it's not going to be a mainstream currency and as soon as BIG BROTHER finds out what it's really being used for...It will be worthless..so keep DAY trading boys...
peace
Chefboy
peace
Chefboy
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Bitcoin cracks US$100
- Thread starter PhenoMenal
- Start date
WOW ...
Gotta love discussing Bitcoins with people who clearly don't have the slightest clue what a Bitcoin is *sigh*.
Not my loss though...
People saying Bitcoin is a pyramid or ponzi scheme... far out, at least do some googling to figure out what exactly a pyramid or ponzi scheme is before making such ridiculous allegations, because you're just making yourself look like an idiot otherwise. A lot of people here have zero idea about cryptography and are relating this to the "send $5 to the five people on this list" pyramid scheme, and then getting angry at us for being successful. Sorry guys but the joke is on you, please do some research into cryptography and the SHA-256 hash (I don't know of any ponzi or pyramid schemes that require breaking SHA-256 challenges, nor do I know of any pyramid scheme where it had an underlying VALUE depicted by DEMAND). Also consider how many people made money today -- not just one person at the top of some pyramid scheme, but _A LOT_ of people in a _decentralized_ currency.
chefboy,
I had to provide '100pts ID' to send my cash overseas to invest in Bitcoin -- it's all above board here, perfectly legal.
(You'll be surprised to hear that not every Bitcoin transaction is related to Silk Road)
(You'll also no doubt be disappointed to hear that major companies such as WordPress, Reddit etc are already accepting Bitcoins)
It's no different than if I'd converted some of my local currency to another currency, then converted them back, and just as legal. Actually in some cases, it's even more legal.
But, haters of course are gonna try to make it look bad because they don't know what they're talking about, so ... when in doubt, MAKE THINGS UP BASED ON FLAWED ASSUMPTION.
That's no skin off our noses though, so please -- KEEP HATING with your pseudorandom nonsensical rhetoric, if only for our personal amusement and to point out you don't know anything about the subject matter, it helps, thankyou, and it's also good to know that you're not making any easy money from Bitcoin while we are (which would make you a hypocrite!).
Peace
Gotta love discussing Bitcoins with people who clearly don't have the slightest clue what a Bitcoin is *sigh*.
Not my loss though...
People saying Bitcoin is a pyramid or ponzi scheme... far out, at least do some googling to figure out what exactly a pyramid or ponzi scheme is before making such ridiculous allegations, because you're just making yourself look like an idiot otherwise. A lot of people here have zero idea about cryptography and are relating this to the "send $5 to the five people on this list" pyramid scheme, and then getting angry at us for being successful. Sorry guys but the joke is on you, please do some research into cryptography and the SHA-256 hash (I don't know of any ponzi or pyramid schemes that require breaking SHA-256 challenges, nor do I know of any pyramid scheme where it had an underlying VALUE depicted by DEMAND). Also consider how many people made money today -- not just one person at the top of some pyramid scheme, but _A LOT_ of people in a _decentralized_ currency.
chefboy,
I had to provide '100pts ID' to send my cash overseas to invest in Bitcoin -- it's all above board here, perfectly legal.
(You'll be surprised to hear that not every Bitcoin transaction is related to Silk Road)
(You'll also no doubt be disappointed to hear that major companies such as WordPress, Reddit etc are already accepting Bitcoins)
It's no different than if I'd converted some of my local currency to another currency, then converted them back, and just as legal. Actually in some cases, it's even more legal.
But, haters of course are gonna try to make it look bad because they don't know what they're talking about, so ... when in doubt, MAKE THINGS UP BASED ON FLAWED ASSUMPTION.
That's no skin off our noses though, so please -- KEEP HATING with your pseudorandom nonsensical rhetoric, if only for our personal amusement and to point out you don't know anything about the subject matter, it helps, thankyou, and it's also good to know that you're not making any easy money from Bitcoin while we are (which would make you a hypocrite!).
