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Bitcoins

Discussion in 'General Chat' started by helloworld, Nov 18, 2013.

  1. helloworld

    helloworld Membership: VIP

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    A mate brought these up with me not to long after they launched. "I'm buying $200 worth, they're only $0.30 each. Not much to lose, could be really successful"

    I had all intentions of listening to him, but never got around to it. So my bitcoin portfolio...is well, in X,XXX instead of $XXX,XXXX

    Hit $600.00AUD today

    Interesting article here. http://money.cnn.com/2013/11/12/investing/bitcoin-record-high/

    But he says "Bitcoin is also often discussed as an alternative to gold, since many investors see the digital currency as a way to store value.
    Raoul Pal, who writes the investment newsletter The Global Macro Investor, compared Bitcoin with gold to come up with a "broad guestimate" for how investors should value the currency.
    In a report published earlier this month, Pal said that based on the supply of gold and Bitcoin, the digital currency should be worth about 700 ounces of gold, which works out to just under $900,000 at current prices.
    "I personally believe that Bitcoin may well explode in value as more and more people begin to use it," said Pal."

    Is he saying $900K each coin? I feel like I should be emptying my wallet lol take it, take it all haha
     
  2. Ash

    Ash Membership: Trader

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    Where do you buy bitcoins? Is there any one place that's better/more trusted than others?
     
  3. helloworld

    helloworld Membership: VIP

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    There are Australian businesses trading/brokering.

    Bitinnovate.comBitinnovate.com was good but they haven't been open for a few months.

    Spendbitcoins.com I am told is good.

    Mtgox.com is largest trading site but haven't used it
     
  4. Ash

    Ash Membership: Trader

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    Thanks, I'll check them out.
     
  5. helloworld

    helloworld Membership: VIP

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    They are now at $940!!!!

    Crazy
     
  6. helloworld

    helloworld Membership: VIP

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    and like that $300 falls off lol
     
  7. asantha

    asantha Membership: Community

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    I feel its going fast and will fail soon
     
  8. helloworld

    helloworld Membership: VIP

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    on what basis.

    I think it might rain today, but yanno there are gray clouds outside.
     
  9. Chris.C

    Chris.C Membership: VIP

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    I thought I'd throw my two bob in on Bitcoin - I wrote this response for a client in early 2013:

     
  10. Chris.C

    Chris.C Membership: VIP

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  11. helloworld

    helloworld Membership: VIP

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    $1300 aud. Crazy
     
  12. FirstPageResults

    FirstPageResults Membership: VIP

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    auDA Member:
    Yes
    Came across this petition on change.org calling on the govt to regulate bitcoin due to a 21 y.o purchasing drugs online and over dosing:

    https://www.change.org/en-AU/petiti...iry-into-bitcoin-it-s-protecting-drug-dealers

    Very sad story, and understandably the parents are ropable.. however I can't help but think does the same onus not fall on Facebook for facilitating the messages, or the ISP for providing the network etc?

    These sorts of misunderstandings threaten Bitcoin.

    On a semi related note, Asia's richest man recently invested in BitPay (the PayPal for Bitcoin) which some analysts likened selling shovels during a gold rush.
     
  13. James

    James Membership: VIP

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    I think BitCoin is worth the risk if you got in at the early stages.

    Winklevoss twins have a huge holding.

    The only thing I purchased 2 years when the coins were cheap was a Bitcoin domain, I should have invested $$$ into coins haha
     
  14. m8e

    m8e Membership: Trader

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    I guess the whole contraband darknet marketplaces have helped a lot in justifying the reason for bitcoins existence.

    In hindsight, it would have been nice to have taken more notice when the slashdotters started talking about it all those years ago. It seemed interesting but at the time I thought "just another e-gold" without really looking into all that much (and actually e-gold kind of made more sense because it was supposed to be backed by real gold)

    On slashdot I noticed someone saying ppcoin and litecoin are the only things worth mining now. Probably posted by someone with a vested interest ;)
     
  15. helloworld

    helloworld Membership: VIP

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    on a semi related topic...offering bitcoin payments has earned me some very decent links and brand mentions.

    Still no bitcoin payments but yanno, maybe things will come in time lol

    Out of interest, Litecoin owner is the brother of a bitcoin chinese exchange. There is defintly room for other coins. I have read that bitccoin could become something you buy large purchases with i.e. a house/ car and litecoin could be soething like laptops or holidays etc

    There are also other coins that are worth looking at. In some instances you could buy 1000000 for $30. But at the moment it's like buying actual real fake monopoly money.

