Anyone invested in Bitcoins?

[Jay Wessman]

Sure it's a risky investment. You are basically betting on whether 'Bitcoin' will become a mass adopted technology into the future.

If it doesn't then the price could fall to almost nothing and people could forget all about Bitcoin and move onto something else.

BUT if it does become mainstream some years into the future then you are going to wish like hell that you bought a few because the current $400 price it is nothing compared to what it could be if this thing really does take off.

 

[lokiys]

As i said I do not see any potential in this
As i know that not I not You can predict 100% what will happens.
I wish you good luck of course, but i just want to warn everybody that high risk investments are not meant for long term and could work just like luck and nothing more, there is nothing but narcotics and credit card fraud behind Bitcoins. And hackers controlling that chart And in one day all this will end up like any other that kind of system.

Do not look at dates and numbers, just chart is what wanted to show.

Cheers

 

[Andy Haskins]

I've not been involved or even stopped to look at what bitcoins are!?

 

[crysper]

Bitcoin price going crazy after green light from US Senate $821.

Buying or not????

 

[K]

Still haven't and still kicking myself - anyone else?

 

[hiimjeremy]

Wow. I saw them for the $300s not too long ago. This is crazy, I wonder if this might be a decent way to turn around some money......

 

[azgold]

I get the Arizona news in my inbox every day. Yes, I live in Canada but have been to AZ many times and love it there.

Anyway, this was one piece of news that arrived today.

Bitcoin: $500 to $900 and Back Again in a Day

 

[hiimjeremy]

I get the Arizona news in my inbox every day. Yes, I live in Canada but have been to AZ many times and love it there.

Anyway, this was one piece of news that arrived today.

Bitcoin: $500 to $900 and Back Again in a Day

Interesting! The price is going to be all over the damn place toward the end of the year I am guessing.

 

[crysper]

One ticket to space, please: Virgin Galactic now accepts Bitcoins | VentureBeat

Richard Brandson invested in Bitcoins and he also accepts space flights payment with Bitcoins. Now the price is up again, almost $800.

 

[operationoffers]

O'brian says it best

O'Brien says that Bitcoin is the new Segway: a technological marvel that dazzles nerds but will fail to catch on with ordinary consumers. Bitcoin is comically impractical, he suggests: "The people who have bitcoins have no reason to spend them, and the people who don't have no reason to get them. They don't want a currency whose value you can't predict from one hour to the next. They don't want to buy things anonymously. And they don't want transactions to be irreversible."

 

[azgold]

O'brian says it best

O'Brien says that Bitcoin is the new Segway: a technological marvel that dazzles nerds but will fail to catch on with ordinary consumers. Bitcoin is comically impractical, he suggests: "The people who have bitcoins have no reason to spend them, and the people who don't have no reason to get them. They don't want a currency whose value you can't predict from one hour to the next. They don't want to buy things anonymously. And they don't want transactions to be irreversible."

Hmm, good points but I disagree that there aren't people who want to buy things anonymously. I imagine there are plenty of those.

 

[Jay Wessman]

As i said I do not see any potential in this
As i know that not I not You can predict 100% what will happens.
I wish you good luck of course, but i just want to warn everybody that high risk investments are not meant for long term and could work just like luck and nothing more, there is nothing but narcotics and credit card fraud behind Bitcoins. And hackers controlling that chart And in one day all this will end up like any other that kind of system.

Do not look at dates and numbers, just chart is what wanted to show.

Cheers

Of course I can't predict the future but I do see potential in the technology having used them myself. I'm not saying that bitcoin is a sure thing at all I'm just saying that I see a lot of value in it and maybe others will too.

When I first bought bitcoins it wasn't even to invest... some people might be able to guess what it was for But when I bought them and made that 'transaction' I was floored at the fact that it was even possible. Bitcoin had allowed me to send money totally anonymously for a tiny, tiny, tiny fee and the very next day I had my goods and I couldn't help but wonder... 'holy shit... is this the future?'.

