I think at this current rate it might get up to $1.5k or even $2k by the end of the year, that's being very generous and optimistic though considering we have balanced out at around $1000 for the past two weeks.

It might just stay balanced at $1000 a piece for a few more months to come, who knows? It nearly hit $1242 again two days ago but due to the bad news regarding the new China and BTC banking law, the price skyrocketed downwards.

Still though, over $1000 a piece is great considering this same time last month it was going for I think $150 to $200 a piece, and it had stayed there for quite a few months already, maybe it might stay around $1000 for a few more months to come.

or ipod touch?

So you are essentially storing the wallet private key on either the sim card or the memory card of the phone? In that case, you don't even need the phone really... Sounds the same as storing it on a usb stick no?

Yes, now because you asked, I will share the secret: bitcoin will rise to 42,000. It's actually 42,802, a number which is hardcoded cryptographyally in the first blocks ever mined. The message satoshi left.

Uh huh.  Nobody with $1m to burn will buy that you can make a $100k return in 1 year on a startup.  Most startups don't turn a profit until 5 years down the road.

This sounds like a joke, but I'll bite... I suppose he could be thinking you'll borrow to cover the difference when you don't meet your target, then learn a valuable life lesson when your investment fails and you're $400k in debt once you sell off your assets, and have to declare bankruptcy.

What he doesn't realize is that you're dumping it in something on purely speculative grounds and could double your money or lose it all by a difference of days.  It doesn't even sound like you understand how bitcoin works or what it even is.


That's your first problem.  Bitcoin is not a get rich quick scheme, especially if you know little about how it works.  Speculative bubbles always benefit the moguls, veterans, and hawkish traders at the expense of the young, new, and inexperienced.


This plan is insane.

Bitcoin always spikes in value after a media blitz via a speculative bubble, then crashes hard a few months later.  Those of us who have had their ear to the ground have seen it happen, first in May of 2011, then less so in Jan 2012, then again in August 2012.  Do NOT invest in $1 million in bitcoin unless you are prepared to lose $990,000 of it.

The recent media attention that bitcoin has received is the sole thing fueling this bubble.

See:




This is not a transaction you want to handle online with some random exchange.  Find a bunch then call them up and get a contract with a lawyer in tow, if you're crazy enough to do it.


I doubt there'll be enough sellers at any one point in time for you to drop $1 million into the market.  Dropping $1m in a day might actually cause the speculative bubble to burst, since you'd spike the value so quickly that the speculators will panic-sell.

You'd have to buy them up at a slower pace, but that just puts you at even greater risk.


They'd call up whatever exchange service you used and ask them for the information.  If you made a significant return, the bank will notice and report it.  You WILL pay taxes on this, governments proactively look for and try to snap up smaller sums than this.  They would look at what you are doing as free money because you simply could not contest the wealth of evidence they will have on you.  And they'll sit on it for a year so that you pay interest.


Just repeat this mantra: "Bitcoin is not a get-rich-quick scheme, Bitcoin is not a get-rich-quick scheme, Bitcoin is not a get-rich-quick scheme..." until you realize how you're letting the euphoria of naked greed cloud your judgment.

What you should do: return the money to your father and say your projections were flawed as you realized that there were some fundamental problems with your idea.


Basically this.  The gamble is the day the bubble pops; bet safe and you make nothing, get greedy and you lose it all.  If you don't have experience day-trading and aren't prepared to sit at a computer 24/7 monitoring any change in value, you aren't ready for this.

If he does coin-mixing (more than once) will it be possible to track him?

From my side I reccomend Electrum - very light and super fast. For me much better than Bitcoin-QT.

If you want to go in fiat, at least do it in style!  
http://m.jamesedition.com/extraordinaire/swiss-bank-safe-with-money-729198

So, another day passed, it came close to $1242 which is the all time high from 7 days ago.
Today it was at $1240.

Down or up?

Volume is very low, this could mean that it will go up soon. very soon.
The original thesis here is that it will go down to maybe $800 for a short time at a high volume before going further up, much further up.