I Bought a Bitcoin

I keep wondering whether I should be buying bitcoins now, but I have mixed feelings about it. I'm pretty sure its value will continue going up for a while, but I guess I'm still skeptical.

Re: I Bought a Bitcoin

#5

Post by account_taken » Fri, Apr 05, 2013, 1:55 AM UTC

Not sure if Bitcoins are a good investment. All it takes is a western country (say Switzerland) to create an online currency and Bitcoins will sink faster than a Carnival ship.

Re: I Bought a Bitcoin

#6

Post by ihsw » Fri, Apr 05, 2013, 2:21 AM UTC

Mahn wrote: post #4

I keep wondering whether I should be buying bitcoins now, but I have mixed feelings about it. I'm pretty sure its value will continue going up for a while, but I guess I'm still skeptical.

Like any investment it requires careful analysis, personally I prefer to pay attention only to the 200-day simple-moving average. Granted in the past 200 days it has changed a lot, however recent interest in it indicates that it may continue going up. Past performance isn't an indicator of future performance but it's a decent gauge of trends.

Most news articles call it speculative because the people using it can afford to lose the USD value of the coins and there simply isn't enough mass adoption behind it to maintain its value (which would be true), so trade cautiously and ignore news about it.

If you must then re-allocate your investment in or out on a monthly basis.

Re: I Bought a Bitcoin

#7

Post by ihsw » Fri, Apr 05, 2013, 2:25 AM UTC

account_taken wrote: post #5

Not sure if Bitcoins are a good investment. All it takes is a western country (say Switzerland) to create an online currency and Bitcoins will sink faster than a Carnival ship.

The Royal Canadian Mint developed MintChip[1] however there has been little interest.

There's a scathing Forbes blog post[2] too, if you're interested.

[1] http://en.wikipedia.org/wiki/MintChip

[2] http://www.forbes.com/sites/jonmatonis/2012/04/12/mintchip-m...

Re: I Bought a Bitcoin

#8

Post by camus » Fri, Apr 05, 2013, 2:27 AM UTC

Mahn wrote: post #4

I keep wondering whether I should be buying bitcoins now, but I have mixed feelings about it. I'm pretty sure its value will continue going up for a while, but I guess I'm still skeptical.

it's basically a bet,but you have more chance to win than in a casino, or at the lottery.

Re: I Bought a Bitcoin

#9

Post by paulhodge » Fri, Apr 05, 2013, 2:28 AM UTC

Mahn wrote: post #4

I keep wondering whether I should be buying bitcoins now, but I have mixed feelings about it. I'm pretty sure its value will continue going up for a while, but I guess I'm still skeptical.

If you just want to dip your toes in the water, you could always start mining. Doesn't take any initial investment or bank information or anything like that, just processing power.

Re: I Bought a Bitcoin

#10

Post by mistercow » Fri, Apr 05, 2013, 2:32 AM UTC

paulhodge wrote: post #9

Mahn wrote: post #4

I keep wondering whether I should be buying bitcoins now, but I have mixed feelings about it. I'm pretty sure its value will continue going up for a while, but I guess I'm still skeptical.

If you just want to dip your toes in the water, you could always start mining. Doesn't take any initial investment or bank information or anything like that, just processing power.

Aren't the odds of making a single bitcoin as a lone miner, with an ordinary computer, over any sane period of time pretty microscopic at this point? To make any money that way, you'd need to join a mining pool, and at that point you're not really just dipping your toes in the water anymore.