Investing 102

[Tony_SS]

Hate ya for that pool!!!

Originally Posted by GregWeld

The price has quadrupled. For no apparent reason than what? Because there are more and more people such as yourself buying into it?

Greg I hear what you're saying but let me explain why the price has gone up. After the Cyprus banks were on lock down just long enough for the govt and banks to physically steal the savings right out of the accounts, this set of a panic. Bitcoin started to climb. Spain, Italy, Slovenia, many countries in the EU are in bad shape and folks started to buy into the currency. They way it is set up, is that the price only goes up is when people buy more coins, making them more scarce. The program only produces 21 million 'coins'. Nothing else is manipulating the price. That to me is what is amazing about it. Also, you can exchange back into dollars at any time and buy that car, house, etc, just like any other currency.

Now, having said that, I'm not here to entirely toot its horn. I read this great article and I agree with it. Asian markets are buying into it now, not with the intentions of supporting a new currency, but with to flip based on speculation. I would say 90% chance we are seeing central banks/asian markets run this price up. For that reason I'm cautious. So far is has proven to be legitimate tool for peer to peer trade, its just super volatile right now. Time will reveal its value. Right now it's $207. Mathematically one Bitcoin could be worth $1 million. Will governments shut it down somehow? (although that's virtually impossible, they have to turn off the internet) What makes it interesting is that this is all based on human psychology as nothing else whatsoever is manipulating the price. So, how long is a rope?

http://www.naturalnews.com/039830_bi...ble_crash.html