BTC will be below $11 by Tuesday, probably be below $7 by Friday.

[Jalum]

I guess the pass-the-bag speculation has been fun, but in the end someone has to end up being the bagholder.  The smart folks are unloading in the dark pool while all the retail "investors" think they're getting up to the minute market information from a website that used to be for trading magic cards.

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[wootwoot]

You are very credible with this being your only post, lol

[Djao]

http://www.blogcdn.com/www.urlesque.com/media/2010/05/haterbatman.jpg

[silversurfer]

[kuba_10]

I can't agree. My cat says it will be... oh, I have no cat.

[MatthewLM]

I would consider buying if it went under $10 and there was a safe way to buy them. I don't trust those exchange websites. I also want to be able to use my debit card with no crap involved.

[restomaniac]

I guess the pass-the-bag speculation has been fun, but in the end someone has to end up being the bagholder.  The smart folks are unloading in the dark pool while all the retail "investors" think they're getting up to the minute market information from a website that used to be for trading magic cards.

Whats wrong didnt you get in when the price was low enough
There seems to be lots of posters out to scare the price down at the min I cant think why

[AyeYo]

I would consider buying if it went under $10 and there was a safe way to buy them. I don't trust those exchange websites. I also want to be able to use my debit card with no crap involved.

Please do not invest in something you do not understand.

He has a legitimate point.  Even aside from the inherent dangers of extreme volitility, these exhanges are completely unregulated.  There is absolutely nothing insuring that you're getting the real market price, that the charts or market depth are accurate, or even that your money will be there the next time you log in.

If Bitcoins were traded on a legit FX exchange through legit brokers/market makers, I'd probably be a millionaire by now, but I wouldn't touch these completely opaque bucket shops with a 100ft. pole.

[Clipse]

I dont understand all these random people making singleposts like OP about random stuff they apparently dont care about anyways.

Its quite simple, if you dont want to be a part of bitcoins then dont be however if you do want to be then get involved.

This OP and many other 1post retards are either doing this to make new users believe its a bad thing to use bitcoins or he is a sad individual who wants to be part of bitcoin but is way to handicapped mentally to do much about it.

[AyeYo]

I dont understand all these random people making singleposts like OP about random stuff they apparently dont care about anyways.

Its quite simple, if you dont want to be a part of bitcoins then dont be however if you do want to be then get involved.

This OP and many other 1post retards are either doing this to make new users believe its a bad thing to use bitcoins or he is a sad individual who wants to be part of bitcoin but is way to handicapped mentally to do much about it.

I think the recent run up is cause for concern and perhaps people would be well advised to heed the words of caution.  I'm all for Bitcoins, I hope it works out, and I do mine.  However, I'm also an experienced FX trader and I see too many noobs around here that are going to get hosed by what is obviously a heavily and easily manipulated market with completely unsafe exchanges.

[skull88]

I dont understand all these random people making singleposts like OP about random stuff they apparently dont care about anyways.

Its quite simple, if you dont want to be a part of bitcoins then dont be however if you do want to be then get involved.

This OP and many other 1post retards are either doing this to make new users believe its a bad thing to use bitcoins or he is a sad individual who wants to be part of bitcoin but is way to handicapped mentally to do much about it.

These peonple probably want to scare as much people to sell now, so the price drops and they can buy in cheap. Can't think of any other reason why to do it else 

[tomcollins]

I would consider buying if it went under $10 and there was a safe way to buy them. I don't trust those exchange websites. I also want to be able to use my debit card with no crap involved.

Please do not invest in something you do not understand.

He has a legitimate point.  Even aside from the inherent dangers of extreme volitility, these exhanges are completely unregulated.  There is absolutely nothing insuring that you're getting the real market price, that the charts or market depth are accurate, or even that your money will be there the next time you log in.

If Bitcoins were traded on a legit FX exchange through legit brokers/market makers, I'd probably be a millionaire by now, but I wouldn't touch these completely opaque bucket shops with a 100ft. pole.

Because nothing bad ever happens there.  It's not like Bernie Madoff used them or anything.

[Jalum]

I dont understand all these random people making singleposts like OP about random stuff they apparently dont care about anyways.

