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[quote][i]Originally posted by Paul_J[/i] Too late... I read about in 2010 - bitcoins were fractions of pence back then... a guy exchanged 10000 bit coins for a $15 pizza through a forum at the time. Everyone labelled them as worthless. In 2011 they hit $1 per bitcoin, piqued my interest, I started looking into getting some, throwing £100 at it and forgetting about it - but it was hard to get any, you needed a US bank account, a verified US address amongst other things. Later in 2011 it hit $15 per BTC and I sent a frustrated email to my friends about how hard it was to get any. Shortly after this I gave up - mining was already too difficult without some serious hardware. - In 2012 it hit $150 ... :| ... thankfully crashed shortly after down to $30. In 2013 I was chatting to someone about his house extension which he paid for by selling when they were $150! Later in 2013 prices rise, breaks through the original $150, silk road increases popularity with a real use outside of normal currency, many news articles circulate about stories of early adopters making fortunes, China gains interest and invests heavily as it moves them away from the dollar and recently due to the surge in price (just before the crash, although probably not a particularly big one due to the demand right now) it's been all over the mainstream media. If you got in at 2010 or 2011 you could be rich right now, however most people who have BTC are actually 'holding it' expecting the price to rise... this in turn (lack of supply compared to current demand) is one of the reasons for continued price rises. If everyone who had BTC from the early days started to cash out the price would crash immediately. Instead, the few wanting to get out now (I read about a guy who cashed out $12 million recently from 21000 he had from the early days) are basically cashing out by using the money flooding in from either China or 'Average joe' speculators that are turning up too late to the bubble (just read about it in the media). I'm not sure about the long term use case - this could be debated / speculated on for a long time. What I do know, is trying to get in now from a get rich point of view it's too late. All you are doing is fueling the pyramid and letting early adopters cash out at a decent price. However, that said - have 'some BTC' and just holding onto them for 'interests sake' is no bad idea, infact that's my position - I've got them just to see what happens. I spoke to a whole load of people about this at a tech event in London on Friday when the prices was still rising. At the time I said I expected it to eventually level off at a price when the buy side weakens compared to the sell side ... once people who are speculating see it has stopped rising, they'll potentially feel they're at the top of the bubble and cash out... this will cause a flood to the market and a drop in price, this fear about the drop in price will cause recent investors to potentially panic sell and the price to crash further... ... However, since this happened in 2012 and it went from $150->$30 and we now have seen it go back up to $1200 - people who were waiting for a crash, will jump in once the price starts dropping hoping for a cheap entry in the ever increasing train of price rises... this again - will stabilise / raise the price. If the prices is struggling (resistance in trading terms) due to a lack of buyers at that price / compared to sellers - then at some point people may feel the fun times are over (for example if it slowly and steadily starts to decline over weeks) and cash out on mass ... when that occurs the prices drops faster and will crash to something quite low again as everyone tries to liquidate before hitting the bottom... alternatively, more media jumps on board and we go through one final cycle before the true 'average joes' who rarely even check the internet / tech try to jump on board. ... Bottom line. Sure, buy 1 or some... but don't invest your life savings in, you're basically funding someone elses new porsche / house purchase who just got in early. [Edited on 01-12-2013 by Paul_J] [/quote]
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