Bitcoin Forum

I just want you all to know, this "Bitcoin Black Tuesday" thing is nothing to worry about. The more coins you sell, the worse the economy is going to get. Please just calm down and hold your own. It's best for you, and best for the community. In my time typing this, the MT.GOX price has rise .30 USD.

Remember the basic economy fact, supply and demand. By putting up all of your available BTC, you are driving funds up. Look at this as a great time for investment.

Currently the Gox price is 6.57 6.57202 USD, which is higher than it was a year ago. Bitcoin is only a baby, we must feed and nurture it.

You can't forget that the price is only relevant to miners. Investors should look at BTC as any stock/asset investment, meaning low means buy. The lower price of today is only relevant to miner's as it isn't as profitable to mine as it was yesterday, but that doesn't mean that tomorrow the value won't be $50 a coin.


I will update the price as often as possible.

So you are selling all your coins but want to make sure the price doesn't drop too fast?

...


Heh, just trolling :) It's fun to see the panic movements, though I must say it has been worst in the past, people seem to be a bit less edgy now. It always puzzled me that when the price goes down and people dump their coins for whatever they can get for them the other side, the ones buying the coins, seems to go unnoticed.

I mean, for every coin you sell someone needs to buy it... And while selling coins can be done in a whim, buying them is probably a bit more of a psychological bend, as you are spending *money*, not bitcoins for which you don't yet have a multi generation inner bond with. Someone is in for big profit, I'd say.

I will easily admit my choice of buying BTC while the price was falling from 8 to 7 was a tactical mistake.
As the price went lower I bought more, with most being bought at 7.3.

So when a mistake is made I cut my losses allowing for other opportunities to appear instead of waiting
for the price to go up a significant percentage amount so I can get out. Having the money tied up like
that is not advantageous. So I sold everything at an average loss of around .50ish USD per BTC purchased.
Thank goodness for that mini rally we had a bit ago or it would have been worse.

So to say calm down and do not sell? Well shoot.. that does not seem wise from my perspective.
Don't sit on a bad trade. Admit to yourself you made a mistake and move on.

I am not liking what I am seeing right now plus the rumor more stolen coins are getting sold. I thought
we were past that issue. Guess not.

Well OP is absolutely right, and if you draw a trendline along the exponential price graph you get a support level at the current date around $4.

If it drops below that that would be something to think about, otherwise it's just normal market movements. People who bought btc at 10-30 levels or bought expensive rigs recently don't have it together anyway :)

It might drop to 4 and then just sit at 4 for a month.

All of you have extremely good points.

Sure the buyers go unnoticed, but when they buy at 7 and the price drops to 6 where they then sell, they cause just as many problems as the ones that sold at 7. Someone will likely make a huge profit assuming they stay in like us smart people.


You admitted to making a bad trade. With the time I've spent playing with investments and markets, you need to really watch the numbers. A rumor and a drop of ~1.25 over the course of 36 hours is enough to make you fret? You remind me of the general public listening to the news. It's a load of exaggerated and "grim" news that is really nothing to worry about.

As posted by electricmucus, the BTC market is still much better than it was a year ago, or really even 8 months ago.


In the time writing this, the price has gone up to 6.60660.

I am not clear on why you think people should just hold and watch their money evaporate?

All for the good of the bitcoin project? Pfft. We are talking about cash.. not ideals or the community.
Perhaps we are both on different pages. Bitcoin will be around if the price is 10 cents or 10 dollars.

I could buy back in right now and have a few more BTC then I did just a few hours ago.
This would also give me an actual chance of selling again for a profit if I feel there is a chance the
price will go up enough to cover trading costs.

Or I could have just hung onto my over priced coins and prayed the price went up to 8 again to make
a small profit. And that will somehow contribute to the project in some way that makes zero sense to me.

Yes, calm down.  It's just noise.

http://bitcoincharts.com/charts/chart.png?width=800&m=mtgoxUSD&k=&r=180&i=&c=0&s=&e=&Prev=&Next=&v=0&cv=0&ps=0&l=0&p=0&t=S&b=&a1=&m1=10&a2=SMA&m2=30&x=0
Bitcoin/USD, last 6 months.

