Bitcoins at $360, Anyone Paying Attention To Whats Happening?

MtGox

Forb es

Bitcoin continues marching to new highs this month, despite the rather ominous news this week that one of the major wallet services, Inputs.io, was robbed of over 4,000 BTC, or one million worth of U.S. coin. ConvergEx Group market analyst Nick Colas says that one of the main reasons is the surge in interest in Bitcoin from China.

“The biggest Bitcoin exchange is now in China, displacing Japanese, American and European sources of demand,” wrote Colas in a note to clients published by Business Insider. “That enterprise is called BTC China, and its CEO Bobby Lee hails from Yahoo YHOO +3.08%! and Walmart China. Oh, and he graduated from Stanford with a degree in Computer Science. In short, an apparently pretty clever fellow.”

They are going to go through the roof, buy now.

What are we not seeing here, whats the future of this? This is gaining traction fast, so fast that there is going to be to much money and power behind this for them to stop.

Pay attention people.

What do you guys think, is Bitcoin the currency that ENDS THEM ALL??? Just kidding, but seriously??

reply to post by onequestion


what does a bit coin actually look like?

reply to post by spartacus699


A number, and i don't want to hear, "what everything goes to # because they won't be worth anything".

reply to post by onequestion


You may not want to hear that but its true, as soon as people start going to the exit the value will crumble, simply because they have no intrinsic value beyond what people give to it, its fiat money without any collateral not as bad as the dollar centric economy we have today and with some benefits that states can not manage (well until they legislate against it) the currency. This craze is only possible because the system we have today is a bigger lunacy...

I do not say one should avoid the use of it but do not put in it too much of your savings unless you are aiming to speculate on how its value shifts, in fact the value can easily be managed by perception shifts dictated by players and states (as we already saw).

reply to post by onequestion


Someone in the end will get screwed by this.

spartacus699
reply to post by onequestion

 

what does a bit coin actually look like?

From what I understand, it is not a "physical" coin, only digital money.

Although the Bitcoin Project describes bitcoin exclusively as an "experimental digital currency," [39] bitcoins are often traded as an investment.[

Wikipedia

So ya, the internet shuts down, hacker, or an EMP strikes, they're worthless.

reply to post by Panic2k11


Its just a new market tool to be exploited like anyother for sure.

Im not telling anyone to dump their savings into but right its skyrocketing with no signs of slowing down.

No money has value aside from the value we put into it.

Actually there is value in bitcoins, it can be traded in any market, it is regulated by supply and demand, and its not taxed, it has the ability to be anonymous.

Thats better then any money i know of right now.

reply to post by tinker9917


Yeah so is the rest of your money.

Google is gonna end up buying bitcoin....

CPU Time will = Currency

Then when all computing is cloud computing, omg....

reply to post by onequestion

Actually there is value in bitcoins, it can be traded in any market, it is regulated by supply and demand, and its not taxed, it has the ability to be anonymous.

That is not what a meant by value, like hard assets, even gold. Take for instance an apples to a degree they will have the same advantage as bitcoins, they can be a market (not in any and bitcoin the same), it is regulated strictly regulated by supply and demand (bitcoin can be managed in other ways they can also be easily horded as they will not perish), apples are only prone to be taxed in transfers of large transfers with the advantage that their usefulness is not limited by a supporting system (if #F and the network goes down so will bitcoin, the value of apples on the other hand will increase, probably even more that other commodities like gold) an apple is more anonymous that a bitcoin, since a bitcoin is a numeric value it is easy to trace, the anonymity is only in the transactions (and that a) has costs b) can be broken).

reply to post by Panic2k11


Your using an archaic model.

Your seriously sitting there telling me thats how money currently works?

There isn't room for change?

reply to post by onequestion


Did you know you can actually digitally mine bitcoin using special memory sticks and other hardware ...

Here is a link Mining Bitcoin

Here is a Video Video Mining Bitcoin

You can google mining bitcoin and find a lot of information about this.

Shooting this idea is less then ignorant.

This idea is in its infancy and its either going to spawn something spectacular or evolve into something spectacular.

reply to post by onequestion


There is ample room for change I just think we should aim for something better... like no money at all...

In any case bitcoin has advantages over the current system but it is not "safe" as any other hard asset that can use for trade and has intrinsic value (base value). If all collapses I can think on at least two or tree things that I can do with paper money (even coinage). I can't think of anything I can do with bitcoins add to that the possibility of EMP weapons in future conflicts and it will be extremely interesting...

Most of the safety granted to bitcoins is illusive and based on complexity (few people are capable of understanding beyond the basics). Consider that you have a digital virtual asset that can be infinity replicated an near 0 cost, consider how ownership is guaranteed and how their authenticity is verified. I do not know of any human made digital creation that is not prone to being abused beyond its design add to that complexity and the points of failure simply increase, all this above the basic human factor...

Remember than any monetary system is intrinsically linked to credibility (this is even why bitcoin has gathered momentum).

reply to post by Panic2k11


Yeah i know. But non of those are reason enough to completely discard the idea and or not pay attention to its evolution.

spartacus699
reply to post by onequestion

 

what does a bit coin actually look like?

01110100 01101000 01101001 01110011 00100000 01101001 01110011 00100000 01100001 00100000 01100010 01101001 01110100 01100011 01101111 01101001 01101110

spartacus699
reply to post by onequestion

 

what does a bit coin actually look like?

A bit like this:

reply to post by Panic2k11


Correct me if I'm wrong but if you don't spend thousands of dollars your ability to "mine" these bitcoins are near zero and by the time you do spend this money and you actually get a couple bitcoins, you are no where near recouping the cost that you put into it?

It seems to me (and I could be way wrong so show me with sources) that the only people that make money are the ones that started early....much like a ponzi scheme or any other pyramid scam.

reply to post by superman2012


Their far from a perfect idea.

People make money on bitcoins by buying them and selling them as well.

reply to post by superman2012


Bitcoin has value for the same reason gold has value. There are limited numbers of bitcoins that will exist. Unlike gold however, there is no physical object that governments can steal or arrest you over. In theory, Bitcoin is a "true" currency.

-No physical asset that gives it value
-Only certain amount can be created
-Anonymous
-Not taxed
-Not controlled by central banks
-Anyone with internet connection can have access to a blueprint of every transaction ever made
-Incredibly low transaction costs (say 6 cents on a million dollar equivalent transfer, take that Western Union)
-Open source meaning people can use the blueprints for bitcoin to create competing currencies
-Completely open and not centrally controlled by any one person

All in all, I think it's amazing. I studied finance and this is the only currency I have ever dealt with that is honest and transparent.