have been watching this thread on top page of ET for sometime. Just browsing through it. Sorry but can't make sense of it. Why are members discussing dollar cost averaging in mining in Forex Trading forum? Is it some kind of mining company?
Bitcoin is traded on many exchanges, the main one being Mt. Gox. For a good understanding of what bitcoin is, I would visit bitcointalk.org and browse through the newbie section. Much better explained than I could type. go here https://bitcointalk.org/index.php?topic=7269.0
This is a good question. Makes it very, VERY hard to sit on your hands if you have been holding coins for a while. But, after gambling away too many and selling way too many, I have learned my lesson. To see if BTC is really in a bubble (by my guesstimate, not yet), I would look at a logarithmic chart of BTC since the beginning of Mt. Gox, which the link is below. http://bitcoincharts.com/charts/mtgoxUSD#igWeeklyztgSzm1g10zm2g25zl
Bitcoin uses a large carbon footprint. Definitely not a green currency. Think about how much more pollution due to Bitcoin mining with the exponential increase in difficulty!
First, Thank you for the link. No disrespect intended to anyone here. Please don't take it personally. But after going through some links, this is my thought on Bitcoin: 1) 3-in-1 illustration of intellectual, mathematical and computational masturbation at a grand scale, by a whole community. 2) It is a media to waste electricity and computing power which alternatively could be used for so many better purposes that will make a difference to billions of people's lives on Earth. 3) The sole reason for coming up with such a fantasical idea is to make profits by innovators and early adopters, while covering the idea under a hazy and deep coat of goody-goody paint. Intellectual dishonesty at its best. 4) No wonder only a Japanese can come up with such an imaginary, illusionary, delusionary, grandeur idea of creating a virtual reality. If you know about Hentai series of Japanese fantasy, their whole culture cherish promoting, accepting and living in virtual reality.
No offense taken, but don't take offense to this. This seems like an opinion of someone whom hasn't researched well enough the future and current potential of BTC. 1. Subjective 2. Don't you believe by making new ASIC chips and hardware designs (that miners use) help benefit the future growth of technology and the economy? I believe they do, it would be hard to refute, IMO. 3. Did you buy apple at $5.00 a share when you had the chance? What about any CEO that brings his company public? There are the greatest rewards for any early adopters and people that take the largest risks in the beginning. Remember, everyone had a chance to mine like they did in the beginning, but they took the risk and were rewarded. A 10,000 BTC pizza was bought a couple of years ago. The first transaction of its kind. I guess that was early adopters being fantastical and dishonest? There are great rewards for taking a lot of risk early in the beginning of BTC. This isn't a pyramid scheme. This is just common business sense - and I believe you understand this. (hopefully) 4. Satoshi Nakamoto is a moniker for the creator. Most likely, it was a small group of people that originally came up with the concept. The largest exchange just happens to be in Japan. I have no idea where the price is going, but you should educate yourself on what bitcoin actually is and what the history is all about. My best advice to you would be to keep on learning about the subject.
Let me be the first to admit that my understanding of this is 1 hour old and I could very well turn out to be wrong. However, I have developed strong opinion after reading through the links and just wrote my impression of it. As far as the possibilty to make sizable gains in this economy, I would rather say that it is much better to concentrate on thousands of stocks out there and tens of futures contracts and fx. Rather than concentrate and spend a lot of time on this venture. Let me add though that people who really started couple years ago - have made money. The price might go much higher - I don't know, but IMHO time is better spent in developing trading skills in more established asset classes. Just my 2 cents. Have a nice evening!