Peace
Last edited:
here is an interesting article.
http://www.naturalnews.com/039848_bitcoins_speculative_bubble_market_crash.html
.......... he makes sense at first then says he wants in after the crash,wich is fine by me,its not my money.but I wouldn't touch crypto currency at all.fiat in and fiat out.
here is a good article.
https://mises.org/daily/6401/Bitcoin-Money-of-the-Future-or-OldFashioned-Bubble
Bitcoin: Money of the Future or Old-Fashioned Bubble?
Bitcoin has been all the rage lately. The stuff, or lack thereof, runs on peer-to-peer technology, is fully decentralized, has no patents, and is open source. Currently, there are almost 11 million bitcoin units in existence and the maximum amount of bitcoin units that will ever be created by the logic of its design are 21 million. For more details on how they work, see the recent Mises Daily “The Money-Ness of Bitcoins” by economist Nikolay Gertchev.
The Issue
While bitcoins are designed so that they cannot be hyperinflated in name, they certainly can be hyperinflated in substance. Already, there are numerous knockoffs such as litecoin, namecoin, and freicoin in place. This is a particularly valid point because bitcoin is a starfish, i.e., it is fully decentralized. As stated by Ori Brafman and Rod A. Beckstrom,
The starfish doesn’t have a head. Its central body isn’t even in charge. In fact, the major organs are replicated throughout each and every arm. If you cut the starfish in half, you’ll be in for a surprise: the animal won’t die, and pretty soon you’ll have two starfish to deal with.[1]
After the music-sharing service Napster went under, Niklas Zennström (the creator of Skype) stepped in with his creation called Kazaa, which had no central server that could be shut down. Eventually, such peer-to-peer programs became more numerous, to include Kazaa Lite, eDonkey, eMule, BitTorrent, etc. While this may be good news for people who like to download and share content for free, it certainly is not for people who are under the impression that bitcoin is a hedge against inflation. Those who compare bitcoin to a language neglect the fact that most people do not have an incentive to create a new language out of the blue. On the other hand, a great chunk of human history consists of people searching for the philosopher’s stone to magically produce gold. There can be no doubt that bitcoin has a built-in gold rush mechanism, which has already spilled over to litecoin and will be sure to spill over to subsequent knockoffs as well.[2]
Does bitcoin jibe with the Austrian stand on money? The only way to find out is to read what the great Austrians had to say. Let’s start with Carl Menger. In Principles of Economics, Carl Menger made the point that money, a general medium of exchange, has always tended to be the most “saleable” (i.e., “marketable” or “liquid”) commodity of the time.
What is saleability? It is not simply value. One may have a Picasso at home, which will fetch quite a sum at a Sotheby’s auction during a boom, but a Picasso, like a poem by Friedrich Shiller, a work of Sanskrit, or a decades-old bottle of red wine can never be the most saleable good. As Menger put it, saleability is the
facility with which [a good] can be disposed of at a market at any convenient time at current purchasing prices, or with less or more diminution of the same. (...) Compare only the number of persons to whom bread and meat can be sold with the number to whom astronomical instruments can be sold.
Menger went on to point out that cattle were the most saleable commodity in the ancient world. This is perfectly understandable in a world where bare-bones subsistence is a reality for most people and the structure of production is virtually nonexistent. As society progressed, however, cattle became less and less marketable.
As civilization progressed, Menger states that,
… peoples who were led to adopt a copper standard as a result of the material circumstances under which their economy developed, passed on from the less precious metals to the more precious ones, from copper and iron to silver and gold, with the further development of civilization, and especially with the geographical extension of commerce.
