More News On Bitcoin

Discussion in 'The Cocktail Lounge' started by Rainman, Mar 6, 2015.

  1. Rainman

    Rainman Senior Investor

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    Still Think Bitcoin is Worth Dabbling With?

    If you do then it's time you banished those thoughts from your mind. Don't even for a moment compare investing to gambling. It's much worse. Scammers are out to get your money.

    http://www.coindesk.com/police-arrest-mycoin-bitcoin-exchange/
    Millions of dollars . . .

    Avoid bitcoin like the plague else you'll end up losing all or most of the cash you "invest."
     
  2. Gelsemium

    Gelsemium Senior Investor

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    There are scams in every single area Rainman, so for now it's a risky business sure, but it has a huge potential.
     
  3. dianethare

    dianethare Senior Investor

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    I upheld Bitcoin with so much awe back in the day...but since it fell from $800 to $200, i became leery, i have been watching from the sidelines, i guess that's why investors aren't too keen on investing on Bitcoin!
    Thanks for the red flag @ Rainman :)
     
  4. Rainman

    Rainman Senior Investor

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    Nonetheless since these trading platforms have been proved to be untrustworthy it's best not to take any risks. They disappear suddenly. How much did the scammers make?

    In 2013: Chinese investors taste the darker side of bitcoin as a trading platform shuts down and $4.1m goes missing.

    In 2014: Mount Gox site disappears. No one knows how much investors lost.

    In 2015: MyCoin has shut its doors, taking with it possibly as much as HK$3bn ($386.9m) in investor funds. On average each investor lost about $100,000.
     
  5. mithra

    mithra Guest

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    Why are you comparing the platform with those that take advantage of the system though? Is bitcoin inherently risky? Yes, because obviously, there's less transparency and ways to meditate the fluctuations so it's easier to take advantage. Does that mean you SHOULD take advantage though? Of course not as doing so would still be immoral. Scammers are present everywhere. Bitcoin is still basically an investment. You either accept the risks or just not dabble at all. And as with other forms of investment that deals with money, scammers will be there and will find and target potential victims.
     
  6. queenbellevue

    queenbellevue Well-Known Member

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    It's true that bitcoins are VERY volatile, but that doesn't mean it's inherently bad, per se. Like everything else, only invest what you can afford to lose.
     
  7. JR Ewing

    JR Ewing Super Moderator Staff Member

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    Stick to reputable, SIPC insured financial institutions - and investing in more transparent, regulated investments that you can reasonably assign some sort of value and utility to.
     
  8. gats

    gats Senior Investor

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    Most of the people who get scammed are those who are too lazy to research how to safely purchase and store their bitcoins. A lot of people lost their bitcoins on mtgox because they take their money out of the exchange to their own wallets.
     
  9. shilpa123

    shilpa123 Banned

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    I am not sure of this business. It seems quite scary and definitely not worth the trouble. I do not think I am really interested to try it very much.
     
  10. Onionman

    Onionman Senior Investor

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    It's not a space I've played in so far but I've always been concerned about the regulatory environment for it, in addition to the sustainability of it all. That's not to say that people haven't made a lot of money out of it, because they have. But I don't know whether the risk-reward dynamic works for me.
     

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