Bitcoins banned in Thailand

[ukrules]

Bullish on Bitcoin! I'm mining at a current rate of 2.3 TH/s with 5.2 TH/s hardware on the way.

I don't really know much about this 'Bitcoin Mining', I've only purchased my Bitcoins so far but Isn't that quite a lot of hardware ?

I'm not going to start mining these coins but where do you get this hardware from and is it expensive ?

[oakweb]

for a asset class that has so much inherent risk it is bizarre that risk aversion / paranoia is often cited (and often really is) a motivation for its "investors"

bitcoin has first mover advantage like any other new product - however, followers often end up on top (and often render the first mover obsolete)

if bitcoin gains global and widespread recognition/ popularity as the preferred medium of exchange for online transactions (and acceptance by governments/ law enforcement agencies) those who buy bitcoins now stand to potentially make a very good return (depending on how much of that potential is already priced in)

if on the other hand, bitcoin does not achieve this, those same "investors" may well lose all/ nearly all of their investment

Brit1984 I don't believe that Bitcoin is needing acceptance from any agency, it is already gaining in popularity with merchants. All signs indicate that agencies do want to step in to put some type of control (much like they want to control

the Internet) but not sure what any approval they can provide to a system that is in place, and operating fine.

As an online merchant I welcome it, as will many others, regardless of what agencies think of it.

much of the internet is controlled but most governments / law enforcement agencies do not want to ban the internet altogether (although in some countries they have done so quite successfully)

banning the use of bitcoin in certain jurisdictions would pose serious problems for its viability / value - and although some online operators will find ways around the law (as do many other cyber criminals) the value of bitcoin would be much lower if using it is illegal

although it would have to become a lot more popular than it is now for any such governments / agencies to really care to start passing laws, allocating police resource, etc

Sorry I just don't see this happening.. "illegal to use Bitcoins". I've been an Internet Service Provider since 1994 and online since 1989, your concerns in my book are pretty far off my Internet reality scale. With so many prominent computer scientist

giving Bitcoin their approval nod.. search google if you like on that. Here is another good read about "banning" http://www.forbes.com/sites/jonmatonis/2013/01/28/government-ban-on-bitcoin-would-fail-miserably/

Good luck on trying to make Bitcoins illegal now, I think they are smarter than that.

[brit1984]

for a asset class that has so much inherent risk it is bizarre that risk aversion / paranoia is often cited (and often really is) a motivation for its "investors"

bitcoin has first mover advantage like any other new product - however, followers often end up on top (and often render the first mover obsolete)

if bitcoin gains global and widespread recognition/ popularity as the preferred medium of exchange for online transactions (and acceptance by governments/ law enforcement agencies) those who buy bitcoins now stand to potentially make a very good return (depending on how much of that potential is already priced in)

if on the other hand, bitcoin does not achieve this, those same "investors" may well lose all/ nearly all of their investment

Brit1984 I don't believe that Bitcoin is needing acceptance from any agency, it is already gaining in popularity with merchants. All signs indicate that agencies do want to step in to put some type of control (much like they want to control

the Internet) but not sure what any approval they can provide to a system that is in place, and operating fine.

As an online merchant I welcome it, as will many others, regardless of what agencies think of it.

much of the internet is controlled but most governments / law enforcement agencies do not want to ban the internet altogether (although in some countries they have done so quite successfully)

banning the use of bitcoin in certain jurisdictions would pose serious problems for its viability / value - and although some online operators will find ways around the law (as do many other cyber criminals) the value of bitcoin would be much lower if using it is illegal

although it would have to become a lot more popular than it is now for any such governments / agencies to really care to start passing laws, allocating police resource, etc

Sorry I just don't see this happening.. "illegal to use Bitcoins". I've been an Internet Service Provider since 1994 and online since 1989, your concerns in my book are pretty far off my Internet reality scale. With so many prominent computer scientist

giving Bitcoin their approval nod.. search google if you like on that. Here is another good read about "banning" http://www.forbes.com/sites/jonmatonis/2013/01/28/government-ban-on-bitcoin-would-fail-miserably/

