Comment: Hmmm,

(See in situ)


good food for thought in your post Jix. Recently I quit baulking and took the plunge and bought my first bitcoin, more out of curiosity than anything else. I`ve been watching the charts daily just to see where it leads. Watching it soar to $250+ THEN SINK TO $50 I held out and never sold, as I said i was observing and learning. It has become obvious to me looking around the net that there are very wealthy investors whose buying and selling habits contribute largely to the volatility of price. I see this as a good thing for small astute investors, it`s not rocket science, buy low sell high.
Then there is the matter of the Mt gox crash 4/4/13, while many wondered if this was a bubble or not, mt gox claimed it was an inability for their hardware to cope with the demand. Also it has been claimed this problem has been addressed and rectified, to what extent i don`t know? Watching now it will be interesting to see when the buyer confidence will overtake the previous record price. In many places I would love to be a fly on the wall as it approaches the $250 mark, that record is a benchmark and i expect further extreme volatility at that point, another plus for the small investor.
Having just started at this I would like fellow bitcoiners to suggest good sites to trade with and some good forums to subscribe to. Atm i use Bit-innovate here in Australia and i would like to learn about mining as you are doing. My computers are on 24/7 and just bought a 5kwh solar system to cope with my 4 teenagers power consumption so 24h mining is interesting to me.
Finaly i would like to hear some well thought out opinions on the future of bitcoin. Many here have called it a ponzi scheme or pyramid selling or just a rort. I am not convinced it is any of those things. When the last bitcoin is mined...then what? I think it`s important to watch the trends as that day approaches, will the BIG investors dump and run back to frn`s , will there be panic in the market? I think if bitcoin is established well into the market as a true medium of exchange it will survive and thrive and we can spend those satoshi`s gleefully. But if its major role is an investment vehicle and people just are not spending them as they would cash, i can`t imagine the buyer confidence would continue, at this juncture it does seem a little to be a pyramid scheme and i foresee a lot of satoshis trading then.
To avoid that scenario a lot of goods and services must be available through bitcoin, it has to be useful and advantagious to use it and stable in its price. Though it`s difficult to put stability and bitcoins in the same sentence i think that day will come, perhaps when the last one is mined we will still have a good use for them.. i think so...

If every great fortune has a great crime behind it, then the greatest fortunes have the greatest criminals behind them. End the fed!