The overall trend, as I've been saying for some time, is a long, slow slide of about $4 per month since the bubble popped back in June. The purple line is a simple 30-day trailing moving average. With 30 days of smoothing, all the little "ralies" and "crashes" are filtered out, leaving a clear downward trend. Note that after each little "crash", there's a partial recovery, and the next peak is always lower than the previous one.

The real question at this point is what the endgame looks like.   At a steady drop of $4 per month, we're less than two months from zero. Will we have a hard landing or a soft one?

Useless fearmongering

This chart provides a more reasonable estimate
http://img155.imageshack.us/img155/8804/chartlargelog.png

Useless optimism. 

That reassures me a great deal, thanks. Can you tell me what the green lines represent?

so you're just totally ignoring the plateau/decline at $10 because you drew some sorta-trend-lines or something?

is that about right?

I like that chart. It shows how the market is going to fluctuate on it's median. Sometimes up, sometimes low, but it shouldn't go anywhere outside of the bar. Prices have stabilized, and have not changed since I wrote this

:D

And they are up more. To all the neer-sayers: Bitcoin will not fail.

 8)

is this a joke

what in gods name makes you believe that 100% arbitrary assertion

Bitcoins!

Fundamentals.  They are solid. 

This actually
http://img7.imageshack.us/img7/7043/e47c3abb4c114a9ec48dafa.png

But what do the green lines represent? Sorry, I'm a bit clueless at finance.

The Green Lines are representing the Highs and lows of the BTC value. It HAS NOT gone outside of those lines, and the lines remain a shallow angle.

Ah, okay. I think I understand.

And the jagged orange line?

That's the difficulty, which will most likely drop again. (going on 3 in a row)

what if the price falls below the green line. will you just redraw the bottom green line and say all is well again?

We'll talk about when and if it happens if you are still around you can always necrobump the thread and provide an alternative explanation  :D

Ah, gotcha.

And the lavender one?

That is the actual price per BTC at MtGox, not to be confused with the high and low

Of course it hasn't, because if it did then the green lines wouldn't be where they are now. Even if the price falls to 0.01 all you need to do is add older trades and wait until it recovers to 0.011 to make the trend be up.

I agree, that makes sense.




You clearly aren't looking at the picture. It consistently hits the line and then goes back up. If it dropped to .01 then the graph wouldn't consistently hit the bottom of the trend and come back up, they would just be dips.

Sorry, I'm confused again: can you explain the orange line?

Difficulty- how hard it is to find a block
Bitcoin Price at Mt.Gox
High or Low trends
Did the best I could explaining, honestly, it's pretty straightforward.

Here, try these: http://www.3d-brillen-shop.de/WebRoot/Store9/Shops/17162847/4AFC/1D58/92F4/6ED4/928D/C0A8/2981/C419/3d-brille-anaglyph-rot-blau_m.jpg

LoL.

Also, fuck Bitcoin, let it die, or help it along. Bitcoin needs to die to give a crypto-currency that isn't designed like total shit to arrive and gain a market.

Bitcoin was a great proof-of-concept. It served it's purpose, not let it pass and the next evolution to arrive.

It isn't that Bitcoin was designed poorly. The deflation theory was bad, but the other problems, that have to do with mining were unforeseen. Satoshi didn't think that GPU's would end up being used to mine BTC, and that is where these problems are coming from.

If Satoshi didn't foresee that GPUs would be used for computing hashes (which is almost as close to their optimal use-case as one can get) even two years ago, then he is definitely the idiot-savant I described.

I prefer the con-man argument, but I digress...

Two years ago, a top of the line Video Card, wouldn't compare to CPU mining of those days. To think that a video card would be better at mathematical equations than a CPU (designed for computing) would be idiotic.

I have to take on this - fitting a line to two points is... quirky to say the least. You can always fit a line with R = 1.0 to two points, it doesn't mean anything. What you are suggesting here is exponential growth, btw, since a straight line in a logarithmic scale corresponds to:

log y / t = k --> log y = k*t --> y = exp(k*t) which yields to infinity when t --> infinity, i.e. the price would approach infinity if your predicted growth would hold up.

If you had drawn these lines before the price information was available (let's say at Nov 2010), there could be something, and even then, straight line just isn't possible in a log curve.