Gold won out due to a variety of reasons, such as being durable, amalgamable, malleable, divisible, homogeneous, and rare. Yet, the ultimate reason that gold won out is because it was the most saleable of commodities. As Menger went on to write,
Gold nuggets extracted from the sands of the Aranyos River by a dirty Transylvanian gypsy are just as saleable in his hands as in the hands of the owner of [the] gold mine, provided the gypsy knows where to find the right market for his commodity. Gold nuggets can pass through any number of hands without any decrease whatsoever in marketability. But articles of clothing, bedding, prepared foods, etc., would be suspect and almost unsaleable, or at any rate of greatly depreciated value, in the hands of the gypsy, even if they had not been used by him, and even if he had, from the beginning, acquired them only with the intention of passing them on in exchange.
This leads us to another criticism of bitcoin: It can never be the most saleable good. The reasoning for this is quite simple. Until the majority of the 7 billion or so people that inhabit this planet have either a smart phone or frequent access to the internet, a digital currency is out of the question.
Gold, on the other hand, is easily recognizable, as opposed to silver that may be mistaken for other metals such as nickel. Moreover, it melts at a relatively low temperature and is a relatively soft metal, which provides superior amalgamation and partly explains why it historically won out over metals such as platinum. If one questions the role of gold in the present monetary system, one only has to walk down the street in a metropolitan area and see a ‘We Buy Gold’ sign. Moreover, central banks hold gold and lots of it. They do not hold cattle, wheat, soybeans, copper, silver, or bitcoins.
Menger also wrote,
I am ready to admit that, under highly developed conditions of trade, money is regarded by many economizing men only as a token. But it is quite certain that this illusion would immediately be dispelled if the character of coins as quantities of industrial raw materials were lost. [3]
While it may very well be true that some early adopters valued bitcoins with what Menger described as imaginary value, the point of the most saleable good bears repeating. Gold is and has been seen as an object of beauty since the dawn of civilization. Thus, the argument that bitcoins are in accord with the regression theorem because a handful of people consume them as they would a Picasso, is like saying paper money has value because John Law or Ben Bernanke really enjoy playing monopoly. In fact, we might as well say that alchemy works, considering that a significant amount of human history and energy was spent in attempting to find the philosopher’s stone. Some people may enjoy work just for the sake of working. Unfortunately, this is not a sufficient justification for slavery nor the labor theory of value.
Anonymity
With the imminent hyperinflation meme fading away and no longer holding much water, the new reason to hold bitcoins is the anonymity, nay, the freedom that it provides. Want to gamble online or buy something illegal? Bitcoins are the solution. It is a way of circumventing the authorities and uplifting free and voluntary trade, or so goes the story. Unfortunately for many of the misinformed, the reality is toto caelo. It would be best to take it from bitcoin developer Jeff Garzik himself. The fun starts at 3:20.
The ironic part about this is that anyone and everyone who has participated in illegal activity using bitcoins, presumably because they thought it was anonymous, now has a permanent record of every single one of their transactions contained on the public ledger. Those who think they are clever by using add-ons such as Tor are just as foolish as those who think prepaid cards or smart phones are anonymous. Imagine if bitcoins existed 50 years ago. Chances are, none of the last three presidents (including Barack Obama) would have run for office.
Bubble Time?
The question left to be answered is whether or not bitcoin is once again taking the shape of a bubble. The answer is yes. There is present a reflexive pattern of people buying because prices are rising, and prices rising because people are buying. The myopic are extrapolating the price trend of the past four months, which they deem is normal, and in so doing they exacerbate it to the upside, thus attracting even greater fools. The inflection point will come when the continuity of bullish thought is broken. One thing is for sure, the amount of suckers left who are willing to jump on the moving and ever-accelerating train is drawing thin, and so are their pockets.
When prices for any asset go parabolic, it does technical damage to a chart. It is sort of like someone deciding to go full speed in the middle of a marathon. Surely, one would look good for a few minutes. However, at a certain point one would inevitably collapse, with the possibilities of finishing the race being greatly diminished, let alone doing as well as they would have otherwise.
