BitCoin and Cryptocurrencies - Will they fail? My 3 Predictions!

AquaticGamer said:

And that's why i rather stick with paypal..

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LoL for sticking with paypal.. Oh the irony..

Bitcoin Explained Via Animated Infographic

http://creativebits.org/bitcoin_explained_animated_infographic
http://vimeo.com/63502573#at=10

tl;dr

Just writing in this thread bcz I have made $200 in profits by just holding some BTC as 2 of my clients forced me to accept them. Thanks to them

Today finally I have exchanged BTC to real money in my bank. Not sure about future though.

jazzc said:

I don't understand what you are saying. Even if the money is hoarded on a box instead of a bank (which means they 're totally out of the economy), it does not matter at all. Prices will adjust to the new available volume. That 's what prices do - reflect the relation between supply and demand. In this case, it 's supply that changes. What 's the problem?

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Doesn't this increase the value of the hoarded money? Which would mean that although stacked away, it could still be used at the higher value and therefore create unstable markets when used? I may not quite understand this properly but the way I see it is that those who will stack up on huge amounts of Bitcoins will have a huge advantage over those with smaller amounts.

ShadeDream said:

Doesn't this increase the value of the hoarded money? Which would mean that although stacked away, it could still be used at the higher value and therefore create unstable markets when used?

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Yes, it increases the value of the hoarded money as long as it is not exchanged. Because once those volumes become available again, price will go down due to the increase in supply.

ShadeDream said:

Doesn't this increase the value of the hoarded money? Which would mean that although stacked away, it could still be used at the higher value and therefore create unstable markets when used? I may not quite understand this properly but the way I see it is that those who will stack up on huge amounts of Bitcoins will have a huge advantage over those with smaller amounts.

Click to expand...

There will be advantages for some in every currency. If you want to buy $20 worth of Bitcoin, and Bitcoin is at $10,000/per you will get 0.002 btc. That will always be worth $20 so it doesn't really make a difference.

The argument that hoarders hurt Bitcoin, or that if you don't spend Bitcoin, is false. Take gold for example, noone transacts in Gold, and its 90% used as a store of value that people hoard. But it still has value at the end of the day. Bitcoin has the same properties, even if people hoard it, and use it just to store value, it will still have value. Its a bonus that you can transact in it and use it as a currency. But it acts more like a commodity.

Sounds unstable to me, I can't quite comprehend it being a successful way to trade without being at a risk of losing out at some point. Then again that's just me.

