Quote: (11-18-2013 11:53 AM)babelfish669 Wrote:
Anyone successfully able to cash out very quickly? I saw some complaints about Mt Grox elsewhere.
I'm not touching bitcoin until I see a substantial increase in actual use; based on this there is no usage growth:
http://blockchain.info/charts/n-transactions
70.000 / 12.000.000 is a pretty big number. At this point a lot of people who been in it for a longtime is selling of a bit. I bought at 12 pounds in the end of January for a grand and now I've sold two or three away. I mean the value of what I got left is still so much higher than what I put in. And if I were to have this much in cash and no bitcoins at the moment I don't believe I would have bought for them all. It's very clearly in an other bubble now after this latest news in China. Where it will stop and how hard it will crash is unknown. The last one crashed because Mtgox went down and people paincd. Then Mtgox had 80% of the market. Today its more even spread among a few. Btcchina just toke over the lead of volume. If you are buying for a longterm investment I don't think its any bad time to do it.
babelfish669: you can always sell through localbitcoins. That people is still using Mtgox after all the problems is really surprising. I follow bitcoins hard especally in this bubble times and will try to answer all questions in this thread.
Quote: (11-13-2013 09:12 PM)Hotwheels Wrote:
The thing is, will people actually spend the things or are they just sitting on them for speculation purposes?
Several underground websites use it. Silk road was the biggest but it got taken town by the FBI in the beginning of this or last month. They had 100.000 users. Alternatives is up now.
Look at the graphs here:
https://blockchain.info/sv/charts/market-price
Press all time at the bottom. People buy it for speculation. But when they get the money times 2, 5, 100 or 1000 of course they sell some of, buy some drugs or electronics. The biggest search engine in China just started to accept them, along many others.
And if you understand how the dollars and other currency are created, and how bitcoin works, you will understand how big the chances are for it to actually be the next world currency.