Gold went parabolic toward the second half of 2011 to $1,900/oz., which did a lot of technical damage to the charts that gold is just now beginning to shake off. Like Icarus, who had soared too high and melted the wax on his wings, parabolic moves always end in a correction, and if prolonged, a crash. Ironically, the best thing that can happen for bitcoin naysayers is if bitcoin skyrockets to $300/btc within a week.
There is nothing anti-Austrian about acknowledging that there exists in the market place a lot of naïve, irrational, and misinformed players. During the dotcom bubble, for example, a maintenance and building company called Temco Services almost tripled in a matter of minutes in 1998. The reason is because by 1998 every other layperson was involved in the market. Thus, the level of competence significantly dropped. The ticker symbol for Temco is TMCO, which was fairly close to that of Ticketmaster Online, which was TMCS. Ticketmaster Online (then TMCS) just happened to trade publicly for the first time on the day that Temco Services (TMCO) tripled. Rising asset prices create euphoria, and euphoria significantly drops the IQ of the participants.
Another reason why bitcoin is so susceptible to bubble behavior is because it is perceived as being something new. “New era” thinking always attracts lots of attention. The tulip was introduced to Europe by way of Turkey in the middle of the sixteenth century. (In fact, the word tulip came from the Turkish tulipan, which means turban.) The tulip was perceived as something new to Amsterdam, a country which at the time possessed an abundance of newly discovered gold and silver from the New World. Likewise, the Mississippi bubble, which was perpetrated by John Law, promised vast riches to be had from the New World. The manias in railways, the radio, the internet, you name it, most of them involved something new or something perceived to be new.
There is no doubt that bitcoin is a spontaneous answer to the monetary instability that we see all around us today. On one side of the pond people are worried about the glorified currency peg known as the Euro and on the other about the amount of damage that Bernanke is willing to inflict upon the world’s reserve currency. However, let us not become so enamored of an innovative stateless solution that we forget Austrian economics and hitch libertarianism’s wagon to something heading for a crash.
http://www.naturalnews.com/039848_bitcoins_speculative_bubble_market_crash.html
.......... he makes sense at first then says he wants in after the crash,wich is fine by me,its not my money.but I wouldn't touch crypto currency at all.fiat in and fiat out.
here is a good article.
https://mises.org/daily/6401/Bitcoin-Money-of-the-Future-or-OldFashioned-Bubble
Bitcoin: Money of the Future or Old-Fashioned Bubble?
Bitcoin has been all the rage lately. The stuff, or lack thereof, runs on peer-to-peer technology, is fully decentralized, has no patents, and is open source. Currently, there are almost 11 million bitcoin units in existence and the maximum amount of bitcoin units that will ever be created by the logic of its design are 21 million. For more details on how they work, see the recent Mises Daily “The Money-Ness of Bitcoins” by economist Nikolay Gertchev.
The Issue
While bitcoins are designed so that they cannot be hyperinflated in name, they certainly can be hyperinflated in substance. Already, there are numerous knockoffs such as litecoin, namecoin, and freicoin in place. This is a particularly valid point because bitcoin is a starfish, i.e., it is fully decentralized. As stated by Ori Brafman and Rod A. Beckstrom,
The starfish doesn’t have a head. Its central body isn’t even in charge. In fact, the major organs are replicated throughout each and every arm. If you cut the starfish in half, you’ll be in for a surprise: the animal won’t die, and pretty soon you’ll have two starfish to deal with.[1]
After the music-sharing service Napster went under, Niklas Zennström (the creator of Skype) stepped in with his creation called Kazaa, which had no central server that could be shut down. Eventually, such peer-to-peer programs became more numerous, to include Kazaa Lite, eDonkey, eMule, BitTorrent, etc. While this may be good news for people who like to download and share content for free, it certainly is not for people who are under the impression that bitcoin is a hedge against inflation. Those who compare bitcoin to a language neglect the fact that most people do not have an incentive to create a new language out of the blue. On the other hand, a great chunk of human history consists of people searching for the philosopher’s stone to magically produce gold. There can be no doubt that bitcoin has a built-in gold rush mechanism, which has already spilled over to litecoin and will be sure to spill over to subsequent knockoffs as well.[2]
Does bitcoin jibe with the Austrian stand on money? The only way to find out is to read what the great Austrians had to say. Let’s start with Carl Menger. In Principles of Economics, Carl Menger made the point that money, a general medium of exchange, has always tended to be the most “saleable” (i.e., “marketable” or “liquid”) commodity of the time.
