It has been a few weeks since I last provided an update. During that time China released several potentially negative statements regarding Bitcoin and the banks in China. Most of those rumors have proven to be just that rumors. But nonetheless Bitcoin fell to a low of about $360 recently but has since rebounded to the $500 level and has maintained that level for over a week now. It hovers just above or below $500 but continues to trade within a small trading range.
We can expect more rumors and news releases which might suggest to some Bitcoin has become unfavorable. This seems to be the natural course of a new product or idea. For those of you like me, the long-term value of Bitcoin will continue to increase. At what pace and when it's hard to tell but like the stock market I see a line heading straight up over the years. Apparently it has become fashionable for some people trading Bitcoin on a daily basis which in my opinion is what causes the fluctuation were now seeing. My goal is to continue to collect Bitcoin and hold them for their future value.
Mike and I have decided to discontinue our mining operations. It has become the inescapable conclusion to us that the difficulty level along with the mining capacity is such that the recovery for mining machines is stretched out much longer than in the past. We have sold one of our machines and shipped it while the other has been sold but we've not been paid as yet. PayPal has the option to hold our funds for 21 days if you are not a high-volume dealer and either Mike or I qualify as high-volume dealers. So I've decided to try my hand at a little bit of Bitcoin selling mostly in my area but online as well.
I've set up a website called Individual Bitcoin Seller to see if I might generate some Bitcoin activity. I'll charge a modest fee for this service which will be significantly less than other fees charged by members of LocalBitcoin.com. Frankly I really don't expect much to come of it.
This is an email I sent to several friends yesterday :
It is normal for me to watch the FOX Business channel all morning to 1pm. The various issues covered and interviews/video recordings shown today made me so mad and depressed at the character or lack there of the Obama goons, department heads, the DOJ especially AG Holder, the IRS ex-head Lerner to mention only a few. This conflict in Nebraska between a rancher and the feds is unbelievable! Are we living in Hilter's Germany or one of the ex-Russian satellites?
It literally greatly magnifies my depression and hope for Americs's future. These Presidential executive orders are crimial. AG Holder selectively enforces the law while Obama simplely ignores the laws he doesn't like. Harry Reid and Nancy Pelosi are the manifestation of evil in America. They lie, call people names, attack anyone who may have a different opinion then they have as dangerous extremists.
They like free speech as long as it's their free speach- others are too extreme and dangerous to big government. I'm also very depressed that the majority of voters re-elected him.
This country is 180 degrees different than the America in which I grew up. I pitty the new generations. Gratefully I have out run most of the deterioration of America. Can you believe 40% of Americans are on food stamps!! Things could be better if the main stream media were honestly report the news and all the news. Just damn!