Bitcoins! New Hustle? **NOT DEEP WEB**

[TipsyMcStagga]

Bitcoin reshaping future of money

View media item 690829
Love it or hate it, Bitcoin is here to stay.

Tech gurus, executives and investors lined up at the 'Le Web' conference in Paris Tuesday to predict a bright future for Bitcoin, challenging critics who have emphasized the risks associated with the digital currency.

"I think there is a lot more that is going to happen in the world of money very quickly, and that's because of Bitcoin," said Fred Wilson, a tech investor known for his early bets on Twitter (TWTR) and Kickstarter.

Related: What is Bitcoin?

"We will now see payments and money flow on the Internet in the same way that content flows on the Internet and in the same way that images flow on the Internet," he said, adding that this was one of the most "investable" trends he could see.

Companies such as PayPal, Visa (V, Fortune 500) or Mastercard (MA, Fortune 500) would not control the flow of digital money, Wilson said.

PayPal President David Marcus also hopped on the Bitcoin bandwagon, revealing that he owns bitcoins himself and saying he could imagine people using them on the eBay (EBAY, Fortune 500) platform in future.

However, Bitcoin's volatility would have to come down before it would be more widely adopted as a unit of exchange.

"It's not a [real] currency and it won't be a currency until volatility slows down," he said.

Related: China cracks down on Bitcoin

The value of a bitcoin has soared this year -- from roughly $13 in January to well over $1,200 -- on hopes that the experiment in digital money will eventually become a legitimate global currency. It was trading at $947 on the Mt.Gox exchange Tuesday.

Bitcoin has received a measure of support from officials at the Federal Reserve, including chairman Ben Bernanke, who said the currency "may hold long-term promise" as part of the international payment system.

There are already plenty of legitimate uses for bitcoins. But it's also being used to anonymously buy drugs, hire assassins, trade child porn and dodge taxes -- and that has drawn the attention of U.S. lawmakers.

Advocates of the unregulated currency have plenty of convincing to do elsewhere, too.

China's central bank issued new rules last week that prohibit financial institutions from dealing in bitcoins.

While the central bank did not outlaw or prohibit individuals from owning Bitcoin, the guidelines specify that it is not to be considered a currency.

http://money.cnn.com/2013/12/10/tec...-fred-wilson/index.html?sr=fb121113bitcoin11p

 

[youngtriz]

i just picked up some litecoins...

 

[drones]

JP Morgan making a Bitcoin competitor:

http://money.cnn.com/2013/12/10/technology/bitcoin-jpmorgan/

Pretty mundane stuff, but one bit caught my eye:

"JPMorgan notes two trends that are making the old banking system obsolete. One is that merchants are establishing direct relationships with customers -- and they don't want middlemen slowing down the transfer of money. The second is that digital products are often sold in small increments for very low prices, and the currently high price of per-transaction fees don't make sense."

I don't want the banks to keep controlling our money, but at least they're realizing how obsolete the current system is.

 

[adamkarvounakis]

https://coinbase.com/?r=52aa1196f779ffffd80001d4&utm_campaign=user-referral&src=referral-link heres my link. We both get $5 in bitcoins

 

[concordflightxi]

Was going to start getting Litecoins, but I just can't seem to find a Legit exchange.

I heard not so favorable things about Coinbase. And I heard that there is a 4 day wait on the transaction you made. Can anyone confirm?

 

[drones]

Was going to start getting Litecoins, but I just can't seem to find a Legit exchange.

I heard not so favorable things about Coinbase. And I heard that there is a 4 day wait on the transaction you made. Can anyone confirm?

It takes a few days to verify your information.  Then the first transaction you make takes 4 days, but you're grandfathered into the price point you bought them at.

If you want Instant transactions you can add your credit card info to Coinbase and your buys appear instantly.

If none of that appeals to you you can buy from localbitcoins.org, which is kind of like Craigslist but prepare to overpay.

 

[knowledgebones72]

Bitcoin Is Crumbling In China On Unconfirmed Reports Of A New Central Bank Ban
ROB WILE
42 MINUTES AGO

Bitcoin is down 22% on the BTC China exchange on a report that the People's Bank of China plans to bar third-party payment companies from doing business with Bitcoin exchanges.

The report, highlighted by Coindesk.com editor Emily Spaven, is unconfirmed.

