BITCOIN as an alternative to regular currency

[burdo77]

Do u believe everything you read?

It sound like you have already made ur mind up, so go ahead buy 10, 000 and watch it go down to 5,000, what will you do then? Big business are unlikely to trade with it unless it stabilises, then it will have a lower demand.

[Tobedotty]

I don't think bitcoin really has a future as a currency, but I might change my mind if the value of a dollar is quoted in terms of bitcoin in the media instead of vice versa.

[Zenyatta]

I don't think bitcoin really has a future as a currency, but I might change my mind if the value of a dollar is quoted in terms of bitcoin in the media instead of vice versa.

The fact that there are still many conflicting opinions and many people bashing Bitcoin is exactly why this is still such a great opportunity! Once every man and his dog agrees that Bitcoin has become a spectacular success it will be too late.

See above. There is a 3-6 month window to act here before Bitcoin explodes...don't waste this chance for the gamble of a lifetime!

[Zenyatta]

Do u believe everything you read?

It sound like you have already made ur mind up, so go ahead buy 10, 000 and watch it go down to 5,000, what will you do then? Big business are unlikely to trade with it unless it stabilises, then it will have a lower demand.

I've said I'm prepared to take the big gamble and hold on to it for 4-5 years - either the price will go to zero (I lose the lot) or it will be a spectacular success, topping out at a price of $US 100 000+ per bitcoin (100x current value), in which case I will have made millions.

[steven1976]

Sounds like a plan. Just go with it then, the reason a lot of people make a success of something is because they go for it whilst others sit around talking about it.

[Zenyatta]

Sounds like a plan. Just go with it then, the reason a lot of people make a success of something is because they go for it whilst others sit around talking about it.

I'm still unsure what my entry point should be though. I don't like the price on offer at the moment (currently $US 850), too high, too much of a bubble, too risky. Although I'm confident the long-term trend will be up, in the short-term, I wouldn't be surprised to see a crash. I'm looking to get in sometime when the bubble pops in the next 3-6 months, hopefully at a discount price of $US 100 - $US 300. When everyone is panic selling, that's when I will be buying

[gazuty]

Graph of google search term "Bitcoin"

I'd guess its a good proxy for price.

The velocity of posts on this thread is also a good proxy for price.

[superfrank]

Max Keiser was recommending Bitcoins as a buy at $5 - my bruv bought a load soon after and is sitting very pretty. He has endured traditional dull "investor" types telling him to buy shares/property for years for some crappy yield and thankfully is a having the last laugh.

I only wish I'd bought more myself

Ps. He intends to sink the profits into gold, which will one day dwarf Bitcoin's rise. Don't forget that the US is printing $1Tr a year out of thin air (now that really is a bubble) and isn't going to stop.

The Definitive History Of Bitcoin (infographic)
http://www.visualcapitalist.com/wp-cont ... raphic.jpg

http://www.maxkeiser.com/2013/12/kr536- ... cest-cult/
(in the 2nd half there is he interviews Jeff Berwick of DollarVigilante.com about the great Bitcoin divide in the libertarian community)

[andyfuller]

I was listening to some stuff the other day and they spent a short time on bitcoin - they were of the view that like Napster changed the music industry like nothing else they suspect Bitcoin could do the same for money and how we transact. But like Napster they see it as a front runner that won't be the end solution. Along the way there will be money to be made but eventually they see Bitcoin being dwarfed by something else that uses the basic idea of Bitcoin.

I kind of agree with that.

[Zenyatta]

I was listening to some stuff the other day and they spent a short time on bitcoin - they were of the view that like Napster changed the music industry like nothing else they suspect Bitcoin could do the same for money and how we transact. But like Napster they see it as a front runner that won't be the end solution. Along the way there will be money to be made but eventually they see Bitcoin being dwarfed by something else that uses the basic idea of Bitcoin.

I kind of agree with that.

Yes, it looks like the general idea of a distributed public ledger based on a virtual currency using encryption and mining is here to stay...there is now an explosion of alternative virtual currencies utilizing the general theme, with LiteCoin being the most successful of the alternatives so far. But Bitcoin has significant 'first mover' advantage and the protocol can be continuously tweaked and modified.

[Zenyatta]

Max Keiser was recommending Bitcoins as a buy at $5 - my bruv bought a load soon after and is sitting very pretty. He has endured traditional dull "investor" types telling him to buy shares/property for years for some crappy yield and thankfully is a having the last laugh.

I only wish I'd bought more myself

The history of Bitcoin shows that the people that kept calling 'bubble' got it wrong over and over and over again. How many times do they have to keep being wrong before they concede? I think this train isn't stopping. If it turns out to be as successful as the optimists say, the price of a bitcoin could top out at $US 100 000 or more! So there is still potentially a huge amount of money to be made by you and I.

[Euler]

I've lived through too many bubbles in just 20 years that I know one when I see one. One of the key factors is the lengths people go to 'prove' its not a bubble. It will only really crack when the last fool enters the ring and the smart fools start to sell.

I remember the dot com bubble and refusing to invest in some of those stocks because it was obvious it was going to all end in tears. Despite that companies worth £100m still rose to £1bn before crashing back down to earth.

Everything has a true value and then there's the value that people are willing to pay. But often the two are completely disconnected. I guess that is why contrarian investing works so well as its a two way thing

[superfrank]

Everything has a true value and then there's the value that people are willing to pay.

but measuring "value" is the problem in an age where most major currencies are being debauched on a grand scale.

the great thing about Bitcoin is that it will open many people's eyes to the whole issue of money and what is real wealth/money.

i've posted this vid before but it's well worth a watch for those interested in money creation...
http://youtu.be/iFDe5kUUyT0

[Euler]

I'm talking more along the lines of I rent something for £1k, there is the value. Its just a question of what you pay for it.

[steven1976]

12 pages in and I still don't get what the amazing thing it offers haha
As far as I understand it cuts out transaction charges?