What is saleability? It is not simply value. One may have a Picasso at home, which will fetch quite a sum at a Sotheby’s auction during a boom, but a Picasso, like a poem by Friedrich Shiller, a work of Sanskrit, or a decades-old bottle of red wine can never be the most saleable good. As Menger put it, saleability is the
facility with which [a good] can be disposed of at a market at any convenient time at current purchasing prices, or with less or more diminution of the same. (...) Compare only the number of persons to whom bread and meat can be sold with the number to whom astronomical instruments can be sold.
Menger went on to point out that cattle were the most saleable commodity in the ancient world. This is perfectly understandable in a world where bare-bones subsistence is a reality for most people and the structure of production is virtually nonexistent. As society progressed, however, cattle became less and less marketable.
As civilization progressed, Menger states that,
… peoples who were led to adopt a copper standard as a result of the material circumstances under which their economy developed, passed on from the less precious metals to the more precious ones, from copper and iron to silver and gold, with the further development of civilization, and especially with the geographical extension of commerce.
Gold won out due to a variety of reasons, such as being durable, amalgamable, malleable, divisible, homogeneous, and rare. Yet, the ultimate reason that gold won out is because it was the most saleable of commodities. As Menger went on to write,
Gold nuggets extracted from the sands of the Aranyos River by a dirty Transylvanian gypsy are just as saleable in his hands as in the hands of the owner of [the] gold mine, provided the gypsy knows where to find the right market for his commodity. Gold nuggets can pass through any number of hands without any decrease whatsoever in marketability. But articles of clothing, bedding, prepared foods, etc., would be suspect and almost unsaleable, or at any rate of greatly depreciated value, in the hands of the gypsy, even if they had not been used by him, and even if he had, from the beginning, acquired them only with the intention of passing them on in exchange.
This leads us to another criticism of bitcoin: It can never be the most saleable good. The reasoning for this is quite simple. Until the majority of the 7 billion or so people that inhabit this planet have either a smart phone or frequent access to the internet, a digital currency is out of the question.
Gold, on the other hand, is easily recognizable, as opposed to silver that may be mistaken for other metals such as nickel. Moreover, it melts at a relatively low temperature and is a relatively soft metal, which provides superior amalgamation and partly explains why it historically won out over metals such as platinum. If one questions the role of gold in the present monetary system, one only has to walk down the street in a metropolitan area and see a ‘We Buy Gold’ sign. Moreover, central banks hold gold and lots of it. They do not hold cattle, wheat, soybeans, copper, silver, or bitcoins.
Menger also wrote,
I am ready to admit that, under highly developed conditions of trade, money is regarded by many economizing men only as a token. But it is quite certain that this illusion would immediately be dispelled if the character of coins as quantities of industrial raw materials were lost. [3]
While it may very well be true that some early adopters valued bitcoins with what Menger described as imaginary value, the point of the most saleable good bears repeating. Gold is and has been seen as an object of beauty since the dawn of civilization. Thus, the argument that bitcoins are in accord with the regression theorem because a handful of people consume them as they would a Picasso, is like saying paper money has value because John Law or Ben Bernanke really enjoy playing monopoly. In fact, we might as well say that alchemy works, considering that a significant amount of human history and energy was spent in attempting to find the philosopher’s stone. Some people may enjoy work just for the sake of working. Unfortunately, this is not a sufficient justification for slavery nor the labor theory of value.
