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Author Topic: Will the bubble burst?  (Read 4675 times)
wingding
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April 13, 2013, 12:02:37 PM
 #121

    Obviously, these days are not here yet and it leaves me to ponder this question, did the well conceived, concerted Ddos effort to quash the exchanges abilities to cater to the needs of new buyers occur in order to deliberately devalue the BTC and cause it to slide out of public favor and, was the source of these attacks not so much 'rogue' forces attempting to deliberately manipulate markets to make for themselves a shady profit, but some high level hacking by those administrations within the G8 who saw the potential for the BTC as a new alternate currency over which they had no real power?
   Perhaps inside the TOR network might be the safest place to put the next 'Mt.Gox'? That is, if the major banks of the world (in partnership with the G8 and under a contract with clauses where the ownership of BTC is regulated to include full and open disclosure to those governing bodies of the identities of those who are purchasing BTC and also with the inclusion of equally mandatory, conditional requirement to allow the tracking of the detailed market movements of every BTC)
   I wonder if they aren't already arming their IT departments amd the world's largest supercomputer to assist in vending the BTC as the future 'media ordained' 'safe' brokers and take full advantage for themselves of this inevitable slide away from the world's ever crumbling hard currencies?

Interesting thoughts - thanks! You are touching what I believe is bitcoin's major threat. The 'money-masters' of today will always be able  to crash the system, manipulate it or take ownership of it. It is predicted in this brilliant article: http://www.naturalnews.com/039850_bitcoin_bubble_crash_globalists.html

So how to hedge against that? I worry for bitcoin's weakness to withstand attacks from central bankers and large financials as JPM and GMS. And they will attack, I predict, each time the volume rises enough to appear threatening to the system. One way out of it can be if many different cryptocurrencies flourish, so that the point of attack becomes more obscure. I really wish hope some smart people can figure out a solution to this problem.

                                   
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April 13, 2013, 12:43:02 PM
 #122

I have three problems with investing in bitcoins. Maybe someone can sooth my concerns.

1) I understand that bitcoins are limited in number. However anybody can make an alternative cryptocurrency (like litecoin). At the moment bitcoin is the most liquid as it is supported by all exchanges (like mtgox). However once mtgox supports litecoin it will become just as liquid. As it has the same functionality why wouldnt speculators pour into the "cheaper" litecoins once they can be easily bought over mtgox. Also why wouldnt miners start mining more litecoins, when it becomes more profitable than bitcoins. Lastly once the price is bid up, why wouldnt stores also accept litecoins.
Therefore a potentially unlimited number of cryptocurrency could be competing for available purchasing power. I understand the concept of first to market, however once litecoins or other good cryptocurrencies become as easily tradeable (over metgox) as bitcoin wont speculators speculate on them becoming as valuable as bitcoin. Why would the first to market concept and networking effect stop this dynamic.

2) Once bitcoin becomes a generally accepted medium of exchange, wont governments make it illegal to trade bitcoins with prison sentences waiting for anyone who tries. Wont this cause bitcoin to collapse in value.

3) There is always the possiblity that a better, more innovative cryptocurrency comes to market leaving my bitcoins worthless.

Diclosure: I own a substantial position in silver miners and like gold as well as silver. I am a follower of austrian school of economics. I hate fiat currencies and maybe want to buy some bitcoins in case they overtake gold as a medium of exchange. However I still have the concerns mentioned above.
wingding
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April 13, 2013, 12:53:04 PM
 #123

I have three problems with investing in bitcoins. Maybe someone can sooth my concerns.

1) I understand that bitcoins are limited in number. However anybody can make an alternative cryptocurrency (like litecoin). At the moment bitcoin is the most liquid as it is supported by all exchanges (like mtgox). However once mtgox supports litecoin it will become just as liquid. As it has the same functionality why wouldnt speculators pour into the "cheaper" litecoins once they can be easily bought over mtgox. Also why wouldnt miners start mining more litecoins, when it becomes more profitable than bitcoins. Lastly once the price is bid up, why wouldnt stores also accept litecoins.
Therefore a potentially unlimited number of cryptocurrency could be competing for available purchasing power. I understand the concept of first to market, however once litecoins or other good cryptocurrencies become as easily tradeable (over metgox) as bitcoin wont speculators speculate on them becoming as valuable as bitcoin. Why would the first to market concept and networking effect stop this dynamic.

2) Once bitcoin becomes a generally accepted medium of exchange, wont governments make it illegal to trade bitcoins with prison sentences waiting for anyone who tries. Wont this cause bitcoin to collapse in value.

3) There is always the possiblity that a better, more innovative cryptocurrency comes to market leaving my bitcoins worthless.

Diclosure: I own a substantial position in silver miners and like gold as well as silver. I am a follower of austrian school of economics. I hate fiat currencies and maybe want to buy some bitcoins in case they overtake gold as a medium of exchange. However I still have the concerns mentioned above.

First of all, see my post right before yours, which deals with the issues you have.

1. As I say in my post - more crypto currencies would reduce risk manipulation and sabotage. There will always be speculation.

2. May happen, but I think it may be difficult, unpopular and possibly against the law.

3. If a better cryptocurrency gains terrain, it will be a slow process, but sure, bitcoin may not stay on top forever. I changed some of my bitcoins into litecoins, because I believe the little brother has som interesting advantages.

                                   
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    ╙█████████████████████████╜   
      `▀███████████████████▀'     
          ╙█████████████▀`         
              ╙▀███▀╜`             
                                   
.✫ Forex in crypto for everyone ✫.
ande85
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April 13, 2013, 12:57:13 PM
 #124

Personally I'm of the mind that, even if something's a bubble, you might as well take advantage of it while you can. Got something you want? Better order now.
f4taI1ty
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April 13, 2013, 02:16:28 PM
 #125

Personally I'm of the mind that, even if something's a bubble, you might as well take advantage of it while you can. Got something you want? Better order now.
+1

If its a bubble then it certainly has not yet reached its maximum. The down fall lately of 200$ or so is already recovering and in a few days maybe weeks everything will be reach a new highest level - I think.
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