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41  Economy / Speculation / MtGox and Bitcoin- the next scheme of the world's investment bankers? on: April 07, 2013, 01:31:03 PM
Doesn't anyone get the feeling that, having over 85% of the market and being the only market-mover, MtGox could be in a scheme to inflate the prices of Bitcoin and make profit for some investment bankers who could be behind this whole price hike?

In the summer of 2007 the stock markets all over the world had record increases(I myself managed to catch the wave and sell just before the big downfall, which began in Oct-Nov 2007). The market crashed with the bursting of the housing bubble and the beginning of the Global Financial Crisis.

Then in spring/summer 2008 oil jumped to nearly $150 per barrel, which quickly cooled off to levels below $80 at the end of 2008 and beginning of 2009.

Then in 2009 the price of commodities, more particularly grain, wheat and so on, skyrocketted- there was even concern that this could lead to disastrous consequences in the world's food supply. This seemed to cool off for a year going into 2010.

Beginning in 2010 we saw the prices of precious metals start going up very steeply. Well, here we really have a high demand for metals, especially gold, from China and the Middle East, since they are looking to diversify their foreign cash reserves and turn them into something of value. So this one has been continuing, it's the only price rise which, for me, has any real background to it.

And we get to 2013, in which we see Bitcoin become mainstream- people are talking about it on the news, in conferences, we have laws being passed which look at digital currencies. And we see the price jump five-fold in the matter of one month???
OK, it's a bubble- there's no doubt about that.

The question is- won't this hurt Bitcoin? With such volatile prices, trading with bitcoin becomes a very tricky business, as most goods are sourced in other currencies by the retail traders and they have to constantly change the bitcoin price in order to keep thing in balance.

Aww, or it could be the just the next "conspiracy theory" from a guy who knows nothing  Grin

P.S- Morgan Stanley and Goldman Sachs are trading with Bitcoins- nobody knows in what volumes and how. But let's just not forget who came clean out of this whole Global crisis...
42  Other / Beginners & Help / Re: I request an audience... on: April 04, 2013, 06:50:34 PM
Well, predictions are predictions. Bitcoin bubble will burst sooner or later, anybody who thinks otherwise should take a crash course on history and economics.

43  Economy / Economics / Re: why did bitcoin get so powerful so fast -- not just price -- media , etc on: April 03, 2013, 08:14:38 PM
I think that the bubble will burst pretty soon.

MtGox is down at the moment...
44  Economy / Economics / Re: why did bitcoin get so powerful so fast -- not just price -- media , etc on: April 03, 2013, 04:23:46 PM
http://en.wikipedia.org/wiki/Black_Wednesday

This is definitely a speculative bubble.

Bitcoin let's you have multiple addresses on one wallet and practically you can simulate 100 buyers and sellers from one wallet to 100 accounts on MtGOX. They can use proxy servers to fool the MtGox security system, and practically simulate all this.
Of course they would need a lot of bitcoin and cash, but in the end they would make tons more. They are trying to suck in investors to buy their bitcoins at inflated prices.

So basically, the bubble will blow in max 1 month's time and prices will drop to sub-$35 values. Bitcoin is a bit hard to be understood by the masses at this moment in time, so this has nothing to do with mass interest in it.

Also, let's not forget the MtGox monopoly- they themselves could be into this whole scheme.
45  Economy / Economics / Re: Krugman makes some good points on: March 25, 2013, 08:29:16 AM
Keynesianism is a dying religion, with Krugman as the high priest. Spending driven by currency inflation is not helpful to humans, it results in a bunch of economic "activity" that can only be described as wasteful. Buying unneeded consumer goods from someone so they can turn around and buy unneeded consumer goods from someone else just results in overworked people with decreased real wealth.

Saving is a good thing and is what creates real wealth, ie increases personal productivity per unit of time. A deflationary currency like Bitcoin will help create a society with less economic "activity" in terms of frivolous spending and more real wealth in terms of productive capacity and freedom to spend your time in ways you enjoy.

