Bitcoin = Bit Con?

I have not made up my mind yet. I must admit to being curious. I have some genuine questions.
Is it too good to be true?
Is it just for criminals and thugs?
When will the bubble burst?
Does it automatically make you an enemy of the state?
What is the worst that could happen?
Will someone ever decipher the code, and if so, what then?
If we woke up tomorrow and it was just not there, what would happen?
I want to know your genuine thoughts, the latest quote I heard on 4-Jan-2018 was about $14,000 USD for one Bitcoin.
I am learning as I go. To the best of my knowledge the banks refuse to have anything to do with it saying that Bitcoin is unregulated. But that claim is not true is it? It is not regulated by the banks or the government but it is regulated by the investor/user. It looks like a completely free market or am I dreaming? If you respond to this post, please say a bit more than yay or nay. I want to know the reason for your choice.

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Killroy59 · 61-69, M

It is not a scam , you can use it to buy and trade on line , and yes criminals use it to hide their money. You can also sell back your shares and get the paper money deposited into your account. If I was you I would not buy now because it’s very costly at the moment . Last time I checked a few months ago it was €600 per coin I did not know it went up to $1400 per coin . I have young friends who whole lives deal in the Internet . From food shopping to holidays and pay with bitcoins . More and more companies who sell on line are accepting bitcoins as payment .
Best of luck in your investment . Ps in paper money their is not enough gold in banks to account for all the paper money in the world , we just trade paper now .
Joe

will999 · 70-79, M

@Killroy59 That's $14,000 USD for one Bitcoin today 4-Jan-2018, which is something like $18,000 Australian. The banks worldwide nearly went belly- up in 2007 because people lost confidence in them. What is to stop Bitcoin reaching a million $US? As long as people are free to trade they are free to cash it in, but plenty are choosing not to. I'm not recommending you buy it but the question remains, what is to stop Bitcoin reaching a million $US?

Killroy59 · 61-69, M

Nothing just like paper money !

nedkelly · 61-69, M

Remember the DOT COM bubble burst - this is another scam

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nedkelly · 61-69, M

@will999 https://www.forbes.com/sites/jayadkisson/2017/12/28/the-great-bitcoin-scam/#4316cb905c1e

will999 · 70-79, M

@nedkelly I just checked that article at forbes.com with google. In the opinion of that author Bitcoin itself is not a scam but its promotion is giving people unrealistic expectations. That sounds to me like a reasonably cautious appraisal. IMHO the price will fall when people stop buying it. Maybe I'll just spend my retirement nest egg on a bucketfull of gold sovereign coins.They will always be negotiable. The only way that the price of gold can fall is if the currency strengthens i.e if the price of gold falls so will the price of everything else.

will999 · 70-79, M

@nedkelly Hello again, Crypto currencies have taken a beating in the last few days haven't they. Since China and Korea both decided to ban all trading in Bitcoin as an official policy Bitcoin lost half it's value overnight, but some people are still holding on. Can anyone produce a reasonable estimate of a sustainable price on it? I'm not holding my breath waiting. The roller- coaster ride could be all over tomorrow. To me the long term price looks like $0.00. Apart from it's very thin skin a bubble is mostly nothing. We may just as well gamble on two lizards crossing Flinders street.

Thingschange4444 · 56-60, M

People have made a lot of money investing in bitcoin when it first came about but Yeh like Ned said it's just a con. Widely spread news to get u to invest. If it were really worth investing in most I honestly don't think they'd be making that news widely known. Like say a decade ago or whenever it first showed it's face. Learn to grow food buy a shot load of seeds because if/when the financial bubble bursts it's ur best chance of living until the old game of "problem reaction solution " is sorted

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