Bitcoins - fad or trend?

Fusion · Postby **Fusion** » Wed Oct 02, 2013

This is the first site I've personally seen but wouldn't be surprised if there are more out there.
http://coinabul.com/silver/index.php/
Comments? I know as much about Bitcoins as my dog.

What I do know is that there is at least one hedge fund that was started investing in bitcoins out of Malta started in March. From Forbes article:
The fund shares are distributed exclusively through the Exante Hedge Fund Marketplace platform. Authorized and regulated by the Malta Financial Services Authority, Exante offers the Bitcoin Fund with an initial minimum subscription of $100,000 and a 0.5% upfront subscription fee.

Now what does have my attention is SecondMarket. I've met Barry Silbert and he's one smart fellow. He is a entrepreneur and capitalist first, visionary second. That's a profitable combination in my experience.
http://dealbook.nytimes.com/2013/09/25/ ... oins/?_r=0

Is the trend dead and we just don't know it yet or is there something else here?

AGorBust · Postby **AGorBust** » Wed Oct 02, 2013

There is a lot wrong with bitcoins, the first of which is it is strictly electronic. If the government limits your access to the internet they can effectively render you insolvent.

BoxofGold · Postby **BoxofGold** » Wed Oct 02, 2013

BitCoin Plunges Following US Government Seizure Of Silk Road Website, "Dread Pirate Roberts" In Custody

http://www.zerohedge.com/news/2013-10-02/bitcoin-plunges-following-us-government-seizure-silk-road-website

Earlier today, one of the most popular websites that use and promote the use of BitCoin, Silk Road, was shut down by the US government. As Reuters reports, U.S. law enforcement authorities raided an Internet site that served as a marketplace for illegal drugs, including heroin and cocaine, and arrested its owner, the Federal Bureau of Investigation said on Wednesday. The FBI arrested Ross William Ulbricht, known as "Dread Pirate Roberts," in San Francisco on Tuesday, according to court filings. Federal prosecutors charged Ulbricht with one count each of narcotics trafficking conspiracy, computer hacking conspiracy and money laundering conspiracy, according to a court filing.

AGorBust · Postby **AGorBust** » Wed Oct 02, 2013

BoxofGold wrote:BitCoin Plunges Following US Government Seizure Of Silk Road Website, "Dread Pirate Roberts" In Custody

http://www.zerohedge.com/news/2013-10-02/bitcoin-plunges-following-us-government-seizure-silk-road-website

Earlier today, one of the most popular websites that use and promote the use of BitCoin, Silk Road, was shut down by the US government. As Reuters reports, U.S. law enforcement authorities raided an Internet site that served as a marketplace for illegal drugs, including heroin and cocaine, and arrested its owner, the Federal Bureau of Investigation said on Wednesday. The FBI arrested Ross William Ulbricht, known as "Dread Pirate Roberts," in San Francisco on Tuesday, according to court filings. Federal prosecutors charged Ulbricht with one count each of narcotics trafficking conspiracy, computer hacking conspiracy and money laundering conspiracy, according to a court filing.

Rest assured the MSM will parlay the fact that he was a Ron Paul supporter. I really don't the mind the selling of drugs, but the fact that site allowed counterfeits and weapons turned me off.

bullionbull · Postby **bullionbull** » Wed Oct 02, 2013

I got into Bitcoins in 2011, and just recently purchased a Monster Box of CML with them from Amagi Metals. In my opinion Amagi has better prices then Coinabul. Had I cashed out at the BTC/USD $266 I would be doing a lot better

but I can't complain. Luckily I purchased before todays news of Silk Road closing, that would have cost me about 65 ozt :thumbup:

NotBMadoff · Postby **NotBMadoff** » Wed Oct 02, 2013

Speculative and risky at best.
The hire a hit man part was all I needed to know about Silk Road.

mnymgr1 · Postby **mnymgr1** » Wed Nov 06, 2013

bitcoins seem to be doing just fine :evil:

very happy I didn't buy any when they were a buck each back in 2011 :twisted:

http://www.ebay.com/itm/PAMP-Suisse-1-T ... 58a6440343 :twisted:

a $5k investment would now be worth $1.32 million :oops:

InfleXion · Postby **InfleXion** » Wed Nov 06, 2013

Like all things, BitCoin has its pros and cons. For me the cons outweigh the pros, but were my mentality otherwise I could have booked some nice profits. No worries here, as I am more than happy to keep the bird in hand.