Good luck on trying to make Bitcoins illegal now, I think they are smarter than that.

thanks for the link - i'm not quite sure the want/ need/ demand for bitcoin can be compared to alcohol (in the context that the substitute products for bitcoin are far more numerous and more similar) but still it it's an interesting perspective especially IF bitcoin was to become very popular BEFORE coming under serious legal pressure - to be clear as per my first post above i am not saying there are not scenarios where bitcoin will rise significantly value but am saying there are significant obstacles on the path

[beb]

Bullish on Bitcoin! I'm mining at a current rate of 2.3 TH/s with 5.2 TH/s hardware on the way.

I don't really know much about this 'Bitcoin Mining', I've only purchased my Bitcoins so far but Isn't that quite a lot of hardware ?

I'm not going to start mining these coins but where do you get this hardware from and is it expensive ?

The miners are specialized and called ASICS and frankly it's turned into an arms race now. From everything I read, individuals have a very difficult time now to recoup their investments in mining gear.

[ukrules]

Bullish on Bitcoin! I'm mining at a current rate of 2.3 TH/s with 5.2 TH/s hardware on the way.

I don't really know much about this 'Bitcoin Mining', I've only purchased my Bitcoins so far but Isn't that quite a lot of hardware ?

I'm not going to start mining these coins but where do you get this hardware from and is it expensive ?

The miners are specialized and called ASICS and frankly it's turned into an arms race now. From everything I read, individuals have a very difficult time now to recoup their investments in mining gear.

That doesn't sound like it's too sustainable to me.

The whole Bitcoin thing is becoming a massive 'greedfest' - I don't see it ending well.

[beb]

Bullish on Bitcoin! I'm mining at a current rate of 2.3 TH/s with 5.2 TH/s hardware on the way.

I don't really know much about this 'Bitcoin Mining', I've only purchased my Bitcoins so far but Isn't that quite a lot of hardware ?

I'm not going to start mining these coins but where do you get this hardware from and is it expensive ?

The miners are specialized and called ASICS and frankly it's turned into an arms race now. From everything I read, individuals have a very difficult time now to recoup their investments in mining gear.

That doesn't sound like it's too sustainable to me.

The whole Bitcoin thing is becoming a massive 'greedfest' - I don't see it ending well.

You clearly should not be investing in btc.

[oakweb]

I don't really know much about this 'Bitcoin Mining', I've only purchased my Bitcoins so far but Isn't that quite a lot of hardware ?

I'm not going to start mining these coins but where do you get this hardware from and is it expensive ?

The miners are specialized and called ASICS and frankly it's turned into an arms race now. From everything I read, individuals have a very difficult time now to recoup their investments in mining gear.

I have no power costs, or cooling costs. I have my Asics in my data center. I think it's hard for the average person to mine now, in the past you probably could. With my investment I'm still a few weeks away from getting it back. If you want to get

into Bitcoins, buy them now. Put them away and wait, you could be pleasantly surprised in a couple years.

I do have in my house a little USB hub with some asics making .75 a day now, I purchased them 4 weeks ago and already made my money back on them.

[pancakeman]

Bullish on Bitcoin! I'm mining at a current rate of 2.3 TH/s with 5.2 TH/s hardware on the way.

I don't really know much about this 'Bitcoin Mining', I've only purchased my Bitcoins so far but Isn't that quite a lot of hardware ?

I'm not going to start mining these coins but where do you get this hardware from and is it expensive ?

The miners are specialized and called ASICS and frankly it's turned into an arms race now. From everything I read, individuals have a very difficult time now to recoup their investments in mining gear.

It's basically impossible to making more bitcoins mining than you spend (at the moment).

For example you spend 20bitcoins to buy equipment, but the equipment only ever earns back 10bitcoins in it's useful life.

You might make a fiat profit (ie you spent 20bitcoin which at the time was worth $1000, but only earned back 10BTC which is now worth $4000 etc...) but in this case you would have been better just to buy and hold 20BTC to begin with and never do any mining.

