Anyone following the Bitcoin inflation??

Why is it worrying?
It depends where your morals lie. A couple of examples:
All the “moral” currency holders and transactions like MasterCard, visa, etc all blocked funding to wiki leaks. Bitcoin allowed funding to continue. If you believe in freedom of funding outside of your governments opinion then you will see this as moral.
If you feel that your government should also not decided on what drugs you put into your body, then Bitcoin is the currency of the free man. However, if you disagree with this then you will see Bitcoins as your enemy.

By that logic you could justify someone to be morally correct in committing a terrorist act because he is morally justified by seeking revenge. I.e. personal belief in morality has nothing to do with this. Society has a set of morals (ignore the skewed ones i.e. views on homosexuality and such) which people should abide by.

My suggestion would be that you simply stop affiliating yourself with that currency because some people will recognise it, such as myself, and lose respect for you simply because bitcoins are solely known for funding things in the deep web, which can never be a good thing.

Remember that Bitcoin miners have a dangerous working environment; some poor guy got heat stroke and minor brain damage:
http://www.zdnet.co.uk/blogs/500-words-into-the-future-10014052/a-minor-bitcoin-miner-injury-10023013/

You've been looking at bitcoins for a month and conclude that the value of bitcoins are continually rising with no signs of crashing?

There's too few bitcoins in circulation that I would imagine a few people probably control the value of bitcoins. The fact that they are anonymous means they won't ever be accepted as a real currency, and they will probably won't ever just keep rising consistantly.

People can and have hacked them before, which caused the major crash of bitcoins. Also huge drug scams have caused other minor crashed I believe. Plus drug sales have caused minor rise in prices.

I personally wouldn't 'invest' in bitcoins because I think its pretty much gambling.


Edit: http://gawker.com/5805928/the-underground-website-where-you-can-buy-any-drug-imaginable

Check the correlation with the date of the gawker article and the sharp rise in value of bitcoins. That shows how much influence silk road has on the value of bitcoins.


http://www.dailytech.com/Inside+the+MegaHack+of+Bitcoin+the+Full+Story/article21942.htm

Also when it was hacked, and the price dropped, and kept falling.

Thats awful, how could he not see that was a supid thing to do?

No, that wa just how the current trend was going. It looks like they have just peaked so I am convering my money back to sterling today. Hopefully will have the chance to do somthing similar once the Bitcoin value has dropped and begins to rise again.

Depends what you mean by a "real currency". Bitcoins have purchasing power and I can buy eveything from tshirts to gold bulliuon with them. Are they going to rivel the Euro? No, but they are a currency.

All investments are a form of gambling. But Bitcoins are a pretty volitile one. Personally I belive jumping on the rise of value in the BTC is much safer than putting your money on black.

Depends what you mean by a "real currency". Bitcoins have purchasing power and I can buy eveything from tshirts to gold bulliuon with them. Are they going to rivel the Euro? No, but they are a currency.

There is very little uptake by sellers to accept Bitcoins. Drugs, and illegal stuff mainly. Just because you can trade them for Jelly and t-shirts doesn't make them useful as a currency.

It's WAY more simple and safer for companies to use traditional payment methods online; and not be associated with Criminals and Libertarian Anarchism.

And that bitcoins are generated by utter waste, makes me think that Bitcoins are stupid.

For those who do not know what Bitcoins (BTC) are, its a form of currency that’s quite unique. Look it up online, it’s very interesting!

A month ago when I brought around 303 BTC they were worth £1000 exactly. (At rate 1BTC = £3.2)
Now they are worth £1280! (1BTC= £4.24)
Its absolute insanity!
The value of the Bitcoin continues to rise and shows no sign of crash. I wish I had invested more in this venture because a return of over 28% on small investments in such a short space of time is almost unheard of.

Bitcoins are also fascinating for other reasons. The main two that I find interesting are;
They are untraceable and as such are used extensively for illegal transactions. The “amazon of drugs” works using Bitcoins, money laundering services, etc.
They used to be “mined”. You used to be able to generate your own bitcoins using software, something that boggles my mind, as someone who doesn’t know much about it. (Encase you were wondering, its not worth doing this now as cost of power to generate a BTC > value of the BTC itself)

It amazes me that 9/10 people I know who are taking economics and want to go into areas of finance do not know of the Bitcoin. It’s a economists dream.

Nah, Bitcoins are going to crash harder than an airbus in a blizzard.

For a start there is no confidence, currencies require widespread confidence in their stability and legitimacy. I've never even heard of Bitcoin until now, and from what I gather it's a shady sub-economy of pretend money. I have more faith in the ISK's from Eve Online or World of Warcraft gold.

Decentralized means little to no real control and regulation as well and yeah. The pound sterling may have its ups and downs, and bankers and economists ****ing things up, but it's reassuring to know someone is at the helm, and that you know I can use it anywhere because it's accepted everywhere.

The fact Bitcoin is entirely built on the premise that it has value against real currencies and that it's worth is by virtue of being able to be transferred into them by Bitcoin community proves it's at best a hobby and at worst as claimed, a means for criminal organizations and individuals to fund/gain from their illegal activities.

Lastly the system and the currency's very nature suggests it's weak, open to money being generated and lost maliciously or accidentally at a whim.

If anyone is looking for bitcoins PM me

For those who do not know what Bitcoins (BTC) are, its a form of currency that’s quite unique. Look it up online, it’s very interesting!

A month ago when I brought around 303 BTC they were worth £1000 exactly. (At rate 1BTC = £3.2)
Now they are worth £1280! (1BTC= £4.24)
Its absolute insanity!
The value of the Bitcoin continues to rise and shows no sign of crash. I wish I had invested more in this venture because a return of over 28% on small investments in such a short space of time is almost unheard of.

Bitcoins are also fascinating for other reasons. The main two that I find interesting are;
They are untraceable and as such are used extensively for illegal transactions. The “amazon of drugs” works using Bitcoins, money laundering services, etc.
They used to be “mined”. You used to be able to generate your own bitcoins using software, something that boggles my mind, as someone who doesn’t know much about it. (Encase you were wondering, its not worth doing this now as cost of power to generate a BTC > value of the BTC itself)

It amazes me that 9/10 people I know who are taking economics and want to go into areas of finance do not know of the Bitcoin. It’s a economists dream.

I'll say the same thing I said in the last thread. If you have some money spare and don't want to save it then i'd agree that you should buy bitcoins as a casual speculative investment. If you put serious money in expecting a return as a proper investment then your as much an idiot as the people who thought house prices would rise forever and lost their homes for it.

Price is currently rising I think but between November and April it lost half its value.

I think thats what I would have said when the OP made their post. Crazily enough they are worth a hundred times what they were then.

How do you pay for something that costs less than a single bit coin?

A month ago when I brought around 303 BTC they were worth £1000 exactly. (At rate 1BTC = £3.2)