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Bitcoins, a good investment?

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posted on May, 31 2011 @ 04:09 PM
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At first I thought the idea was kinda strange, but as I look into it more and more I see how this could be a great idea.

I'm wondering if I should take my Fiat Dollars and buy some bitcoins with them. I see in feburary one bit coin was = to 1 dollar. Now one bitcoin seems to be worth about $8.70. I think this is from the huge interest of late and will even out.

I like the idea of no transaction fees, and no central banks. I have gold and silver, but starting to have some interest in this new idea.

Can anyone point out the downsided or upsides. I've seen a couple threads about how its NWO and stuff like that but I don't feel that.

Peace
MIke




posted on May, 31 2011 @ 04:20 PM
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Bitcoins seem to be a rather sound investment for the short term. The maximum amount will be reached in 2016 so you will have a few years to stockpile before availability issues arise.



posted on May, 31 2011 @ 04:22 PM
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except that it doesnt matter what the value is worth.....

If the currency that its worth goes down the tube.........its still worthless......



posted on May, 31 2011 @ 04:25 PM
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This has become a topic of interest to me as well. I still have much research to do on bitcoins, therefore I am unable to voice an opinion regarding whether or not they are a good investment. I have read various pros and cons which keep me on the fence for the time being.

I would however like to share an interesting thread I found that might perhaps shed some insight:


Bitcoin is a fantastic idea, with one crucial mistake: the finite nature of bitcoins. The fact that coins will one day "run out" will almost certainly lead to increased speculation, which will in turn lead to a deflationary spiral, followed by a "bubble burst" when speculators sell all their bitcoins and average coin holders are left holding the bag. Infinite coins would tie the value to the opportunity cost of computation, which is actually a really cool idea. Inflation based on the log of moore's law would ensure a steady inflationary rate based on computing power. This would deter speculators and incentivize innovation in computing power in order to more efficiently mine currency.


Source



posted on May, 31 2011 @ 04:26 PM
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reply to post by mayabong
 


Can you hold it?
Does it really exist?
No I would say it is a super risky and dumb investment.
Gold, copper, silver, and platinum have uses outside of being used as currency, which is partly what gives them their worth as currency that and their rarity.

Bitcoins are nothing and have no purpose.
Maybe fun, I liked the idea of the "I bought this badge with bitcoins" button/badge but that's the extent of my interest.



posted on May, 31 2011 @ 04:38 PM
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I can't get my (arguably) old head round this Bitcoin thing ?
So your buying something that doesn't actually physically exist ?
What if I said I have BitNotes and theyre worth 10 of them BitCoins ?
Am I stupid ? I just cant get my noggin round it !
Then again I am pushin 50 ha ha ha !


Peace



posted on May, 31 2011 @ 05:10 PM
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It's strange that I should hit the F5 key on this tab and the top post comes up as Bitcoins.. I have spent the whole day reading about these! I don't think I would invest in them, ie buy them. But would be happy to accept them as payment for services rendered, like for the tech support I do or for the odd graphic design or webpage I create.

If you wanted to generate your own bitcoins you would need some serious computing power not to mention cooling systems. I have seen some articles about how it use to be maybe 80 cents per bitcoin now its up over 8 dollars, those that got them back then will make a nice penny but too invest in them now or even invest in the hardware to generate them, I think Ill be giving it a miss. But as I said I would be happy to accept them as payment for certain services..

Just my 2 cents, or my 0.02 BTC which is what I got . lol..



posted on May, 31 2011 @ 05:12 PM
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Bitcoins are ok if mommy still pays the electric bill.
You have to do some serious mining to profit.
Unless you are willing to invest in the hardware I don't think it's worth it.



posted on May, 31 2011 @ 05:17 PM
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reply to post by ProRipp
 


Like all things, it only holds value so long as people believe it does! there is a large amount of people that believe it has value so are happy to trade in it. There are those happy to pay 8$ per coin, that coin could very well have been produced out of nothing via a pooling or server farm. I think its kinda like an antique, its only worth its value if someone else out there is willing to pay for it..



posted on May, 31 2011 @ 05:25 PM
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Whatever your doing know the SHTF is coming up fast. The dollar has been tanking the last few days and QE2 ends in 30 days. Once that stops get ready for horror.



posted on May, 31 2011 @ 05:29 PM
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The point of Bitcoins are to be able to pay each other money over Internet without the need of a payment-processor or bank. It's money by the people for the people. It cut's out the (greedy) middle-man. Think a little about this, the implications are rather large. Think of it as money that governments and corporations can't track. This is both good and bad.

As an investment, there are not much experiences with Bitcoin. So, the risk may be high. There are really no way of knowing.



posted on May, 31 2011 @ 05:49 PM
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I own gold and silver and I really dont see them as valuable, but other people do. If people find bitcoins valuable I think its a worthy investment. Bitcoins will be a finite resource eventually just like gold and silver. They are not at the mercy of a central banks printing press. I like this idea. Wish I would have bought some in february or earlier, I would have made 800% on my purchase.

Ebay is selling 10 bitcoins for 85 bucks with 18 bids as I type this. It could possibly go to the moon or crash to the ground, noone knows cause this is a new thing.



posted on May, 31 2011 @ 06:40 PM
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Originally posted by thatonedude
Bitcoins are ok if mommy still pays the electric bill.
You have to do some serious mining to profit.
Unless you are willing to invest in the hardware I don't think it's worth it.



Here is that guys updated video. I'd say he's made some good choices. Even though they were pretty ballsy. He spent 20k on bitcoins in january at 80 cents. At 8.50 today he must be pretty happy.


edit on 31-5-2011 by mayabong because: (no reason given)



posted on Jun, 5 2011 @ 02:38 PM
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Well, they're worth over $17 each now, so it would have been an awesome investment!! You would have doubled your money in less than a week!!



posted on Jun, 5 2011 @ 02:46 PM
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Originally posted by deesul69
Well, they're worth over $17 each now, so it would have been an awesome investment!! You would have doubled your money in less than a week!!


Actually after I posted this, i did buy about 60 bitcoins at $8.70.
Gonna hold them for a while and if it has a pullback (which it should since it show up to the moon) I will probably buy more. I see it as gamble but a good gamble. If it succeeds and spreads like wildfire 1 bitcoin will be worth alot of dough, if it doesn't succeed bitcoins will be worth absolutely nothing and I'm out of luck. lol.

There is so much nerd power behind this I can't see it failing too easily.

edit on 5-6-2011 by mayabong because: (no reason given)



posted on Jun, 5 2011 @ 02:57 PM
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Originally posted by JarsCloutLife

This has become a topic of interest to me as well. I still have much research to do on bitcoins, therefore I am unable to voice an opinion regarding whether or not they are a good investment. I have read various pros and cons which keep me on the fence for the time being.

I would however like to share an interesting thread I found that might perhaps shed some insight:


Bitcoin is a fantastic idea, with one crucial mistake: the finite nature of bitcoins. The fact that coins will one day "run out" will almost certainly lead to increased speculation, which will in turn lead to a deflationary spiral, followed by a "bubble burst" when speculators sell all their bitcoins and average coin holders are left holding the bag. Infinite coins would tie the value to the opportunity cost of computation, which is actually a really cool idea. Inflation based on the log of moore's law would ensure a steady inflationary rate based on computing power. This would deter speculators and incentivize innovation in computing power in order to more efficiently mine currency.


Source




I think the fact that they can be divided up to 8 decimal places is pretty cool.



posted on Jun, 8 2011 @ 06:44 PM
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please keep the bitcoin discussion in one place

thanks

www.abovetopsecret.com...



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