Because it doesn't seem that the BTC adherents are thinking logically.  They're thinking emotionally.  They've become personally invested in this notion that their computer is a magical printing press that will make them rich with a publicly available application that does nothing but expend electricity.

BTC as currency: surely no one is pinning their hopes on this.  The endgoal of every BTC transaction is to "cash out" into an actual currency.

BTC as speculation: this is the only reason anyone is here.  And word is the party is coming to an end.

http://news.ycombinator.com/item?id=2632671

And, well, it's fun to say "I told you so."

[tehcodez]

My computer is a printing press, that takes power and hardware for the typeset and codez for the magik. Code a program, sell it, and see how much that makes you...a lot more than hashing. Poor 'man' and his old school 50's economics louisville-slugger-making-and-i-don't-play-baseball.

All BTC is verifiable open transactions...sorry you don't realize how that bill in your mom's purse works.

Besides, AOL went through 32 versions to be obsolete, and had some great rooms along the way.

Hold on Zefram, I'm coming for you.

[AyeYo]

I would consider buying if it went under $10 and there was a safe way to buy them. I don't trust those exchange websites. I also want to be able to use my debit card with no crap involved.

Please do not invest in something you do not understand.

He has a legitimate point.  Even aside from the inherent dangers of extreme volitility, these exhanges are completely unregulated.  There is absolutely nothing insuring that you're getting the real market price, that the charts or market depth are accurate, or even that your money will be there the next time you log in.

If Bitcoins were traded on a legit FX exchange through legit brokers/market makers, I'd probably be a millionaire by now, but I wouldn't touch these completely opaque bucket shops with a 100ft. pole.

Because nothing bad ever happens there.  It's not like Bernie Madoff used them or anything.

That's a strawman.  I never said that nothing bad happens in the regular FX market.  However, I at least know that my broker is giving me correct information, my money will still be there tomorrow, and that the  market is too large to be manipulated by any one person/entity.

This BTC run up is classic pump and dump, and there are a lot of people that will get slaughtered.  Some of us are trying to sound the alarm and bring people back to reality before they lose their piggy banks.

[Grant]

That's a strawman.  I never said that nothing bad happens in the regular FX market.  However, I at least know that my broker is giving me correct information, my money will still be there tomorrow, and that the  market is too large to be manipulated by any one person/entity.

That's why they (the central banks) have central authority to set interest rates (to manipulate a big market in an elegant way).

[malditonuke]

BTC as currency: surely no one is pinning their hopes on this.  The endgoal of every BTC transaction is to "cash out" into an actual currency.

Not entirely.  Each individual has their own probability estimate of success of bitcoin for various lengths of time.

Or can you read minds?!?

[Bimmerhead]

Possibly these very negative posts do serve a good purpose.  By scaring away speculator noobs who are here just to make a quick buck and don't really understand what bitcoin is, it reduces the risk to the rest of us that someone will lose a pile of money, run to their congressman to whine about it which in turn brings a lot of ill-conceived government regulation.

By maintaining this as a community of bitcoin devotees who understand this is more than a get-rich-quick scheme, we will grow more steadily and on a firmer foundation.

[AyeYo]

That's a strawman.  I never said that nothing bad happens in the regular FX market.  However, I at least know that my broker is giving me correct information, my money will still be there tomorrow, and that the  market is too large to be manipulated by any one person/entity.

That's why they (the central banks) have central authority to set interest rates (to manipulate a big market in an elegant way).

Like sailing the Titanic with a match stick.  They make a rate adjustment and hope for the best. 

That's not even remotely comparable to a Bitcoin market in which a single person with even a small chunk of money can buy/sell to themselves and move the market any direction they please.

[MatthewLM]

I like the concept of bit coin but would I really use thousands of pounds on these exchange websites which have "USE AT YOUR OWN RISK" written all over them? Nope. I'll continue to invest money in other ways. Maybe I'll lose out but at least I can sleep better at night. I could try it out with a little bit of money but then there is the fact the websites don't make it very easy and if it was easy, I'd still be afraid more money would come from my bank than expected.

What if these exchanges were to be shut down as well?