Topic: I'm ALL in! - page 2. (Read 11076 times)

The biggest issue facing bitcoin, is that there's nothing to stop a "bitcoin 2" from entering the market.
A lot of people here are mining, trading and we're all happy as Larry that the price is going through the roof.

The problem is that once mining difficulty hits a plateau, people start considering energy costs etc, then people will start to drift away from mining. Currently we're at the peak, GPUs sold out etc etc - but we're all still 'making money' and watching our stash rise in value.

Right, so what happens when that grinds to a halt? We all throw our GPUs away?
Just takes somebody to create something similar and we'll all rush off to get onto the "ground floor" of whatever's coming next. It'll probably crash and vanish without a trace, but tell me you don't think anybody else is going to try?

All economics are based on scarcity, bitcoins are 'scarce' - but only within the market of bitcoins. Currencies themselves aren't scarce.

Well I don't know about US but most hardcore Europe users moved away from torrents to news groups. And that's a fact

Your statements about Napster, etc are correct; because these were company driven technologies with centralized servers.  Your statements about Bittorrent are not.  Byte for byte, bittorrent now consumes more bandwidth worldwide than email.  Movies do tend to be big files.  "Torrents are long replaced by news groups etc."  LOL!

Napster original concept actually totally disappeared and so was defeaten, didnt get stronger like you're saying. Similar to many things like Kazaa, Limewire, etc. They never recovered significantly after all the legal actions taken against them.
Same with Bit Torrent, it's pretty weak compared to its top some years ago. Torrents are long replaced by news groups etc. Thus it has not gotten stronger.

I think the government is stuck between a rock and a hard place. On the one hand they want the dollar to be the universal currency, and yet they keep on putting all these restrictions on how it can be used reducing its competitiveness. They must understand that they cannot have the dollar as a universal currency while restricting its usage. Their hands in the fight with bitcoin are pretty much tied, because the more they encumber the US dollar to fight Bitcoin, the more desirable Bitcoin becomes.

I also think that a ban on the US bank accounts of MtGox is imminent. And this will almost certainly crash the price of Bitcoin. However, as you say that will not destroy Bitcoin. In fact it will make it stronger. However, people that have invested all their savings into Bitcoins, and worse who have actually over-leveraged themselves to purchase Bitcoins, will no doubt get hurt badly.

When dealing with a risky asset like Bitcoin I think it is very important to diversify. Besides, there is no need to put all your savings into it - that's just pure greed. Even putting a small fraction of your savings into bitcoin can lead to great returns.

I'm 99% certain that your prediction will happen.  The Government hates competition, they love forcing you to use their counterfeit money.

However - and I am not joking when I say this - I CAN'T WAIT till it's illegal.  Because once it is, the mainstream will find out about it.. and THAT's when more people will really start using it, and after a brief panic-induced selling from wimps, the price will probably skyrocket.  Even though it wasn't money, that's essentially what happened with Napster, Bit Torrent, the whole p2p movement in general.  Once they make it illegal, that's when people will start using it.

Additionally, it's irrelevant what the USG does.  There are 200 countries in the world, the USA is one of them... that works out to 1/200th of the world.  In terms of population, roughly 300M out of roughly 6.7B.  That's just 4% of the people in the world.  What I'm saying is - when they make it illegal, nobody cares.  When other countries make it illegal, still nobody will care. People will just move to VPNs and alternative exchangers.  Life goes on.  Don't forget that the Government is there to serve US, not the other way around.  You are only a slave if you accept to be one.  You can be a free man if you decide to be one.

I think that's the best way to put this. I'm shooting myself in the face for not buying bitcoin like a month ago. It may well all be over tomorrow, but hey, there is a good chance BTC will grow huge.

I was so expecting a Nigerian scam story to come after that

Anyway, there's wisdom in your words... Don't invest what you can't afford to lose and get your initial investment out ASAP.

But most importantly: don't let greed get the better of you!

Thanks for the advice. I am looking at this long term, the bitcoin may or may not be overvalued at this point, but it is irrelevant because ultimately, as long as the network works the way it is expected to work (and i am trying to keep myself as informed as possible) I believe that this is only the beginning. If it goes down in shambles, thats ok too, because I'm ready for whatever it brings. I will not just stand by and watch something this amazing just pass me by. 

+1

I just want to share a story with you.

Back in 1998 a family friend died and left me 10,000 to invest.  I opened a stock market account and started buying and selling stocks.  Soon that 10,000 had turned into 41,000.  (at this point i'm a 20 year old kid)  I'm so thrilled with my easy money that I over purchase stocks that I don't even have money with because the trading company will let me do that.  Cant remember what the term for this is now.  Thinking this "dot com" rise will last for ever, I make increasingly more risky stock purchases and money keeps going up. 

Make a long story short, around Jan 2000, the stock market crashed, and my stocks value dropped hard core.  Right about then, the company who was so willing to let me over extend, called back the debt since my actual value to borrowed value ratio was too low.  They auto sold the rest of my stock to pay for the over extending that i did at the full price. 

At the end of the day, that 10,000 was gone.  It can happen that fucking fast.  Luckily, I got the money for free, and I look at it as a life lesson.   No matter how awesome an investment opportunity looks, don't get greedy.  It will bite you in the ass.   Greed caused the tech dot com bubble, the housing bubble, and probably every other bubble ever... There is certainly a lot of speculation built into the current price.  Just take that into consideration before betting the farm. 

I think almost everyone is committing felonies or misdemeanors every single day lol You can't do much without breaking some sort of "law".

Or become an uber hacker and stay down low.

Whoa, I typed that?!?!?!  Good catch!

You can always move to St. Petersburg and leave behind any backwaters that ban bitcoin.

But... I like the part where the oceans turn into lemonade and lions present themselves to be ridden by people and roasted, boneless chickens fly into our mouths.

I'm kinda hating myself right now for not getting a credit card earlier, tho I will be getting one shortly to purchase mining equipment.

I'm all in as well. I've gone so far as to carry a balance on my credit card so that I can buy more BTC. I think we are witnessing the start of a dramatic change in the way humans do commerce. Three years from now, bitcoins will be ubiquitous.

Even in the land of the free, the free man is a criminal.

How sad is it that in the so-called "land of the free" we fully expect the government to take steps against a free market innovation as amazing as Bitcoin?

IMHO, if we can bring a massive number of people into the Bitcoin economy, we can help prevent such laws from taking hold.