I call bullshit.

You fucking idiot...

Even the R600 chip from 2006 could out-hash a CPU from the same era.

You my friend, have just made that up. If you look into science, exponential growth does the same thing. It gets High, and then crashed, and again, and again, until it stabilizes or it wipes it's self out.

Any proof? I will believe you, but you also forget to think that there were no ways to mine with gpu's or specifically opencl at the time. It wasn't forseen.

Look at the specification sheet.

There was no GPU hashing until someone wrote the software for it, and OpenCL is a very convenient API for doing so.

However, if the originator of a cryptographically based software is/was unaware of the implications of GPUs, even 5 years ago, then they are total and complete idiots. OpenCL or not.

Can't forget that Opencl wasn't released until December 2008. How is one supposed to plan for that? You're implying Satoshi could see the future?

In for example biology exponential growth slows down because of the carrying capacity of the environment. The same thing happens to bitcoin and everything else, nothing tends to infinity. However, your straight lines in a log scale do. Expand your picture a bit with the same lines; what sort of a value does your lower limit predict? Something like 100-500 USD/bitcoin in one year? How about after two years? 1000-5000 USD/bitcoin? In 10 years, I guess everyone will be really rich if that goes on, because it will be worth... 100-500 * 10^9 USD / bitcoin, so "only" 100-500 billion USD per coin.

That's why "fitting" straight lines into a log curve doesn't work.

I am tempted to agree; however, if we keep migrating to newer and newer platforms we will never be able to develop a stable economy around one system.

I'm sorry that you don't understand cryptography and processor architecture.  I can understand that to a layman it all seems rather nebulous and disconnected...

just, trust me on this.

Either Satoshi knew that GPUs would eventually dominate hashing, or he was/is a total fool. OpenCL was not a "missing piece of the puzzle."

And this is how it should be.

Crypto-currency should NEVER catch on in any meaningful capacity until it is 100% ready for it.

check out https://bitcointalk.org/index.php?topic=41059.0 for at least a very promising concept of a future platform.

I am defending the picture, the original isn't mine. I simply reinforced the trend it said. I didn't do the math behind it, as I was defending it. Assuming the trend continues, and Bitcoin evens out. I would assume the price would be the mean of the High/low fit at that time. That's only IF the economy puts out the demand for that amount.

There is no way to predict shit for bitcoin.  There is no central authority, no control, anyone can sell as many as they want for whatever price they want at any time, people panic, prices drop ass, no real businesses are accepting bitcoin, and theres really no point in bitcoin.  I thought it was a cool concept, and it is, but I cant see any benefit of using it vs any other method online which makes it pointless outside of a fun geeky thing to play with

... in which case the picture has no relevance whatsoever. The current trend is a downfall, no matter what types of graphs people draw, and it isn't beneficial for the community to draw graphs in hopes of increasing the value of BTC vs USD, aka to manipulate the market. Whether or not it will turn into an uptrend has nothing to do with the past performance, and it would be better for the community if there wasn't actually an "uptrend". No-one wants to use a currency whose value changes 20% per day (Zimbabwe, anyone?) - the best thing for Bitcoin would be for the valuation to level off, so that more serious merchants can step in.

If that doesn't happen, Bitcoin will turn into a speculation commodity, which doesn't predict a long life. And don't take me wrong, I do believe in the project, people are just focusing too much on the BTC/USD exchange ratio instead of the relevant issue, which is to actually use Bitcoin as a currency...

CUDA came in November 2006.

Someone could've coded GPU mining in any language.

Really Satoshi should have made encryption harder so it's not 256 bit, but 65535 bits.

Problem is we cant use bitcoin as a currency if it is not stable and I do not see a situation where this set up will allow bitcoins to become stable, making it impossible to use a currency, which negates the positives of the bitcoin system.

Well the people who think it's funny, are buying a lot of at 6.66, but I think that will fall.  Bitcoin will be good when it finally drops down to before the big media buzz.  It's just over-inflated now, but I believe when the bubble bursts, it will be good!

In addition, the Seti@home GPU client was released before the launch of Bitcoin (http://www.overclockers.com/forums/showthread.php?t=588736) in December 2008.

