Bitcoin... well whats happening ?

[Saintsman27]

I remember very recently some savvy members were " dabbling " in Bitcoin ... well the
whole idea and financial processes where very hard for me take in... and TBH comprehend
I could not ..but for a time I believe the Bitcoin was going rather good.

I heard on the radio BBC today that some intitutions are squirming and trading has stopped
the latest MtGox trader has ceased trading and there recently been some heavy financial events
concerning what look to me like the downfall of Bitcoin. Well whats happening ??

I hope nobody has seriously lost thier family fortune on these events ..

[VTRDark]

Miztaziggy is the one to answer this one. I never invested in bitcoin or any others in the end, as it would not have been spare change for me too gamble. Getting into mining is another trip altogether which involves a lot more outlay but with more returns.

I really like the idea of alternate currencies though. Something out of the control of the major banks and goverments who rip us off and control everything. We need more options/more of a market. I believe that alternative currencies will eventually go mainstream ie able to be used almost anywhere like the the internet and high st shops etc. Imagine going into your local "How much for a pint of ale" "that will be 1 bitcoin to you sir" It may very well happen one day, especially for Internet/worldwide trading. The banks and goverments wont like it and will do their very best to put a stop to it as they are the only ones loosing out. Right now they have the power and market share with all the control. Greedy flowers.

If I had my way I would abandon currencies altogether and we would go back to trading. I do you a favour if you do me one, I will swap you this for that, I shall exchange you a days work for a meal and a bed for the night sort of thing.

(:-})

[tony.mon]

Miztaziggy is the one to answer this one. I never invested in bitcoin or any others in the end, as it would not have been spare change for me too gamble. Getting into mining is another trip altogether which involves a lot more outlay but with more returns.

I really like the idea of alternate currencies though. Something out of the control of the major banks and goverments who rip us off and control everything. We need more options/more of a market. I believe that alternative currencies will eventually go mainstream ie able to be used almost anywhere like the the internet and high st shops etc. Imagine going into your local "How much for a pint of ale" "that will be 1 bitcoin to you sir" It may very well happen one day, especially for Internet/worldwide trading. The banks and goverments wont like it and will do their very best to put a stop to it as they are the only ones loosing out. Right now they have the power and market share with all the control. Greedy flowers.

If I had my way I would abandon currencies altogether and we would go back to trading. I do you a favour if you do me one, I will swap you this for that, I shall exchange you a days work for a meal and a bed for the night sort of thing.

(:-})

Be careful what you get in exchange for a bed for the night, Carl.....

[VTRDark]

If I've drunk enough I will sleep anywhere me.

(:-})

[Tam Cunningham]

If I've drunk enough I will sleep with anyone me.

(:-})

That's shocking!

[Miztaziggy]

I remember very recently some savvy members were " dabbling " in Bitcoin ... well the
whole idea and financial processes where very hard for me take in... and TBH comprehend
I could not ..but for a time I believe the Bitcoin was going rather good.

I heard on the radio BBC today that some intitutions are squirming and trading has stopped
the latest MtGox trader has ceased trading and there recently been some heavy financial events
concerning what look to me like the downfall of Bitcoin. Well whats happening ??

I hope nobody has seriously lost thier family fortune on these events ..

Lol, the downfall of Bitcoin

Basically one of the first exchanges to come along - and for a while the biggest has had a load of coins stolen. They actually had them stolen a long time ago, by being totally incompetent. They never owned up to it and carried on letting people pay money and BTC into their coffers.

They have finally admitted defeat and released a statement to say that they don't have enough funds to cover all positons.

The price of Bitcoin is still over £300 on every other exchange, MtGox has been in decline for a while now. I say good riddance it's gone. We need a good cull of the crap to make way for the future.

Personally I am enjoying the lower Bitcoin prices. It means my mining is producing more bitcoins per day now which long term will hopefully mean more money when they hit the bigger numbers.

My faith in their future is based on 4 things:
1 - Growing public knowledge and acceptance of them. It's now possible to pay for PC parts with them at Scan and Aria (I know because I buy my GPUs from there for the rigs I sell) plus loads of other places. Also they are starting to get mentions in mainstream media and TV programmes/films - see Person of interest S03E13 and Almost Human.

2 - Developments just on the horizon, ie Paypal building a wallet that integrates Bitcoin, a new shop just opened in London allowing anyone to pay cash and receive bitcoins on paper to spend online etc etc
- just a note about the shop in London - some people say it's useless, and maybe in the UK it is, but what about countries where it's not the norm to have a bank account or credit card. How do you buy online? Well, you go and buy Bitcoins locally and spend them online.

3 - The Winklevoss twins (famous for suing Facebook for millions) have opened their exchange traded fund in BTC. At some point hopefully will get investment from big backers.

4 - Most importantly, there are only 12 million or so Bitcoins in existance, and only ever will be 21 million. That's not a lot of Bitcoins to be spread around. They divide by 8 decimal places, so you can have 0.000000001 Bitcoins. If there's ever a large demand for Bitcoins then the average price per bitcoin has to be huge. There's already a massive demand in China. Take a look at this:

http://fiatleak.com/

It shows bitcoins being bought in real time and where they're being bought from. Right now (10pm Tuesday night) it's not a massive volume in China as they're a few hours in front. But try opening that site in the morning during their trading hours and watch the numbers of Bitcoin flowing into China, it's scary.

[VTRDark]

If I've drunk enough I will sleep with anyone me.

That as well.

Lol, the downfall of Bitcoin

That will be the banks/goverment using the media to try and bring it down.

what about countries where it's not the norm to have a bank account or credit card. How do you buy online? Well, you go and buy Bitcoins locally and spend them online.

That's a good point.

(:-})

[Miztaziggy]

Lol, the downfall of Bitcoin

That will be the banks/goverment using the media to try and bring it down.


(:-})

No I think it's just the general media.

Nothing's ever just a flood, it's a catastrophic world ending disaster.

Everything just hyped up to make it sound more interesting.

[Wicky]

It seems 744,000 worth of bitcoins (6% of the entire world stock) about £210 million worth has vanished suspiciously leaving the owners a tad irate.