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[TD="colspan: 2"] Is Bitcoin a Joke or the Real Deal? Bloomberg Dec. 3 (Bloomberg) -- Business Insider Executive Editor Joe Weisenthal and Pension Partners' Michael Gayed discuss Bitcoin's volatile climb towards ...
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[TD] Squaring Bitcoin's Uncertain Future With its Meteoric Price Rally Wall Street Journal (blog) There are some decent arguments why bitcoin's detractors could be wrong. But, either way, anyone hoping to ride this rally higher should think about what ...
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[TD="colspan: 2"] Bitcoin Is At A Crossroads Forbes Bitcoin, the peer-to-peer currency with no central bank, based on digital tokens with no intrinsic value, appears to be headed where no other virtual currencies ...
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[TD="colspan: 2"] Bitcoin Alternative Quark (QRK) Increases In Value 500% In The ... Wall Street Journal Quark currently has over 20 merchants accepting it as a payment method, and the currency is traded for Bitcoin on digital currency exchanges Cryptsy, Coins-E, ...
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[TD="colspan: 2"] Bitcoin And The Two Things You Need To Know Forbes The discussions that are happening around Bitcoin feel a lot like those from the early days of the internet. It's like when my parents asked me about AOL dial-up.
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[TD="colspan: 2"] Automate Bitcoin Bot Trading With Industry Grade Bitcoin Trading ... Wall Street Journal Cryptotrader.org was the first Bitcon trading platform in the world to enable Bitcoin traders to backtest and automate their Bitcoin trading strategies on MtGox, ...
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[TD="colspan: 2"] Bitcoin Alternative Franko (FRK) Merchant Adoption Soaring - Value ... Wall Street Journal Bitcoin alternative Franko Experiences another week of 500% gains in value with more and more merchants accepting franko (FRK) as a payment method.
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[TD="colspan: 2"] Bitcoin research is no sop to organized crime [Letter] Baltimore Sun In his recent commentary, E.J. Fagan totally misrepresents our work on securing the privacy of Bitcoin transactions ("Bitcoin and international crime," Nov. 26).
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[TD="colspan: 2"] Bitcoin Helps Electronic Cigarette Users Light Up for the Holidays Broadway World Bitcoin is an online, virtual currency that has several advantages, which is why Blackout is one of the first e-cigarette companies to adopt the payment platform.
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[TD="colspan: 2"] Why Bitcoin (And Other Cryptocurrencies) Will Inevitably Become ... E.J. Fagan Last week, an op-ed that I wrote for The Baltimore Sun prompted a lot of very strong reactions, both positive and negative. I argued that efforts to make Bitcoins ...
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[TD="colspan: 2"] News nonprofit starts taking donations in Bitcoin | Poynter. Andrew Beaujon The news organization took the plunge because "a potential donor indicated he'd like to contribute bitcoin," inewsource Executive Director and Editor Lorie ...
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[TD="colspan: 2"] Fan holding up sign on ESPN racks up over $20,000 in Bitcoin ... Mike Flacy Definitely a unique way to score a ton of Bitcoins in a short period of time, an Auburn college student took advantage of a live television broadcast on ESPN to ...
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[TD="colspan: 2"] Will Bitcoin Thefts Hurt the Cryptocurrency's Growth? | Motherboard DJ Pangburn () When Bitcoin was making news back in 2012, fascination seemed to be fueled by either crypto-anarchist dreams or Ponzi scheme fears. Anonymous, secure ...
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[TD="colspan: 2"] Bitcoin Schadenfreude Break | The Inverse Square Blog Tom OK, this is fun (Via blog-brother). Follow a Bitcoin thief in real time: The thief's problem is that the angry Bitcoin account holders whose money has gone are ...
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[TD="colspan: 2"] Big banks fear Bitcoin because Bitcoin means business ... Mike Wheatley It's no secret that some major banks aren't really all that enamored with Bitcoin and other cryptocurrencies. Last month there were reports that US banks like ...
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[TD="colspan: 2"] Is Bitcoin A Threat To Western Union? [eBay Inc, The Western Union ... Kyle Spencer Economics majors say that they're not interested in Bitcoin yet. That's a pity. The battle currently playing out on r/Bitcoin and its affiliated subreddits is the stuff of ...
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[TD="colspan: 2"] Bitcoin vs. Bullion: What's a Better Way to Spend $1,200 ... Dan Hassey Is digital currency Bitcoin another unsustainable asset bubble, or a new kind of gold?
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[TD="colspan: 2"] Kentucky town from 'Colbert Report' to pay police chief in Bitcoin ... Arturo Garcia But while continuing to research the implications of the move, Mayor Johnny Cummings told the Herald that Vaughn could begin to receive his salary in Bitcoin ...
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[TD="colspan: 2"] Bitcoin Demystified: A Hacker's Perspective - Part 2 - Huffington Post This article is part 2 of a 3 part series that becomes progressively more technical. For necessary background on Bitcoin, see part 1.The author will be holding a ...
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[TD="colspan: 2"] The Tricky Business Of Taxing Bitcoin - Forbes Bitcoin is a hot asset for traders and investors and you should learn the tax rules before you plow your money in.
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[TD="colspan: 2"] Best Bitcoin Exchanges: Top 10 Websites to Buy & Trade | HEAVY Trying to find a site to purchase Bitcoin? Here are the Top 10 Best Exchanges to trade dollars, rubles, and euros for Bitcoin, Litecoin, Peercoin, Namecoin etc.
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[TD="colspan: 2"] TL Store: Now accepting Bitcoin! - Team Liquid We're happy to announce that we now accept bitcoin as an alternative payment method for TL Store purchases and for TL+! If you aren't sure what bitcoin is, the ...
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[TD="colspan: 2"] CryptoLocker Ransom In Bitcoins - Business Insider There's a scary new computer virus called CryptoLocker that's spreading like mad.
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[TD="colspan: 2"] Bitcoin Changes Hands In South Korea - Korea Real Time - WSJ Bitcoin will get you bread in South Korea, thanks to a bakery in Incheon that took the landmark step of allowing customers to pay with the world's most common ...
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[TD="colspan: 2"] Stealing $100 Million in Bitcoins - Hack a Day In early October of this year, online Bitcoin marketplace and 'the eBay of drugs' The Silk Road was taken down by the FBI. Just after the black vans took Silk ...
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[TD="colspan: 2"] Bitcoin 'miner' sells $8 million in hardware in 24 hours | MINING.com "The faster and more efficiently you can solve math problems, the more bitcoins you get."
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We need a bitcoin/cryptocurrency subforum... Come on jazzc your the mod, make it happen