Price will be effected by this, because miners want to earn a fiat profit, thus the only way for them to do this, considering they cannot recoup their bitcoin investment, is try sell their bitcoins for more.

Of course every miner will tell you not to mine even if they were making a killing, because every miner added to the network will dilute their earnings.

It's a wonderful system of checks and balances all controlled by market forces.

Edited November 13, 2013 by pancakeman

[A1Str8]

Banned lol. So then they are not going to use it if they don't agree with it. On a side note the USD is not any better than Bitcoin. It has no real value..it's nothing.

[oakweb]

The miners are specialized and called ASICS and frankly it's turned into an arms race now. From everything I read, individuals have a very difficult time now to recoup their investments in mining gear.

Bullish on Bitcoin! I'm mining at a current rate of 2.3 TH/s with 5.2 TH/s hardware on the way.

I don't really know much about this 'Bitcoin Mining', I've only purchased my Bitcoins so far but Isn't that quite a lot of hardware ?

I'm not going to start mining these coins but where do you get this hardware from and is it expensive ?

It's basically impossible to making more bitcoins mining than you spend (at the moment).

For example you spend 20bitcoins to buy equipment, but the equipment only ever earns back 10bitcoins in it's useful life.

You might make a fiat profit (ie you spent 20bitcoin which at the time was worth $1000, but only earned back 10BTC which is now worth $4000 etc...) but in this case you would have been better just to buy and hold 20BTC to begin with and never do any mining.

Price will be effected by this, because miners want to earn a fiat profit, thus the only way for them to do this, considering they cannot recoup their bitcoin investment, is try sell their bitcoins for more.

Of course every miner will tell you not to mine even if they were making a killing, because every miner added to the network will dilute their earnings.

It's a wonderful system of checks and balances all controlled by market forces.

True, many will scold you in the forums not to try mining. Telling you it's a waste of money. In my guild though someone is doing 25TH/s, which is an amazing amount of processing power.

I have to say, so far it's been incredibly fun being a digital miner. If I loose it all, no regrets. I love checking my Guild page and seeing how lucky we were at solving the blocks. Some days

are better than others, but so far it's pretty good.

I only wish I could get the KNCMiner Jupiters from Ebay, no one is selling now, and certainly not at the price I paid 4 weeks ago.

Currently I'm mining around 2.26646226 a day = $856.00 a day, all the hardware I purchased to do it has increased by 20%.. so I'm happy. If it's like this in 5 months, I'll be very happy.

[beb]

The miners are specialized and called ASICS and frankly it's turned into an arms race now. From everything I read, individuals have a very difficult time now to recoup their investments in mining gear.

Bullish on Bitcoin! I'm mining at a current rate of 2.3 TH/s with 5.2 TH/s hardware on the way.

I don't really know much about this 'Bitcoin Mining', I've only purchased my Bitcoins so far but Isn't that quite a lot of hardware ?

I'm not going to start mining these coins but where do you get this hardware from and is it expensive ?

It's basically impossible to making more bitcoins mining than you spend (at the moment).

For example you spend 20bitcoins to buy equipment, but the equipment only ever earns back 10bitcoins in it's useful life.

You might make a fiat profit (ie you spent 20bitcoin which at the time was worth $1000, but only earned back 10BTC which is now worth $4000 etc...) but in this case you would have been better just to buy and hold 20BTC to begin with and never do any mining.

Price will be effected by this, because miners want to earn a fiat profit, thus the only way for them to do this, considering they cannot recoup their bitcoin investment, is try sell their bitcoins for more.

Of course every miner will tell you not to mine even if they were making a killing, because every miner added to the network will dilute their earnings.

It's a wonderful system of checks and balances all controlled by market forces.

True, many will scold you in the forums not to try mining. Telling you it's a waste of money. In my guild though someone is doing 25TH/s, which is an amazing amount of processing power.

