I am pretty confident we are the new wealthy elite, gentlemen.

[Jushe]

Even now in 2015, we are only at the tip of the iceberg.

[1714186001]

1714186001

[1714186001]

1714186001

[mdgreasyjohn]

 yes greed is good but a non fiat is better

[CoinCidental]

I have never seen a boom and bust that wasn't perpetuated by government involvement. Bitcoin is immune from such things.

Oh Atlas, you really were a stupid little troll. Too bad your suicide was as big a failure as your life.

Tomorrow, the UK & USA decide to make investing in Bitcoin illegal, punished by life imprisonment.

Suddenly, Bitcoin crashes and becomes obsolete. Government wins.

Just because you think it would be unethical to do so, doesn't mean that the Government CAN'T and WON'T do something so dramatic.. I'll expect to see very strict regulation when companies start dealing in BTC more frequently and the governments catch wind that companies aren't paying tax. I expect that companies will be required to publicly disclose all bitcoin addresses they own to the government - and so the government will get involved.

If history has taught us anything is that Prohibition of anything doesn't actually work
Banning something popular has never worked with alcohol, weed, prostitution, piracy or anything else
They only fuel the consumption by driving it underground and putting control of it into the hands of organised criminals
Its better to semi regulate it so they can at least get some tax from the honest users and  companies

[Mickeyb]

I have never seen a boom and bust that wasn't perpetuated by government involvement. Bitcoin is immune from such things.

Oh Atlas, you really were a stupid little troll. Too bad your suicide was as big a failure as your life.

Tomorrow, the UK & USA decide to make investing in Bitcoin illegal, punished by life imprisonment.

Suddenly, Bitcoin crashes and becomes obsolete. Government wins.

Just because you think it would be unethical to do so, doesn't mean that the Government CAN'T and WON'T do something so dramatic.. I'll expect to see very strict regulation when companies start dealing in BTC more frequently and the governments catch wind that companies aren't paying tax. I expect that companies will be required to publicly disclose all bitcoin addresses they own to the government - and so the government will get involved.

If history has taught us anything is that Prohibition of anything doesn't actually work
Banning something popular has never worked with alcohol, weed, prostitution, piracy or anything else
They only fuel the consumption by driving it underground and putting control of it into the hands of organised criminals
Its better to semi regulate it so they can at least get some tax from the honest users and  companies

Exactly this, if they wanted to ban it, they would have banned it until now. They wouldn't let all these investments pour into Bitcoin ecosystem and all these banks that have started looking and researching the blockchain technology.

Even if they decide to ban it tomorrow, they won't do s**t. You can't ban decentralized systems. Look at Internet, bittorrent, etc..

[killerjoegreece]

bitcoin will have a great future. all we need to do is have better consensus mechanisms.

[operrajunk74]

Yeah, assuming bitcoin ever does become a stable currency. It's going to take decades because all the big profit maker would be at some point, they will try to sell their coins and to book the profits. I believe that speculation and to get rich quicker drive crashes too. Ultimately the market value of a coin is the only value of a coin.

[JayJuanGee]

I'm sure that there will continue to be bears in our midst, even while BTC prices are breaking out of the dull-drums. 

likely, we really are NOT out of the woods until $350-ish - and even then, I wonder.

I also wonder whether the early November Fed auction of 44,000-ish coins is going to hold off our "gentlemen" status for a little bit?

[gentlemand]

I also wonder whether the early November Fed auction of 44,000-ish coins is going to hold off our "gentlemen" status for a little bit?

Why? We know they go to serious bidders and even more serious bidders never manage to get their hands on them. They're a total irrelevance to active markets.

[JayJuanGee]

I also wonder whether the early November Fed auction of 44,000-ish coins is going to hold off our "gentlemen" status for a little bit?

Why? We know they go to serious bidders and even more serious bidders never manage to get their hands on them. They're a total irrelevance to active markets.

I don't really disagree with your point; however, I think that many times in these various threads on the forum, we frequently had been discussing the various fed auctions as affecting BTC prices.

Surely, each time we have an auction the circumstances are a bit different, and the affect may be quite different this time around.... at least, I have NO problem with the price going up and bidders to pay fair market value based on the then competitive rate.

I also don't really have any problem with the govt receiving the proceeds - except for some of the potential unjust circumstances of this whole matter concerning the treatment of Ross Ubricht and the ambiguities (and seeming selective enforcement of various laws). 

Anyhow, in the end, maybe we are all somewhat getting used to some of these BTC auctioning scenarios... and the BTC price point will accordingly be allowed to proceed upwardly, in spite of  such dynamics of additional btc coming into the space.

[mtnsaa]

If Bitcoin wasn't banned during the Silk Road fiasco then I find it very improbable that they will ban it now that it's accepted by companies like Microsoft, eBay and others. Plus there are a lot of other companies and billionaires that invested large sums on it. However, the nature of digital currencies and "anonymous" transactions will always appeal to money laundering activities in my opinion so it's not out of the question.

[JayJuanGee]

If Bitcoin wasn't banned during the Silk Road fiasco then I find it very improbable that they will ban it now that it's accepted by companies like Microsoft, eBay and others. Plus there are a lot of other companies and billionaires that invested large sums on it. However, the nature of digital currencies and "anonymous" transactions will always appeal to money laundering activities in my opinion so it's not out of the question.

