Bitcoin Forum

The Bank of Hungary has send a warning against Crypto Currency like Bitcoin and OneCoin.
For them, Bitcoin is an investment with risks and it's safer to have money in stocks than to buy crypto currency like Bitcoin.
You can read full report here: http://www.businessforhome.org/2015/06/bank-of-hungary-issued-warning-for-crypto-currency/ (http://www.businessforhome.org/2015/06/bank-of-hungary-issued-warning-for-crypto-currency/)
What is your opinion about this statement?

Somewhat true volatility wise. Bitcoin is still in the early development stages, volatility is going to be high, that is a given.
Now, Bitcoin is a million times more secure thank anything else in the sense that what belongs to you, belongs to you and no one can modify it. Your only duty is to make your Bitcoin safe.
Over time, the volatility will not be a problem anymore. On that day, which may take a decade, BTC will be crowned as the ultimate form of both money and storage of wealth.

Every investment is risky depend on how much the profit we can gain, so is bitcoin. In my opinion, the risk in investment just affect the bitcoin user, not the bank. I guess the bank began to lose the customers and blame the crypto currency as the cause. In future, there will be some news like this that state bank vs bitcoin.

i thought this kind of statements were "up to date" 1-2 years ago.....hungary, you are too late! skip to:

"Bitcoin is bad, blockchain is great!"

Why on Earth did they lump BTC in with Onecoin? What business is it of a bank to tell people where to stick their money? It would be a full time job listing all the shit stocks out there.

I would guess that most people aren't even aware their country has a central bank, let alone listen to much it has to say.

It's true that Bitcoin ahs it's risks, investment-wise, but I don't really think an investment is safer in stocks than in Bitcoin... What guarantees a stock can't crash?. They are obviously more control than Bitcoin, but you can lose money on stocks too.

Anyways, all the banks are just playing devil's advocate recently. It's pretty much their job to make Bitcoin something awful, otherwise they will lose all their clients! :D

Bitcoin has less risk than make investment in any stock item and it's much safer than any fiat investment terms, that warning shows the fear of banking system because they are losing their potential customers for the revolutionary innovation after some year almost every bank will release warning like this when Bitcoin will go to mainstream and get more adoption around the globe.   

My personal opinion is I don't really care what Hungary thinks to be honest, it's not exactly known for its wealth & rich investors is it? Nothing they say or do is going to effect the growth of bitcoin.
If bitcoin does succeed & gain mainstream adoption it will be regardless of what Hungary does, they'll follow like sheep if bitcoin begins to be used widely by everybody.

interesting way of promoting onecoin and your scam mlm website

Your average granny crossing the road certainly doesn't, but the big guys with the bucks they all do.

You simply cant be a succesful investor these days without listening to the CB. Before they started printing mad, they actually gave good investment tips, now it's all chaotic.

So be sure if a CB tells dont invest in BTC, the investment banks, commercial banks, hedgefunds and private whales dont do either  :-[

Not suprise with this type of news! It is following the step of China, Russia etc. It just shows to the public the central banks are doing things. Once they find a good opportunity to embrace bitcoin, they will change their stance quickly, like Russia!

I agree that it's safer to have money in stocks, well, in reliable stocks.. But what do you get? If you get 7-9% annually you can consider your stocks are doing quite well (I mean dividend of 7-9%). Compare this to roi in cloudmining and you'll see that you get more in Hashnest for example, but the risks are higher. The same applies to holding or trading. Prices of crypto are more volatile, so it's a high risk investment, but with bigger rewards for lucky ones.

It is nice to hear that the banks are panicking, all around the world. Just a few days ago, a well known bank in Sweden published a full-page advertisement warining people against the usage of Bitcoin. And now, we have similar incident from Hungary as well. I smell something fishy... Why this sudden provocation?

They are panicking. More than 200 minor and medium banks go bankrupt in Europe at the moment, mostly in Spain but not just.

Something dark is at the end of the road, i smell another financial crisis just ahead  :-X

At this Greek debt crisisk, Euro / dollar pair is volatile and forex traders are flocking to speculate it, gain or lose are normal for them. So is the bitcoin! The reason that ppl or govs are  against it probably is that it is new innovation. They cannot understand and trust it

we are just touching the  tip of the iceberg. the great recession isn't over yet, and every bank is just assured that customers will no adopt bitcoin, or they(the banks) will suffer even more this current crisis

they are just covering their ass in the end, nothing more

but not all banks or government are against it, notice how only those(there are soem exception like greece that like the tech behind bitcoin) that are facing some economic issues are embrancing it

I don't understand why onecoin is thrown in the picture and it's somehow quite misleading as it was being regarded as having similar status to bitcoin. There are two onecoins that I know. One is probably dead and the other bearing a completely different logo and algo.

Whatever it is, the author definitely needs to separate bitcoin and onecoin apart. If the bank needs to analyze bitcoin legitimacy, let it be *only* bitcoin alone.

When Greece exits Euro, bitcoin time comes.

First, George Soros comes to my mind when we talk about rich Hungarian investors.

Greece can't exit eurozone it is impossible. This is path you can take in only one way, nobody ever thought of the possibility when country would want to resign from common Euro currency.
So there is no plan for that eventuality, so as of now you can only join eurozone, not leave it and back to your own currency.

as the article says, investing in bitcoin or any crypto for that matter has high risks but has big rewards at the same time. well this is stating the obvious, but i guess many people might not know this, especially people who want to get into bitcoin for the first time.
and the rest although claiming that bitcoin is not pyramid scheme, it talks about it!!

It is understandable that most of ppl get involved in bitcoin and are just speculating it for quick profit! But they have none experience at trading it and end up losing a lot! We don't need such kind of speculators! What we need is the bitcoin believers, who can truly support it!

Regarding the country's investors I would like to mention George Soros and Andre Kostolany.They were born and had been grown up in Budapest.However both learned the financial trade outside of the country. Kostolany in France and Soros in England.
With the rest of your statement I totally agree.

Bitcoin is still volatile, so that's correct. It's still a risky investment and it should be treated as such. It could lose or gain value at any point.

There have been a number of countries whose national banks have issued warnings against buying Bitcoins. Hungary is one more added to the list. Provided a country doesn't outright ban Bitcoin it won't make much difference to anything. It's only a warning.

Any formal news of Bitcoin is good press. It's fair that people or organizations fear it before they praise it.

This is true.  I don't know why anyone that isn't brainwashed by their local press or government would believe you are better off playing with their own currency that you have no control over.

What until Bitcoin gets back to $700 level, this type of news wont even reach the surface...It is following the step of China, Russia etc. It just shows to the public the central banks are doing things. No surprise with this type of news!

That is true in most cases, but when they issue warnings and close bitcoin associated accounts, it's far from good thing.
I agree banks are getting scared, and are probably involved in trash talking bitcoin, but what they are using as a justification is true, just look at how many scams and
exploitiations there are here. We need to fix this, and stop giving the ammunition in this fight.

cheers