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Plenty here have stated multiple issues with it. The problem is that you are too head-over-heels in love with Bitcoin to acknowledge the problems that hinder it from widespread adoption.
So many fads come and go in the investing world. Pardon us for being skeptical that it is somehow "different this time" with Bitcoin.
not a single person on this thread has made an intelligent point as to any flaws or problems with bitcoins. it fluctuates, that not a problem its stating the obvoius. people lose bitcoins. people lose cash, also people who do take two minutes to properly store their bitcoins dont run into this problem. but people have bitcoins stolen, again not if they take 2 minutes to properly store them themselves instead of trusting someoen else or some website with their money.
im not head over heels with bitcoins. i realize its risky, the longterm is uncertain as if they will be adopted more widely in use with ecommerce but seems the critics are people who have never bought, sold, or used bitcoins and dont even have the most basic understanding of what htey are or how they work so they really have no right to an opinion even
i find it interesting how none of you bitcoin critics know enough to actually comment on bitcoin intelligently as opposed to just saying the dollar is backed by something bitcoin is not. bitcoin wasn't meant to be a replacement for the dollar or the chinese yuan. its meant to fill gaps credit cards, paypal, dwolla, etc can't fill. there's no chargebacks for bitcoins so its great for retailers in high risk industries where they woudl otherwise get a lot of credit card chargeback fraud. its great for people who want to send money between countries without all teh redtape. its great for people who want to buy things and remain anonymous. thats where bitcoins intrinsic value comes from in that it cant be controlled, that is priceless
Priceless is what stolen bitcoins are.
Bitcoins can't be controlled? No kidding, not even the people that have them can control them.
Obviously, the fact that the equipment that provides to means for bitcoins to exist is owned by human beings somehow always escapes those who claim it is a miracle of commerce. It doesn't matter how dispersed this equipment is, in the end it is all owned. The rest is software and it is nothing without the means to run it. It runs on what? Equipment. That equipment is owned by humans. That means it can be controlled.
The rest is nothing short of a Madoff dream with gullible people actually buying into it.
If you heap enough techno babble on anything it can be something some people will be amazed at and when questioned, simply say, "you don't understand". Uh huh. Madoff made fools out of some of the same people who are so engrossed with bitcoins.
Even the best scams have always left something behind, even if it was barely measurable. With bitcoins, they figured out how to leave absolutely nothing behind and the guppies came out to swallow.
Well, it scares the big govts of the world and they don't like it.
Other precedents would be when guys came out with synthetic pot or a new type of drug or loopholes to get around certain taxes and so forth. Eventually the govt. slams the door on it. Hard.
The big govts of the world are going to murder bitcoin IMO and it's already started.
Yeah, call me a kid because you don't have a clue about Bitcoin to actually dispute anything I say from a technical perspective. Also, I buy Bitcoins realizing its a high risk high reward type thing.
Does this mean you are speculating? Using them normally or something in-between?
Careful. Silver in the 1970's, Gold (recent), housing, day trading.....heck the tulip bubble of 100 years ago. Not saying for sure its going away or anything, just don't put anything into something that volatile unless you can afford to lose it all.
Fair warning doodlemagic - your $12K profit is now subject to capital gains tax.
Quote:
The IRS previously admitted it wasn't sure how to tax Bitcoin, but today it's reached a decision. Bitcoin and other virtual currencies are considered property, not currency, according to a notice posted today. That means Bitcoin owners may have to pay taxes on the income they gain as Bitcoin increases in value, and may be able to deduct a loss if Bitcoin loses value, just as if Bitcoin were a stock.
"In some environments, virtual currency operates like 'real' currency," the IRS writes, "but it does not have legal tender status in any jurisdiction." Therefore, "virtual currency is treated as property for U.S. federal tax purposes" and "general tax principles that apply to property transactions apply to transactions using virtual currency."
The ruling takes effect immediately and failure to comply will result in fines.
The US Constitution gave Congress the sole right to coin money and regulate commerce. We also know that it is very important for the government to be able to control the dollar and do things such as QE and controlling interest rates. You can disagree with how this is done but controlling the currency was essential to soften the impact of this past inflation. Bitcoins might be tolerated if they remain a curiosity of no importance. Anything of consequence and Bitcoins will vanish.
The US Constitution gave Congress the sole right to coin money and regulate commerce. We also know that it is very important for the government to be able to control the dollar and do things such as QE and controlling interest rates. You can disagree with how this is done but controlling the currency was essential to soften the impact of this past inflation. Bitcoins might be tolerated if they remain a curiosity of no importance. Anything of consequence and Bitcoins will vanish.
They may also let it creak along just long enough because.....if I'm at the NSA, CIA etc. I'd basically make deals with the exchanges and try to use bitcoin to track\uncover etc. illegal money laundering and whatnot.
That's my prediction, they let bitcoin run just long enough to net some big fish narcos or terrorists etc. and then that news is going to kill at least some of bitcoins clientelle....then they'll announce tons of regulations etc.
P.S. Doodle owes a couple grand in gains taxes it would appear. Might take 3 years or so but eventually the IRS will send a letter but they should be able to feign ignorance and just pay the interest and penalty.
When news starting to scare people,some who has a lot of bitcoins will try to get rid of them to avoid taxes and sell, sell and sell. Sell-off will create additional panic among the rest and the bubble will collapse...
It is not in the interest of the country to have competing currency. Plus there is nothing to backup bitcoins. I think quite soon you will see their real value.
There is another question. Since number of businesses started to deal with bitcoins, the bitcoin's bubble collapse may certainly affect them, plus new IRS rule... As a result there is the possibility that some businesses may go down. Not sure how far the bitcoin has been spread, but the question is whether it may affect the stock market?
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Not saying for sure its going away or anything, just don't put anything into something that volatile unless you can afford to lose it all.
