Even with Gox going bust, the price of bitcoin has stabilized around $600 USD...far from crashing. With more and more large retailers accepting Bitcoin, adoption and price will only continue to increase. At least bitcoin can't be artificially created out of thin air like government controlled fiat currencies.
I looked at the past history of Bitcoin for investment & its like a seesaw, back & fourth & its too erratic for my taste.
It would have been nice to buy 1,000 shares of bitcoin for $13 a share & then sell it for $1,000 a share.......& make 1 million dollars profit in only 11 months. Insanity at its finest!
If only we could predict it to move like it had but unless you have some insider info, its impossible.
I know some big companies are picking up bitcoin but until it has a secure backing of everyone's bitcoins so people font get hacked & robbed & other avenues that still need to be fixed, it will be a risky investment.
Also, $621 for 1 bitcoin is way too high for as erratic as the market changes for bitcoin.
It would have been nice to buy 1,000 shares of bitcoin for $13 a share & then sell it for $1,000 a share.......& make 1 million dollars profit in only 11 months. Insanity at its finest!
If only we could predict it to move like it had but unless you have some insider info, its impossible.
I know some big companies are picking up bitcoin but until it has a secure backing of everyone's bitcoins so people font get hacked & robbed & other avenues that still need to be fixed, it will be a risky investment.
Also, $621 for 1 bitcoin is way too high for as erratic as the market changes for bitcoin.
Yes, Bitcoin as an investment is risky. I agree about not investing on the back-and-forth price. Unless you have insider info you're not going to profit that much.
That wasn't true last November. I saw a chart that showed that within 1 month or so China had half of the bitcoin sales. The price was at about $300 so I started investing.
What gives me hope that the price will climb is that main-stream companies like Dell and Overstock.com and other rather large companies have started to use Bitcoin. Hopefully other companies will follow suit and Bitcoin will take the place of vampire-like money exchanges that have charged exorbitant fees to move money.
A commodity is worth exactly what someone is willing to pay for it whether it is backed by anything or not. Backing does not necessarily equal price. Price can be driven by utility. In other words it's driven by what it can be used for.
Payment companies like WU and MG have made billions in the past for the utility of moving money. Bitcoin can do it for a fraction of the cost and therefore has a demand for its use. This demand can cause an increase in price.
It's that kind of gibberish that leads to heavy losses. Bitcoin isnt backed by any government, it has no utility in and of itself and is,....not real. Its value is pure speculation, the "greater fool theory" or musical chairs in action,....
those of us old enough to remember the Villalobos brothers in CR and their 3 percent monthly interest rate have seen this all before.....
For ease of reference see the link below. Any of it seem familiar??
http://old.post-gazette.com/localnews/20030511thebrothers0511p5.asp
http://old.post-gazette.com/localnews/20030511thebrothers0511p5.asp
All I needed to read was the first page to know it was not worth reading. Especially after this comment...
“It is inevitable that Bitcoin will become a multi-trillion dollar enterprise because every other currency in the world is tied to dying central banks that are encumbered with impossible to pay debts and bankrupt counter-party risks” (Keiser, 2013).
I'm not completely sold on bitcoins, but I do think an independent currency system will be successful once the volatility is reduced enough for it to be a viable store of value (ie, it isn't worth $20 one day, $1000 the next, and $600 later).
It should be recognized that all of the naysayers in this thread have been completely wrong so far. Frankie is here trying to teach people something new, and predictably the same people that think they have systems to beat casino games are scoffing at bitcoin.
It should be recognized that all of the naysayers in this thread have been completely wrong so far. Frankie is here trying to teach people something new, and predictably the same people that think they have systems to beat casino games are scoffing at bitcoin.
Frankie you come off as a used car salesman. You remind me of the touts begging you to call their 800# for a free pick. Anytime anyone says something against bitcoin you rush in and defend like you own the place.
Bitcoin may be fine for you and the illegal activities that take place but it's just a matter of time before the house of cards comes crashing down.
I'll have my money safe and secure in the bank before I have any amount of $ in a system that isn't regulated and full of thieves.
Defend all you want but you won't win me over or change my mind. Shill on.
Bitcoin may be fine for you and the illegal activities that take place but it's just a matter of time before the house of cards comes crashing down.
I'll have my money safe and secure in the bank before I have any amount of $ in a system that isn't regulated and full of thieves.
Defend all you want but you won't win me over or change my mind. Shill on.
