[Pottus]

Seems like Bitcoin is in a bit of trouble right now, it's dropped below $600 so I want to ask a few questions.

Does anyone actually have anything invested in this?
Do you think Bitcoin is a scam?
Would you buy it?

[Potassium]

Quote:

Originally Posted by [uL]Pottus Seems like Bitcoin is in a bit of trouble right now, it's dropped below $600 so I want to ask a few questions. Does anyone actually have anything invested in this? Do you think Bitcoin is a scam? Would you buy it?

A friend invested a while back and ended up earning a few thousand dollars. Not sure exactly how much he earned, I just know that he paid for his kitchen renovations with it so it must have been a few thousand. He's kicking himself for not investing more and I'm kicking myself for dismissing it as a stupid idea that'll never take off and not investing at all

[Pottus]

Unfortunately though it is now a suckers game, just wait until tomorrow when everyone sleeping sees what they lost over night

[linuxthefish]

Now is still a bad time to invest, even if the value has gone down a little. Have a look at http://mtgoxlive.com/orders

[playbox12]

Now 'everyone' knows about it it's a bad time to invest, basically if you had bitcoins before you would have significant money now.

It is not a scam, but there is no bank that backs it, which means if you lose your password or someone steals them, they're gone. No way of getting them back. That said, only a few shops, online or otherwise support bitcoin.

All that aside if you had bitcoins before everyone knew about them, you'd be able to sell them to some dummy for a lot of money.

[saiberfun]

It's Christmas so everybody got their money out of it I guess

[Mellnik]

All noobs selling now in the fear phase

[DiDok]

It WAS a good investment, few years ago, now it got hit by too much speculation and artificial inflating, it's waste of time

[[MM]IKKE]

I don't believe in creating money out of nothing. Conventional money has a value because the government assigned it that value. BitCoin isn't backed up by any government.

It has a value now because companies actually accept it. However I think the bubble will burst within a few years & everyone will realise that essentially it is not worth anything.

Quoting the guy who lost 5million after throwing away his HDD: "I didn't have the money in the first place. I didn't lose anything."

[V1ceC1ty]

Quote:

Originally Posted by [MM]IKKE I don't believe in creating money out of nothing. Conventional money has a value because the government assigned it that value. BitCoin isn't backed up by any government. It has a value now because companies actually accept it. However I think the bubble will burst within a few years & everyone will realise that essentially it is not worth anything.

"Conventional money" has no more value than a BitCoin does. It's only worth something because you say it is, technically all your money is worthless.

[ame]http://www.youtube.com/watch?v=E_9R45RLNR0[/ame]