Discussion in 'General Trading Discussion' started by CryptoKid, Sep 23, 2014.
We know this because the data is being fed to blockchain info website.
I think you would be crazy to invest in something like bit coin, it is so speculative and uncertain at this point. Certainly at some point in the world there will be the emergence of some form of currency that will be accepted by the entire world but I hate to tell you I don't think that Bit coin will be it. The beginnings of bit coin are questionable, it has not been tested and the value is bouncing around like a pinball. Hardly a bandwagon I would jump on just yet. Let's see how this pans out in Germany first.
Agree with this. Most of the people who are ´investing´ in bitcoins do not even understand that it is a currency, not a stock. A stock is a part of a company and has value. Companies have tangible assets that can be sold off. Currencies are nothing, especially one that isn´t supported by a national economy. I heard someone say that bitcoin was trading below its fair value.... the fair value of bitcoin is nothing! It is even worse than the currency of some third world country.
You can make a lot of money on bitcoin, but it will never be a currency because almost everyone is using it as a speculative investment and the value swings way to wildly to be a real currency. How many of you out there would be willing to rent an apartment for 1 bitcoin per month for the next 12 months. Last month you would have gotten $400, this month maybe $220.. by next fall, you could be getting $50 or less.
Wait, Ebay owns Paypal?!...alright, i have be living under a rock, how that passed me, i have no clue, anyway this must be a great deal then, at least now i can join sites that pay via bitcoin and have no stress that Paypal won't come through..although am not amused at the rate bitcoin's at right now...sinking ship is what its doing and its not funny.
It will be under $50 in a few months. The problem is electricity. There are a ton of people who bought cloud mining or rented servers for mining. The cost to run those services requires bitcoin to be above $200 - $300 to be profitable. They were a great investment back when bitcoins were $500 or so. But now you are starting to see the miners needing to sell their bitcoins to pay for their servers. The lower the price goes, the more of them become financially unsustainable, and they too must cash-out their bitcoins. Google ´bitcoin cloud mining´ to get an idea of how it works... all those people who signed contracts to lease servers are now paying more than their mining activies bring in.
Inspite of this, I continue to be quite doubtful of Bitcoin. I still think it's too risky. I had the same opinion towards Paypal in the beginning, but then Paypal's attentive customer service appeased these doubts. If you had something fishy going on in your account, you can easily contest it and Paypal is very quick to take action. I don't see this kind of service with Bitcoin, so I think it will still take them a while before they fully get accepted by the market.
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