Anonymity
With the imminent hyperinflation meme fading away and no longer holding much water, the new reason to hold bitcoins is the anonymity, nay, the freedom that it provides. Want to gamble online or buy something illegal? Bitcoins are the solution. It is a way of circumventing the authorities and uplifting free and voluntary trade, or so goes the story. Unfortunately for many of the misinformed, the reality is toto caelo. It would be best to take it from bitcoin developer Jeff Garzik himself. The fun starts at 3:20.
The ironic part about this is that anyone and everyone who has participated in illegal activity using bitcoins, presumably because they thought it was anonymous, now has a permanent record of every single one of their transactions contained on the public ledger. Those who think they are clever by using add-ons such as Tor are just as foolish as those who think prepaid cards or smart phones are anonymous. Imagine if bitcoins existed 50 years ago. Chances are, none of the last three presidents (including Barack Obama) would have run for office.
Bubble Time?
The question left to be answered is whether or not bitcoin is once again taking the shape of a bubble. The answer is yes. There is present a reflexive pattern of people buying because prices are rising, and prices rising because people are buying. The myopic are extrapolating the price trend of the past four months, which they deem is normal, and in so doing they exacerbate it to the upside, thus attracting even greater fools. The inflection point will come when the continuity of bullish thought is broken. One thing is for sure, the amount of suckers left who are willing to jump on the moving and ever-accelerating train is drawing thin, and so are their pockets.
When prices for any asset go parabolic, it does technical damage to a chart. It is sort of like someone deciding to go full speed in the middle of a marathon. Surely, one would look good for a few minutes. However, at a certain point one would inevitably collapse, with the possibilities of finishing the race being greatly diminished, let alone doing as well as they would have otherwise.
Gold went parabolic toward the second half of 2011 to $1,900/oz., which did a lot of technical damage to the charts that gold is just now beginning to shake off. Like Icarus, who had soared too high and melted the wax on his wings, parabolic moves always end in a correction, and if prolonged, a crash. Ironically, the best thing that can happen for bitcoin naysayers is if bitcoin skyrockets to $300/btc within a week.
There is nothing anti-Austrian about acknowledging that there exists in the market place a lot of naïve, irrational, and misinformed players. During the dotcom bubble, for example, a maintenance and building company called Temco Services almost tripled in a matter of minutes in 1998. The reason is because by 1998 every other layperson was involved in the market. Thus, the level of competence significantly dropped. The ticker symbol for Temco is TMCO, which was fairly close to that of Ticketmaster Online, which was TMCS. Ticketmaster Online (then TMCS) just happened to trade publicly for the first time on the day that Temco Services (TMCO) tripled. Rising asset prices create euphoria, and euphoria significantly drops the IQ of the participants.
Another reason why bitcoin is so susceptible to bubble behavior is because it is perceived as being something new. “New era” thinking always attracts lots of attention. The tulip was introduced to Europe by way of Turkey in the middle of the sixteenth century. (In fact, the word tulip came from the Turkish tulipan, which means turban.) The tulip was perceived as something new to Amsterdam, a country which at the time possessed an abundance of newly discovered gold and silver from the New World. Likewise, the Mississippi bubble, which was perpetrated by John Law, promised vast riches to be had from the New World. The manias in railways, the radio, the internet, you name it, most of them involved something new or something perceived to be new.
There is no doubt that bitcoin is a spontaneous answer to the monetary instability that we see all around us today. On one side of the pond people are worried about the glorified currency peg known as the Euro and on the other about the amount of damage that Bernanke is willing to inflict upon the world’s reserve currency. However, let us not become so enamored of an innovative stateless solution that we forget Austrian economics and hitch libertarianism’s wagon to something heading for a crash.
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Try again ...
Try again. Demand is nearly entirely fueled by speculators.
