Bitcoin Forum

Bitcoins lost 60% of its value in 3 months. The scam is coming to an end apparently. Some people made money out of it. The majority lost big time, burning energy down the toilette. Bitcoin is scam. As I told everybody in the first place. Earning money by buying hardware... get a brain, sheep!

Small investment, small profit so far.. If it goes down the drain I wouldn't lose much..

But for now, it's fun to deal with..

A scam is when someone rips you off to better them selves...who ripped the people who lost the money? no one, some gain, some lose, as with all investments.  Besides, Bitcoin can actually be used, as in when you get things that are from a scam(if you even do), they tend to not work.

The price is going back up btw..

I thought it was up 700% in six months...

Not for the silly people who heard the first word of it 3 months ago and bought at $15-20! :P

The gig's up?

How funny. I heard about it right around when it peaked at ~$30.
Did I loose some money? Yes.
Do I feel bad about it? No, it was the best money I have ever invested!
Bitcoin potential is so huge. When I invested, my faith was not in the price going up forever, but for many things that are comming and will come from this.
The funny thing is, I just bought another 70 BTC, but I think the price is still way too high for current demand vs. the rate of new money comming in.

Bitcoin is not a scam.

Bitcoin is another method to buy, trade and sell in so many ways that money cannot do.

And its not coming to an end.

If people are still willing to use bitcoin to buy, trade and sell it is not going to end.

Spent: $1100 hardware + $650 electric
Made: $3000+

u jelly?  Or do you need a new brain?

It is not a Ponzi scheme, it is a currency market.  What drives a currency market is imports and exports.  It is really difficult to see the importing and exporting to and from the bitcoin economy, but it happens.  If a miner wants to use the bitcoins he mined to pay his power bill, he has to exchange them for USD or Euros because the power company doesn't accept bitcoins as payment.  This means that the miner is importing power into the bitcoin economy, which drives the bitcoin's price down.  When Joe Average wants to buy some organic coffee from so-and-so bitcoin vender, they have to go to buy bitcoins before they can make this transaction.  This is an export, which drives bitcoin's price up.  Also, if you buy something in USD then sell it in bitcoins to a bitcoin miner, you are still importing.  Likewise, if you buy something in bitcoins then sell it for USD you are exporting.  When imports matches exports, you'll have a stable currency.

Okay OP... are you willing to make a bet then? I'll bet you that on Christmas day this year, the price of a Bitcoin will be greater than $6 USD. If not, I'll send you $100. If it is greater than $6, you send me $100. Are you man enough to stand behind your prediction, or do you just post crap on forums with no accountability?

Now if you agree, how should we send the money? We could use Paypal and lose 3%... but do you even want USD? Are you in another country and need some other currency? Hmmm maybe a wire then? But wait I don't want to give out my bank account info, and it would take a week, and at least $15 in fees would eat up the winnings. If only there were a way to instantly pay with zero fees to anyone anywhere in the world...  :-\

would you be willing to make the bet if it was over $12 christmas insread of 6?

I don't take advice from anyone who cannot spell "coming".

How is it a scam when nobody has been promised anything?

I'm currently losing out big time on mining, due to risks I chose to take.
The creators are not responsible, nor is Satoshi, Mt. Gox or the community.

In similar fashion, if you bought BTC and were disappointed, you have not been "scammed".
You just made a bad short-term investment. You are responsible and nobody else.

left

I don't think its a scam. speculation has been an issue. What we want now is stability in prices so we can actually use it for the reason its intended.

In the near future I'm going to offer in bitcoins some investment options in my company. What people like me want is stability at whatever exchange rate.

true, but it has value as a low cost means of cross border exchange where only rapid price variation is a problem.

if I want to sell an investment worth £30,000 to potential investors, I can do so on a global market, and repay later at whatever the exchange has floated to.

Eventually the price will stabalise based on that growing market of cross border exchange + the cost of electricity killing miners. Eventually the price will bobble above and below some break even with regards to mining?

yep its over, it was a scam, everybody knew except you and know you know too.

Okay... quick go sell your coins!!! sell sell sell!

When you say "The majority lost big time", I assume you ment yourself. So, who told you bitcoin was an investment vehicle? Because it's not. It's a currency. If you use it as such, there is no loosing.

somebody is pissed.  after you sunk all that money into hardware when bitcoin was higher than today...
makes you feel like stupid sheeple shit doesn't it?

so now it's someone else's fault for your mistakes, huh?  classic...
go away and don't think about mining again.

An image macro is not a proper rebuttal.

In long term, the only fortune you earned is those you have spent

A currency that you can’t reasonably hold for longer than two minutes without having to fear a drastic loss in purchasing power?

Bitcoin: The New and Improved Zimbabwe Dollars.

No

A troll with 14 post that come and call bitcoin a scam?

I'm sure he is LEGIT and he is not a TROLL!!!!!!

Bitcoin can be an investment like any other currency / commodity. In these insecure times I chose to do a number of hedges against:

1a. the Euro and the EU is going down the drain
1b. the USD is going the same way
2. BTC is becoming ubiquitous and hence extremely valuable. It might at some point be no fun to purchase valuable BTC for devalued EUR (or Deutschmark)

So I bought Gold, CHF, certain shares and, of course, BTC during the last few years. So far, I am only worried about my CHF investment. Once I feel like BTC bottomed out, I might swap some CHF against BTC.

Pretty much yes.  What we seen with the giant jump was a lot of money flooding in to a really cool idea that everyone wanted to invest in, because there was no place for that money to go (ie actual investments inside the bitcoin economy) it is now flooding out.  We've seen this happen before in brick-and-mortar economies, Singapore is the best example that comes to mind.  As far as bitcoin acting as a "middle-man" currency, the valuation is only going to affect prices based on the lag time between currency exchanges, and given that in a virtual economy, lag times tend to be very short, we can expect this to have minimal effect on the system over-all.

I transferred $1500 from GBP to $ dollars using bitcoin when it was crashing (with almost zero fees) . I maintained my stored value (I was quick). It doesn't matter how much bitcoin is worth if you want to use it to transfer stored value. That functionality is worth a lot.

yes, I too think that this may become a major use for Bitcoins in the future, when I transfered GBP to $ via XE-Trade last week I got mid market rates less about 1.3% (& no fees from them or from either bank), I wouldn't risk doing this though until the Btc price was a lot less volatile, it would take me a couple of hours (4 at weekends) to get the money from my UK bank account to the Britcoin exchange & they don't have the volumes to be sure to buy Btc there fast, when I used Mt.Goxxed UK deposit option it took about 2 days to appear (they didn't mention this) & the Btc rate had then changed from under $6 to over $9, they said they were going to fix this poor service but seem, as of today, to just have removed being able to do this at all within the UK

I transfered bitcoins that I'd bought for GBP at Britcoin to MtGoxxed & that went smoothly, I checked after about an hour (at W/E) & they were cleared, I'm holding them but if this was to exchange GBP to $ then one could sell instantly & withdraw the funds to a US $ bank account, I have one linked but haven't tryed this yet so need to check what the fees would be, but if less than 1% it would be a winner when the Btc price was more stable & if/when MtG allowed UK bank free GBP FPS 'faster' transfers to them