1. Buy up $100,000 worth of bitcoin.
2. Announce that you are now investing in bitcoin. Attend interviews and go "yada yada bitcoin the future of currency".
3. Sell it when the price of bitcoin goes up.
4.
5. Profit!
2. Announce that you are now investing in bitcoin. Attend interviews and go "yada yada bitcoin the future of currency".
3. Sell it when the price of bitcoin goes up.
4.
5. Profit!
You are going to have to make that $1,000,000 or $10,000,000.
I helped someone buy $150,000 worth of bitcoin in the last two weeks, and it made such a small blip on the charts you'd hardly have noticed.
(That said, I do believe the price of bitcoin is going up. I believe there are many potential buyers with $50-$100k ready to throw at Bitcoin, whose only turnoffs are not feeling sure about being able to secure them, and having to deal with uncertainties of acquiring that many - like buying from Gox... in other words, if it were as easy as logging into E-Trade and clicking "buy", it'd be done by now)
+1
but gox IS just as easy as logging in and clicking buy or sell. (once your money is there)
I wish I could represent it as being that easy, but they worry about:
1 - sending money to some random (to them) company in Japan with practically no accountability
2 - unforeseen delays or surprises
If I hold somebody's hands through it, that tends to solve all the problems, but there's only one of me, and most would-be buyers don't really know me. And at some point, I don't want to become an exchange (that's an all-or-nothing proposition to me). I wish BitcoinsDirect.com were more than just a "coming soon - launch" page, that might be the answer.
Every time I have wired a large amount to Gox ($50k+), I have consistently had it available for trading by the next business day in Japan (which often is the same evening for me here in the US). So I have no qualms about sending them a bunch of money if my plan is to immediately buy and withdraw BTC. But few others know that.
but whenever 'when' is used referring to future events there are always caveats - and with Bitcoin, big ones - there are so many unknowns. This idea appears to have omitted what I would consider to be this critical factor.