Are we all missing a BIG opportunity right in front of us?

From an article in today's issue of WIRED magazine . . .

"Like the rest of the world, the government is struggling to come to terms with this brave new currency. With the feds belatedly pushing for regulation of the bitcoin system, many people are having trouble converting their digital currency into cash." (10/08/13)

Enough said.

Steve

I wouldn't use it..

Do you really think the government will keep their nose out of something that posses a threat on their money. No way

I think it is the same concept as trading the forex. Its a currency the main problem is who will regulate it..

The ones regulating the money now would just screw it up.. If the money isn't backed by any tangible goods then you run into what us in the US have our government just keeps on printing it and that devalues it. At Least when a stock splits you have more shares. If there is nothing to prevent them from handing it out like candy then its value will never grow in a way to make it profitable for you.

And it will never be tax free unless you leave it in forever..

There have been a lot of cyber criminals using bitcoins for certain things. The authorities aren't a big fan of it at the moment.

I wouldn't go spending your savings on bitcoins because nobody knows what will happen with them.

Read up on the history of Liberty Dollar and eGold. Bitcoin will join them eventually.

I Will Use It

Bitcoin won't last.

Government's won't let a commodity exist that they don't have their hands in. Even if the systems were 100% secure, and the founders were 100% well-intentioned, it will be declared a scam.

But "carbon credits", those are OK.

Government logic escapes me.

See, here's the big problem with bitcoin ... the way they'll shut it down is by attacking the "banks" who are part of the network. All it will take is for someone to use bitcoin for money laundering in a big way, and they'll get shut down - some of the bitbanks have already been closed for that exact reason. And if you can't turn your bitcoin into "real" money, it has no value. People will panic and start dumping it, and the few legit banks that are still out there will eventually run out of cash reserves, the value will drop, and those who didn't sell out will be left with nothing.

I wouldn't touch it, personally.

A very interesting read for anyone who has never heard of Liberty Dollar....

Liberty Dollar - Wikipedia, the free encyclopedia

Some say that if you can see the bandwagon, its already to late.

But what would be interesting is setting up a bitcoin mining pool forum, where people pool together resourcs (dedicated server i think) to mine the bitcoins and share the profits evenley after.

Could have like an itrader system. After every succesful collective effort, they can leav each other feedback etc.

You guys are all right, but you guys could all be wrong. That is one stupid statement, but that is the way I think about this idea.

I'm not saying I am going to do this, I mean there are better methods, but Bitcoin is not as broken as you guys think. I mean some small, and some big companies are now starting to accept Bitcoins (Namecheap is one of them). Currently It is extremely fast and possible to turn your Bitcoins into Cash, Paypal, or Forex. The craziest thing is there are many bitbanks near us, and that is how much attention this thing has gotten, that was the biggest surprise to me, that there are now even real institutions around this.

And as far as Government regulations, lol Banks and Governments don't like others to F with them, but maybe just maybe they let this one slide just like they have let the Internet slide. The thing is, fundamentally and technically Governments cannot do anything about this, because it isn't currency, its like a rock, and its value is completely decided by the person buying or selling. Its currency by the people, for the people, and of the people lol Cheesy huh?

But for me these are not the concerns, my biggest concern is can a software correctly regulate this? And that too an Open Source software....hmmmmm

It's not the software I'm worried about, it's the central database and who has access to it. Without any regulation or oversight, what stops a programmer from creating currency out of thin air, then cashing out before anyone does an audit?

The governments steel from people by printing money (inflation) and competing money even digital is a threat to their evil deceptive system so if they find a way they will shut down bit coin and that will mean go down. I think by law at least in the US we should have competing currency like when the republic was founded but I know they put one guy in jail for doing just that I forgot the name but he had some money backed up by silver or so. So bitcoin is in danger by the corrupt governments I think.

It's not a question of IF bitcoin will crash, but WHEN.

There are too many issues surrounding Bitcoin to continue letting it go unregulated - both from the outside and the inside.

However, you can make some money with a short term investment. Buy low and sell high, if you get the chance. Don't put too much money into bitcoin, and you can make a decent profit.

The timing of the post is kinda funny considering that Silk Road was just seized by the FBI and that constituted a huge marketplace for bitcoin.

Bitcoin is an interesting currency but I would never keep it in hopes of it becoming an investment and growing in value. Too many variables, look what happened to liberty reserve the owner got arrested and everyone who had LR saved up lost every penny. The only thing I would do with bitcoin is accept payments from customers for bitcoin but only if i can transfer it to real currency instantly.

we should eliminate currency altogether... horrible invention... just as horrible as time

Bit coin values are governed by supply and demand.

Supply isn't going up very fast (its a finite resource).

But demand can most definitely go up and down. So saying the price will just go up is kind of silly imho.

I have a friend who raves about it, but until you can buy everything with them, get "real world" money easily, it will just be a subculture, although a very profitable one if you got in at ground level.

BitCoin is NOT a new idea. There was actually a similar system to BitCoin that was created years ago called e-Gold that came out in 1996. This digital money was backed by actual gold bars. Guess what happened to it? The Feds and the Banking system CRUSHED it. Now way there going to let a currency exist that they cant control. BitCoin isnt a opportunity, its a disaster waiting to happen.

e-gold - Wikipedia, the free encyclopedia

Bitcoins aren't "fake" money. It's a real currency, with scarcity built in. You can invest in them, and you can make a profit from them.

Or you can lose your shirt. Just like anything else.

Currencies, which are nothing but inked paper, rely on the universally trust that they represent an actual monetary value. So, the question is... how universally trusted is Bitcoin?

Way too early to jump on. I have researched BC as well, and I would definitely suggest NOT investing in it. And yes, the value can go down....

I don't like system, it encourages scams and frauds, But I am afraid as I've read that it may become the e-money in near future.