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Is Bitcoin about to end?

Discussion in 'Payment Processing' started by sundaybrew, Feb 25, 2014.

  1. #1
    sundaybrew, Feb 25, 2014 IP
  2. sarahk

    sarahk iTamer Staff

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  3. kantus

    kantus Well-Known Member

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    #3
    Yeah, this dealt a pretty big blow to Bitcoin but I don't think it will "end" it, not even close. Anyone who understands the technology behind Bitcoins and other cryptos would know the potential it has for the future. Mt.Gox had about 6% of all Bitcoins. It's unfortunate that they decided to defraud it's users and the Bitcoin community like that but I think everyone will take this as a lesson learned and will only strengthen the Bitcoin community to help further prevent something as devastating as this from happening again in the future.
    kantus, Feb 25, 2014 IP
  4. dailycoins

    dailycoins Greenhorn

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    #4
    Nope, it's not going to end here. It was only matter of time when some of the exchange services does something like Mt.Gox did... it was a good lesson for everyone though. Cryptocurreny is here to stay and I'm sure that good things are going to happen in the next 2 years. Hold on your Bitcoins and wait for the price increase.
    dailycoins, Feb 25, 2014 IP
  5. kantus

    kantus Well-Known Member

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    #5
    Or buy in while they're cheap right now :D
    kantus, Feb 25, 2014 IP
  6. dailycoins

    dailycoins Greenhorn

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    #6
    Exactly! I already did when it was closer to $400 :D
    dailycoins, Feb 25, 2014 IP
  7. averyz

    averyz Well-Known Member

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    #7
    I think there will still be people who use them. Many people use bitcions to buy stuff with and do not care that it is unstable they just buy them purchase whatever and they are done for the evening.

    As far as bitcion investors, I guess there is always stupid people in the world.
    averyz, Feb 25, 2014 IP
  8. sundaybrew

    sundaybrew Numerati

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    #8
    I just got this joke now after reading that other investment thread......yeah when I saw that thread, I knew it was a bad deal, but I wasn't getting an infraction for post jacking

    good catch
    sundaybrew, Feb 25, 2014 IP
  9. tdn878

    tdn878 Well-Known Member

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    #9
    Not the end for bitcoin, but most definitely the end for Mt.Gox. I was lucky I was one of the few who was able to withdraw my money from Mt.Gox late last year. I had to wait nearly 3 months for them to send my money to my bank account. Some people have been waiting 6 months+ and will either have to wait many more months or never see their money(or bitcoins) again. I am very happy that this is likely to be the end of Mt.Gox who was a terrible, clueless company who were in well over their heads(Hopefully the people who have money/bitcoins with Mt.Gox sue the pants of them). I think this is actually good for bitcoin in the long run since a large source of the many problems with bitcoin over the last year can be attributed directly to Mt.Gox's shortcomings.
    tdn878, Feb 25, 2014 IP
  10. sundaybrew

    sundaybrew Numerati

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    #10

    So is now a good time to buy ?
    sundaybrew, Feb 25, 2014 IP
  11. tdn878

    tdn878 Well-Known Member

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    #11
    Personally, I would just hold off a little bit longer sundaybrew and wait for the dust to settle. Mt.Gox's demise mostly affected Gox's own exchange which went down to around the low 100's. Everywhere else the price is still hovering above 500. It might still have more room to go down. But it really is hard to know with bitcoin prices and how volatile it is. It might turn out that this is the floor and a good time to buy.

    But even if that was the case I still wouldn't want to invest too much money in it. The whole thing might collapse entirely...

    I got in very early last year and made quite a lot of money through Mt.Gox. The problem was getting the money out... All those people (and there are a LOT of them) whose money and coins are still stuck with Mt.Gox are going to be making a lot of noise. Expect there to be a lot more fallout...
    tdn878, Feb 26, 2014 IP
    sundaybrew likes this.
  12. Spoiltdiva

    Spoiltdiva Notable Member

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    #12
    The idea of virtual money gives me a virtual headache. I want to roll around in physical money that I can feel in my hot little hands. I do believe that I will give Bitcoin, Litecoin, Peercoin, Amazon Coins, Ripple, and all the others a big pass.;)
    Last edited: Feb 26, 2014
    Spoiltdiva, Feb 26, 2014 IP
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  13. sundaybrew

    sundaybrew Numerati

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    #13
    Thanks bro !
    sundaybrew, Feb 26, 2014 IP
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  14. Sean DeSilva

    Sean DeSilva Greenhorn

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    #14
    this may be the event that permanently keeps bitcoin on the fringe, used only by a small percentage of society who likes tech stuff for the sake of its geek factor.
    Sean DeSilva, Feb 27, 2014 IP
  15. tdn878

    tdn878 Well-Known Member

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    #15
    errr, I think you are probably forgetting about(or don't know about) the thing that people normally use bitcoins to buy...
    tdn878, Feb 27, 2014 IP
  16. sundaybrew

    sundaybrew Numerati

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    #16
    I am going to BET and mark this thread, that BITCOIN ;

    within the next 2 years ......
    1. Collapses from fraud
    2. The Interpol FBI / NSA shuts it down


    My opinion this will happen.
    sundaybrew, Feb 27, 2014 IP
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  17. Spoiltdiva

    Spoiltdiva Notable Member

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    #17
    I'll bet you 100 Bitcoin dollars that it will happen sooner.....wait a minute...........oh, never mind.
    Spoiltdiva, Feb 27, 2014 IP
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  18. sundaybrew

    sundaybrew Numerati

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    #18

    LOL - I would take that bet , if the coins were at least worth the metal weight LOL
    sundaybrew, Feb 27, 2014 IP
  19. tdn878

    tdn878 Well-Known Member

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    #19
    You actually CAN bet it to go down on certain regular Forex brokers like Avatrade. They allow you to short Bitcoin/usd, which means you will be making money when bitcoin prices drop.

    But like a I said previously I would avoid trading bitcoin like the plague right now. Too many uncertainties and there are many better ways to invest your money.
    tdn878, Feb 27, 2014 IP
  20. tdn878

    tdn878 Well-Known Member

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    #20
    tdn878, Feb 27, 2014 IP
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