I have to say, so far it's been incredibly fun being a digital miner. If I loose it all, no regrets. I love checking my Guild page and seeing how lucky we were at solving the blocks. Some days

are better than others, but so far it's pretty good.

I only wish I could get the KNCMiner Jupiters from Ebay, no one is selling now, and certainly not at the price I paid 4 weeks ago.

Currently I'm mining around 2.26646226 a day = $856.00 a day, all the hardware I purchased to do it has increased by 20%.. so I'm happy. If it's like this in 5 months, I'll be very happy.

Congrats on your success! I'm glad to hear stories like this. But I think you'll agree that there are many others who had miners that were out of date before being delivered etc. This is a part of the story where I know I don't know enough to make the investment and have it pay off. My general impression of somebody that doesn't know about mining is that they probably aren't the best person to go into it.

[oakweb]

True, many will scold you in the forums not to try mining. Telling you it's a waste of money. In my guild though someone is doing 25TH/s, which is an amazing amount of processing power.

I have to say, so far it's been incredibly fun being a digital miner. If I loose it all, no regrets. I love checking my Guild page and seeing how lucky we were at solving the blocks. Some days

are better than others, but so far it's pretty good.

I only wish I could get the KNCMiner Jupiters from Ebay, no one is selling now, and certainly not at the price I paid 4 weeks ago.

Currently I'm mining around 2.26646226 a day = $856.00 a day, all the hardware I purchased to do it has increased by 20%.. so I'm happy. If it's like this in 5 months, I'll be very happy.

Congrats on your success! I'm glad to hear stories like this. But I think you'll agree that there are many others who had miners that were out of date before being delivered etc. This is a part of the story where I know I don't know enough to make the investment and have it pay off. My general impression of somebody that doesn't know about mining is that they probably aren't the best person to go into it.

Thank you, I agree mining is not for everyone. These units generate a lot of heat and use large amounts of electricity. I think purchasing bitcoins is probably best course of action for anyone interested. Everyday it's becoming more accepted, and when the big retailers adopt it, it's going to sky rocket --- IMO!

[farang000999]

Bitcoin is many things, not just a speculative tool. Research will help overcome any doubts. Not a problem paying bank transfers to buy, the gains outweigh the cost.

I've been researching for some time already, and I agree with your opinion about BTC not just being a speculative tool. The way I see it is as a commodity like gold or oil, something finite that it is still being mined.

Bitcoin is finite? What is stopping the next electronic money from being created? You already have a bunch of copycats. People are interested in BTC because it's value is steadily rising creating a positive feedback loop. Your analogies and theories are all very flawed.

Is finite because there's a limit on the total amount of BTC that can be created. There are a lot of copycats but none seems to get as popular as the original, and I don't think they will ever do. Maybe you can spend some time explaining me why are my thoughts so flawed, I would certainly appreciate it.

They aren't as popular as the original because their price isn't going up. Here is what is happening:

People are buying Bitcoin and the price is rising so more people are buying Bitcoin so the price rises higher so more people are buying Bitcoin because the price is rises even higher.

Positive Feedback loop.

[farang000999]

Bitcoin is finite. Let's say that all the Bitcoin that can be created is created.

Now let's say that the sneaky Satoshi guy decides to make

Bittycoin which is just like Bitcoin except it is called BittyCoin and the process all starts over again.

But Bitcoin is finite guys. Bittycoin has a different name.

[farang000999]

Banned lol. So then they are not going to use it if they don't agree with it. On a side note the USD is not any better than Bitcoin. It has no real value..it's nothing.

False. It is backed by the full faith and credit of the USA and it's massive military.

I love how you guys love pointing out that fiat money loses its value as its quantity increases (inflation)... This is a FEATURE not a FLAW. Money supply must increase for economies to grow. "Hard money" caused the Great Depression.

Welcome to High School Macroeconomics 101.

Edited November 14, 2013 by farang000999

[kawaiimomo]

Becton is finite. Let's say that all the Bitcoin that can be created is created.

