Bitcoins

JohnRo

Ark_Welder wrote: »

Further, thinking that Bitcoin cannot be corrupted or controlled is a fallacy. The recent 12-hour outage demonstrates this quite clearly.

Eh? That's one exchange, caused by speculators and panic, the infrastructure was woefully inadequate. Noone denies its a fledgling concept.

Either way it has nothing to do with the bitcoin itself.

Ark_Welder

JohnRo wrote: »

I don't think many are, me included, but speculators aside, one of the main reasons it's gaining traction is because the current system run by robber barons is unsustainable.

Money is a bit like religion, you have to have belief and faith.

How do you know that it isn't a bunch of robber barons running this? Might even be the current ones running the others. I can easily imagine the CIA having set this up as a method of infiltrating the Überwald. How's that for a conspiracy theory...!

Ark_Welder

http://en.wikipedia.org/wiki/Tulip_mania

merlingrey

As far as manipulation goes i'd imagine hedge funds were /are involved in pump and dump they have the financial knowledge, contacts and money to pull it off in an unregulated market.


Lack of store of value is what kills it, the dependence on technology to remain static to keep the Bitcoin alive is very high here, hackers get better and better all the time and computers and technology gets better so either the bitcoin gets destroyed/stolen over time or some sort of new digital currency comes along that is basically Bitcoin 2,and nobody will want to own Bitcoin 1.

dryhat

Ark_Welder wrote: »

http://en.wikipedia.org/wiki/Tulip_mania

Cheers.

Have never heard of that before.

Ark_Welder

dryhat wrote: »

Cheers.

Have never heard of that before.

I assume you've been out of contact, sailing the South Seas then...:p

Ark_Welder

JohnRo wrote: »

... caused by speculators and panic,

The collective behavior of the crowd. Once understood, can be edged into a particular direction.

JohnRo

Without doubt, but again it has nothing to do with the bitcoin itself. I'll look forward to revisiting this thread in a few years time if I'm still around, really not interested in irrational arguments about what the bitcoin concept is or isn't at this stage of its development.

dryhat

Ark_Welder wrote: »

The collective behavior of the crowd. Once understood, can be edged into a particular direction.

I am almost £2k better off now than I would have been had I not bought bitcoin 4 weeks ago.

And all for a £500 punt.

You can spout all you like about "traditional" forms of investing - balanced portfolios, value investing or whatever, blah blah blah but if you couldn't spot the potential of bitcoin once it started kicking off in cyprus, then you lost out big time.

And I'm not even a gambler or a high risk investor.

I might not be into all the fancy jargon or data analysis when it comes to investing, but I can spot a one off opportunity to make a quick buck. And I went for it.

principa

dryhat wrote: »

And I'm not even a gambler or a high risk investor.

I might not be into all the fancy jargon or data analysis when it comes to investing, but I can spot a one off opportunity to make a quick buck. And I went for it.

I think this makes you a gambler and a high risk investor.

There was significant risk in sending your money to an unregulated exchange to purchase a digital asset, possession of which is not recognised nor therefore backed by law.