Bitcoin just crossed $7.00.
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Bitcoin just crossed $7.00.
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Re: Bitcoin just crossed $7.00.
#2I was a big opponent of bitcoin- still wouldn't use it for anything that matters- but there are some great use cases.
With government bans on online gambling bitcoin could really take over(that market). And, of course, there is the illegal drug trade.
When people say that "it's not backed by anything" all they need to do is fire up tor and take a peak at silkroad. It's backed by one of the most in-demand products ever.
Re: Bitcoin just crossed $7.00.
#3The last thing Bitcoin needs is another speculation craze based on its high value. If Bitcoin's value is growing, that's fine, let it keep growing naturally. Don't start publicizing it so it starts another speculation roller coaster, at least until the Bitcoin market is big enough to not be impacted much by speculation-based transactions.
Re: Bitcoin just crossed $7.00.
#4I was a big opponent of bitcoin- still wouldn't use it for anything that matters- but there are some great use cases. With government bans on online gambling bitcoin could really take over(that market). And, of course, there is the illegal drug trade. When people say that "it's not backed by anything" all they need to do is fire up tor and take a peak at silkroad. It's backed by one of the most in-demand products eve…
Bitcoin is pretty useless, since almost the only thing you can buy with it is illegal drugs and guns...
(btw. drugs & weapons are the second and third biggest international markets, food is the first.)
Re: Bitcoin just crossed $7.00.
#5I was a big opponent of bitcoin- still wouldn't use it for anything that matters- but there are some great use cases. With government bans on online gambling bitcoin could really take over(that market). And, of course, there is the illegal drug trade. When people say that "it's not backed by anything" all they need to do is fire up tor and take a peak at silkroad. It's backed by one of the most in-demand products eve…
Bitcoin is pretty useless, since almost the only thing you can buy with it is illegal drugs and guns... (btw. drugs & weapons are the second and third biggest international markets, food is the first.)
I think the people looking to buy drugs and guns would disagree.
Re: Bitcoin just crossed $7.00.
#6The reason for that is the death of Bitcoinica. Bitcoinica offered shorting, which stabilized prices at around $5. When Bitcoinica went out of business, the only way to make money on Bitcoin is to speculate its' price increase which will drive demand; which will drive its' price even more.
That being said, it might be the right time to buy Bitcoins, and sell before the bubble bursts. However, for a more stable Bitcoin, we need a shorting system and enough traders.
Re: Bitcoin just crossed $7.00.
#7I was a big opponent of bitcoin- still wouldn't use it for anything that matters- but there are some great use cases. With government bans on online gambling bitcoin could really take over(that market). And, of course, there is the illegal drug trade. When people say that "it's not backed by anything" all they need to do is fire up tor and take a peak at silkroad. It's backed by one of the most in-demand products eve…
Referring to this: http://en.wikipedia.org/wiki/Silk_Road_(marketplace)
Re: Bitcoin just crossed $7.00.
#8Earlier quoted context omitted.
Bitcoin is pretty useless, since almost the only thing you can buy with it is illegal drugs and guns... (btw. drugs & weapons are the second and third biggest international markets, food is the first.)
I think the people looking to buy drugs and guns would disagree.
Pretty sure that was sarcasm.
Re: Bitcoin just crossed $7.00.
#9Will be interesting to see how high it goes. Will we see a return to $31.91/BTC?
Re: Bitcoin just crossed $7.00.
#10The last thing Bitcoin needs is another speculation craze based on its high value. If Bitcoin's value is growing, that's fine, let it keep growing naturally. Don't start publicizing it so it starts another speculation roller coaster, at least until the Bitcoin market is big enough to not be impacted much by speculation-based transactions.
After the initial bubble , it now seems fairly stable and growing slowly at a rate that resembles what one would expect from an inflation hedge. It would be nice if it was able to avoid another bubble, but I think it will still happen. As long as another bubble is purely a function of speculation and market size and not due to manipulation or other corruption, it will eventually build a track record for credibility. I think this the route every non-government linked currency has to take at first. The road to credibility is a long one but I'm confident that over time there will be some like Bitcoin that will get there.