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      02-28-2014, 11:46 AM   #100
Maestro
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Drives: 2007 335i Sedan
Join Date: Nov 2006
Location: Philadelphia

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kmarei,

I know noting about you, however, cyber currency is suppose to void of traditional institutional business by design and the fact this now has companies around it who are going bankrupt to protect their assets from the people who entrusted in them should tell you something.

I totally understand the whole cyber currency concept and understand it altruistic view of a better world. Yes people are making money on it, but not from hard work. They are making money on people being naive and greedy. The ones making all the money know it will not last so they continue to convince people to buy in and they hope to get out before it all falls apart.

There is no future in this game, the government will shut it all down, and it will go underground which make it useless at that point. The Government can not allow it to stand since it allow and promotes criminal activities.

It hings on the edge of being unethical, since most people who are getting in do not understand what drives up or down the value of the currency, it makes it worthless as currency if it is not stable enough to know how much it is going to cost you to buy something.

Case and point, those who bought in or traded in at $1200 last fall and who need to cash out or buy something today with that fall investment will only get around $200 today, so if they want to buy a $200 item today it actually just cost them $1200 that is ripping people off. Do not give me the stock market analogy, I haven investing for over 25 yrs and have make lots of money, but I do not pay my bills with stock investment, and most times I understand exactly what my investment is worth, and what drives it up and down so I can choose when to enter and exit. Most people do not have that choose on currency they use to live off. When the pay a bill they need to know that a $1 is $1 every day of the week.

The fact there are people like yourself hyping the whole concept tells me it does not pass the smell test. If it has to be hyped and it not completely obvious where the value is at then it does not smell good.

I have to agree with MediaArtist, on this points, you kept saying it would come back, just watch, you were making statements of fact which you had no facts on. As we all watch it did not come back and all the bitcoins in that company possession are gone. From what I read it was not necessarily hackers, that appears to be the cover story, it was their own system program which corrupted the transactions and data so any value anyone had there is gone. It was vaporized in a way, and if you have you coins there you can not say hey give me back what I had, since you now have no proof what was there.

Last edited by Maestro; 02-28-2014 at 11:57 AM..