But an unnamed source told her, “PBOC, in no uncertain terms, directed third-party payment companies not to do business with bitcoin exchanges in China.”

Evidently those companies were not included in a Dec. 5th PBOC ruling barring financial institutions from processing Bitcoin.

Prices are down 14% on the Mt. Gox exchange to $770.

Here's the BTC China chart:

View media item 697089


Read more: http://www.businessinsider.com/bitcoin-crashes-on-pboc-rumor-2013-12#ixzz2ng5MX1y0

 

[drones]

AKA, time to buy.

 

[concordflightxi]

It takes a few days to verify your information.  Then the first transaction you make takes 4 days, but you're grandfathered into the price point you bought them at.

If you want Instant transactions you can add your credit card info to Coinbase and your buys appear instantly.

If none of that appeals to you you can buy from localbitcoins.org, which is kind of like Craigslist but prepare to overpay.

I thought every transaction takes 4 days to clear? But if what you say about grandfathering is true, I find it hard to believe these Coinbase guys being legit if ish hits the fan. I.e. Jan 1 2014 I decide to cash out my Bitcoins worth $1000/btc. But it won't clear until Jan. 4. However on Jan 3rd, the value of the Bitcoin crashed to $1/btc. I don't see Coinbase taking a hit like that.

 

[americangenius]

Bitcoin Is Crumbling In China On Unconfirmed Reports Of A New Central Bank Ban
ROB WILE
42 MINUTES AGO

Bitcoin is down 22% on the BTC China exchange on a report that the People's Bank of China plans to bar third-party payment companies from doing business with Bitcoin exchanges.

The report, highlighted by Coindesk.com editor Emily Spaven, is unconfirmed.

But an unnamed source told her, “PBOC, in no uncertain terms, directed third-party payment companies not to do business with bitcoin exchanges in China.”

Evidently those companies were not included in a Dec. 5th PBOC ruling barring financial institutions from processing Bitcoin.

Prices are down 14% on the Mt. Gox exchange to $770.

Here's the BTC China chart:

View media item 697089


Read more: http://www.businessinsider.com/bitcoin-crashes-on-pboc-rumor-2013-12#ixzz2ng5MX1y0

News manipulation is getting crazy. Many of these are unconfirmed rumors to spark panic selling. I've never seen anything like it.

Although Bitcoin is said to be revolutionary for its decentralized and anonymous properties, ironically Coinbase holds and controls 90% of the US market and has all of your financial information. They may actually be even be worse than a bank, since they aren't subject to the same regulation.

 

[quell]

And boom the dynamite has gone

 

[kspar]

another scheme to put money in the wrong pockets. this will never be a stable currency.

 

[based mod]

AKA, time to buy.

And boom the dynamite has gone

 

[drones]

It's never gone below the pre-bubble price though. I remember when people said it was finished when it went from $30 to $10.

But you know, keep thinking its dead. more $$$ for the rest of us.

 

[newmoanyuh]

Bitcoin dropped for $1300 to $400 in two weeks and will continue to drop.

 

[the 7th mile]

Let it drop to 20 and i'm feasting on 100 shares

 

[esaw612]

All the whales selling at a high profit, then rebuying while it's low.. pretty genius. 

 

[newmoanyuh]

don't waste your money guys, what's the point in buying something that you can't really use and can drop 50% in price in 2 days? Sure, it might rise again but only to inevitably crash.


EDIT:

Wait, hold up, you guys think bitcoins are like selling/buying shares? they're not. Bitcoins have no liquidity. If you purchase bitcoins and the price goes up to say 800,00 in usd worth of bitcoin and you think you can sell, there's very little to absolutely no chance at all that you're going to get that amount back when you sell. It's a really shady practice.

 

[drones]

don't waste your money guys, what's the point in buying something that you can't really use and can drop 50% in price in 2 days? Sure, it might rise again but only to inevitably crash.


EDIT:

Wait, hold up, you guys think bitcoins are like selling/buying shares? they're not. Bitcoins have no liquidity. If you purchase bitcoins and the price goes up to say 800,00 in usd worth of bitcoin and you think you can sell, there's very little to absolutely no chance at all that you're going to get that amount back when you sell. It's a really shady practice.

False. Coinbase grandfathers you in at the price you Initiate the sale at.

And the point in buying it is for the prospect of a speculative rise. Why so sour grapes?