And whilst it's true that bitcoins are mostly being used at the moment for pure speculation, for buying drugs online or for gambling I can't help but think of a tonne of other uses for cryptocurrency into the future. Want to join some porn site but don't want it to appear on your credit card statement? Use bitcoin. Want to send large amounts of money half way across the world instantly and anonymously without having to pay huge fees? Use bitcoin.

And yes I also realize that for the average Joe bitcoin is still massively confusing and hard to get a grip on. People don't understand it and people don't trust it. But remember when the internet first blew up and people didn't trust 'buying' stuff online with their credit cards? It took time for things to be made easier and for the whole idea of entering your credit card details on to a website to become trusted but now people don't blink an eye when when they go to enter their credit card details online.

So if bitcoin does manage to stick around I'm betting that the tools and exchanges that we use today to store, trade and buy bitcoins will look like dinosaurs some years into the future and clever entrepreneurs will come up with all kinds of smart phone apps, modern exchanges and other ideas that will make the whole thing easy enough to use that pretty much anyone can get to grips with it.

I've not been involved or even stopped to look at what bitcoins are!?

[video=youtube;Um63OQz3bjo]http://www.youtube.com/watch?v=Um63OQz3bjo[/video]

O'brian says it best

O'Brien says that Bitcoin is the new Segway: a technological marvel that dazzles nerds but will fail to catch on with ordinary consumers. Bitcoin is comically impractical, he suggests: "The people who have bitcoins have no reason to spend them, and the people who don't have no reason to get them. They don't want a currency whose value you can't predict from one hour to the next. They don't want to buy things anonymously. And they don't want transactions to be irreversible."

Hahaha c'mon. I think bitcoins are just a LITTLE bit more innovative then this freaking thing:

But I do see your point.

However as for the price fluctuations it definitely does make it hard for people to currently accept bitcoins as a payment method when you have no idea what it's going to worth tomorrow but if it does stick around the target price is much higher than the $800 it's at now and the with a higher price these fluctuations would have less of an impact. Say for example a bitcoin was worth $10,000. A $100 drop or increase at that kind of level would only be 1% and would have much less of an impact and make taking it as a payment method much less risky.

And I'd strongly disagree that people aren't attracted to the anonymity of bitcoin. There are certain things that you just don't want to turn up on your bank statements.

 

[Andy Haskins]

Nice informative video, thanks Jay! At least I'm up to speed now

 

[hiimjeremy]

Thanks for the detailed info, Jay!!!!

 

[fixedit]

I am new to this terminology..does this work?

 

[hiimjeremy]

I am new to this terminology..does this work?

You can definitely profit off of Bitcoins, so it works. I think one of the major issues right now is that there is no consistent cost per coin. It's up and down up and down....etc.... I am sure you can bank off of it but you may require some funds.

 

[jackinnes]

A friend of mine bought 3,000 bitcoins back when they were real cheap, he's basically a millionaire now but he's not willing to sell them until they hit $1k per bc. Never used any myself though, probably would have if Silk Road didn't get shut down last month.

 

[hiimjeremy]

A friend of mine bought 3,000 bitcoins back when they were real cheap, he's basically a millionaire now but he's not willing to sell them until they hit $1k per bc. Never used any myself though, probably would have if Silk Road didn't get shut down last month.

Wow, that is awesome. Do you know how much he bought each one for? That is pretty amazing.

 

[jackinnes]

Wow, that is awesome. Do you know how much he bought each one for? That is pretty amazing.

Well, I say a friend of mine, what I meant was a friend of mine works with this guy who has 3k bitcoins, so I'm not exactly sure on the details, but I think he bought them for like less than $3000. He offered to give a single bitcoin to my friend who is oblivious to the whole thing and declined it... damn fool I need me some free bitcoins

 

[hiimjeremy]

Well, I say a friend of mine, what I meant was a friend of mine works with this guy who has 3k bitcoins, so I'm not exactly sure on the details, but I think he bought them for like less than $3000. He offered to give a single bitcoin to my friend who is oblivious to the whole thing and declined it... damn fool I need me some free bitcoins

Damn. I'll take a free Bitcoin any day