Patel said:

We need a bitcoin/cryptocurrency subforum... Come on jazzc your the mod, make it happen

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http://www.blackhatworld.com/blackhat-seo/f26-forum-suggestions-feedback/

jazzc said:

http://www.blackhatworld.com/blackhat-seo/f26-forum-suggestions-feedback/

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http://www.blackhatworld.com/blackh...1112-can-we-get-digital-currency-section.html

Lats month I submitted that. Some of the members on bhw who talk about bitcoin the most, were the ones to shoot the idea down. How ironic.

Some of the members on bhw who talk about bitcoin the most, were the ones to shoot the idea down. How ironic.

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There are a lot of forums about Crypto's , and anyone serious about the topic knows that it is not just about Bitcoins anymore, random people on BHW still don't know that there is a LOT of alt coins and it is a good time to go into these alt coins, while they are still "cheap". So, if you really want to get informed about crypto's you shouldn't read threads on BHW about Bitcoins, cause this is all superficial.
Also, follow @https://twitter.com/maxkeiser for the latest updates and tips

the whole "tulips" analogy doesn't hold well for new technologies. Look at the Facebook adoption chart. Or this one:


http://stats.areppim.com/stats/stats_mobile.htm

That's mobile phones. Is it going to "crash"?

SkyrocketSEO said:

There are a lot of forums about Crypto's , and anyone serious about the topic knows that it is not just about Bitcoins anymore, random people on BHW still don't know that there is a LOT of alt coins and it is a good time to go into these alt coins, while they are still "cheap". So, if you really want to get informed about crypto's you shouldn't read threads on BHW about Bitcoins, cause this is all superficial.
Also, follow @MaxKeiser for the latest updates and tips

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alt coins have virtually no users and no merchants. The only reason their prices are rising is because of speculation.

wexzone said:

the whole "tulips" analogy doesn't hold well for new technologies. Look at the Facebook adoption chart. Or this one:

http://stats.areppim.com/stats/stats_mobile.htm

That's mobile phones. Is it going to "crash"?

Click to expand...

Yes but people didn't/don't buy/trade Mobile Phones as an investment.
A comparison between BTC and the uptake in technology can't be made in this instance.



You have stated the facebook case before too but this doesn't stand up either as you have completely omitted the rise and fall of Myspace.

W130SN said:

I think BitCoin is a terrific idea but here are my 3 reasons why I think it is doomed:

1. Governments will eventually try to ban or destabilise it. Why?
Because they have no control over it and because it is de-centralised it can be transferred across borders instantly.
People aren't paying Tax. It is a threat to the financial industries and could affect the markets.

2. All Bubbles burst. All currencies fluctuate but when BitCoin crashes hard it will make people lose confidence.
It could become worthless overnight. And I don't see the IMF jumping in to save it. What will you be left with, nothing but an obsolete wallet.
People are mining BitCoins not to trade for goods or use in transactions but as an Investment trying to get rich quick. Remember the Gold Rush?

3. All systems designed by Man can be cracked or broken eventually, given enough time and resources.
Cryptography is a fascinating subject but it is only secure until it is cracked. Technology moves at an extraordinary pace.
What might take 1000 years to crack now might be crackable in 10 years. Until some form of AI is developed then anything designed by Man will have faults or holes in it. All currencies or forged and faked, how long until somebody cracks it?


Anyway, the idea was to get some debate going. So what do you think ?




