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I'd be more interested to know when more people are trading gold for BTC, than people trading BTC for gold (you know, once fiat currency is effectively worthless).
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...meanwhile, disaster is pretty much resolved, and price is back up to $45.50. If that was it, I think we can rule out software bugs as causing bitcoins to tank, and it will have to be something more social/political.
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Back up to $45+ ALREADY?? Could this widespread bug, and it's fairly fast community-assisted response, maybe actually bolster confidence in bitcoins? Or am I getting ahead of myself?
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Apology: I did not read the whole thread before replying. But I agree it needs explanation. I think what everyone wants to know is, are my coins safe? or am I holding useless 0.8 forked chain coins?
This needs to be answered please. 1) There will be no official announcement, because there is no authority for Bitcoin. 2) Nothing mayor has happened, your Bitcoins has been and are safe. All transactions already have been reprocessed on new fork. In fact the very first few blocks on new branch should contain all transactions in old branch. The main difference is who will get fees for these transactions and 25BTC mining profit. Otherwise the whole event has no impact. The threat of double spending is theoretical, because when fork occurred there were miners working on both branches. 3) The ramifications are and will be purely psychological. The main one is loss of confidence in the brand name. This may cause lowering of exchange rates and this in turn may trigger stop loss orders. The end result is panic on exchanges. We have seen something like this over year ago and Bitcoin is still kicking. Very well said. That's exactly it--I'm about to go to bed for the night and I'm sure tomorrow morning, the price will be the only indicator that anything even happened. I'm sure there are going to be a TON of bitcoin users who won't have any clue as to what went on here. |
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I think it's probably too immature for large banks to take on such a risky investment. There are still arguments that BTC will be less than ideal in the long-term, and will ultimately fail. (not my belief, but probably not worth the risk for large banks).
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Well I'm not so sure it will become *the* currency of the new age--too many large organizations profit from government-backed currency, simply because it's government-backed. Bitcoin necessarily won't become government-endorsed anytime soon, because by it's nature, it can't be easily taxed.
That being said, Bitcoin is the go-to currency for those who want to be anonymous, and at this point, I'd say it's a damn good investment if one is careful and willing to take a risk on it.
Hell, the USD value of my BTC funds jumped up like $500 today, so you won't see me complaining about it! There is clearly a decent enough demand for it, and I don't see that demand going away, pretty much ever, from the way it looks now.
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Glad there are minimum posting rules for newbies. I've been turned off of too many boards because lurkers who decide to post on a whim really tend to screw them up over time.
I've been lurking on this forum for a long time, but I doubt I'll hit 5 posts anytime soon. There is so much information here, I've really got nothing to add that already hasn't been said.
Anyway, this was post #2 for me and I'm out for now--peace.
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I'm new here. Been using BTC for a few years now and am simply amazed at the technology around them and their success.
I've been lurking on this forum for a long time, but never posted, so here's to it.
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