What again are you purchasing bitcoins for?
The same thing the majority of people are buying them for...SPECULATION. They are buying them to hold and convert them back into fiat.
The majority of people are not buying bitcoins to transact digitally across the web..
This makes them entirely un-stable and very difficult to trade as you have the majority of holders trying to sell before others.
Nobody is hating, merely trying to discourage others from catching a falling knife as you and power are suggesting. Best to wait for a bottom (or near), and ignore your hype. SPECULATORS always need someone to sell to at a higher price... the bigger fool. We're trying to discourage people from becoming the bigger fool. Not everyone can sell at the top. Buying near the top is a surefire way to lose.
You bought low and sold high... that's great.
People buying today? They don't quite have that opportunity at the current price point. They might as well play roulette. The odds are similar.
PS - I'm a bitcoin buyer. Just not at these prices. I'd prefer to wait until we see lower lows.. try to find some sort of ground floor stability.. and then spread some purchases around. Wait for the next parabolic move.. and sell high. I believe in the alternative currency aspect of bitcoin, but right now there are a lot of forces against it acting like a currency. Right now.. its merely a speculative trade - and a risky one at that.
Too many pie in the sky investors involved in this one.
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Flower farmer, we are obviously just jealous idiots who don't know shit.....
Funny pic I saw.
Funny pic I saw.
Funny side note.
Mt. Gox was originally a magic the gathering trading website.
Mt. Gox, M(agic)t(he). G(athering) o(nline) x(change)
Mt. Gox was originally a magic the gathering trading website.
Mt. Gox, M(agic)t(he). G(athering) o(nline) x(change)
And you might soon hear that those companies accepting bitcoins will no longer be accepting such an volatile currency.
If you were a company that jumped on board this digital currency.. started accepting it.. and then all of a sudden all of the payments you received the day prior were now worth 50% less.. how long would you continue to accept such currency..
Not long. Maybe companies that take donations or use a digital product, but not companies who realize real losses.
Why would any company subject themselves to losing over 50% of their prior day's gross?
PS - If anyone really wants to support bitcoin they should go spend some... like on actual products or services.
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This is kind of an absurd statement. Trying to buy low and sell high (be it USD, EUR, gold, oil, equities, or bitcoin) is "speculating". You made a lot of money because you bought low in hopes that the price would rise (which it did) and then you sold. That is the very definition speculating.there is no "SPECULATION" to account for why a lot of us made a lot of money today, but feel free to call it whatever you want
Volatility attracts speculators. One look at the chart tells you all you need to know about what's going on.
Major companies may be jumping on the bandwagon. I doubt few will have the stomach for the volatility over the medium term. Company A sells you 1,000USD worth of product (say 10 Bitcoins) tomorrow those 10 coins could be worth $500 or $10,000. You can't run a business with that much uncertainty in you balance sheet. Just cause a couple are dipping their toe in it doesn't make it legit. It has to stand the test of time.
I doubt there are too many on this board who hate the current monetary and political regimes more than I. They need to fail and I'm glad they are doing so. I like the idea of BitCoin and will probably be a buyer at some point, but the mere fact that it's on this board, people are talking about it at work, and there is a euphoria about "everyone" making all this money tells me, as a contrarian investor to wait. Be fearful when others are greedy and greedy when others are fearful.
dagnabit *sigh* ... haters gonna be haters.
If you want nothing to do with Bitcoin, FINE!!!... <---
... (but what are you even doing popping up randomly in this thread now?!?) ...
Why waste your time hating on people simply because they've been successful from it? there was never anything stopping YOU from investing -- you're only whinging now that others have been successful because you missed the boat... sorry but I find that quite sad, and disrespectful to others.
Do you also hate on people who've made money from gold or foreign exchanges? or business projects? your best friend who won a few grand at the casino on the weekend? or ... ?
