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Why I stay away from bitcoins....


Brad Pitt

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And the a large amount of sellers are for drugs or other illegal stuff, as it's near impossible to track the exchanges.

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From what I heard, MtGox was DDOS'd and other things happened. A large amount was also bought by Greece, whose financial status we know all too well...

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From what I heard, MtGox was DDOS'd and other things happened. A large amount was also bought by Greece, whose financial status we know all too well...

 

I think you meant to say Cyprus, not Greece.

Anyway, that is pure speculation some "news" site quote from unknown / unreliable sources in lack of a better explanation and actual facts.

The fact is, no one really knows what happened (yet).

 

My guess, someone / some group did a classic price manipulation scheme that triggered a speculation bubble. That person / group probably already cashed out by now, possibly at the time the DDOS attacks happened. Now all those other folks pass the hot potato around.

 

I still have faith in bitcoins for the future. Things will calm down again and such manipulation attempts will become increasingly harder as trade volume and acceptance increases.

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I think you meant to say Cyprus, not Greece.

Anyway, that is pure speculation some "news" site quote from unknown / unreliable sources in lack of a better explanation and actual facts.

The fact is, no one really knows what happened (yet).

 

My guess, someone / some group did a classic price manipulation scheme that triggered a speculation bubble. That person / group probably already cashed out by now, possibly at the time the DDOS attacks happened. Now all those other folks pass the hot potato around.

 

I still have faith in bitcoins for the future. Things will calm down again and such manipulation attempts will become increasingly harder as trade volume and acceptance increases.

Was it Cyprus? IDK, I only know what I heard, and I could have heard wrong.

 

There's already LTC, which use the exact same concept as BTC. What's next, GTC (Gaben's True Coins)? OTC (Obama's Treasury Coins)?

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Was it Cyprus? IDK, I only know what I heard, and I could have heard wrong.

 

The European country commonly mistaken as a Greek island.

They were at the brink of bankruptcy and the government seized private bank deposits. (link)

 

That is still fallout from the financial crisis. Cyprus lured international investors, even after the crisis, with unusually high interest rates on cash deposits in bank accounts.Their financial sector became way too big for such a small country.

Apparently especially very rich Russian individuals invested billions of Euros. Now they lose a hefty chunk (50-60% me thinks) of that as part of an agreement with the European Union for rescue loans.

 

Some people were thinking that Bitcoins were bought to circumvent government imposed restrictions of wire transfers out of the country.

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http://www.theatlantic.com/business/archive/2013/04/bitcoin-is-no-longer-a-currency/274859/

I regretted using paypal but I also glad I didn't use bitcoin either.

http://www.theatlantic.com/business/archive/2013/04/bitcoin-is-no-longer-a-currency/274859/

I regretted using paypal but I also glad I didn't use bitcoin either.

Paypal not issue. Carded keys was. You could have just bought buds or bill or unusuals or metal
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Paypal not issue. Carded keys was. You could have just bought buds or bill or unusuals or metal

no, chargeback and terrible customer support are the issues.

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  • 6 months later...

Why would you touch bitcoins anyways?  They're bound to crash again.  There's nothing backing them, neither assets nor faith in a federal reserve of some kind.  It's an interesting economics project but I wouldn't invest in them until they crash to an extreme low.

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The European country commonly mistaken as a Greek island.

They were at the brink of bankruptcy and the government seized private bank deposits. (link)

 

That is still fallout from the financial crisis. Cyprus lured international investors, even after the crisis, with unusually high interest rates on cash deposits in bank accounts.Their financial sector became way too big for such a small country.

Apparently especially very rich Russian individuals invested billions of Euros. Now they lose a hefty chunk (50-60% me thinks) of that as part of an agreement with the European Union for rescue loans.

 

Some people were thinking that Bitcoins were bought to circumvent government imposed restrictions of wire transfers out of the country.

i can confirm this theory.everything was planed for eu to chew russian money!

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Why would you touch bitcoins anyways?  They're bound to crash again.  There's nothing backing them, neither assets nor faith in a federal reserve of some kind.  It's an interesting economics project but I wouldn't invest in them until they crash to an extreme low.

Why would I touch bitcoin? It's an unregulated currency that's decentralized. Meaning no big authority is going to want to troll me with their bullshit. The only thing that's backing them is people; normal people just like anyone of us, no authorities, no kings, no gods, only men. That's the only thing a currency needs to strive, people, supply and demand.

 

When they crash I'll be sure to invest a couple more K into them.

 

How I see it, the Fiat currency has run it's course. It served it's purpose for hundreds of years to be sure, but with current happenings, it's too abusable to be considered safe.

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I found out about Bitcoins when they were about $10/BTC. I loved the idea, but I didn't really put any money into it, as people didn't want to sell through Paypal. I hate myself now for not trying harder :P

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