 

[americangenius]

 
All the whales selling at a high profit, then rebuying while it's low.. pretty genius. 

Basically, it's been a massive pump and dump scheme with barely an increase in actual use. Most of its rise has been speculation, I only made huge gains by being a somewhat early adopter(before the spike). This has a year or two to go before it becomes a real currency.

 

[newmoanyuh]

False. Coinbase grandfathers you in at the price you Initiate the sale at.

And the point in buying it is for the prospect of a speculative rise. Why so sour grapes?

It's supposed to be a "currency" when it's more of an extremely volatile investment scheme. There is no real market for it, except in extremely "niche" places. On paper yes if your bitcoins are worth 800,00 USD than that's what they're "worth", but when you actually go to sell them, you will run into problems here and there, not saying it's impossible. And especially more so with one of the largest countries/economies in the world, China, banning them. Bitcoin makes 0 sense unless you have money to waste and want to purchase illegal items from deepweb.

 

[capital sb]

 
Basically, it's been a massive pump and dump scheme with barely an increase in actual use. Most of its rise has been speculation, I only made huge gains by being a somewhat early adopter(before the spike). This has a year or two to go before it becomes a real currency.

Thats exactly what it is, a major pump and dump scheme. You can't even base your risk on a set price because it is so volatile , so you are just throwing in cash blindly. If you got in pre spike im sure you have already sold, but you guys hopping in late are falling into a pump and dump trap.

 

[americangenius]

 
Thats exactly what it is, a major pump and dump scheme. You can't even base your risk on a set price because it is so volatile , so you are just throwing in cash blindly. If you got in pre spike im sure you have already sold, but you guys hopping in late are falling into a pump and dump trap.

Yeah, unless you are in it for the long term hold there's no way anyone can predict its direction. Literally any news makes the price fluctuate. For example, dude recommended to buy yesterday at the mid 600s. Today it dropped even further to 490-500 at one point. Had you bought yesterday thinking it hit a bottom, you'd have lost 20% more when you woke up. Any short term trading is straight gambling at this point. I haven't sold all of my coins regretfully, definitely lost potential profits but I kept what I could stand to lose so I don't care as much at this point.

 

[drones]

It's supposed to be a "currency" when it's more of an extremely volatile investment scheme. There is no real market for it, except in extremely "niche" places. On paper yes if your bitcoins are worth 800,00 USD than that's what they're "worth", but when you actually go to sell them, you will run into problems here and there, not saying it's impossible. And especially more so with one of the largest countries/economies in the world, China, banning them. Bitcoin makes 0 sense unless you have money to waste and want to purchase illegal items from deepweb.

I think you're missing the bigger picture and purpose of Bitcoin.

Right now if I want to send you money, it has to go to my banks server, then to your banks server, then In maybe 4 business days it gets to you after having a few percentage points in fees deducted.

With Bitcoin, I can send money to anyone in the world and within an hour or so they'll have it, with only a fraction of one percentage point deducted as a fee. It completely cuts out the middleman by being a peer-to-peer currency and takes power out of the hands of banks.

That's where the value lies, in its improvent on a clunky, outdated financial system.


This goes back to what you said about China. They didn't ban them, just regulated them and there is a difference. They've done this because they see the potential of Bitcoin to take power away from the Old Guard.

Two years ago Bitcoin had no mainstream adoption at all. It's far from widespread acceptance but every day there's more and more stories about entities coming to accept them - look up the kid who bought an apartment in Norway, the guy who got a Lamborghini (or a Tesla, one of those) and the police chief who wants to be paid in Buttcoin.

No it's not mainstream YET because people don't understand it (buying digital money? wat?) and the only people trading it are Cryptogeeks online like myself. but it will grow and that's where the potential lies.

And I stand by my statement to buy. we've seen it dip before and it's always bounced back. With the banks and investment firms getting involved in the coming months growth is all but guaranteed.

 

[newmoanyuh]

Three cases of someone attaining tangible assets from bitcoins, cool. Yes you are cutting out the "middleman" by removing the banks, but that also prevents bitcoin from becoming an actual real currency that you can cash out on easily, once again it has no real liquidity. A few articles can cause it to go from $1300 to $400 on word of mouth.

Bitcoin isn't going to become mainstream, it isn't going anywhere, but good luck with it. I would love to see me proved wrong.