The Bitcoin Bubble (and how it is a setup to rip people off)

revmoofoo
LTC are going to be the next big thing IMHO. My "business partner" was trading LTC yesterday for around £30 (give to take a couple of quid) and he's making a killing.

LTC is going to be relevant but I wouldn't calll it the next big thing. Like all Crypto currencies, it is dependent on Bitcoin. The reason why Bitcoin is now the most expensive currency is because of the gradual acceptance. The first Bitcoin ATM in the U.S. is due in a few months/Chicago. Litecoin is far from that and is still only able to be acquired through Bitcoin exchanges (can't easily spend a dollar for Litecoin anywhere). But it could happen within the next year.

BTC mining and trading really is the way forward, but it won't last for long...unless the rumours about China are true.

Not sure what you mean here. The rumours in China aren't rumours. China banned their banks and third party financial establishments from trading Bitcoin and other cryptocurrencies. What they didn't do was ban it out right. Which has led to this...

After reading on Reddit that BTC China has added a voucher funding option. I immediately logged in to my BTC China account to verify. Upon logging in to my BTC China account, there’s now indeed the option (without any further explanation on that page) to fund CNY through vouchers. Or is there?
Third Party Source

China has restarted Bitcoin trading with the voucher workaround. Couple that with Li Ka-Shing's very recent announcement that he has invested in BitPay (China's version of PayPal which allows for Bitcoin transactions) and we have a China that is still working with Bitcoin.

Why isn't there a Bitcoin forum?

The Block Chain is enough to keep people wondering on the possibilities...much less the financial aspect...

Bitcoin just crashed again:

Bitcoin Just Completely Crashed As Major Exchange Says Withdrawals Remain Halted

The news comes as major trading exchange Mt. Gox says in a new press release that bitcoin withdrawals remain halted. (On Friday, Mt. Gox issued a statement that amid the volume of withdrawals it was seeing, that it was suspending withdrawals until it could address a technical issue). Mt. Gox was at one point the foremost bitcoin market site, though its volume and share of bitcoin activity has declined considerably.
Withdrawals in actual currency are working, so traders can get cash out of the site, which is good news. The bad news is that in addition to the direct matter of users not being able to withdraw bitcoins, they say the technical issue that they're dealing with is something that pertains to the broader Bitcoin community:
The problem we have identified is not limited to MtGox, and affects all transactions where Bitcoins are being sent to a third party. We believe that the changes required for addressing this issue will be positive over the long term for the whole community. As a result we took the necessary action of suspending bitcoin withdrawals until this technical issue has been resolved.

Will the Bitcoin survive another downswing?

Could this be a precursor to the financial drill that is supposed to happen at the end of this week?(Feb 14th)

Bitcoins - I love the idea of a non govt controlled currency BUT wake up sheeple - do you really think the govts around the world are going to let this carry on without them controlling and making the most money from it?

If it was me i'd make sure as many sheep as i could got on board make a few millionaires and then when the hype is at it's highest I would crash it.

Oh sorry little sheep but there's nothing we in the govt can do about your losses, you should have stuck with our currency and then you'd still have your money.

Oh and this also would make it extremely difficult to try again indeed they might even make it illegal to use such schemes to protect us of course.

jrod
Will the Bitcoin survive another downswing?

Could this be a precursor to the financial drill that is supposed to happen at the end of this week?(Feb 14th)

Bitcoin is going to be fine. Mt. Gox issued a statement this morning blaming their troubles on the Blockchain code...which was officially addressed here.

Really need to do you research when posting. Granted all of this took place today but you have to look for information before posting.

Mt. Gox and their withholding of Bitcoin withdrawals is likely the bigger issue here...for why? We don't know. But it is major and something that will likely result in a regulated exchange...which is good for Bitcoin...considering that over night millionaires and the process that made them aren't going to be ignored or disputed against by mostly ignorant legislatures in the U.S.

OK, here’s my bitcoin experience…

About a year ago, I began purchasing bitcoin to use as currency in certain online transactions. I spent some, but didn’t spend most of what I bought. I ended up holding 38 total by June or July of last year, and quite frankly, kinda forgot about it. A few months later I began to hear stories about the exponential appreciation of bitcoin and was SHOCKED as hell when I saw them trading (at the time) at $800 +. My original investment was about $3200 for 50 bitcoin (again, I did spend some).

Needless to say, I no longer own bitcoin. I cashed the 38 out in the $800’s and paid off my car, hehehe!

Would I but bitcoin again?

HELL NO!

Anything that goes up that fast and for such exceedingly nebulous reasons is not my cup of tea investment-wise. I own about 30 different stocks all of which are very conservative plays (Google, Microsoft, BOA, etc…), and I sleep like a baby. That's my comfort zone at my age (49).

I am glad I was lucky with bitcoin, but it was just that: dumb luck. If I had $30,000 or $40,000 in bitcoin right now, I’d be sh*ttin’ kittens…

I can't shake off the suspicion that Bitcoin now isn't a pump-and-dump scheme by the Winklevoss twins. Massive fluctuations and price drops are proof it is being manipulated.

reply to post by MemoryShock


I did my research, I just passed on the article. There was another thread that ran with the story I posted on here.

I wish I knew about bitcoin years ago.....

While it may not fail, right now I do not think they are a safe investment.

Some more bad news for the bitcoin, Silk Road 2 hacked. Bitcoins stolen: www.deepdotweb.com...

I'm amazed anyone would still use silkroad, after what it happened it seems like a possible trap.

reply to post by jrod


Another underground market "Utopia" was seized (Operation Commodore) in the Netherlands, they seized 900 BTC.
source: Thehackernews.com

online.wsj.com...

well this is not looking well for bitcoin

reply to post by DaTroof


Hehe, that'd be pretty funny..

reply to post by Blackmarketeer


How many dollars is 900 BTC?