Here are some interesting articles:

http://mashable.com/2013/11/04/bitcoin-cornell-researchers/
http://www.wired.com/magazine/2011/11/mf_bitcoin/
http://www.newyorker.com/online/blogs/elements/2013/04/the-future-of-bitcoin.html
http://www.economist.com/blogs/babbage/2011/06/virtual-currency
https://www.schneier.com/blog/archives/2013/04/bitcoins_in_the.html
https://www.schneier.com/blog/archives/2012/10/analysis_of_how.html
https://www.schneier.com/blog/archives/2012/03/bitcoin_securit.html
http://en.wikipedia.org/wiki/Bitcoin

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I'm afraid 2 is the most likely.

I would love for it not to fail, the vas majority of the evil and tyranny is a direct result that a small group of evil basterds get to make money out of thin air and it's a deceptive tax they then buy polititions and so on so anything against that is by definition good and I hope it makes it.

If you can go back in time and talk to Washinton or the first few presidents they would never want americans to have fiat money a strong central governement OR INCOME TAX! Well look at where we are now!

So I hope bit coin makes and makes the evil basterds in Brussels, Washington, Bejing mad.

condadon said:

ok given the recent news, i checked the current charts and this does not look very good at the moment. ive been trading currencies for years and what i see is a topping formation( double top, M). This is an indicator that the trend may be over, so keep a close eye on volumes and a break of resistances! here is a chart, i did not have much time, thats why it looks like shit. sorry for that.

View attachment 42406

best regards,

con

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Maybe here the answer.

http://www.reddit.com/r/Bitcoin/comments/1s5h6c/this_crash_here_the_silkroad_crash_the_news_from/

condadon said:

sorry, i dont understand what you mean.
what i did was technical analysis, so fundamental data is not important for any predictions. just wanted to give you a new perspective from another angle. i there is need i can do a detailed analysis for you guys with fib retracements, trend channels, resistances and possible targets.

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Technical analysis is nothing more than fancy gambling

China Bans Financial Companies From Bitcoin Transactions

China?s central bank barred financial institutions from handling Bitcoin transactions, moving to regulate the virtual currency after an 89-fold jump in its value sparked a surge of investor interest in the country.
Bitcoin plunged more than 20 percent to below $1,000 on the BitStamp Internet exchange after the People?s Bank of China said it isn?t a currency with ?real meaning? and doesn?t have the same legal status. The public is free to participate in Internet transactions provided they take on the risk themselves, it said.

http://www.bloomberg.com/news/2013-...cial-companies-from-bitcoin-transactions.html


Greenspan Says Bitcoin a Bubble Without Intrinsic Currency Value

Former Federal Reserve Chairman Alan Greenspan said Bitcoin prices are unsustainably high after surging 89-fold in a year and that the virtual money isn?t currency.
?It?s a bubble,? Greenspan, 87, said today in a Bloomberg Television interview from Washington. ?It has to have intrinsic value. You have to really stretch your imagination to infer what the intrinsic value of Bitcoin is. I haven?t been able to do it. Maybe somebody else can.?

http://www.bloomberg.com/news/2013-...-bubble-without-intrinsic-currency-value.html


Bitcoin?s uncertain future vs. its meteoric rally - Commentary: Serious investors may want to steer clear


There?s a reason why bitcoin critics are evoking Tulip Mania as the digital currency?s price soars to new heights.
It?s because the story of the Netherlands? great tulip bubble of 1637 helps focus the mind on the basic question at the heart of any financial bubble assessment: whether there?s a blatant disconnect between an asset?s price and its fundamental value. There are some decent arguments why bitcoin?s detractors could be wrong. But, either way, anyone hoping to ride this rally higher should think about what constitutes the digital currency?s fundamental value.

http://www.marketwatch.com/story/bitcoins-uncertain-future-vs-its-meteoric-rally-2013-12-04


Bitcoin, Gold and Tulips


In January, bitcoin was trading around $13. By November, it was at $200, and it had soared past $1,200 by Thanksgiving before backing down. Is bitcoin the wave of the future, or nothing more than digital tulips? One look at the chart says the present is fraught with extreme risk that cuts both ways.
While we cannot know if the next stop for bitcoin is $2,000 or $200, one thing for sure is it is a chart that none of us have ever seen live and in person (see Chart 1).

http://online.barrons.com/article/SB50001424053111903302604579233990748865878.html

Now is the good time to buy and sell in a few days when the price goes up again.