The bubble did burst, then blew up, then burst, then blew up, then burst, thats the freaking problem.  Who can accept it as a digital currency when its 10 bux one day per coin and 5 bux the next, just wont work.

This thread went from a "Don't panic" to a "Defend why Bitcoin works" I'm not into defending it, so as OP I will gracefully step down. Discuss as you will. I will hold my position.

And it will always be so, unless it crashes and burns like I hope it does.

the fundamentals of Bitcoin are fucked.  And the insane cottage-currency-market-industry that surrounds it is a testament to this fact.

Bitcoins are awesome, they just got inflated.  $1/coin is a stable price.

I now make you the new OP of this thread.

The price per coin is now over 6.85.

I think $0.005/coin is a nice and sturdy price.

No, keep it around 1 euro so it's easy for people to think on.

lmao you retards think that the market price is dictated by the mining difficulty

mining difficulty varies with the number of chumps that are mining
market price varies with the number of chumps that are buying in

Earlier this summer: there was an explosion of interest in bitcoins
- Lots of chumps bought in and the price rose.
- Lots of chumps also started mining so the difficulty rose.
- The difficulty rise didn't drive the price up

Now:
- Lots of chumps are still mining. Because they don't want to admit the $1200 they spent on computationally advanced space heaters wasn't a great investment.
- Difficulty stays the same or drops slightly.
- No more chumps are looking to buy into bitcoins. Price falls.

You dont honestly be leave that do you?
(You did set the tone with the "idiotic"-comment)

Firstly a CPU is designed to run programs not compute stuff (yes i know the difference is fine but its there), the CPU's does not focus on common integer operations.

Secondly this stuff is any vector processors wet dream. And the problem GPU's had a few years ago was double precision floats not integers.
Which should be obvious to anyone that have taken computer architecture/hardware 101 and read about Flynn's defs. more specifically  the SIMD architecture.

Thirdly, two years ago they the 5750 (which is what i use) was released and it delivers ~180Mh/s

And last, the speed at which stuff is mined doesnt matter at all. Its just a game of who has the most equipment - how large is your share.
The stuff that matter is how much the mining capacity varies (look at current namecoin difficulty the 2 week cycle will be finished in jan.).

/GoK

Right now I am watching it crash from 6.80 back down to 6.30 http://mtgoxlive.com/orders
I wish I could place a bet on how fast it will fall.

http://content.esotericteaching.org/content/0801/images/JJBell-singularity_chart2.gif
another graph for ya  :D

With how thin the market is right now, I could bet on the same side as you, sell the coins, collect the bet and buy back on the panic that follows... double gain!

If people built there mining rigs early enough, I built quite a few for people early 2011, then all of them got there computer paid for and more, so they were not chumps.  People that are seriously mining now, are not chumps either, there showing there beliefe in the bitcoin system and are working to mine them to have and hold for the next two years as an investment.  If bitcoin works, succeeds, then they will go up to 20 to 50 bux a coin because there is only 21 million that can ever be made and they can be broken down into decimals  If it doesnt succeed, all the early adopters made big money, got a nice computer for free, the middle investors got a nice computer for free.  The only ones that will be hurt and bitching are the ones that came in real late, spent 1200 on a rig, to see the price drop to single digits with the difficulty rising.  But even then, there not chumps because they still have a useable and sellable computer to use or recoup most of there money spent anyways.  Many can also still make a profit mining bitcoins if they live anywhere where there rent includes elextricity.  So it could die, it could grow, no one knows, but no one is a chump for giving it a shot, except for you.

Correction: I know.

If you haven't paid off your sweet rig by now you are a chump. If you already paid it off you are a lucky chump.

We are now hitting the point at which mining is close to the margin of electricity costs. There are no longer big bucks to be made mining. Even with free electricity, payoff will be measured in years. Your 2-year-old ATI cards that have been overclocked and running 24/7  for months are worthless as far as resale goes, nobody wants to buy that crap.

You are idiotically hanging on to the insane notion that ~*some day*~ the price will rise again to $50 and UP UP UP. This is not going to happen. The only way the price can go up is if you can convince new chumps to join in and add a lot of money to the system (but its totally not a ponzi scheme though guys). Limited quantity and divisibility alone do not mean high value. I'm only going to produce a limited amount of shit in my lifetime (~50,000 pc?), and you could slice it into as many pieces as you want. This does not mean one of my turds will eventually trade for $50.

