Bitcoin breaking records - man bought a pizza with bitcoins back in 2010, those bitcoins would be worth $20M today

What the heck is going on here, is this for real?

Yeah, it's nuts. I sold out at $1850 thinking it was at the top of a bubble...now it's $2250 less than two weeks later. Still, I can't complain; I bought a nice sports car...a friend bought one too.

The TLDR of why it is going up like this is that Japan basically made it a legal currency and there is a possibility that the US will do something similar.

Stupid people who will lose their pants shortly !

Originally posted by ronhondo:

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Stupid people who will lose their pants shortly !

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One would first have to had invested there pants. I invested hundreds and now have thousands. Little risked with lots to gain. I am sure people out there invested more then they can lose but is that any different then any other investment? They all come with risks/rewards.

Originally posted by ronhondo:

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Stupid people who will lose their pants shortly !

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It is a very high risk investment, but the potential gains are huge. An important SEC ruling is coming soon...if it goes one way bitcoin probably drops back to $1000, if it goes the other way you (and I) will wish you had bought at $2250. Just be careful making fun of people buying bitcoin...even the people who bought at the top of the last bubble and kept their coins have now made a big profit, much faster than most stocks would have made similar returns. Some people who bought at the top of the first bubble and kept their coins are now multi-millionaires...in spite of everyone making fun of them.

i dont really understand what going on here in this site...

so how do i go about getting bitcoins. Is there a legit site or what?

there are many ways and I just dabble but the one I found I liked the most is Coinbaselink

Yes Coinbase is a good site. They are paving the way for the future of bitcoin. Unlike many other sites, Coinbase has a well established company name with dozens of partners along with tools and information for paying and accepting bitcoins. They recently added litecoin which is why litecoin value jumped.

I have been involved with digital currency for a good 5 years or so. I would only trust Coinbase after some of the crap I have seen. I lost about $200 to cryptsy.com which I thought would last for decades.

Originally posted by senator29:

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Yes Coinbase is a good site. They are paving the way for the future of bitcoin. Unlike many other sites, Coinbase has a well established company name with dozens of partners along with tools and information for paying and accepting bitcoins. They recently added litecoin which is why litecoin value jumped.

I have been involved with digital currency for a good 5 years or so. I would only trust Coinbase after some of the crap I have seen. I lost about $200 to cryptsy.com which I thought would last for decades.

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Coinbase is crap. They randomly decide your account is void one day and never let you use it again no matter what you do, and you can't get a new account either since they make you confirm every detail of your life. They call it locking "buys" but you can't sell either. My last communication with them was them saying that there is no reason for my account being locked and that they will never enable it. I'm not the only one either; just check reddit. Thankfully I was able to get my bitcoins out of there at least...sold them easily elsewhere without even needing to provide ID.

...And you should never trust any crypto currency site to hang on to your assets; that's what personal wallets are for.

You can

Originally posted by KillerBug:

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Originally posted by senator29:

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Yes Coinbase is a good site. They are paving the way for the future of bitcoin. Unlike many other sites, Coinbase has a well established company name with dozens of partners along with tools and information for paying and accepting bitcoins. They recently added litecoin which is why litecoin value jumped.

I have been involved with digital currency for a good 5 years or so. I would only trust Coinbase after some of the crap I have seen. I lost about $200 to cryptsy.com which I thought would last for decades.

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Coinbase is crap. They randomly decide your account is void one day and never let you use it again no matter what you do, and you can't get a new account either since they make you confirm every detail of your life. They call it locking "buys" but you can't sell either. My last communication with them was them saying that there is no reason for my account being locked and that they will never enable it. I'm not the only one either; just check reddit. Thankfully I was able to get my bitcoins out of there at least...sold them easily elsewhere without even needing to provide ID.

...And you should never trust any crypto currency site to hang on to your assets; that's what personal wallets are for.

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You can't trade on exchange sites from personal wallets that I am aware of. There are a number of factors that could be involved with them locking accounts. And after doing some reading there is the high risk of fraud. There are a number of services that provide fraud risk factors based on customer data of many types. The few companies that I have worked for never once disclosed to a denied customer that it was due to a high risk of fraud rating. And apparently locking digital currency is extremely rare.

