Bitcoin

[SciameriKen]

If you had gone to the local bitbank yesterday and got a coin for $513, you would be pleased no doubt to see it is now $570 in your e-wallet. Just a cool almost 10% appreciation in just 24 hours. Could easily go the other way in equally dramatic fashion.

I've been following bitcoins since they were about $100 - very interesting. I am a bit surprised they did not fall below 400 with the sudden takedown of the Mt GOX exchange - which went down mysteriously making some investors lose millions.

I think the biggest advantage to bitcoins at the moment is for reduce cost of currency exchanging.

[Watson]

Ya I'm surprised to see it climbing again so soon after such bad news. I guess those invested have an interest in putting on the confident smile. That makes sense as a currency exchange if you can buy bc in USD and then exchange to pounds and cash pounds bc for British money. Or buy bc, send to friends far away and they get the bc and cash out quickly. Then volatility would have little impact. As money? Not likely, at this time. Although any speculators are happy with the $580 and climbing.

[mattcbrrr90031]

DO NOT INVEST IN IT....The global national reported a 360M dollar hack plummeting it. Its just there to scoop up whatever equity before the crash of the US dollar IMO.

[Watson]

The USD value has rebounded $620 down to $513 and back up to $570 in the last few days. Now MtCox has declared bankruptcy, wiping out millions in bitcoin value. In this case there is no salvaging cents on the dollar. It will be interesting to see where the value goes from here.

[mattcbrrr90031]

Dont believe the markets either watson....made to think its rebounding but theres no way to tread water for any length of time. What economic value does the US have globally....oil....thats it....manufacturing is dead...debt is HUGE and their last resort is bulldogging the oil industry to stay afloat....wont last. Invest in gold if you want to make a sound move....IMO

[Watson]

Don't worry Matt I have no particular interest in bitcoin as money or as an investment. I just think it is an interesting ?? thing? World wide, it seems to be a growing thing with both merchants and patrons. And with bitATM's popping up around the world, with hundreds more being manufactured.

[mattcbrrr90031]

Just my opinion my friend....

[Watson]

Why does anyone think this is a good idea. Strike two???

Flexcoin is shutting down. (March 3 2014)

On March 2nd 2014 Flexcoin was attacked and robbed of all coins in the hot wallet. The attacker made off with 896 BTC, dividing them into these two addresses:

1NDkevapt4SWYFEmquCDBSf7DLMTNVggdu

1QFcC5JitGwpFKqRDd9QNH3eGN56dCNgy6

As Flexcoin does not have the resources, assets, or otherwise to come back from this loss, we are closing our doors immediately.

For the last few says it was about $670 USD. Now it's $640. Interesting to see how this second hit effects values.

[SciameriKen]

Wow Mt GOX means nothing to these investors :)

[Watson]

$626 for now. But....

A young American CEO who apparently committed suicide in Singapore was involved in the world of the bitcoin, but was also struggling with other issues prior to her death, friends and colleagues said.
Autumn Radtke, chief executive of virtual currency exchange First Meta Pte. Ltd., was found dead on Feb. 26. Police said they were investigating her "unnatural" death, and "preliminary investigations showed no foul play is suspected."

Neighbors said they thought Radtke jumped to her death from a residential apartment complex near her home.


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[Watson]

Yesterday, $445, now $432 so the trend is declining. It seems it is artificial value. I wonder what is keeping it propped up, even in a declining position.

[Watson]

It is now $515. But according to who? Since January it has dropped from $840 and from a high of $1200. I understand it is worth what someone is willing to pay, but why would anyone buy in with this record. Some people are likely able to make money off the up down trends but I wonder how easy it is to sell in a timely fashion. Seems like the kind of thing that is easily manipulated by someone or group of someones that can steer the trend and buy/sell at the right time. There are no market forces driving a value as with gold or copper.

[Watson]

$367.30 now.

[SciameriKen]

I see it now at 411.00 - but its held well between 300-500 for a while now. I think Bitcoin is here to stay :)

https://www.coinbase.com/charts

[Watson]

Yes likely so, supported by the dark economies. Being so risky, I doubt it will become a mainstream form of banking.

[SciameriKen]

Bitcoin is looking to fall into the 200's for the first time since the big climb -- https://www.coinbase.com/charts -- Whats your buy in price?

[Watson]

I have no particular use for it so other than a speculative investment I have no buy price. Maybe pennies like it started at, as an investment. But I think there is enough criminal support that this will never happen.

[Watson]

Seems to be holding steady at about $315 to $320. There was a noticeable decline last February.

[Watson]

Hey SC looks like you called it, now at about $210, as Feb approaches. I just read that someone or group has just invested 75 million USD in bitcoin infrastructure. May be they know something.

[SciameriKen]

Yeah the bitcoins got rocked hard by another hack that sent them down to the 180's but then bounced a bit back. It seems to me the world is just under assault by hackers and con men and the nations of the world should make this a priority even over problems as big as ISIS in my opinion. Its crazy though - the hackers that took down the MT Gox exchange took over 175 Million dollars worth of bitcoins??!? I wonder if they just retire after that or if they continue their evil?

[SciameriKen]

Bitcoin flying again!
https://www.coinbase.com/charts

Just when I'm starting to get a little money to buy some they run away from me!

[ronjanec]

You guys both have a lot more guts than me in regards to holding some of your assets in this Bitcoin! You both must really enjoy roller coaster rides that have a reasonable possibility of flying off the track completely with you still on it!

http://www.zerohedge.com/news/2015-11-0 ... eme-volume

(Please be sure to read the mostly negative comments below the article on this stuff)

[Watson]

Hi Ron,
I don't think either of us have suggested buying in on this. On the contrary I think we have agreed it is a really bad way to hold or spend money.

[SciameriKen]

I see the long term potential of bitcoin but also recognize its riskiness. I personally would not invest more than I would at a blackjack table, but I am very interested in the story of it

[ronjanec]

Sorry guys, I thought you were both already putting some of your money into this(SciameriKen basically summed up my personal thoughts on this with his last post)

[Watson]

If it goes back to $1, then I might risk a few. It is interesting to read up on it, but I don't trust it or who might be manipulating it.

[ronjanec]

If it goes back to $1, then I might risk a few. It is interesting to read up on it, but I don't trust it or who might be manipulating it.

If it goes back to a $1, you can also count me in Watson! I would be willing to risk at least a $100 dollars(I usually spend a couple of bucks a week on the lottery anyway)

[zetreque]

I'd never touch bitcoin. I have learned the best investment anyone can make is in themselves. For example. Buy a more efficient light bulb or solar panel instead. Or buy access to a class to learn something :)

[ronjanec]

I'd never touch bitcoin. I have learned the best investment anyone can make is in themselves. For example. Buy a more efficient light bulb or solar panel instead. Or buy access to a class to learn something :)

A "more efficient light bulb or solar panel" will not help you a great deal when you are very old, and starting to run out of the premium quality cat food for your evening dinner. :)

[TheVat]

Won't help when you are on a fixed pension income and wishing you didn't have to pay utility companies every month? One of the best investments around is energy autonomy.