Anyone with any sense is staying away. Anyone without any sense already got involved in the first wave. It's over, bitcoin is a joke that is slowly dying over the course of a few months. The best option at this juncture is to swallow any pride you have remaining and cash out

Of course, you're right..    Tell me o'Guru where should we go now after "cashing out" ?

You must have a better place in mind ?
US$Dollahs perhaps ?  Paypal ? LOLCoins ? Gold Certificates ?  Actual chunks of Metal ?

Oh, you dont have a better alternative that can do what Bitcoin can ? 

Then GTFO and stop crying abandon ship when your best alternative is the empty ocean.

surewhynot

http://www.rfreitas.com/Nano/TangibleNanomoney.htm

Someone is angry at being the bagholder

I didn't list an alternative because p much anything is a better investment vehicle than bitcoin. Ideally you'd want something that can't lose 80% of its value in 3 months. Something that a human being without crippling mental deficiencies might concievably want to buy from you in the future. A good trick is to browse Ron Paul forums to find out what the libertarians are buying - Purestrain gold, silver, solidcoins etc. - and avoid it like the plague. Libertarians are canaries for terrible financial decisions.

Hey You!

Do NOT come in here insulting Bitcoin.

Not at all..

I have a small amount of Bitcoins that I bought and hold as a fun gamble - a known hi-risk, potential high-reward investment,  I have spent more of them to help do what one should do with money to make it work

and I am more interested in the value of the system as a potential future replacement for Paypal and other centrally managed ways of moving value to people without interference than I am in caring what their momentary value is according to the opinions of some lily-livered speculators and day-traders are.

Their current value as "an investment vehicle" is purely driven by speculation on their perceived future value and amateur investors who care nothing of their actual usefulness crying "OMG, They're losing their value, The System is Dying, Quick Get out, they're a joke" is what makes me angry...  not any "wah! my BTC holdings arent going up in value" as you seem to think.

So, without a useful actual functioning alternative that you can demonstrate to be better, you are just sounding like an upset short-term value investor yourself, and your "its a dying joke" claim is baseless and ridiculous.

Step One: Open and eTrade account.

Step Two: Buy any fucking stock you like, randomly if you feel so inclined.

Step Three: Wait.

Step Four: Profit.

How does this do what Bitcoin does ? 

Or are you just offering general dollar-based investment advice ?

Bitcoin doesn't do anything but move a graph-line,

I think it can get back up.  It being over I dont think so.  Bitcoin can do things that stocks can not, theres some benefits to using bitcoins verse cash, checks etc, but real stores need to accept bitcoin for it to have future.  For now it is just a gamble, having fun with them, dont invest too much money and lets see what happens.

hey guys, it seems the price dropped below your green line that it wasn't supposed to.

what's up with that?

Right. We're not hearing from the "green line" guy any more, I notice. No great loss.

Need your green line fix!?

GREEN LINE FEVA

https://i.imgur.com/Qk35l.png

What does it mean?

BUYELL!

Fixed it for you.

Additional Fix.  :D

Green line guy here  ;D

If that chart becomes a meme I claim 0.05 BTC for every usage  :D
1C1aN3gBrTdy8NghFAAaQudHkr9zTaC5o5

What are you talking about? The difficulty adjusts for any improvement in hardware and a hash is not encryption.

Can we start panicking now?

It's time for everyone to convert to cosbycoin apparently.

Already done. I'm so way ahead of you there.

Well, you could start panicking at any time, but in reality it isn't going to do anything for you.  It would have been better if you would have started panicking when bitcoin started shooting through the roof, maybe started using that influx of wealth to build infrastructure for bitcoin, so that there would be a place for that money to stay once it got there.

I did precisely that.  I've been panicking since I mined my first coins at a cost basis of well under a dollar while market prices were around $8.   The panic went into high gear as we climbed to $30 while cost to produce was around a buck, and has been gradually subsiding as bitcoin prices approach cost to produce.

I knew we were not going to infinity and beyond when my hardware investment was paid for in 6 days.