Austrian economics >>> Keynesian economics  


 

I couldn't agree more!
46  Economy / Economics / Re: Why Are Bitcoins Worth $70? on: March 25, 2013, 08:09:21 AM
The price will get a correction down to ~35USD/BTC. But in the long-term, if BTC were to stick as a widely-used international currency, I think we'll long for the days when it only cost 70USD.
Think about offshore banking and crime- I think that pretty soon they'll adopt BTC as a means of transferring large amounts of money and that will eventually lead to a much higher and stable exchange rate.
47  Other / Beginners & Help / Re: Newbie restrictions on: March 20, 2013, 08:41:38 PM
Yeah, my bad Smiley everythin's fine now Smiley
48  Other / Beginners & Help / Re: Newbie restrictions on: March 20, 2013, 08:37:52 PM
I've got 4 hours, more than 5 posts and I still have no access to other forums. Is this a manual process where the admin grants me the access?
49  Other / Beginners & Help / Re: Just bought in at $64.05 on: March 20, 2013, 07:55:23 PM
Things will fall and settle at around $35 imo in the next 6 months.
50  Other / Beginners & Help / Re: I am a certified Anti-Money Laundering agent. (AMLCA) on: March 20, 2013, 12:18:19 PM
This is all BS.

Bitcoins should not be subject to regulation by anyone! Governments should prevent crime or prosecute it in its early stages, so that it doesn't use the bitcoin network as a means of transferring money.
51  Other / Beginners & Help / Re: I request an audience... on: March 20, 2013, 12:14:05 PM
It's a bubble, the current price hikes are not sustainable in the long-term. By the end of the month the rate will fall to sub-$35 levels imo.
52  Other / Beginners & Help / Re: 0.5 BTC PAYOUT BITCOIN GIVEAWAY on: March 20, 2013, 11:02:13 AM
58.52

19qXatSEqfX58fUgBBJAiiWzhrvPYLW7gy
53  Other / Beginners & Help / Re: Where is anonymity if your address is public on: March 20, 2013, 10:49:19 AM
The one thing that he can do, is generate a new address in his wallet just for the transaction that he will have with you and give you that address. In that way he can remain anonymous.
On the other hand if he uses just one address for receiving coins and doesn't care much about anonimity, then that's his problem. He might not want such  Wink
54  Economy / Micro Earnings / Re: Free Bitcoin Sites *and* Free Newbie Lotto on: March 20, 2013, 07:24:33 AM
13nJvPf9WVUW6EMV1cP862ugcFNto7BqEX

Great thread!   Cool
55  Other / Beginners & Help / Re: Butterfly Labs on: March 20, 2013, 07:20:51 AM
Avalon has shipped, you can check on other topics here. But as r.willis said, it could be a scam to get future orders.

I think the difficulty factor will show whether such high-power devices are out there mining in the next couple of weeks.

BFL on the other hand is a scam, a giant ponzi scheme. You can see their banners all over the net!
56  Other / Beginners & Help / Re: $55 the next psychological barrier on: March 19, 2013, 08:32:29 PM
I think that by 2020, provided that some people attending the Bilderberg meetings(for example) don't kill bitcoin, 1 BTC might be worth in the thousands of USD. So I would set much higher psychological barriers, what we're seeing here is just the beginning...
57  Other / Beginners & Help / Re: is it hard to sell btc during a price peak? on: March 19, 2013, 08:29:08 PM
If there is someone who wants to buy at that price- yes.
You can be brave and ask for a higher price- if the market gets bullish, someone might pick up your deal.
58  Other / Beginners & Help / Re: Bitcoin wallet on: March 19, 2013, 08:27:24 PM
Look at the Receive Coins tab- you'll see your address for receiving coins there.

From Send Coins tab you can send coins
59  Other / Beginners & Help / Re: How to earn Bitcoin from the comfort of your home on: March 15, 2013, 08:47:14 PM
Christop,

That site offers way too little BTC than the amount you state...
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