Bitcoin thread anyone?

Quote from stevegee58:

It's weird how I mined 22 BTC with my cheap little graphics card and it's worth over $4000 now.

Word over at bitcointalk is that MtGox is hugely backed up with account verifications now, over 15,000. Every swingin' dick (and his mother) is looking to cash out before it crashes. I can't see MtGox having the cash reserves to honor every panic stricken customer wanting to cash out.

I never thought I'd say this, but I can see it reaching $1000 at this rate. (Or it could just crash tomorrow)
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So true.

These backups in queue in Mt. Gox can either be from new participants, or people looking to cash out that have not indeed verified yet. My guess, though, would be that most of these are brand new accounts waiting to buy.

I can also see BTC at $75 each tomorrow. Just the nature of the beast. As I have been saying, just dollar cost average this thing. This is long-term for me, but as for the "traders," just be cautious!!
 
When Bitcoin implodes (not an IF but when) I would be very careful with all these ewallet sites, I bet a lot of them will endup being bust, defaulting (and running with the money), going into liquidation etc. When things are going well all kinds of excesses happen and the fraud is usually only discovered during the bust period (people are just crazy to buy now, no one is doing DD or asking the right questions).

This is why I'm leery on trying to short in the sites that let you short, I think the odds that they will let me cash out a gain from a SS from 220 to 80 or whatever is quite small (counterparty risk is huge imo). And if you are long these sites just can blow up at any moment for a number of reasons (see inTrade)
 
Quote from Daal:

When Bitcoin implodes (not an IF but when) I would be very careful with all these ewallet sites, I bet a lot of them will endup being bust, defaulting (and running with the money), going into liquidation etc. When things are going well all kinds of excesses happen and the fraud is usually only discovered during the bust period (people are just crazy to buy now, no one is doing DD or asking the right questions).

This is why I'm leery on trying to short in the sites that let you short, I think the odds that they will let me cash out a gain from a SS from 220 to 80 or whatever is quite small (counterparty risk is huge imo). And if you are long these sites just can blow up at any moment for a number of reasons (see inTrade)
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Always keep your own coins ecrypted in your own wallet. End of problem. I agree, though, I wouldn't trust anyone but yourself in the wild west of bitcoins. But, if valuations hold, BTC could be at $1,000 before you know it.

tl;dr dont give anyone your btc and be weary of shorting this bitch
 
The world governments will be coming for Bitcoin at some point, and when they do, that bubble will pop very quickly.
 
Quote from Daal:

When Bitcoin implodes (not an IF but when) I would be very careful with all these ewallet sites, I bet a lot of them will endup being bust, defaulting (and running with the money), going into liquidation etc. When things are going well all kinds of excesses happen and the fraud is usually only discovered during the bust period (people are just crazy to buy now, no one is doing DD or asking the right questions).

This is why I'm leery on trying to short in the sites that let you short, I think the odds that they will let me cash out a gain from a SS from 220 to 80 or whatever is quite small (counterparty risk is huge imo). And if you are long these sites just can blow up at any moment for a number of reasons (see inTrade)
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when you say implodes, how low?

I don't like the idea that it could be outlawed by governments. Where there's a will there's a way.

Or maybe it will go the other way and governments will be issuing bitcoin bonds.:)
 
Quote from Cdntrader:

when you say implodes, how low?

I don't like the idea that it could be outlawed by governments. Where there's a will there's a way.
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I'm not sure. The higher it goes the more it draws people trying to make a quick buck in the momentum, they are all going to become sellers when it reverses. Its going to be really ugly and SUPER easy to make money as a short, thats why I wish there was an ETF. I ain't taking a risk at the wallet site that "lends" bitcoin at 10% APR, they won't pay me if I win
 
Quote from Algo_Design_Kid:

Always keep your own coins ecrypted in your own wallet. End of problem. I agree, though, I wouldn't trust anyone but yourself in the wild west of bitcoins. But, if valuations hold, BTC could be at $1,000 before you know it.

tl;dr dont give anyone your btc and be weary of shorting this bitch
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there are always "reasons" that people think its going higher and its different this time. Anyone with a good trading experience can do their DD in 30 seconds by looking at the chart, this thing will implode soon
 
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