Now let's say that the sneaky Satoshi guy decides to make

Bittycoin which is just like Bitcoin except it is called BittyCoin and the process all starts over again.

But Bitcoin is finite guys. Bittycoin has a different name.

Haha, got your point. But this new coin should go all over the process again in order to gain the momentum BTC is currently experiencing. In this case I would think one of the other cryptocurrencies would probably be in a better position to do so.

Talking about the positive feedback, I wanted to buy BTC some 4 or 5 days ago so I began keeping track of the price. It was as low as 307, I was waiting for it to go under 200 USD. It is now at 440 and the $@#$@ is not dropping yet. This volatility that the critics complain about is what it makes it so interesting for me, huge profits (or loses) can be made in a matter of days or hours! :-D

[beb]

Bitcoin is finite. Let's say that all the Bitcoin that can be created is created.

Now let's say that the sneaky Satoshi guy decides to make

Bittycoin which is just like Bitcoin except it is called BittyCoin and the process all starts over again.

But Bitcoin is finite guys. Bittycoin has a different name.

If that sneaky Satoshi guy decides to make more virtual coins after the last bitcoin is mined then that guy will probably be king of the world because he will have discovered the fountain of youth and be somewhere around 170 years old. Hopefully he'll share that secret just so we can all be here to see you declare how right your prediction was.

His conspiracy is greater than the trilateral commission, Kennedy assassination and Illuminati put together. Congrats on decoding it for all of us.

[beb]

Becton is finite. Let's say that all the Bitcoin that can be created is created.

Now let's say that the sneaky Satoshi guy decides to make

Bittycoin which is just like Bitcoin except it is called BittyCoin and the process all starts over again.

But Bitcoin is finite guys. Bittycoin has a different name.

Haha, got your point. But this new coin should go all over the process again in order to gain the momentum BTC is currently experiencing. In this case I would think one of the other cryptocurrencies would probably be in a better position to do so.

Talking about the positive feedback, I wanted to buy BTC some 4 or 5 days ago so I began keeping track of the price. It was as low as 307, I was waiting for it to go under 200 USD. It is now at 440 and the $@#$@ is not dropping yet. This volatility that the critics complain about is what it makes it so interesting for me, huge profits (or loses) can be made in a matter of days or hours! :-D

Nov 10 it dropped $80. Too bad you didn't see that. It's almost doubled since then.

[kawaiimomo]

The 80 USD drop is the ~300USD price I was mentioning, but since I don't have any verified account in the exchanges I could not buy T_T (and yes, I know there are other methods without verification but I don't feel safe using them)

[pancakeman]

Bitcoin is finite. Let's say that all the Bitcoin that can be created is created.

Now let's say that the sneaky Satoshi guy decides to make

Bittycoin which is just like Bitcoin except it is called BittyCoin and the process all starts over again.

But Bitcoin is finite guys. Bittycoin has a different name.

And anyone would just suddenly abandon Bitcoin and run to Bittycoin for what reason?

[oakweb]

Bitcoin is finite. Let's say that all the Bitcoin that can be created is created.

Now let's say that the sneaky Satoshi guy decides to make

Bittycoin which is just like Bitcoin except it is called BittyCoin and the process all starts over again.

But Bitcoin is finite guys. Bittycoin has a different name.

And anyone would just suddenly abandon Bitcoin and run to Bittycoin for what reason?

No reason, It's also like saying someone else can create a new Internet, and call it Internet-2.. it's possible, but who is going to use it and what about all the hardware that is needed to run it. Now there are hundreds of thousands of miners making it happen for BitCoin, and also websites and merchants that accept it.. and growing daily.

I think the biggest misconception is the technology, I too didn't do my due diligence of reading and understanding it before judging it. I had my chance to get in early, and really should have seen how brilliant it was.

Anyone interested in purchasing Bitcoins can make an account at http://Coinbase.com , they are out of San Francisco and are very reputable.

