SabreFan1

Definitely agree. As I've said all along, Bitcoin was once the shiny new thing. Now that it's losing its luster, it's starting to crash. I like being right...

Some of what you wrote is false and some of it is true. I don't have the time at the moment to break everything down. I've written about how bad of an idea Bitcoin is throughout this whole thread and have no desire to trade in it. I don't like taking any large risks with my money. I'm always to worried about losing it somehow. Your friend should get on the trail of his money fast, and at the very least file a complaint with the SEC and state/federal attorney generals office if he lives in the US. I have no idea what his options would be in Canada. From what I've gathered in the past, exchanges should take hours, not multiple days/weeks/months. He is either getting screwed somewhere along the way, or has somehow become lost in the shuffle. You can go to different exchanges with the same Bitcoin. All you need to do is get your Coinage back into your wallett. So let's say someone bought the coins last night at Mt. Gox at $300 and the transaction arrived in his wallet a few hours later. Then all the person has to do is sell the Bitcoin at somewhere like BitStamp for whatever the going rate is. Let's for arguments sake say that Mt. Gox took a week or two to get your Bitcoins into your wallet then by the time they arrive then say you go to one of the other big exchanges and they take a week or two to get your coins sold at a much higher price. Then that takes a week or two. At some point you would make your money with your own personal wallet as the first middleman. If these high volume exchanges were that untrustworthy and incompetent then they wouldn't be doing the volume that they do. In the last 24 hours BitStamp has done $40,000,000 in exchanges. I have no desire to play in any fast foreign or domestic "try and get rich quick" markets. I don't have the guts to do that.

Not quite yet. There's money to be made with all of this panic trading. In the last 3 hours the price at Mt. Gox has gained back $117 per coin. Anybody who bought some coins at $300 a few hours ago has already made about 35% in profits if they stay in Mt. Gox. If they can unload some of those $300 coins into the exchanges that are trading around $600 per coin then they will double their money. Right now this second there are some people who are seriously gaming the system and making a boatload of cash doing so. I personally am going to leave it alone. Like I said before, I don't have the cajones to mess around in virtual currency. The floor is likely to fall out soon.

The market is still trading but it's all schizophrenic right now. Mt. Gox trading is falling really fast while a few other big players are still going about business as usual. Right now people are in panic mode. Either some people are really going to pick up some Bitcoins very cheap soon or the market is just going to absolutely collapse. I think that the market will correct itself at some point unless this hits national news. Just as I've been predicting all along, Bitcoins are losing their luster. I'm gonna watch the trading volume on the markets to see if there are going to be a load of buys after the price bottoms out. Some people may actually come out of all of this panic trading making a killing if they can get their transactions to go through while the prices are at their lowest. If anybody wants to see a live feed of what's going on in the market places right now, here's a re-post of the link. http://bitcoincharts.com/markets/currency/USD.html

Huh, did not know that. I'll take a look at IMDB.com and maybe download one or two torrents.

Funny that you mention Showgirls. I was reading an article not too long ago that was talking about how it has actually become a kind of niche cultural movie now that it's 20 years later. Personally I only watched it back then because it has the girl from "Saved By The Bell" nude through half of the movie in it. I was disappointed that she didn't have a more shapely and firm butt. I felt bad for her because that movie put an end to her film career. The script was anemic, the acting could have been better, but the director was just horrible. It turned Elizabeth Berkley into a "one and done" movie actress.

A better movie. Most remakes are terrible, but I had some hope for this one. Silly me... lol

Cool, I'll check it out. Thanks.

The new Robocop remake movie: 4/10 No real plot. The action is nothing special. Michael Keaton's acting started out well, but halfway through he must have realized that he was in a terrible movie. In other words, I want the 2 hrs. of my life back as well as the $8.50 I paid to see this terrible movie.

Before you cash in you are supposed to provide documentation on your identification. If someone manages to setup a bank account that can't truly be traced to who they really are after they manage to fool one of the market exchanges with convincing fake ID documents then it would be an excellent way to launder money. They would also need to cover their digital tracks. It's a drawback to Bitcoin, but to be fair it's almost as easy to launder US cash. Several large banks were caught not long ago in being complicit with a host of money launderers.