What country do you live in? Did you provide a real set of contacts? What form of USD payment did you use and what institution was it with?

P.S. You could be using XYZ Bank honestly and legally. However, if a large number of fraud cases involved XYZ Bank then a company can rate them high risk. They would not disclose this information as it would easily spread over the internet allowing the sour apples to change their bank quickly causing more fraud for Coinbase.

Originally posted by senator29:

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You can

Originally posted by KillerBug:

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Originally posted by senator29:

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Yes Coinbase is a good site. They are paving the way for the future of bitcoin. Unlike many other sites, Coinbase has a well established company name with dozens of partners along with tools and information for paying and accepting bitcoins. They recently added litecoin which is why litecoin value jumped.

I have been involved with digital currency for a good 5 years or so. I would only trust Coinbase after some of the crap I have seen. I lost about $200 to cryptsy.com which I thought would last for decades.

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Coinbase is crap. They randomly decide your account is void one day and never let you use it again no matter what you do, and you can't get a new account either since they make you confirm every detail of your life. They call it locking "buys" but you can't sell either. My last communication with them was them saying that there is no reason for my account being locked and that they will never enable it. I'm not the only one either; just check reddit. Thankfully I was able to get my bitcoins out of there at least...sold them easily elsewhere without even needing to provide ID.

...And you should never trust any crypto currency site to hang on to your assets; that's what personal wallets are for.

---

You can't trade on exchange sites from personal wallets that I am aware of. There are a number of factors that could be involved with them locking accounts. And after doing some reading there is the high risk of fraud. There are a number of services that provide fraud risk factors based on customer data of many types. The few companies that I have worked for never once disclosed to a denied customer that it was due to a high risk of fraud rating. And apparently locking digital currency is extremely rare.

What country do you live in? Did you provide a real set of contacts? What form of USD payment did you use and what institution was it with?

P.S. You could be using XYZ Bank honestly and legally. However, if a large number of fraud cases involved XYZ Bank then a company can rate them high risk. They would not disclose this information as it would easily spread over the internet allowing the sour apples to change their bank quickly causing more fraud for Coinbase.

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US, real set of contacts (I even did their selfie crap), and US currency...not that I was even trying to buy; I was trying to sell and they locked that too. I have a major bank...if they are locking that bank out then they are locking out many, many people. Anyway, they were fine with that bank when I bought the bitcoins in the first place. The only thing I can think is that they locked it because I use a VPN...but if they expect me to do any financial transactions without a VPN then clearly the only security they are concerned about is their own.

VPN for sure was the cause. And that is a load of crap

What's a good exchange site, KillerBug??

Originally posted by ivymike:

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What's a good exchange site, KillerBug??

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Bitstamp if you want to be on a traditional platform, localbitcoins if you want more options with less setup BS and you don't mind that buying and selling is more than just a couple clicks.

Localbitcoins is better if you live in a major city where you are likely to be able to buy with cash, but even if you live in the middle of nowhere there are enough options to make it really useful...like that you can sell bitcoins for well over their cash value in gift cards for a store you go to anyway. It also helps if you have a bank that does clearXchange...it's like paypal except it isn't reversible and the fees are far lower. This makes buying cheaper since there is less risk to the seller and it makes selling faster.

Originally posted by KillerBug:

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Originally posted by ivymike:

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What's a good exchange site, KillerBug??

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Bitstamp if you want to be on a traditional platform, localbitcoins if you want more options with less setup BS and you don't mind that buying and selling is more than just a couple clicks.

Localbitcoins is better if you live in a major city where you are likely to be able to buy with cash, but even if you live in the middle of nowhere there are enough options to make it really useful...like that you can sell bitcoins for well over their cash value in gift cards for a store you go to anyway. It also helps if you have a bank that does clearXchange...it's like paypal except it isn't reversible and the fees are far lower. This makes buying cheaper since there is less risk to the seller and it makes selling faster.

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So what you are explaining is that it is basically a game of buy low sell high? What are the fees for buying and selling on those sites?