We are NOT really referring to any kind of ban here (and yes, there is less worry about any kind of outright ban in recent years). 

Nonetheless many of us realize that there is plenty of hostilities from governments towards bitcoin - even though these various auctions seem to demonstrate, with facts, some of the opposite regarding the government's official recognition of bitcoin as something that can be auctioned off.

[STT]

I have never seen a boom and bust that wasn't perpetuated by government involvement. Bitcoin is immune from such things.

Tomorrow, the UK & USA decide to make investing in Bitcoin illegal, punished by life imprisonment.

Suddenly, Bitcoin crashes and becomes obsolete. Government wins.

USSR banned dollars but it didnt stop them being used anyway.   I dont think its that simple, it depends on the bitcoin economy outside the reach of the ban.   Bitcoin is banned in some countries usually where dollars are restricted in their circulation
Also you have to weigh the usefulness of bitcoin between people in that banned country territory.  If somehow the currency saves them alot of work, stops losses from their flawed national currency then you have alot of demand and people will find a way usually.  Bitcoin wallets I think can be passed on usb sticks if need be though it requires more trust, its possible distribution continues anyway even if it were possible to restrict from any live network

[jubalix]

I have never seen a boom and bust that wasn't perpetuated by government involvement. Bitcoin is immune from such things.

Tomorrow, the UK & USA decide to make investing in Bitcoin illegal, punished by life imprisonment.

Suddenly, Bitcoin crashes and becomes obsolete. Government wins.

USSR banned dollars but it didnt stop them being used anyway.   I dont think its that simple, it depends on the bitcoin economy outside the reach of the ban.   Bitcoin is banned in some countries usually where dollars are restricted in their circulation
Also you have to weigh the usefulness of bitcoin between people in that banned country territory.  If somehow the currency saves them alot of work, stops losses from their flawed national currency then you have alot of demand and people will find a way usually.  Bitcoin wallets I think can be passed on usb sticks if need be though it requires more trust, its possible distribution continues anyway even if it were possible to restrict from any live network

yes..ban something and it goes down in value, eg drugs.

[Oscilson]

I also wonder whether the early November Fed auction of 44,000-ish coins is going to hold off our "gentlemen" status for a little bit?

Why? We know they go to serious bidders and even more serious bidders never manage to get their hands on them. They're a total irrelevance to active markets.

When the overhang is cleared, price could rise.

[Xenoph0bia]

Agreed with you that we are one of the new wealthy community. Previously many people sold their btc when it hits $1000 mark in order to book the profit, in coming days if the btc prices are increased then people will again sell their btc but the people who are holding the bictoins will definitely became the wealthiest in the long run.

[Richy_T]

There's never been a boom and bust that wasn't perpetuated by government involvement, except every one that's happened to Bitcoin. Yes Atlas, Bitcoin is so immune that it's no longer worth $1,200. lol

"Perpetuated". It doesn't mean that there aren't booms and busts, just that they tend to right themselves naturally if governments don't try to meddle.

I wouldn't necessarily say "never" myself though.

[Betwrong]

I have never seen a boom and bust that wasn't perpetuated by government involvement. Bitcoin is immune from such things.

Tomorrow, the UK & USA decide to make investing in Bitcoin illegal, punished by life imprisonment.

Suddenly, Bitcoin crashes and becomes obsolete. Government wins.

USSR banned dollars but it didnt stop them being used anyway.   I dont think its that simple, it depends on the bitcoin economy outside the reach of the ban.   Bitcoin is banned in some countries usually where dollars are restricted in their circulation
Also you have to weigh the usefulness of bitcoin between people in that banned country territory.  If somehow the currency saves them alot of work, stops losses from their flawed national currency then you have alot of demand and people will find a way usually.  Bitcoin wallets I think can be passed on usb sticks if need be though it requires more trust, its possible distribution continues anyway even if it were possible to restrict from any live network

yes..ban something and it goes down in value, eg drugs.

That was said with irony I suppose. 

But the thing is not as much people are using drugs as much we want were using Bitcoins. So I personally don't want Bitcoin was banned in any country. The more people can legally use it the better.

[jmintuck02]

So the btc trading that I do- trading altcoin to BTC should eventually increase my income to wealthy status in time. Can't wait. My miners are gonna pay for themselves

over and over again. Good damn job I went hungry for 1/4th of a month just to invest in a couple miners. I sacrificed for these miners that I bought. Wiill be worth it. Will honestly

be restocking groceries on a fairly big scale to get refilled. May do many groceries for a month or two to have a VERY full pantry for when I want to get another miner if I have to

very soon. I have to PACK my pantry absolutely full to stay at or above capacity. from here on in.


 Well, I believe it won't be too long until my miners start paying for themselves many times over. Trading altcoin; the ones fastest to mine, will help a LOT. Should make a BTC

sometime by this time next year, unless something big happens. When BTC rises to 1,000s per btc, I don't know what I will do, but I will be so  happy.

[Velkro]

I will believe in this wealthy elite when i see it , u can never know for sure until it will happen.

[tom555]

do you think bitcoin have a good future?and make us wealth or rich?