As some of you may know, bitcoin's have exploded over the past few days, increasing in value at a ungodly rate(recent high value of $900.97998). I stumbled across this article that I thought to describe what is happening with bitcoins perfectly. Paradigm shift, not just a bubble.
http://rt.com/busine...l-currency-895/
I suspected fromm the begining, now it may seem more obvious, that BitCoin is international fraud.
Hope I will be proven wrong.
That's insane. Too bad I didn't bother investing in it.
...i have no words
Don't have that kind of money to invest now, should have bought some few years ago.
You don't have to buy a whole(1) bitcoin. Buy any amount you want.
Bitcoin is going crazy, not really. It is just getting some traction in other markets. China has NO investments besides their housing market bubble, and bitcoin is in a prime spot to be able to take a leading foothold for family investors in China. There are many other factors and I could type it all out if you are interested.
man i remember when you could mine a boat load of coins easily on a single card and i was like "ehh its probably not worth the power bill"...
I know them feels, bro. I sold hundreds at a time for 10 bucks a pop thinking I was making bank.
Mhm its ridiculous it has went up 5 fold in like 15 days and is now 3x what it was like 15 days ago(thanks to random media publicity), would have thought people would have tried cashing out hard by now and caused a pannick.
will be investing some 80$ and see where it gets me in a month :)
Nope. Too many buyers. 3 different major exchanges have crashed or had to stop selling bitcoin due to the fact that the number of buyers was causing their servers to lag/overheat and crash.
As I been saying. A large driving force was a t first the fact Bitcoin is getting a foothold in China as an investment strategy. And soon after china became of the top owners of bitcoin in the world, the US had a meeting which discussed about how to get bitcoin to prosper in the states.
You would have thought when momentum slowed there would have been a sell-off with investors cashing out (considering how much it rose and how fast, at it's peak it was rising vertically), its clearly a ponzy scheme as the value of bitcoin is being driven and is based off of new 'investors' paying more money for the same coins rather than a fundamental increase in it's value such as increased usage as a mainstream currency. It was clearly the time to cash out when the rising price level was vertical (and keep your roughly 400% capital gains in like 15 days).
Furthermore with intraday fluctions in the exchange rate of arround 30% addoption is going to become problamatic, not to mention there are serious flaws in the system, I remember an article earlier this year when a massive wallet was cleaned out by people who cracked the password, furthermore intra-day currency fluctuations of like 30% make it unfeasible to implement as a mediumof exchange.
Yes yes yes, I understand you don't like bitcoin, but the reality is that what you speak is more or less just FUD. The people that have had their wallets cleaned out are usually their own faults. Further the instability of bitcoin shows it isn't being controlled or regulated, and not even .01% of people on earth use bitcoin. As bitcoin becomes more popular, the stability increases.
Excuse me, no I like bitcoin, but to say rising price levels are a measure of success for bitcoin is nonsense, a measure of success and a real increase in value of bitcoin would be increased addoption rates as a means of exchange for goods and services, this is highly unprobable to happen with 30% intraday price fluctuations.
Instead what we get is something that looks a lot like a ponzi scheme, where people jump on the bandwagon of rising price levels which are being pushed up by new entrants buying them of people cashing out on the expectation of rising price levels, not because the goods/stock in questions is becoming fundamentally more valuable, i.e. demmand for lithium increases due to regulation regarding car emissions, therefore price levels of lithium mine shares increases, or microsoft releases a new product, the xphone, they become really popular and make microsoft lots of money, microsoft share price levels go up because they are now fundamentally more valuable.
Utilmately people will want to cash out, however when they try liquidating their stock they won't be able to sell it because people only brought at such high price levels because of expected profits, and it is now even less usefull as a means of exchange thanks to high intraday price variations, so nobody will buy it.
Here is another attack, there was another one earlier this year I believe on another brokers wallet. Fundamentally speaking the viability of bitcoin as a medium of exchange is largely threatened by such vulnerabilities, for instance apple has about 150Bn in cash reserves, if it can be breached so easily then it is simply not safe enough for buisineses, which means they won't hold it, they can't hold it, therefore they cant use it to pay employees or buy things with. Maybe for smaller organizations(where an attack wouldn't be worth it), but with wallets over a certain size it simply is not safe. Perhaps they can allievate this somewhat with virtual wallets comprising many individual wallets idk, I think they could and would find a way to crack the system.
A few amounts of fud in what you speak but some truth.
First, no one controls the price of bitcoin. People get on exchanges to sell their bitcoin they have at whatever price market dictates. Whenever you have ANY new technology (Google, Twitter, Facebook) the technology will go parabolic as adoption rates increase.
Here is a good video to explain this: https://www.youtube.com/watch?v=qHUPPYzzZrI
Again. As more people become involved, there will be more people buying under market and selling above market value. But seeing how there are more potential buyers than sellers, the price will most likely keep increasing.
That "Vulnerability" is not due to bitcoin. That was an EXCHANGE, which is a website. Someone running off with coins happens when you rely on someone not to run off with your coins. Trust is the issue. The main way to fix this is a distributed bitcoin exchange that no one figure can run off with all the coins. This is already being worked on, but is still in the works.
Bitcoin is secure, exchanges and websites aren't. As far as large businesses, it is common practice to make a new address whenever you are receiving bitcoin, and not to reuse a public address. In doing so you protect yourself from quantum computers, and you protect yourself from your funds being allocated in just one wallet.