate the price to find the players, then knock the legs out from under it again and again until no one trusts it.
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When it comes to all things illegal, cash is still king. But I don't think we should do away with cash to make life harder on the criminals. Lots of legitimate companies accept bitcoin. It is also a much more secure method of sending money online than credit cards. Credit cards do a better job of protecting customers from fraud, but bitcoin does a better job of protecting merchants from fraud.
 
justabubba said:
exactly. better to be lucky than good

and for those 'investing' in bit coins, i have some dutch tulip bulbs for sale. cheap
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That was my thought. I don't know much about bitcoin except it seems to be a method of payment based on nothing. Does it replace the US dollar, which is a method of payment based on nothing.
 
Skeptic Bob said:
When it comes to all things illegal, cash is still king. But I don't think we should do away with cash to make life harder on the criminals. Lots of legitimate companies accept bitcoin. It is also a much more secure method of sending money online than credit cards. Credit cards do a better job of protecting customers from fraud, but bitcoin does a better job of protecting merchants from fraud.
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the first time i have seen this mentioned. in what way does the advantage inure to the merchant thru use of the bit coin currency?
 
justabubba said:
the first time i have seen this mentioned. in what way does the advantage inure to the merchant thru use of the bit coin currency?
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One problem merchants sometimes have with accepting credit cards is charge backs. The customer can tell the credit card company they didn't receive what they ordered and sometimes the credit card company will reverse the charge. This offers a level of protection to the customer but can leave the merchant out of pocket if dealing with a dishonest customer.

A bitcoin transaction is irreversible. The only way you can get your bitcoin back is if the person you sent it to chooses to send it back.
 
Skeptic Bob said:
One problem merchants sometimes have with accepting credit cards is charge backs. The customer can tell the credit card company they didn't receive what they ordered and sometimes the credit card company will reverse the charge. This offers a level of protection to the customer but can leave the merchant out of pocket if dealing with a dishonest customer.

A bitcoin transaction is irreversible. The only way you can get your bitcoin back is if the person you sent it to chooses to send it back.
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ok. same as a craigslist cash transaction
 
Skeptic Bob said:
When it comes to all things illegal, cash is still king. But I don't think we should do away with cash to make life harder on the criminals. Lots of legitimate companies accept bitcoin. It is also a much more secure method of sending money online than credit cards. Credit cards do a better job of protecting customers from fraud, but bitcoin does a better job of protecting merchants from fraud.
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Agreed. Cashless is preferable; besides the cost and efficiency benefits of eliminating physical cash, fully digitized currency clamps down on tax fraud/evasion and criminal activity.

That said, Bitcoin certainly and routinely aids and abets criminal and even terrorist elements and is yet another tool they can readily exploit; I would expect to see an increase of bitcoin value as criminals migrate from cash to BC were this to be done. Fortunately, despite the various claims of anarchocaps, anarchists, and BC's more paranoid proponents overtly concerned with the encroachment of government, governments can indeed exercise significant power over BC via the exchange nerve centres.

Also, from a personal perspective as a currency trader, I'd never invest in/trade BC except with pure gamble money; too volatile, too risky, lacks the backing of a state military and economy, and it is definitely in a bubble atm per its chart (which I suspect the ransomware attacks had much to do with).
 
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DA60 said:
It is up almost 150% in about 2 months.

https://www.cryptocoinsnews.com/bitcoin-price/


Thoughts?
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I'm thinking there are a lot of wealthy Chinese desperate to avoid the country's currency controls who have bid up the price. From my understanding, the entire value of bitcoin in existence is less than $50 billion, which is chump change when you think of it. So there is a real need for it, but it's possible it could be bid to absurd heights and become a mania before it comes crashing down like all manias do.
 
Ahlevah said:
I'm thinking there are a lot of wealthy Chinese desperate to avoid the country's currency controls who have bid up the price. From my understanding, the entire value of bitcoin in existence is less than $50 billion, which is chump change when you think of it. So there is a real need for it, but it's possible it could be bid to absurd heights and become a mania before it comes crashing down like all manias do.
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It already has been; its value has shot down accordingly as anticipated in the past couple of weeks. Granted, it's still above where the recent mania started in late April/early May.

I agree though that it has been and will continue to be a refuge for money looking to escape Chinese (and others, but predominantly China's) currency and monetary controls, besides the obvious criminal/terrorist uses, but there is a significant and ever-present risk of clampdown on exchanges and major Chinese bitcoin players, particularly if Bitcoin becomes especially popular/problematic.
 
Ahlevah said:
I'm thinking there are a lot of wealthy Chinese desperate to avoid the country's currency controls who have bid up the price. From my understanding, the entire value of bitcoin in existence is less than $50 billion, which is chump change when you think of it. So there is a real need for it, but it's possible it could be bid to absurd heights and become a mania before it comes crashing down like all manias do.
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Alrighty then. Yeah, from less than $1,000 to more than $17,000 in less than a year is what I would call a bubble or mania.
 
Kushinator said:
More interested in ethereum at the moment.
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I hope by "more interested" you mean you actually bought some, because if you were looking for a better speculation than bitcoin this would have been it: from ten bucks to $667 in less than a year.
 
What a Joke this BitCoin is.

Just another pump and dump pyramid scheme.
 
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