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Author Topic: Would you consider BTC safe at this point?  (Read 1665 times)
Immanuel
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October 14, 2010, 06:03:13 PM
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I am really thinking about investing over $1000 of my savings into Bitcoin. Would this be wise? Is BTC safe and stable at this point?

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October 14, 2010, 06:43:22 PM
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I am really thinking about investing over $1000 of my savings into Bitcoin. Would this be wise? Is BTC safe and stable at this point?

No one can answer this question for you, and you shouldn't listen to anyone who would presume to tell you.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

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October 14, 2010, 06:46:02 PM
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I think the technology is pretty safe. There's nearly no chance that your bitcoins will be lost because the network screwed up.

I expect the price to go down in the short term, however.

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ribuck
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October 14, 2010, 07:18:02 PM
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It's a good question, and we all wish we knew the answer.

In the future, bitcoins are either going to be worth nothing, or else they will be worth a lot more. So if you're considering it as an investment, it's highly speculative.

The answer probably depends on human nature more than on the underlying technology.
mpkomara
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October 14, 2010, 07:37:03 PM
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BTC is not a safe investment.

Asking Bitcoin Forum > Bitcoin > Bitcoin Discussion whether or not Bitcoins are safe may not get you the best answer, either. 
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October 14, 2010, 08:05:21 PM
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I am really thinking about investing over $1000 of my savings into Bitcoin. Would this be wise? Is BTC safe and stable at this point?

From an investment standpoint, bitcoins qualify at a high risk investment.

They are brand new.  The regulatory regime is unknown or grey in many areas.  It is still quite easy for someone with deep pockets, or a botnet, to control >50% of the network.

That said, so far, the experiment seems to be working!

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ShadowOfHarbringer
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October 15, 2010, 10:05:45 PM
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I am really thinking about investing over $1000 of my savings into Bitcoin. Would this be wise? Is BTC safe and stable at this point?

Nope. Just give it a year or two though and then perhaps it will be stable.

This software is in BETA stage for a reason. There are still unresolved matters with successful-and-easy attack scenarios.
Those need to be resolved before BTC can become serious currency.

There is also a question what will happen if quantum computers come into play in 5,10 or 15 years. It will either kill BTC totally (low probability) or render it useless and freeze all transactions until it is secured with quantum-computer encryption algorithms (more probably).

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October 16, 2010, 10:11:12 AM
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if quantum computers come into play
If it becomes practical to break current encryption using quantum computing, bitcoin will probably be the least of your worries.
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October 16, 2010, 10:23:17 AM
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There is no such thing as a safe investissment.

However, I have very much more confidence into bitcoins than into dollars.

Dollar is about to become a terrible currency.  You are the only one who can decide what to do with your money, but if you want my advice, I'll tell you that you'd better spend these 1000$ in pretty much anything but cash.
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