$1000 bitcoin

guerilla said:
Bitcoin is afraid of me... I have seen its true face.

The websites are extended gutters and the gutters are full of losses and when the drains finally clog, all of the speculators will drown.

The accumulated filth of all their greed and ignorance will foam up about their waists and all the shills and fanatics will look up and shout "Save us!"...

and I'll look down and whisper "No."
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Ha I'm just reading Watchmen (watched the movie a couple times). Normally I don't like comics but since a friend bought it for me as a gift I had a chance to see just how good Moore is.
 


Unarmed Gunman said:
I actually think you're right. I finally just bought some during this dip because the pattern is pretty obvious and it's hard to see it not climb again. I don't see it ever being useful as a currency but I think it'll be fun to to speculate on. Problem is, I'm almost always wrong so now that I bought in this probably spells the end of Bitcoin. Sorry guys.
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@#&^$%$!

$493 @ Coinbase now. And falling.
 
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lol @ people who bought it high and a freaking out now...

Not knowing what a "bubble" was.

Either it's short term: Pump and dump on the fly.

Or long term: Buy low below ~$400 (Would have been fine, $300, would be better), wait for the actual growth rate to go back to normal (~$450), and let the market correct itself while holding on as it slowly goes back up.

Been saying this for weeks. I think it's going to settle back around $450 in 2-3 days here, and slowly gain from there on out. Not at that bubble dreamer rate of gain though. Let the hype die down for a bit.

Meh.
 
Kiopa_Matt said:
Like you knew what the Chinese government's plans were in advance, or something? Fuck off...
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Yeah, it is pretty lame that now people are saying "haha wow such an obvious bubble!" when really it's only fallen because the glorious China government decided to lay down those restrictions. At least, that's how it seems - it's hard to say what would have happened if they hadn't done that. Maybe they're right after all and it would've crashed anyway.

That being said, I do agree with others who say we should've seen those restrictions coming because China is China.
 
I hope it drops back down to $100. I'll buy every single bitcoin I can get my hands on. Ride back up to $1000 when China gives in and trust me they will.
 
Kiopa_Matt said:
Like you knew what the Chinese government's plans were in advance, or something? Fuck off...
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Nobody can predict the future, but....

mikeshinobi said:
That being said, I do agree with others who say we should've seen those restrictions coming because China is China.
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This

China is still a centrally planned economy with tight currency/banking controls, hell people can't even decide when they want to turn their heaters on, they have to wait until the government in Beijing flips the switch and turns it on for them. Yet bitcoiners were talking as if China was the next capitalist paradise that would abolish it's own currency and embrace bitcoin in order to challenge the USD.

I can't find the thread but several people made a good point about how there was no way that the Chinese government was just going to sit there and let an outside force such as bitcoin throw a wrench into their tightly controlled economy. I wouldn't call it looking into a crystal ball, but everybody knows that in order for bitcoin to succeed people need to first embrace it and then the government needs to stay out of its way - something that China never does when it comes to money/finances/banking.
 
mikeshinobi said:
Yeah, it is pretty lame that now people are saying "haha wow such an obvious bubble!" when really it's only fallen because the glorious China government decided to lay down those restrictions. At least, that's how it seems - it's hard to say what would have happened if they hadn't done that. Maybe they're right after all and it would've crashed anyway.

That being said, I do agree with others who say we should've seen those restrictions coming because China is China.
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Bubbles generally have a catalyst that *pop* them.

I'm think BTC still has some life in but that is pure speculation.
 
ayzo said:
Nobody can predict the future, but....



This

China is still a centrally planned economy with tight currency/banking controls, hell people can't even decide when they want to turn their heaters on, they have to wait until the government in Beijing flips the switch and turns it on for them. Yet bitcoiners were talking as if China was the next capitalist paradise that would abolish it's own currency and embrace bitcoin in order to challenge the USD.
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China did a good job of deceiving everyone though. At first they made it seem like they were leading the way with bitcoin support and were going to be the #1 country behind it so they could use it as an opportunity to profit themselves, rather than just waiting for it to happen and trying to swoop in later (USA). So there was a very positive feeling regarding bitcoin in China.

Then they realized that contrary to what they had originally planned (for bitcoin to be a useful alternative), it was actually dominating their own currency. So they said "uhh nevermind, changed our minds, this shit's illegal now." I think anyone who claims to have foreseen this is just playing the same old "hindsight is 20/20" card.
 
Bitcoin exchange raided in India

First time in the country, ED raids a Bitcoin seller in Ahmedabad - India - DNA

A couple of days after the Reserve Bank of India issued an advisory to public not to indulge in buying-selling of Bitcoins, the first raid in India was undertaken in Ahmedabad by Enforcement Directorate (ED) on an entity that provide platform to trade in this illegal but virtual currency.

On Thursday, ED raided the premises of Mahim Gupta in Bopal area of the city who provides trading platform through his website -‑ buysellbit.co.in. During the preliminary investigation, the ED found that it is in clear violation of Foreign Exchange Management Act (FEMA) rules of the country as central bank does not provide permission to indulge in such transactions.

“We have found that through the website 400 persons have recorded 1,000 transactions that amount to a few crores of rupees. We are gathering the data of the transactions, name of the people who have transacted in the virtual currency from Gupta’s server that is hired in the US. At present, we believe that this is a violation of foreign exchange regulations of the country. If we are able to establish money laundering aspect then he can be arrested,” said a top ED official.

As per sources, a separate raid was also conducted in Satellite area of the city, however, the person the investigation agency was looking for could not be found. “When we reached his office, he was not there. We have sealed the premises,” the official added.

The value of transactions is not known as each transaction will be verified by the investigating agency. However, it is likely to be around Rs20-30 crore. “Value of transaction is one aspect. Being a virtual currency its transfer and settlement is done online. No country has legalised Bitcoin as of now because of its opaque nature. The biggest threat is that without recording your transaction in official foreign currency platform money can be transferred like hawala with the use of this transaction. We are examining such instances, if any, here,” the official said.

Sources also added that there are a handful of entities that provide trading in the virtual currency in India. “I think there are only five entities. Of these, we believe two are operating from Ahmedabad. We believe that they have channel of agents or people who promote the use of such currency but entities that provide online platform are few,” official said.

Because of complex nature of transaction and high level information technology security involved ED is taking help of company called ECS Corporation that specialises in forensic audit and IT technology.

Bitcoin came into existence just 3-year ago. It is a virtual currency that can be generated through complex computer software systems with solutions shared on a network. Despite new in existence, Bitcoin has already become the world’s most expensive currency and its per unit value soared past USD 1,000 level or about Rs 63,000 recently, although the prices have now slipped to Rs46,600.
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