Seeing as I bought at $1000, yes, $640 is a GREAT price to buy....

 

Best comment on the thread hahaha! Sorry man Didn't mean to steal your name to make a point...

But now that you're here...

Some great comments though!! While I agree that just because you don't know what Bitcoins are doesn't mean you have a low IQ, that's not what I was saying and you're twisting words and facts!!! I said that people reading this will most likely have a higher than average IQ, so I'm saying the reverse...

Just because my girlfriend likes Steak doesn't mean she dislikes Pizza.

Funny thing - My entire career is based on the fact that I have both, and my employers have always said just that ^^. Which is lucky for me as it means I end up in a great job!!

1) I actually invested when the price was $100. Unfortunately, the money I used to invest disappeared when transferring to Bitstamp. 6 months later, and after threatening Bitstamp with court action, it finally got recovered. The issue was put down to being lost in the international banking system. I didn't have any other money to use during the investment and in that time, the price sky rocketed. I was VERY angry, very upset, but there was nothing I could do. The choice was either to decide not to invest at $1k or to invest.. I wanted to be part of it so decided to invest. And then all the crap started happening
2) I didn't invest to make a quick buck so don't mind that the price is lower.. though I am started to get concerned it won't even ever recover!
3) http://www.thesun.co.uk/sol/homepage/news/5492825/man-hires-escort-who-turns-out-to-be-sons-girlfriend.html is the original article, but if you don't want to pay to read it (which I haven't), apparently it's now been copied on other media sites:
http://www.independent.co.uk/news/world/europe/italian-pensioner-hires-an-escort-who-turns-out-to-be-his-sons-girlfriend-9176530.html

I agree with that statement, but at the same time, if you saw someone pay money to buy and read The Sun, what would it tell you about that person?

Not many people read both The Sun & The Financial Telegraph for example...

Saying that, even readers of the FT aren't generally that technical as teccies will simply use the web! Hey ho.

My point exactly..

People don't think using the internet is a risk because it doesn't cost them anything, when in reality by not taking security precautions they risk identity theft and all sorts of other frauds.

With Bitcoins, like the internet, people won't understand the risks, but because it requires trading their cash for BTC, why would they ever do it without understanding???

I fear intelligence will be the biggest wall for BTC, and one that can be overcome, but not in this generation Our kids will love BTC though!

Anyone reading this post has an IQ higher than the average person.

What makes me say that? Well, the average person in England for example reads The Sun which we know due to the popularity of the paper.

Unfortunately, as us intelligent Brits know, The Sun is a sad perspective of news. One of todays top stories:
"70 year old man's escort is son's girlfriend".

Equally, last week, I was at my girlfriends cousins house. He has 4 daughters ranging from 6 to 12 - He's an intelligent investor, very wealthy, but had no idea there were parental controls on the iphones/ipads he's given to his daughters and didn't know about the dangers online *sigh*.

We live in a non technical world where most people aren't technical, but those who are technical tend to be more successful these days...

The bad news, is for BTC to become the type of global currency we want it to be, the world needs to embrace it. In a world where our laws don't embrace international crime over the web, how are people going to ever want to explore something they simply don't understand?

I feel Bitcoin has a major problem and one that can't be solved for a generation or two, and that's to do with intelligence and understanding.

I invested at $1k - As a technical person, I'd been following the rise and can see the long term sustainability and benefits of BTC. If everyone around me non technical who also started hearing about it invested, that price would be $10k+, but I can't see it achieving high limits due to the reasons stated. I now worry we'll see the price lower long term as the world moves away from it..

Thoughts?

I didn't even read the body of the post.

In answer to the question in the subject, no. The rise is due to the UK confirming Bitcoins will be treated like a currency so no VAT at all on currency trades. The news is breaking across news-sites worldwide this afternoon... As a new news-site breaks the news, there's a bigger jump in the price.

I also see MTGox on bitcointy, thus posting the thread in the first place... :/

Hi All,

This may have been explained in another post but there's something I don't get:
http://bitcoinity.org/markets/mtgox/USD

On an exchange which doesn't trade, how can the price be anything above 0$? When the website is inaccessible, shouldn't it be removed from any indexers?

I'm guessing the MTGox API is still live, and if so, I don't get how the price is variable when people can't buy or sell.

Thanks!

Are you telling me MTGox is a business not in trouble? Despite still not trading? Rofl. That is evidence enough. Did you follow the Full Tilt Poker demise?

"Yes, player funds are secure, yes player funds are secure, yes player funds are secure.." - DOJ freezes account: "Ok, player funds weren't secure".

What I don't understand is the many posters on this board that seem to suggest MTGox ISN'T in trouble and that it's all a conspiracy theory to destory them?

Yes, the facts are limited, other than 1 very simple and important fact... MTGox are no longer trading bitcoin withdrawls.

I mean, that's pretty substantial fact don't ya think? All the other exchanges are which shows there's no technical reason why they can't. But they aren't.

They make statement after statement about how they will one day potentially start again, but these statements count for nothing because at the end of the day, they still aren't trading.

For those who are saying MTGox are not in trouble, you are ignoring the one most important simple fact which I stated above. If the company wasn't in trouble, they would have shed a load of cash on fixing the problem quick and moving on......

Hi There,

So I was one of those people who jumped on the band wagon and invested when the price hit 4 figures. Unfortunately when I tried to invest back when the price was $200, my money went missing for 3 months and only legal action against Bitstamp led to me getting my money back (some problem with the international banking system apparently!!!) By that time the price sky rocketed upwards!

Anyway, I'm interested in the effect MTGox is still having on the price at other exchanges. It's obvious that the problems with MTGox undermine the currency, and that's causing people to sell, and not many people to buy. There are a lot of people who want cheap coins, but with all these problems, even those people aren't investing because they expect further problems and lower prices...

I'm not "trading at a loss" because I see myself as holding a currency, and it's just not the same value it once was. If I exchange back to $, at that point I've traded at a loss, so I'm trying to avoid that. At the same time however, I am concerned that MTGox is still controlling the price.

Currently, the Bitstamp price is dependent on one thing only, which is the contents of the next MTGox press release.

If MTGox re-activate withdrawls, the Bitstamp price will shoot up somewhat, and MtGox will also recover though never to it's former level (I believe people will lose trust in them, thus they are a dead exchange either way).  If MTGox liquidate, then the Bitstamp price will most likely shoot straight back down with it due to public perception, negative press, many people losing money, and the resulting regulation that is bound to be enforced by Governments worldwide to avoid similar issues.

Based on this, it seems like Bitcoin is damned either way for quite a while and selling at $600 isn't such a bad option right now, with rises not likely until the MTGox situation is fully resolved and trust is restored in the currency?

One irresponsible company has really screwed us all!!!

$100,000