Quote:
Originally Posted by Tony_SS
I'd say there's some hyperbole in that piece. The market is hardly in "disarray". It was steady a $127 and it dropped to $111.
The failure is solely that of Silk Road's admin, not Bitcoin itself.
I'm still a big fan of the peer to peer payment system. It's not perfect, but is pretty amazing.
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It doesn't make any difference WHAT THE CAUSE IS.... when investing.... if someone has LOSSES regardless of the facts. The facts of this article is that there was at one point a 20% LOSS -- which later in the day ONLY resulted in a 10% (that's absolutely HUGE) loss.
A loss is a loss.
My point on BitCoin has been, and continues to be -- that it is NOT investing. It is GAMBLING based on the simple premise that you want to buy at one price and HOPE LIKE HELL that someone will pay you more than you paid. There is no product - there is no underlying value - other than you're hoping the price goes higher than what you paid. People aren't buying Bitcoins so they can go buy something with them. If that was the case the price would be very stable. Why would someone pay $127 for a bitcoin - to go buy something that costs $127? To top that off it's a very "thin" marketplace of people/businesses that will actually "accept" BitCoins for purchasing anything.
The "vehicle" has become nothing more than a trading platform of trying to buy low and sell high without the underlying paper trail for taxes/accountability etc.