err, no. All the governmetn can do is not make it legal tender within USA. US has no jurisdiction over bitcoin, which is the whole point to it.
Well the fear has always been that they would attempt to outlaw it as a form of currency since techincally any currency not issued by the U.S. gubment is illegal (so I understand).
Ironically bitcoin's best defense is that it isn't actually what it was conceived as - a currency. Very few treat it as such or use it as such. It is a "product". It's more like a stock than anything else with people buying ownership in the collective faith that it has value - it's actually kind of an interesting 'self fulfilling prophecy' of sorts since those involved want it's value to rise - not to stabilize. And so they 'sell' it in order to do so - it's a headless corporation with a built-in marketing department
It's true, i'm vary wary to spend any of my bitcoins on anything in fear that tomorrow I'll feel like I overpaid.
Let's say I spent 1 bitcoin to buy a PS4 on friday. Well if I would have waited until today I could have bought a PS4 and two games with that same bitcoin.
err, no. All the governmetn can do is not make it legal tender within USA. US has no jurisdiction over bitcoin, which is the whole point to it.
It's true, i'm vary wary to spend any of my bitcoins on anything in fear that tomorrow I'll feel like I overpaid.
Let's say I spent 1 bitcoin to buy a PS4 on friday. Well if I would have waited until today I could have bought a PS4 and two games with that same bitcoin.
Bitcoin will stabilize if and when its adoption as a valid alternative currency reaches the mainstream. Until then, it's a gamble.
I think this is because the expectation is that because there is only a finite number of BTC, the value of one whole coin should be far higher than it is right now, and that when BTC reaches maturity the market will stabilize and become pretty reliable. I think BTC may yet crash and burn, but it has weathered some pretty intense storms already and is now becoming a lot more legitimate, so I actually am beginning to think the possibility is stronger that it will continue to increase to maybe a few thousand per coin.
Don't be afraid to sell now, wait for the crash, and buy more with the money you got from selling. That's what I'm waiting for.
True. I don't have any BTC right now, so I'll benefit from a crash.Problem is, with this senate hearing, unless it goes really badly for BTC, I dont see a crash in the near future.
This is not a currency AT ALL. It has now become a greater fool theory "commodity" to trade. This is tulip mania in the extreme. People will be eating bullets after the crash.Is it really that stupid to switch from a government controlled and manipulated currency with no backing to a free open digital currency with no backing?
Just a bit over $600 now. This has actually been a fairly slow-and-steady rise compared to previous bitcoin "bubbles".
spiked over $1,038 for a moment
I love it... Bitcoin had a low of $531 on Mt Gox today, and a high of $900.
Nothing like an 80% price swing in one day to convince the world that Bitcoin is the stable currency of the future. I should totally put my retirement dollars into this stuff
Yeah. Terrible. I hate when I triple my money in a week. THAT SUCKS.
Bitcoin is less a currency and more of an investment opportunity and a techie's wet dream. It's definitely not something for conservative, boring, bitter people who are scared of taking risks. As someone who's currently profited even if all this comes crashing down, I'm laughing at you all the way to the bank. :thumbsup:
If you think that Bitcoin is an "investment" at this point, you're deluding yourself. No investment has ever appreciated this quickly without crashing just as fast, whether it be penny stocks or a ponzi scheme.
Have fun trading this madness, but just remember that you're gambling at this point and not investing. I just hope that that you're playing with the house's money.