Any company accepting bitcoin for payment would probably exchange it for fiat right away. At least the wholesale value of it, using the remaining profit as an investment.

That's just how it is right now. Hopefully eventually it won't be like that. That is what I am banking on, and why I am not going crazy buying and selling all these peaks and valleys.

The more I read about "the china statement" the more I realize that it is really stupid to give up on bitcoin all together, and freak out selling all your holdings.

By saying "Bitcoin is not a currency in China" they are basically letting people using it however they want - this includes using it in exchange for goods and services (ie as a currency).

Had they said it was to be recognized as a currency, allowing banks to start buying and selling it, THEN you would see a huge bubble (think Lehman brothers) and then people would be really fucked, not just speculators who are playing around with money they are willing to lose in a gamble.

I hope Bitcoin eventually becomes a big part of our lives - that is the 'gamble' I am making by not buying and selling for cash. Nothing the Bank of China said works against that from happening. They are just keeping it fenced off from their main currency, like any country would do right now.

I'm glad my Cavirtex verification is taking a long time :)
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Agreed, hope Bitcoin does work out in the future. It's like the digital age. These huge leaps only better mankind.

so my co worker told me to buy bitcoins thru the ATM in vancouver, like 40$ or more and he insisted that i do so. He also has a few coins he bought a long long time ago and he knows a few guys that has "a shit ton" of coins. Is my friend wrong or right that I should buy some

At this point a $40 investment would yield a relatively small return long term

If I was to get into it id probably put minimum 500-1000 and buy ASAP
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well technically he asked "how much do you want to put in" so i gave him a figure of less than a hundred bucks lol.

Can you sell BTC at the ATM for cash?
Posted via RS Mobile

I'd like to know as well.

That's the purpose of a atm right?

If I could buy it easily.... I would buy $10k minimum right now.

Well I'm sure you could buy a couple thousands :p :fullofwin:

it's nice to finally see a stress test on virtual currency after that ridiculous jump in price to 1000.

Takes too long to transfer money in and get it done now :(

lets see if it will test 266 support...

What I've been doing is selling bitcoins through localbitcoin to those who do not want the hassle of setting up an account, especially since its a buy harder in hk. I buy off an exchange instantly after I receive payment into my bank account then transfer the bitcoins. Low risk, low return but easy.
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So I guess it has corrected to $700?

^ Nope, still going down :badpokerface:

It has. Going up and down between $680-710 for the last 2-3 hours.

If I had an active account I would buy a shit ton of PPC
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It is a very bold bold move to assume that it has corrected to 700, it has only been 2 days since the new from China was released.

If you are interested in a more indepth analysis of the prices, I suggest you to head to the stock market thread, and talk to some of the people there.

One big thing about the news is that Baidu also said they will NOT take it as a payment which is big news...

That's the only bad thing that has happened in the last week, IMO

If they had said OK go for it, let's get the banks involved, then you would see a bubble and a lot of devastation

These are just wrinkles, working themselves out as it matures

you make it sound like bitcoin actually has a future, which is a pretty dangerous assumption. even if bitcoin can stay as a online "currency" it won't be anything like what it is today after governments catches on and start writing out regulations. i doubt CRA and IRS will let any transaction goes through without getting their cut in it.

putting my investor hat on, i would say definitely fad this bitcoin move. the 4 most dangerous words in investing are: This time is different. and i've seen plenty of that coming out of bitcoin bull.

Yeah, see that's the point. There's no way for the gov't to get a piece. L
Posted via RS Mobile

I honestly don't see BTC going anywhere in the future. It would be remembered as a first of its kind, but there is no real value behind it.

Fiat money derives their value more or less from the creditworthiness of the issuing entity/country while real goods such as gold derive value from its usage. BTC has none. The only thing BTC has is hype.

Think BTC as a rare color crap that one can produce by eating certain very spicy pepper and it's valued by the gram. And as each gram is produced, one needs to eat/be fed more of that horrible pepper to produce another gram of it. But deep down, it's still just shit. :fuckthatshit:

The only benefit of that shit is that no one knows who has/where a particular gram of shit came from. :okay:

What someone should do is to make processing power into a monetary form. Let's say a complex simulation requires 20 computer years of processing to complete, instead of buying super computers, researchers can break the processing into small pieces and when certain amount of pieces are processed, a coin is issued and that coin can be traded for something else. As more processing power is gathered, more pieces need to be processed before a coin would be issued.

When BTC was first announced, that's exactly what I thought it would do... but it's really just some idea a dude came up to waste time and processing power.

- Untraceable
- Digital
- Safe
- Low transfer fees