It is hard to believe "new" money will sustain the bitcion price

[Edward50]

I have been away form bitcoin for a couple of years amd now with the recent news decided to come back and play around.

I must say it is extremely difficult to get money into the system to buy bitcoins. In the past, it was simple, just fund dwolla and you were set.

Dealing with the various exchanges has been a lot of trouble and I really do not even want to continue going through all the different verifications, international wire transfers, etc. Plus when I go to post in the forum sections where people discuss the exchanges, it is riddled with people who are missing money, claiming scams, etc.

I am not saying it is impossible to get my money into the system, just that it is difficult and time consuming. Plus you have to wait a really long time.

What I trying to say is that don't think new fresh money is going to be coming into bitcoin in any large quantity that will make a difference on the price. It is just the same old money and well funded speculators that are moving the bitcoin price. Same deal as it was in 2011.

[piramida]

right, totally impossible to move money in. http://www.bitcointrust.co/

[GigaCoin]

right, totally impossible to move money in. http://www.bitcointrust.co/

isn't that for accredited investors only ?

to OP, its not that hard to get verified in Bitstamp check it out takes 1 week max. gox verification 2 weeks max.

[Pente]

I have only been messing around with bitcoins for about 3 months now. I have found Bitstamp and Coinbase to be perfect for transactions back and forth to fiat. As for my hot wallet, I use Blockchain.info. Between these three sites, I feel in control. Just bought a t-shirt from 7bucktees.com tonight using bitcoins.

Most of the people I have been talking to are using Coinbase for buying bitcoins. Just talked to a successful business man on the phone that bought about a 100k in bitcoins late November for the first time. There is plenty of new money.

[Edward50]

I said in my first post it is not impossible, just extremely difficult and a bit nerve wracking. It is hard to trust any of these exchanges.

I just wanted to say that the high price is not due to new money flowing in, just the same speculators driving the price higher. I simply can not get my money in and missed an opportunity to use bit coins in another investment that rose 8x since I wanted to buy.

[piramida]

Edward, you are making some silly arguments (again). First of all, you were here back in 2012, so you for one should know how to register on an exchange beforehand. Second, if you didn't get your money in time means others are having troubles too? Quite a stretch there And lastly, the fact that you missed a rally does not mean that bitcoin is doomed. I guess you've heard it here before numerous times.

[CMMPro]

1 week? Try 1 month at CAVirtex. Two of my friends have been waiting 3 weeks already.

They posted that they hired 6 new people to cope with the backlog of "new money" coming in to the system....and this is all more of us ultra conservative Canadians.

I imagine that Gox and Stamp are just as slammed with verifications if we are here in Canada.

Once this clears just wait for the incoming tsunami of market orders.

Edit:

"VirtEx Announcements
Dec. 4, 2013, 6:06 p.m. - Verification and Customer Service Update - Dec 4 2013

Total number of verifications outstanding: 1522
Date range we are working on: Nov 19 to Nov 26
Number of staff working: 12 fulltime, 4 part-time
Verifications completed today: 60
Verifications missing info and put into waiting: 47
Outbound Phone Verification calls made: 125
Customer service tickets outstanding: 1,162"