Initially Bitcoin was an excellent investment at the start, up until the point where people started using powerful video cards to mine them. In the very beginning people used CPU power to mine them. CPU's only sip power, video cards however guzzle it. Once people started to mine them that way the cost to benefit ratio started to swing into the negative. That's when more and more people jumped into using pools to mine. The thing about pools is that the more powerful your setup is, the more coin you receive. The bigger the pool becomes, the less coin you receive for your efforts if you have a weaker computer. Nowadays that leaves two options. 1. You spend a boatload of cash in equipment and energy costs in the hope that you can mine enough coin to make your investment back and earn a profit selling the coins along the way before the big players in the game cash in and the market collapses. 2. You spend your money buying the coins in the hope that their worth grows over time. Overall, Bitcoin is a rich man's game right now, and if anybody wants to play it now, they need to be ready to spend a huge chunk of change if they decide to join in. Like I said in my post above, the big companies that are accepting it are more interested in the free press. The smaller retailers that began accepting Bitcoins a while back are the ones who truly believe in it.

No doubt. I keep telling people that Bitcoin is a poor investment. More power to anybody who does invest though. I personally don't have the cajones to do it. Right now some large companies are making press releases stating that they will now accept Bitcoin. They aren't doing it hoping that people will flock to them with Bitcoin "in hand", they are doing it because it's mostly free advertising. When the bubble does burst though, I'm gonna necro bump this thread to see if anybody will fess up to buying them.

Sell them. Here's a look at the current Bitcoin market figures. Canadian Market http://bitcoincharts.com/markets/currency/CAD.html US Market http://bitcoincharts...rrency/USD.html

Like I said in an earlier post, I still remember when Bitcoin first started. It would have been cool if I mined them back then, but it was something that I really doubted would take off. Bitcoin mining is at a point where it's really not worth mining unless you are part of a mining pool coupled with your own very expensive hardware. Then, as said before, you have to consider your electric bill. As to the Litecoin issue, only time will tell how that goes. Until the Bitcoin bust hits and takes the rest of the virtual currency with it, Litecoin is your best option when it comes to mining. Fun Fact: When Bitcoin first started, the majority of people were using their CPU's to mine the coins.

Is anybody else getting an "untrusted site" message from my above link? That's kinda odd for a well read news site. If so, and you are interested in the story, just Google "Lilly Allen bitcoin". The story was posted on a handful of UK news sites as well as some U.S. sites.

Do not invest in mining hardware. As of right now 2 or 3 specialized rigs running several cards in each of them can easily cost you thousands. If you want to casually mine some Litecoins, think about joining a medium sized distribution pool. www.litecoinpool.org/pools As to missing out be thankful you aren't Lilly Allen. She thought she was too good to perform a small session on a chatsite a few years ago after being offered what is now today a small fortune in Bitcoins. http://www.independ...ns-9046211.html

Even though I still think that virtual currency is going to bust at some point, mining Litecoin is the best bang for your electric bill buck right now. It hasn't quite matured yet, but it's worth per coin is high enough to make some cash for now.

Just think of online currency as one big experiment. Just like with any currency, if people lose trust in it then it becomes worthless. If people get spooked by what's going on right now with the mining pools then Bitcoin could go downhill fast.

Ruh Roh! The Bitcoin market is having a little bit of a snafu. I may in the long run be proven right about Bitcoin biting the dust after all! I'm curious to see how this ends up playing out. http://qz.com/165273/the-existential-threat-to-bitcoin-its-boosters-said-was-impossible-is-now-at-hand/

Just do your research and stick with the well known sites so you don't get scammed. Use Blockchain for now until you get more comfortable with Bitcoin. If you're going to mine for Bitcoins, just keep an eye on your electric bill. If you're going to use your own cash to buy and trade Bitcoins, then be careful. Buying and trading them on an online exchange takes big cajones of steel. You then have to look at the "risk vs. reward" aspect.

Google is your friend. http://www.wikihow.com/Create-an-Online-Bitcoin-Wallet

No.

Good luck with that... lol

If Google keeps going with these new and stupid video take-down rules then people are going to migrate to other services. Give your prediction a little time. They may still end up destroying it.

Bitcoin is very limited by the fact that there is a very finite amount that will ever be available, but if other virtual currencies that have a much higher cap start taking off then you'll see governments start to regulate them. They are hesitant to do that now because of the uncertainty of the market. Virtual currencies are in their infancy. I just don't see it ever becoming more than a niche kind of currency.