BitFailure - Optik up 40% on Visa Alert!
Optik made a very nice 40% on its recent alert on Visa (V) - in just five (5) days. Congratulations!
Bitcoin has enjoyed a lot of publicity lately as well as astonishing gains. In the past twelve months it has moved from about $776 to $17,700, a mere 2,180% gain. But who can use it to buy or sell anything with confidence? No one!
Both buyers an sellers face the craziness of Bitcoin and the fear of losing thousands of dollars on any transaction. For example, suppose you want to buy a new 70” LED television valued at $2,000, or about .12 Bitcoins at a coin valuation of about $17,000. You pay for the Tv with Bitcoin and in 2 days it takes for the TV to arrive at your home the Bitcoin price has jumped to $20,000. You just paid 20% too much! What if Bitcoin drops and you are thinking what a great deal you saved 20% on the retail price. You plug in the TV and it is DOA (dead/broke). How do you return it? You probably can't.
Sellers face the same issues as the value of Bitcoin moves all over the place. You could sell a TV for $2,000 in Bitcoin receive payment and before you can convert your Bitcoin to cash it drops 30%. You just took a bath on your sale losing money! The is no regulatory authority for Bitcoin and therefore no (ZERO) protection on valuation.
Bitcoin’s breathtaking gains and wild fluctuations has placed its usefulness in major question. There is now, and actually always has been, way too much risk associated with Bitcoin. Here’s just a few more examples of the risk.
First, no one knows who wrote the code. Is there a backdoor? A way for the developer to siphon off small amounts and make tremendous gains? There are reports that the developer is now worth $7 billion.
Next, of the 20 million Bitcoins (that is the maximum limit) 4 million are missing. There’s some major breaches reported (in one event $65 million stolen - but it is safe - RIGHT!) and I bet there’s 100 more small breaches we never read about.
Also, the Bitcoin exchange sites, where you can move your coins into cash, have been going down with a higher level of frequency – they are not 100% reliable. Transaction delays and fluctuating valuations leave all parties at risk.
Because of the recent major fluxuations, many of the Bitcoin merchants that accept paymeny directly in Bitcoin have stopped taking the coin. So the ecommerce sites have stopped accepting Bitcoin. The risk is too high!
So is this a scam? Did Bernie Madoff develop Bitcoin? Is it another .cpm bibble ready to burst? A hyped up bubble where a few make millions and many lose? Bitfailure? Only time will tell.
Let's not also forget that there maybe thousands of crypto currencies. There are initial coin offerings (ICOs) being developed daily. Someone (few) are going to make big bucks while the vast majority may be left holding an empty Bitcoin wallet. Only time will tell. Good luck.