BitCoin may or may not stand the test of time, but regardless I think digital currencies are here to stay, of which BitCoin may have the current lion's share but by no means a monopoly.

Pro: Off the grid currency
Pro: Can't be manipulated by central bankers
Pro: Fractional divisibility
Pro: Built in deflation algorithm for increased buying power over time
Pro: Near-instantaneous global monetary transaction

Con: Infrastructure dependency (Internet, electricity, exchange system)
Con: Speculative market - competing digital currencies could outweigh their deflation algorithm if people rush out of BitCoin into the "next big thing".
Con: Not as anonymous as people would like to think
Con: Promotes cashless society and centralization of money which is ultimately part of the globalist agenda
Con: No intrinsic value

In a nutshell, it's not safe, but if you like to gamble you could do a lot worse.

tnradcon · Postby **tnradcon** » Wed Nov 06, 2013

It can't be inflated. Neither can Au or Ag

SilverGOP · Postby **SilverGOP** » Wed Nov 06, 2013

AGorBust wrote:There is a lot wrong with bitcoins, the first of which is it is strictly electronic. If the government limits your access to the internet they can effectively render you insolvent.

If You Don't Hold It, Then You Don't Own It.

SSGOP

Brades · Postby **Brades** » Thu Nov 07, 2013

Some crazy movement on bitcoin and litecoin right now.

Fusion · Postby **Fusion** » Tue Nov 12, 2013

http://money.cnn.com/2013/11/12/investi ... l?iid=Lead

China fueling bitcoin growth. Ads being run on state television and Baidu etc...
Hmmm

Fusion · Postby **Fusion** » Wed Nov 13, 2013

These guys got their sh*t together. Well done
https://recalescencecoins.com

Postby **PeacePeople** » Wed Nov 13, 2013

Fusion wrote:These guys got their sh*t together. Well done
https://recalescencecoins.com

Really? What about the "BLAG POSTS" at the bottom?

Fusion · Postby **Fusion** » Thu Nov 14, 2013

PeacePeople wrote:
Fusion wrote:These guys got their sh*t together. Well done
https://recalescencecoins.com

Really? What about the "BLAG POSTS" at the bottom?

seriously, that's all you can say? I'd call that constructive criticism and hardly a FAIL. Maybe you know of anyone else minting a bitcoin? So yeah, I'd say they did a really nice job. Its his first coin and he's doing it basically alone. They've done fantastic this being their first attempt and all of the things they need to think about when making one. It's not a CIT coin by any means but isn't priced as one and is created as a functional piece...

wjruth · Postby **wjruth** » Thu Nov 14, 2013

New silk road website has opened - bitcoin the method of payment.
http://www.reuters.com/article/2013/11/ ... 8I20131107

eventurer · Postby **eventurer** » Thu Nov 14, 2013

http://www.dailydot.com/business/bitcoi ... 5-billion/

I think another "correction" is coming soon....

Fusion · Postby **Fusion** » Thu Nov 14, 2013

BitPay and Ripple to speak at hearing held by US Senate committee on banking
http://www.coindesk.com/bitpay-ripple-h ... e-banking/

More:
http://www.banking.senate.gov/public/in ... 3be8ff4cad

THE PRESENT AND FUTURE IMPACT OF VIRTUAL CURRENCY
National Security and International Trade and Finance

Tuesday, November 19, 2013
03:30 PM - 05:30 AM
538 Dirksen Senate Office Building
COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS SUBCOMMITTEE ON NATIONAL SECURITY AND INTERNATIONAL TRADE AND FINANCE and SUBCOMMITTEE ON ECONOMIC POLICY
will meet in OPEN SESSION to conduct a hearing entitled “The Present and Future Impact of Virtual Currency”. The witnesses on Panel I will be: Ms. Jennifer Shasky Calvery, Director, Financial Crimes Enforcement Network; and Mr. David Cotney, Commissioner of Banks, Massachusetts Division of Banks. The witnesses on Panel II will be: Mr. Anthony Gallippi, Co-founder and CEO, BitPay, Incorporated; Mr. Chris Larsen, Founder and CEO, Ripple Labs; Ms. Sarah Jane Hughes, University Scholar and Fellow in Commercial Law, Indiana University Maurer School of Law; and Mr. Paul Smocer, BITS President, Financial Services Roundtable.