But then, I'm not a "buy and hold even if it goes to nothing" faithful.  I've already profited from this pyramid.  Anything else I get is gravy.

You are a genius business person!

Panick, sell your bitcoins and all your mining hardware now, before there worth pennies.

someone wants a free mining rig...

Spelling and grammar errors.

I was thinking that, but decided not to be a grammar nazi, just because I didn't want to start a flame war.

You can sneeze the wrong way and start a war around here.

How true, it's a really bad melting pot full of people, I guess once money is involved, the "community" turns into "my money"

FEAR PHASE BEGINNING.

LOL

Blood on the streets! :D :D :D

as a stock investor I remember many .com stocks that went up during during the tech bubble era with an almost identical chart to bitcoin. I remember all the "hopes and future earnings" that never came most people that bought and hold sold out at 0..



Now I sit here and look at bitcoin and really let's be honest it's worth no one near these levels fundamentally, it is poorly(at best) accepted in the online world, it's connected to drug trade(silkroad) and when that went down so did much of the interest in bitcoin.



Sorry to say  I think  the actual value of bitcoin is worth less then a buck and that's being generous since if it reaches under a buck it will likely fall much lower.

I love trading penny stocks in the real stock market where a stock goes from $40 to $0.04 and people on the message boards are screaming about "Massive rally to $0.08" incoming, ignoring the fact a year ago it was at $40!!"


Also what does not help is MTGOX is a bunch of amateurs and anyone with large money should not and apparently no longer trusts that place, the other exchanges have such pathetic volume they should just say "mercy" and shut down

Something seems fishy here.

Your views are dangerously logical and rational, and have no place in the Speculation forum  :D

  I largely agree with your comment, but I'm curious as to what you mean when you say silk road went down.  Is the server no longer working?

Me too; I'm the guy who did "downside.com" and automatically tracked the cash flow of public dot-coms as they went to 0.

With Bitcoin, there are no potential future earnings.  Yes, if Bitcoin was mostly used for transactions with some speculation, it might at least hold its value. But the reality is the other way round. As a zero-sum speculative vehicle, it's a pyramid scheme.

Nagle, how do you feel about Gold? It doesn’t pay any dividend either, and its industrial and economic use is very limited.

Is this a pyramid scheme as well?

A sentiment I find myself in agreement with.

And I'm with John Nagle. The security itself is provably quite uncorrelated. But the promotional activities that sorround it are highly correlated with the "caveat emptor" section of pink sheets.

http://www.otcmarkets.com/otc-101/otc-market-tiers
http://www.otcmarkets.com/otc-101/caveat-emptor

I particularly like that they have a special logo for that tier of securities:http://www.otcmarkets.com/content/doc/ps/tier/logo/small/caveat-emptor.png
I edited to correct the links.

No, actually I'm speaking mathematically.

What you call "rhetorical correlation", I'll call correlation to the events that are assigned "tail" probability in your models (2% 5%). In other words, your model is 98% or 95% of the time correct. When it isn't correct it will create loses on the same order of magnitude like the profits you are creating.

Price of BTC in USD simply doesn't obey the assumptions of "law of large numbers". This is the common fallacy of using linear statistics in finance.

its correlated. but not as we know it

2112, which of those, in your view, are typical of bitcoin ?

I am yet to start receiving bitcoin spam...

Weird. The whole first page of Google search about "probability mechanics" is related to Star Trek and some conspiracy theory blog Above Top Secret.

Chodpaba, have you warped or wormholed to our universe from some other one?

Or is the "probability mechanics" a title of some discontinued elementary statistics textbook?

It is probably a little bit of each. Please bear in mind that my personal slant is European Union and non-English languages, not the USA and other English-speaking countries. As far as fraud the cases I know were settled under civil law, not criminal, and as such are under seal.

I mean, I fully agree with Chodpaba that bitcoin isn't a "blue chip stock" nor it is "noble metal commodity". It is some sort of synthetic security that could be tradable (and probably will be traded) using the OTC BB rules (or their equivalent). But I don't see this happening under the stewardship of the current "core development group".

I like your answer. It's funny how Chodpabas answer is very similar to yours, yet yours doesn't get disputet at all, while the thread unwinds to discuss Chodpabas answer at length.

