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Bitcoin is probably going to crash. It's a bubble waiting to pop. It's just like the other currencies, it's backed by nothing and really doesn't offer much. While this might be a good idea.. I don't see bitcoin being anything of the future.
Bitcoin mining with your GPU is dead, you'll pay more in your electic bill that you'll make.
Bitcoin is probably going to crash. It's a bubble waiting to pop. It's just like the other currencies, it's backed by nothing and really doesn't offer much. While this might be a good idea.. I don't see bitcoin being anything of the future.
Bitcoin mining with your GPU is dead, you'll pay more in your electic bill that you'll make.
you dont say why you feel bitcoin will crash? you cant just say i think it will crash. based on what?
what do you mean like other currenices? there is no other currency like bitcoin its a new thing and in its infancy. the us dollar is based on nothing but historical c onfidence in our country. the gold standard has been gone for a long time. the us dollar is backed by nothing but confidence, same as bitcoin.
less than like 0.00001% of the population is currently using bitcoin. im not saying people cant lose interest and it cant crash but if even a small percentage increase in usage and its gonna be huge.
also mining isn't dead. its dead for the casual user using their laptop but to people really in the know and people who don't mind laying out some big money for a proper system people can still make money. most small time miners now have to mine in pools.
banking is how the government controls and monitors people. look at waht a nightmare frank dodd and all these aml laws cause for businesses. chase recently forced out alot of small business's who banked with
them and wont do wires over 50k anymore. not a problem with bitcoin as nobody can centrally control it. obitcoin is a way to take control away from bankers and politicans and the governmetn and that is priceless.
in fairness aml laws and money transmitting laws are nearly impossible to understand and are constantly changing. even attourneys who specialize in nothing but this will all give you different answers to what the laws mean so its not as if this guy is laundering money for drug cartels, you can have a completely legit white collar busines and the government can still come after you for this crap. go ahead and read some money transmitter laws state to state as well as federal. in new york you may not need to be licensed one state over its a class 3 felony for doing the same thing. only south carolina and montana dont regulate money transmitters those are states any btc company should be based in if not out of the country completely.
in fairness aml laws and money transmitting laws are nearly impossible to understand and are constantly changing. even attourneys who specialize in nothing but this will all give you different answers to what the laws mean so its not as if this guy is laundering money for drug cartels, you can have a completely legit white collar busines and the government can still come after you for this crap. go ahead and read some money transmitter laws state to state as well as federal. in new york you may not need to be licensed one state over its a class 3 felony for doing the same thing. only south carolina and montana dont regulate money transmitters those are states any btc company should be based in if not out of the country completely.
I'm not saying the guy is a crook. I'm pointing out the obvious - at this time, bitcoin is an easy conduit for the bad guys to launder money. Since this is an investment forum, I assumed posters were aware of this and had considered this risk before investing their money. So, for those who have invested in bitcoin, what effect, if any, do you believe the arrest will have on your investment?
I'm not saying the guy is a crook. I'm pointing out the obvious - at this time, bitcoin is an easy conduit for the bad guys to launder money. Since this is an investment forum, I assumed posters were aware of this and had considered this risk before investing their money. So, for those who have invested in bitcoin, what effect, if any, do you believe the arrest will have on your investment?
I think in society in general there is a large distrust of government and a push for liberty and the libertarian movement is gaining strenghth. Bitcoin takes control away from bankers and the government. Think about it, at one time we had slavery, now banking is how they control people in a sense. Bitcoin puts the control back in the peoples hands as it can't be controlled. I think the more the government cracks down on it the higher the value will go. That's not to say it doesn't hurt use of bitcoin for the general public. The more government cracks down the harder it will be for bitcoin to become a legitimate currency used for online commerce and such but it will make it go higher i think
I'm leery that bitcoin is going to crash because everyone 'says' it's going to crash... which historically indicates that indeed it's not going to... it doesn't always work every time but it's a damn good indicator to do the opposite of what people are saying. More likely I would suggest buying bitcoin just to transfer it to cryptsy, then by NXT or other alt coins instead... doing your research to pick the right ones of course.
Things can throw a wrench in this though, like the federal reserve changing the rules of the game suddenly causing the trend to reverse, or bad publicity for bitcoin since it tends to be used by drug dealers and seedy individuals... God forbid the "T" word ever becomes associated with bitcoin (terrorism) .. if that happens crypto currencies are dead... users of them need to police themselves... if they start being used for terrorism it's over...
Here's one I just came across that you could invest in for about $18-25.. NEM or New Economy Movement, dubbed the most egalitarian coin.... it's not risk free but the people backing it are well known and not scammers. It's designed to try to let everyone have a more equal piece of the initial coin rather than having the wealthy people with the expensive mining setups getting all the coins and having a very top heavy currency which is the way virtually all the other ones are including bitcoin, where it's estimated the top 2% of holders hold about 2/3 of the coins.
It also has lots of other planned features and is more environmentally friendly being a proof of stake coin, meaning no mining for coins is required. Ultimately it's coins like this that will take over or at the very least supplement bitcoin nicely should crypto currencies survive.
You were looking to invest in something, so I thought I would post this here... it does not cost much and nothing like this has ever been attempted before, distributing the coins in this manner.
You will need an account on these forums, make sure your first post is in the 'newbie' catagory and you may need to wait 6 minutes after logging in to post.
For those who are not familiar with alt currencies they tend to get listed on exchanges based on the strength of the community which causes stability in the price through increased coin volume... having such a large base of initial 'investors' will help keep the community strong and provide added value to the currency.
I'm leery that bitcoin is going to crash because everyone 'says' it's going to crash... which historically indicates that indeed it's not going to... it doesn't always work every time but it's a damn good indicator to do the opposite of what people are saying. More likely I would suggest buying bitcoin just to transfer it to cryptsy, then by NXT or other alt coins instead... doing your research to pick the right ones of course.
Things can throw a wrench in this though, like the federal reserve changing the rules of the game suddenly causing the trend to reverse, or bad publicity for bitcoin since it tends to be used by drug dealers and seedy individuals... God forbid the "T" word ever becomes associated with bitcoin (terrorism) .. if that happens crypto currencies are dead... users of them need to police themselves... if they start being used for terrorism it's over...
i really question whether the gov cracking down would be good or bad. obviously its bad in terms of how widely bitcoin can be used and how easily it can be transferred to dollars but even if they crack down on exchanges you can still sell them in person with cash peer to peer. if gov cracks down on exchanges and doesn't allow bank transfers to buy bitcoins it only makes them that more much rare and valuable
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