Edited November 15, 2013 by oakweb

[beb]

The 80 USD drop is the ~300USD price I was mentioning, but since I don't have any verified account in the exchanges I could not buy T_T (and yes, I know there are other methods without verification but I don't feel safe using them)

Actually it went down to $270 on Coinbase. Maybe lower but not seen by me. You definitely need to have an account ready to go if you want to take advantage of such opportunities. Localbitcoins is always going to be higher I think because the incentive for people who want to stay private.

[rayong09]

I purchased a 2nd laptop that would not go on-line, specifically for storing my wallet details with backups of the Bitcoin address's I was going to use to purchase 500 Bitcoins at 40GBP (20,000) some time back. It was all in place and I was ready to buy from a seller in person to avoid being scammed on-line. In the end I bottled it, something was telling me don't do it, so I pulled out.

Today they would be worth 132,500 GBP!! som nam bluddy na!! my own fault for not going through with it!!

I also remember PayPal in '99 looking for investors, when I read the concept I laughed, send money to someone via an email address in seconds that will never work are they serious!!

[oakweb]

I purchased a 2nd laptop that would not go on-line, specifically for storing my wallet details with backups of the Bitcoin address's I was going to use to purchase 500 Bitcoins at 40GBP (20,000) some time back. It was all in place and I was ready to buy from a seller in person to avoid being scammed on-line. In the end I bottled it, something was telling me don't do it, so I pulled out.

Today they would be worth 132,500 GBP!! som nam bluddy na!! my own fault for not going through with it!!

I also remember PayPal in '99 looking for investors, when I read the concept I laughed, send money to someone via an email address in seconds that will never work are they serious!!

Buy those 500 again, wait 5 years and you could see Bitcoin at $3500 a BTC, that would be a nice return on your money. I really don't think it will go lower.

[Khun Jean]

But in five years you can only buy one egg for that $3500.

BTW buying 500 bitcoins would cost 200.000US$! A little diffrent then trying something for 20.000 GPB.

At the moment you have 99% change it goes down and 1% it goes up.

Wait until it goes down at least 80% then buy some.

Maybe only have to wait a few days, you never know when one of the server on mount Gox goes offline for a while.

Never ever buy at the top!

Edited November 16, 2013 by Khun Jean

[oakweb]

But in five years you can only buy one egg for that $3500.

BTW buying 500 bitcoins would cost 200.000US$! A little diffrent then trying something for 20.000 GPB.

At the moment you have 99% change it goes down and 1% it goes up.

Wait until it goes down at least 80% then buy some.

Maybe only have to wait a few days, you never know when one of the server on mount Gox goes offline for a while.

Never ever buy at the top!

I think you are confused, you think Bitcoin is like a stock. Bitcoin is being adopted as digital currency by more individuals, merchants, stock exchanges, companies, and countries every day. The adoption and increase user base guarantee's the increase in price IMO. If you think it's going to drop, IMO, you are waiting for something that won't happen.

All we need is one large merchant, e.g. Ebay, Amazon or any other Fortune 500 company to start using it on their website, and the price will go to $1000. I believe we are very close to this happening.

[ukrules]

But in five years you can only buy one egg for that $3500.

BTW buying 500 bitcoins would cost 200.000US$! A little diffrent then trying something for 20.000 GPB.

At the moment you have 99% change it goes down and 1% it goes up.

Wait until it goes down at least 80% then buy some.

Maybe only have to wait a few days, you never know when one of the server on mount Gox goes offline for a while.

Never ever buy at the top!

I think you are confused, you think Bitcoin is like a stock. Bitcoin is being adopted as digital currency by more individuals, merchants, stock exchanges, companies, and countries every day. The adoption and increase user base guarantee's the increase in price IMO. If you think it's going to drop, IMO, you are waiting for something that won't happen.

All we need is one large merchant, e.g. Ebay, Amazon or any other Fortune 500 company to start using it on their website, and the price will go to $1000. I believe we are very close to this happening.

Bitcoin is at it's highest price ever in a market with wild volatile swings in price.

Do you really expect me to believe that the current price (the highest ever) is the lowest it will ever be again and that the volatility has now vanished because some large company might use it ?

