There's an article in The Age today on them. http://www.theage.com.au/money/investing/is-online-currency-a-safe-investment-20130408-2hfmn.html The graph in the article only goes to $120, and looks way parabolic let alone adding 50% more. I think people are getting deluded into thinking that it's a guaranteed way of making money (and many would be) simply by buying and selling them a day or two apart. I'm not anti-bitcoin, but we're in classic greater fool territory.
Yep and I have some guy at work willing to plonk 2grand into bitcoins at current prices. He believes they should go to 1grand per coin at some point if they are adopted. He doesn't care if he loses the 2k. I guess 2k is nothing to him then. The whole world is flushed with so much fiat its not funny. The only thing stopping him now is that he is waiting for verification at Mt.Gox. Madness really. Slam
I don't think mining is driving this boom - it's speculators. Look at the weight of the buyers in the market. Tulipmania.
I don't think it's sour grapes - be very wary and take a step back if you think that this current market is "a sure thing". Basically what you're saying is that you are smarter than the masses and won't get burnt when it pops. This is the sort of mentality that I think most stackers are counting on the masses having when silver and gold reach highs - there will be someone else willing to pay more when you want to sell your metal.
Fixed it for ya If you're sitting on banked profits and are playing with free money, go for it. But this is starting to get a bit like taxi driver recommendations.
Don't get me wrong, I am happy for your good fortune and was really hoping that Bitcoin would become a viable exchange medium, my comments are simply based on the common sense that I have learned from watching anything else that behaves with the growth pattern of Bitcoin. The question that I assume that you must be asking yourself is when to get out and convert your virtual good fortune into something real while you still can. It will only take one well placed rumour or bit of false information into the public conscience and people will panic sell and drop Bitcoins to nothing.
Max Keiser believes it will hit 1k in 2013. Expect it to keep going the way it is with 10% price slumps along the way. I am nervous though as my avg buy price is about $110...
Not a big fan of Keiser to be honest... And anyway it's only speculation as to which level this will go to. The truth is no one can know. So far you have almost doubled your initial deposit... Not bad! Ultimately it all depends on the level it reaches and the severity of the following correction.
Me neither, but I'll give him credit, he does know something about money. And yes, it's only speculation. If they do catch on, I don't see why $1000 isn't possible in the long run, but saying it is going to happen in 2013 all sounds a bit bubbly to me. I'm not brave enough to say it won't though, this market has already surprised me a couple of times
I am assuming that there are 10,000 other programmers/mathematicians/cryptographers looking at what's going on and getting ready to launch their own versions of the same system. I am going to wait for the Pokemon Signature Bitcoin V5.2 or the Qantas Etihad Rewards Bitcoin before I get in.
How does the government collect its 10% tax when you purchase goods or services? If it is anonymous then I guess they don't? If the gov feels that it is missing out on tax it will step in. This is one of the biggest problems with the other community currencies, the tax still needs to be paid in legal tender, so conversion rates come into play and the currency can't stand alone.