Life is a gamble. If you can't handle people making money in ways that you've missed out on, that's your loss, but no need to be a sook about it.
So, why be such a hater? I wish the best for every fellow icmag member, and I've been glad to hear throughout the day that quite a few friends here have made a handsome return today - I just wish you'd gotten in a few months ago so you'd be enjoying it with us rather than being spiteful, but that's the beauty of retrospect! ...
Peace.
who's hating?
i just know a scheme when i see it. some people will make some change on this scheme as with all schemes but the majority will loose.
unfortunately the losers will be the people who can afford to lose it least the "bit" players" if you will. the same people who buy late night infomercial real estate courses and lotto tickets.
you say "success" but i doubt you have turned 5 figures into 7 with bitcoin.
hating?
no trying to warn others.
there are no get rich quick schemes.
want to know how to make a small fortune? start with a large one and buy into a get rich quick scheme. bingo bango bongo you have a small fortune.
but no "hate" here. that would be ad hominem against you. there has been none of that so dispense with your delusions of persecution huh?
this is a volatile penny stock. there are thousands of them. this one is not special.
unspoken
Member
Holy shit, Gramps said something I completely agree with related to money. Nearly fell out of my chair.
from $260 to $68...imagine if the money in your pocket lost it's value that fast....it would be a revolution and revolt...haha..that's why Bitcoin is funny
peace
Chefboy
peace
Chefboy
unspoken
Member
I don't think it's funny; it's just something to bet on. Like my post about the greater fool and greatest fool, it's blaringly obvious to me that the price of btc was fueled by a speculative bubble. Was it stupid to buy at $9, $11, $20? Turns out not. Would it be stupid to buy now at $68? Who f*ckin' knows man, that's the bet. Maybe it will be back to $150 in 20 minutes. What's funny to me is that people think because there is a set amount of the currency that it can't be manipulated, or that it will somehow be stable.
lol. I bet you did.
Imagine if you were a company selling products priced in BitCoin. Your balance sheet would reflect the price action of of the Coins over the past few days.
You'd have to change the price of what you were selling every 5 minutes. One minute your assets could be worth $1mil USD and an hour later they could be $200,000 and then $2mil tomorrow. Good luck running a company like that. That's a chart full of LOL. Not a chart describing a stable unit of exchange.
The JPY and JGB's (Japan currency and bonds) are getting up there with BitCoin in volatility though. JGB's have been halted limit up and down for 4 days and a row. Kyle Bass is about to cash in on his position.
Again, charts full of lol everywhere.
You'd have to change the price of what you were selling every 5 minutes. One minute your assets could be worth $1mil USD and an hour later they could be $200,000 and then $2mil tomorrow. Good luck running a company like that. That's a chart full of LOL. Not a chart describing a stable unit of exchange.
The JPY and JGB's (Japan currency and bonds) are getting up there with BitCoin in volatility though. JGB's have been halted limit up and down for 4 days and a row. Kyle Bass is about to cash in on his position.
Again, charts full of lol everywhere.
a very good article..
http://www.theatlantic.com/business/archive/2013/04/bitcoin-is-no-longer-a-currency/274859/
peace
Chefboy
http://www.theatlantic.com/business/archive/2013/04/bitcoin-is-no-longer-a-currency/274859/
peace
Chefboy
I know of 2 seed banks that except bit coin...the Boo tried to get it running but had some tech problems so dropped that idea. We will just have to wait and see what happens. I see allot more stores using this form of payment on there sites just like CC.
not if it is this volatile...I agree the concept is revolutionary and it is a new way of looking at doing commerce but bitcoin itself, well that is just people trying to make a quick buck now...as stated how could the bay or the bou, offer bitcoin as payment if the currency fluctuated so wildly...one day a pack of Sour Bubble would cost me 80 dollars the next day 200 dollars, the next day 20 dollars...it's not feasible as a currency....how can a business run like that
as stated previously
peace
Chefboy