    If you owned a large community, you could easily introduce a currrancy and make it so that was the only currancy available on the site.

    XMB forum has a plugin that allows this but it's far less superior php version with set values etc. But yeah get what I am saying..
     
  16. snoopy

    snoopy Membership: VIP

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    Funny how these guys always say what has already happened. They have already exploded in value

    Personally I get the feeling the number of people who actually got rich is limited, much like not not many people got rich buying domains in 1994 and holding them. For a start hardly anyone is actually involved early on, especially from a speculative point of view, despite what they claim years later about "being there".

    Secondly it is convenient to think all these people bought in thinking it was a good investment and then sold at the peaks. There is dozens of points in time at which they'd be a very tempted to sell, let their domains expire, send their computer to the tip etc.

    For you friend who you say bought in at 30 cents, what is he doing now? His portfolio should be worth $700,000.

    For the people actually buying in now, I'd say they are standing in the queue next to taxi drivers, bell hops and all the others who watched the stories on Today Tonight.
     
  17. helloworld

    helloworld Membership: VIP

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    He never bought in, similar restrictions back then. The seller wanted a passport.

    I think there is plenty of opportunity to get rich off bit coin still but some people are going to go broke.

    They were at $650 aud last week and $1200 yesterday. That's after news china semi banned them and then as zynga pushed out PR and they increased.

    If you can buy low and sell high which bitcoin has extremes of you could defintley make a profit but yanno you could be left holding the baby and lose it all eventually. Lots of uncertainty
     
  18. snoopy

    snoopy Membership: VIP

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    There is always some reason or other why people were supposedly there but somehow missed out. I really doubt he was ever serious about it, or ever thought it would increase a lot (until perhaps now). People who truly thought it would go up a lot would be in like flynn at that time.

    That doesn't really mean anything though. It is a bit like saying "If you can guess what number the ball will land on you will definitely make money at roulette".
     
  19. helloworld

    helloworld Membership: VIP

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    Of course. But I was there. It wasn't talk of as investment but as it's core objective which is being a decentralized currency. You're probably right about him not being serious. But his missus is a professional writer and signed up to some odesk equivalent.


    If you've got a smart phone install but tracker and set up some alerts you will soon see the fluctuations. But yea, as I said you could end up holding the baby
     
  20. Chris.C

    Chris.C Membership: VIP

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    Everyone seems to get into hysterics when the bitcoin prices starts drifting up. No one wanted to talk about it when it halved in value recently...

    :p

    I'm still 98% confident bitcoin will come to nothing.

    Without sounding like too much of a dick, my original post holds truer than ever in light of recent events.

    Hate to say I told you so, but that's exactly what the PBOC did.

    Bitcoin values fell by 50% when the PBOC denied banks from being able to use it as currency and shutdown the online exchanges... imagine if the rest the world's central banks and government decided to also follow in the Chinese footsteps.

    I just can't see past the fact that Governments have no incentive to legitmise this currency...

    It's all well and good to believe in "people power" but I think without major world currency turmoil (which will happen in some countries in the coming years and decades) prompting people to look for serious alternatives I doubt bitcoin will ever achieve a critical mass large enough to put pressure on the governments and banks to legitimise it.

    Even then I'm not confident that when the next major currency crisis comes that people will be looking at Bitcoin as the solution anyway. It certainly would be my first choice of safe-haven.

    And now it seems there are half a dozen alternative "me too" digital currencies springing up out of nowhere because there are no barriers to entry on creating a digital currency (though I'll admit that BitCoin definitely has a niche first mover advantage). Ultimately no barriers to entry means no sustainable value. And it highlights what would be more likely - ie government own/managed/regulated digital currencies.

    If a digital currency developer REALLY wants to create a global and independent digital currency that catches on with the masses (and turns the heads of bankers and governments) they should make a digital currency that can be used as a store of wealth and for online transactions AND is backed by gold...

    ;)


    If they did that I'd SERIOUSLY consider moving a healthy amount of my capital into it (and I know I wouldn't be alone) and it would offer a very nice alternative to government bonds or cash deposits that yield 0% in our world of quantitative easing.

    Unfortunately I think Bitcoin is a good old fashioned high profile hacking away from going to $0.

    ...but maybe I'm wrong. Maybe BitCoin is the next BIG thing.

    :rolleyes: