Silk Road forums
Discussion => Newbie discussion => Topic started by: Oliveoil on February 26, 2013, 06:12 pm
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I've been reading a bunch about Bitcoin value and trying to decide what to do. Normally I convert only what I need into BTC and then make my purchases but I'm almost ready to make an investment as well. What are your thoughts on this continuing increase and the long term value of Bitcoins?
Loz Blain - "Firstly, while there are more than 1.8 million registered Bitcoin users, a large amount of the money seems to be concentrated to a few users. We know this, because while it's totally anonymous, you can get a hold of the entire transaction history for the network. In October 2012, this report was released showing that the vast majority of Bitcoin accounts hold very small amounts of money, more than 75 percent of all bitcoins are being hoarded instead of being spent, one anonymous figure holds around 25 percent of all the bitcoins in circulation, 90 percent of Bitcoin traffic seems to be speculative trading and not goods and services purchases, and it seems as if other large holders are trying to shift their bitcoins around a lot to conceal exactly how much they own.
So while Bitcoin advocates point to the fact that the currency is definitely being used for goods and services to prove that it's not some sort of giant Ponzi scheme, it's also irrefutably true that the vast majority of existing bitcoins aren't being used at all. And while the idea of the whole system is to create a currency that's not at the mercy of some central administration, you could easily argue that a few key figures hold a huge amount of power over the bitcoin's value.
Secondly, if one person or group were to control enough "nodes" of the Bitcoin checking system, it's theoretically possible for that group to change the rules and start fraudulently awarding itself money. You'd need to control a lot of the network to make it happen ... But then, according to some sources Deepbit's mining collective already clears more than a third of all Bitcoin transactions."
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My guess is that the value of one Bitcoin will be over $50 dollars before the end of 2013.
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My understanding is the more people use bitcoin, and the bitcoinqt software, the safer the network is. It's in all of our interest that the bitcoin user base expands...
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between 35 and 45 dollars
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spam
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In the long term they will go up and probably exceed even the most bullish expectations.
BTC will be limited to 21 million in all. So far less than half is mined AFAIK.
As SR has a client base of 50,000 or so, each client puchasing 10 BTC will put extreme upward pressure on the market.
As BTC are completely unregulated they will soon be seen as an escape route from the banking system, becoming a store of value in the process.
For every 5BTC I spend on SR I save 1 BTC. This has made me a nice profit that cannot be partied away on a singe weekend - or I'd have to to some extremes in my substance consumption :)
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Ummm id have to say ermm uhhh 19 doll hairs
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Spam >:(
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tough call for sure - big risk big reward
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honestly i have had good experiences, though i been reading the bitcoin community forums and it looks stable i am curious about investing heavy