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Bitcoin

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Wade

Wade

FeralNormal master
there was a flurry of stories the past couple of weeks mostly owing to the Greek crisis I suppose. from what I understand the price had fluctuated quite a bit of late. there be bubbles. apparently there has even been speculators involved maybe even trying their hands at shorting it? ?!!
 
Yes, I'm sure speculators are playing both sides since there is little barrier to entry. More important is does the concept of decentralized digital money offer significant advantages over fiat money? I believe it does and that the idea of how bitcoin is structured is more important than bitcoin itself. In time this could have enormous implications for commerce and centralized authority.
 
ufology said:
Remain skeptical.
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I have to agree with Ufology, unless you're going to put together a couple of high end rigs and mine them yourself, it's almost never worth it. You can make money, but the problem is that if your Bitcoin wallet gets hacked, and it happens all of the time, you have no recourse to recover your coins. You can always mine them and then sell them immediately, but the problem with that is that the price of Bitcoins fluctuates so often you may end up getting significantly less out of it than you put into it. About the only advantage to Bitcoins I can think of is if you want to buy something and you don't want anybody to be able to trace your purchase, other than that, I'd stay away for now.
 
This bitcoin bubble is going to ruin a lot of people while the sharks swim away with big grins. I wouldn't be surprised if it also ends up forcing regulations onto it. I'm surprised it's lasted this long. It's a major scam based on whoever has the most supercomputers and biggest bank accounts to play the game with.
 
ufology said:
This bitcoin bubble is going to ruin a lot of people while the sharks swim away with big grins. I wouldn't be surprised if it also ends up forcing regulations onto it. I'm surprised it's lasted this long. It's a major scam based on whoever has the most supercomputers and biggest bank accounts to play the game with.
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According to a story I heard part of the reason why it's price is rising is because of its acceptance by nations and general retailers, it's losing its underground status, it's becoming more accepted and it's being actively traded this will quite naturally mean that it will also become regulated, once that happens my guess is that it will downhill the rest of the way. I'm guessing there will be other homebrewed currencies that will take note and avoid that same path and remain in the shadows and networked between related relevant causes.
 
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Wade Ridsdale said:
According to a story I heard part of the reason why it's price is rising is because of its acceptance by nations and general retailers, it's losing its underground status, it's becoming more accepted and it's being actively traded this will quite naturally mean that it will also become regulated, once that happens my guess is that it will downhill the rest of the way. I'm guessing there will be other homebrewed currencies that will take note and avoid that same path and remain in the shadows and networked between related relevant causes.
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It's an interesting phenomenon, but it's ultimately all illusory. If you had been in the game since its inception and played it wisely before the big supercomputers got into it, you could maybe sell out now and retire. Now that it's gone big time, the little guy can pretty much forget about it as a means of currency trading for profit. You know how microtrading works right?
 
manxman said:
limited to a few million coins, no patent or anything else to stop version's popping up all over the place.
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Yes, the psychology of virtual currency is rather bizarre. It makes me wonder if the guys that set this up really knew what they were getting into.
 
ufology said:
It's an interesting phenomenon, but it's ultimately all illusory. If you had been in the game since its inception and played it wisely before the big supercomputers got into it, you could maybe sell out now and retire. Now that it's gone big time, the little guy can pretty much forget about it as a means of currency trading for profit. You know how microtrading works right?
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Correct .. now is not the time to get into Bitcoin to make profit as that happened a number of years ago.
 
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