It's because, well, who would dispute the value of gold? It's had value for thousands of years, yet is suffers some of the same "problems" bitcoin "suffers" from.

I've been pointing out that bitcoin is more like gold than like a currency (or, god beware, bank notes) since I first got in touch with bitcoin in early 2011. That sentiment doesn't resonate much for some reason and people just go on to discuss money, investement, economics,... probably a good thing.

It is similar to gold, even the mining part, you mine for gold, you mine for bitcoins, and I think that is the reason the word was used.  There are similarities, but its a virtual currency not tangible, not backed by anything and uses cryptography so there is some economics, mathmatics, stock type values inside bitcoin, but if you want to compare it to anything it would be like World of warcraft money with a touch of gold lol

Personally, I think that "gold price" could be seen as a disease, not of individual people, but of market itself ;)

If I can buy a ring of bitcoin, and propose to my girlfriend with it, then bitcoin is like gold.  If I can't, then your argument fails.

Seems you don't grasp what it is to say one thing is more like another.  Saying that bitcoin is more like gold than like a currency is not saying that anything one can do with gold one can do with bitcoin.   Crossbows are more like handguns than like pocket knives.  That doesn't mean that I ought to be able to effectively fire bullets from a crossbow.

One has to agree it carries characteristics of gold as well as a bunch of other crap lol.  Only problem is now its pretty close to worthless and has been for a couple months,  2bux a bitcoin isnt going to cut it with the cost it takes to make them and the difficulty to use them for things that matter.  So now there like cheap trading cards

Nice necrobump. While true, I think the community has learned to accept them, and slowly people are selling out of Bitcoin.

I wonder if I can embed a private key inside a ring.  Then it really would be a ring of bitcoin.

This is just plain wrong, in the karmic sense of the word! Bitcoins are about freedom, why would you use then to help you tie the knot?

Wrong, wrong, wrong... now I have to take a long shower and scrub myself clean.

A nice gold locket or broach containing Bitcoin with a sparkling hologram might look nice.

Really sucks that this died, forums dying, support dying price dying, bitcoins have become pointless and does now seem to have been a ponzi or pyramid scheme lol  Just wish I would have hit it hard at 30 bux.

What problems are related to GPU (or mining in general)?

Take one of your coins, then do the ring from a coin thing (I've seen an article on wiki-how or something.).
IMHO GPU's turned a project like Bitcoin (a decentralized currency) and turned it into a gaining investment. GPU's gave way to farming, and thus gave way to an enhanced deflationary symptom. Without GPU's, I personally don't think we'd be in the situation we are in now.

Please explain.  The number of coins generated is static.  Had GPU mining been impossible when prices spiked you would have seen CPU farms being built instead.  Find the combination of hardware which produces the most MH/W.  If 1 unit is profitable then 10 units are 10x as profitable.  Also without the improved economics of GPU we all would be hashing of FPGA.  FPGA destroy CPU in both price and efficiency.  Adoption has only been slow because the higher cost (relative to GPU) outweighs the higher efficiency in the mind of most miners.  Still the trend is inevitable.

If Bitcoin lasts long enough we will go all the way to custom ASICs.

Unoptomized CPU -> OpenCL CPU miners -> GPU miners -> FPGA miners -> SASIC miners -> Full custom ASIC miners.

Blaming GPU is like blaming the Irish immigrants for all the ills of America circa early 1800s.

$18k in electric bills per day, with an average loss of 25% per coin produced by miners, that could otherwise be used to purchase bitcoins? You think that it's bad for Bitcoin that up to $540k a month flows out of the system to pay electric bills? Are you suggesting *gasp* that miners should put that money toward supporting Bitcoin by purchasing them for less than they mine them for rather than hoping for speculators and idealistic white knights to continually keep the ship afloat?

Nonsense, sir! I call shenanigans!

-Jonathan

You're not the only one.  Many people wish they could have dumped their bitcoins for at least $20 each.  Anyone claiming they didn't mind missing the bubble just isn't very good at math.

Every time I see this thread title, I think of

http://www.myfacewhen.net/uploads/1040-tourettes-guy.jpg

I see the low price of BTC as a excellent opportunity to invest great deals of money  ;)