This reminds me of what people were saying in the first days of April right before Bitcoins 'value' plunged from the then all time high of $266 to $50 in the space of a few days.

[oakweb]

But in five years you can only buy one egg for that $3500.

BTW buying 500 bitcoins would cost 200.000US$! A little diffrent then trying something for 20.000 GPB.

At the moment you have 99% change it goes down and 1% it goes up.

Wait until it goes down at least 80% then buy some.

Maybe only have to wait a few days, you never know when one of the server on mount Gox goes offline for a while.

Never ever buy at the top!

I think you are confused, you think Bitcoin is like a stock. Bitcoin is being adopted as digital currency by more individuals, merchants, stock exchanges, companies, and countries every day. The adoption and increase user base guarantee's the increase in price IMO. If you think it's going to drop, IMO, you are waiting for something that won't happen.

All we need is one large merchant, e.g. Ebay, Amazon or any other Fortune 500 company to start using it on their website, and the price will go to $1000. I believe we are very close to this happening.

Bitcoin is at it's highest price ever in a market with wild volatile swings in price.

Do you really expect me to believe that the current price (the highest ever) is the lowest it will ever be again and that the volatility has now vanished because some large company might use it ?

This reminds me of what people were saying in the first days of April right before Bitcoins 'value' plunged from the then all time high of $266 to $50 in the space of a few days.

I guess it comes down to whether or not you believe it will become common place, whether it will become accepted. For me I think it will. For me to "believe" it will go higher, is as easy to understand that I believe it will become more widely used and soon. Prices will go up with more users and more sites using it.

Also about those early days, with sites like Silk Road dragging it down it was a volatile time. Now with China using it, Canada with ATM machines, and sooner or later a large retailer embracing it, there won't be anything holding it back.

[Khun Jean]

There are too much people who believe they will miss the boat with Bitcoin.

A classic trap.

I wish i knew of some short positions i could buy. I would 'invest' some in that.

Bitcoin without the drugs trade is pretty small. It is not even anonymous, it is the best traceable currency ever! The drug enforcers dream come true.

And i don't count 99% of the merchants who only use Bitcoin as a payment system that transfers directly into their own currency as companies that use Bitcoin.

They just use the irreversibility of the transaction to their advantage.

Unless that is changed buyers will prefer credit card and paypal. Ultimately it is what buyers prefer that counts.

Bitcoin at 50US$ within a few months.

Edited November 16, 2013 by Khun Jean

[oakweb]

There are too much people who believe they will miss the boat with Bitcoin.

A classic trap.

I wish i knew of some short positions i could buy. I would 'invest' some in that.

Bitcoin without the drugs trade is pretty small. It is not even anonymous, it is the best traceable currency ever! The drug enforcers dream come true.

And i don't count 99% of the merchants who only use Bitcoin as a payment system that transfers directly into their own currency as companies that use Bitcoin.

They just use the irreversibility of the transaction to their advantage.

Unless that is changed buyers will prefer credit card and paypal. Ultimately it is what buyers prefer that counts.

Bitcoin at 50US$ within a few months.

"a classic trap" sorry I don't know what that means, if something in popular it's a trap?

Yes it's traceable, so is Paypal, so are Credit Card Companies.. your point?

You don't have to count the merchants, but I surely will. As far as reversibility goes, I'm betting customers are more upset with the huge transaction fee's. If you deal with good companies you don't have to worry about reversing charges. And reversing charges is not perfect with Paypal or Credit Cards either.

But hey don't take my word that Bitcoin is revolutionary, maybe hearing it from a Bank of America might make you think so?

https://smallbusinessonlinecommunity.bankofamerica.com/community/running-your-business/merchantservices/blog/2013/10/09/beyond-cash-or-credit-exploring-alternative-payment-solutions-for-small-businesses?utm_source=SBC_Newsletter&utm_medium=EmailSBC&utm_term=More_Article_8&utm_content=SBB&utm_campaign=Nov_2013