How can people justify buying some electronic code over gold and silver, I don't understand. I might buy 2 bit coins and view it as a sort of long shot lottery ticket, but there's no way I'll buy more than that.
Only 2/3 days ago it was low 60s! I follow Bitcoin Australia on twitter and there was an article link predicting bitcoin to go 100k+ Whilst I dont buy into that rubbish, it does seem to have some potential as a global currency in a world that is becoming more digitalised centric every day...
700% return this year alone, compared with a near 0% return (if not a loss) on gold and silver. That is my justification!
This sure sounds like a bubble to me, i.e. parabolic rise. Probably not ready to pop yet, but I would buy-in now. Let'em fools play their fool's games. Have you heard about Russian MMM? It's rising as well you might want to participate. It's a classic Ponzi scheme though and they're not even hiding it!
What about computer programs? They are virtual too, yet people buy them. Bitcoins have utility. It's a payment system as well as a currency. People see the value in it. I'm glad I don't have to buy now. Considering I would only get a small fraction of the coins I used to get, it just doesn't seem worth it to buy any more.
If EVERYONE USES IT, then once all have been issued.. each bitcoin will be worth over a million.. but thats assumming it has a 100% takeup with no major incedints on the way.. its a big specualtion but so is selling to book 900% profits when the upside is soo extreme.. Im going make or break on bitcoin.. cant bear to sell at $80! Im actually liking the thrill of a highly speculative investment.. compared to my SAFE gold and silver investments.. i like the contrast TBH.. and very happy with it... ill be loving it when they all go up in unison like last light.. SWEET AS BRO! 1for1
http://www.gumtree.com.au/s-ad/the-...-80-each-investment-of-a-lifetime-/1016063052 Classic Gumtree Ad.. Poster having to jack up the price constantly.. originally selling at $50 last week 1for1
Hard to say really, I bought some at $48 AUD on Friday last week...pretty decent return for 1 week if you ask me! If I was forced to take a guess, those buying at $70 today may well be selling for $100 next week. Happy to be proved wrong and called out on it though. In my opinion, BTC has $100 written all over it in the short term...from there, I have no idea...I'll sell the lot at $98/$99.
I see your logic but what would cause a sell off .. the geeks are not your typical hedge fund that will profit take at a price point.. i actually see at the end of PRODUCTION that selling at a $100 may make you rip your hair out when that time comes in a couple of years .. but really its all up in the air.. i am scared my wallet wont sync up or something more than the price plummeting. totally agree it will snap past $100 in the VERY short term and that may be a price point where some choose to sell.. interesting people are saying bubble and a huge price run up will result in selling.. but really these are unventured waters so no real precedent to base these thoughts on. 1for1
Want to know what already makes me rip my hair our - I spent 400 BTC in early January, at an average cost of around $13 each...so what cost me $5000 would be like $28,000 worth now if I'd held them. :lol: :lol: :lol: :lol:
^ I'm surprised to see you saying you will sell the lot at 100 or so. Especially since we are so close, and still little knowledge of them in society. Basically, I am keeping an eye on developments and if I see a potential competitor only then will I consider selling. Until then, I'm riding it all the way and let's see where it goes. You might end up bald if you sell them all at 100.
Agree again, however that's not to say I won't buy back. Like you I believe a correction must happen to some point...I feel it may be at $100...I HOPE its not at $1000... :lol: I'm a trader, whether it be stocks, BTC or gold/silver...you have to take profits in the "trader" role.
So Mt Gox does Aussie bank deposits now - I checked a few days back and they still said no on the website. Have you ever cashed out from Mt Gox - what options do they have except for a wire?
Sold mine all off at like $35 ( Bought back in at $57 ... what a ride! The other mate who got 30 off me for $300 is having good days too. Ive stopped warning him to sell them off cause I dont know how high it will go. But surely there will be a sell off sooner or later. Max Keiser is swearing black and blue that he cant see a bubble forming...? Anyway had this up on my spare screen today, noticed they looked alike... Doesn't mean anything, just thought it was pretty neat
Litecoin pools got DDoS attacked today to attempt a 51% attack. People mining in pools can't mine so it makes it easier to have 51% of the network hash rate. Might be a trail run for Bitcoin as they have less people solo mining. I am going to trial litecoin for a couple of days see how I go.
