is it game over for bitcoin soon?

by Propagandhi711 Tue Feb 25, 2014 12:38 pm

http://news.yahoo.com/bitcoin-exchange-mt-gox-39-website-down-053727771--sector.html

by nevada Tue Feb 25, 2014 1:09 pm

Have you noticed that almost every article about bitcoin is accompanied by images of gold+silver colored coins marked "B"? Is this a trick to deceive people to think that these are real coins like gold?
And then there are educated computer engineers who call themselves "miners", having spent several thousands of dollars on powerful machines busy at cracking the algorithm or whatever it is which can unlock these bitcoins.
That being said, bitcoin has exploded in value over a short period of time. I first heard about them about 18 months ago. From what I remember, the Vinklewoss twins (the dudes who Mark Zukerberg settled with out of court) were early investors in Bitcoin. Assuming they put in $10 million with bitcoin trading at maybe $5 a piece at that time, their investment went up to as high as 2 billion dollars(at $1000 per bitcoin).
Bubbles are fun! Get in early and make some money instead of dismissing it as yet another fad.

by Hellsangel Tue Feb 25, 2014 1:21 pm

No evidence yet of a domino effect from one exchange shutting down.

Where is the fox of Wall St. with his opinion on anything financial?

by harharmahadev Wed Feb 26, 2014 9:02 am

Hellsangel wrote:No evidence yet of a domino effect from one exchange shutting down.

Where is the fox of Wall St. with his opinion on anything financial?

I've been following the Bitcoin story for the past few years. I was tempted to invest in Bitcoins when it was trading between$5 - $25. Then it took off and kept going.

The biggest marketplace for Bitcoins was Silk Road, which was anonymous site to buy/sell child porn, drugs, arms, etc. The FBI cracked down on it and shut it down. Bitcoins were used for money laundering. So now they are cracking down on exchange sites.

There is a site called Dwolla, which is used to settle the dollar transactions after the bitcoin trade is closed on Mt Gox. Now FFIEC (financial Crimes network) is cracking down on Dwolla too. Basically, they are breaking up the bitcoin network, without fully dismantling it.

I don't think bitcoins will become history. However, public euphoria might be tempered with reality. People make comparisons between bitcoin and gold. They say both have a finite quantity and can be a hedge against currency depreciation. They both claim to be a store of value.

However, I prefer gold over bitcoins. I know gold will be accepted as currency anywhere in the US or India. Bitcoin doesn't have a ready market and it's in a highly speculative phase. It's definitely a story I will be watching, but not investing.

by Propagandhi711 Wed Feb 26, 2014 10:31 am

imo, the one reason bitcoin or any of the other form of digital currency will not achieve widespread status is there is no standing army/govt behind it. when you think about it, all the currencies in the world that had any value in the history of time was backed by a strong armed force that would guard it's value. bitcoin has none of that...I know this is the electronic frontier but until some country decides to throw its weight behind it (swiss, the northern european countries, japan, china etc) it will always be a dicey proposition.

by harharmahadev Wed Feb 26, 2014 11:04 am

Propagandhi711 wrote:imo, the one reason bitcoin or any of the other form of digital currency will not achieve widespread status is there is no standing army/govt behind it. when you think about it, all the currencies in the world that had any value in the history of time was backed by a strong armed force that would guard it's value. bitcoin has none of that...I know this is the electronic frontier but until some country decides to throw its weight behind it (swiss, the northern european countries, japan, china etc) it will always be a dicey proposition.

I agree with you that it needs backing from a powerful player.

Nowadays, corporations have become just as powerful as governments. If a Wal Mart or Amazon decide to build a marketplace for bitcoins, it might still become viable.

by Propagandhi711 Wed Feb 26, 2014 11:07 am

harharmahadev wrote:
Propagandhi711 wrote:imo, the one reason bitcoin or any of the other form of digital currency will not achieve widespread status is there is no standing army/govt behind it. when you think about it, all the currencies in the world that had any value in the history of time was backed by a strong armed force that would guard it's value. bitcoin has none of that...I know this is the electronic frontier but until some country decides to throw its weight behind it (swiss, the northern european countries, japan, china etc) it will always be a dicey proposition.

I agree with you that it needs backing from a powerful player.

Nowadays, corporations have become just as powerful as governments. If a Wal Mart or Amazon decide to build a marketplace for bitcoins, it might still become viable.

right...it makes sense for amazon in particular. sovereign status is still an issue tho

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