Bitcoin Forum

I happen to be a new bitcoiner and I feel that I am late to this new concept?  The prices seem high and the early adopters sure have the better end of the stick?
How many people use bitcoin and how will they increase/decrease?

Has bitcoin reached highest prices or will it soon go to da moooooooooooon!

You aren't late! Welcome aboard.

But be careful, learn about Bitcoin before buying some. Do not trust by default. Realize that only you can secure your Bitcoins, or people you have legitimate reasons to trust more than yourself.

If everyone had applied that simple rule, the MtGox debacle would have been quite an insignificant event, and couldn't even have happened in the first place. If all customers withdraw all their coins from exchanges all the time, things like this just can't happen (i.e. a systematic, daily "bank run" on the exchanges I use, until I have reasonable reasons to trust them, which I don't)

That said, if you are only interested in Bitcoin as a get-rich-quick scheme in the following 3 months or so, you'll be better off going to a casino.

Cheers

Everyone who learns about bitcoin feels they were late to the party, whether that was 2011, spring 2013 or now.  The crazy thing is that before you even know it, suddenly you're an earlier adopter. 

There are many chapters left in this story. 

I think it's too late if you bought at $1000+, if you get to buy at $200-$300 range you will be able to profit some. But the days of 10,000x returns are over.

Bitcoin mining is also collapsing, governments are continuously banning bitcoin reducing accessibility to the masses, a fact people tend to ignore and pretend it doesn't exist.

200EMA is always a good place to buy. Except that one time in 2011...

this is still very early stage.

bitcoin has now reached the market cap of rovio.

rovio ? oh yeah, the are the makers of "angry birds"

so, read/learn about bitcoin and make up your mind if this technology is worth more than a mobile game app.

here are some nice articles to start with:



http://dealbook.nytimes.com/2014/01/21/why-bitcoin-matters/?_php=true&_type=blogs&_r=0

http://news.stanford.edu/news/2014/february/bitcoin-athey-srinivasan-021814.html

https://medium.com/future-of-currency/73b4257ac833



we are far away from mainstream. you are early in the game. be aware that you have to get familiar with "cold storage" if you want to put some money into bitcoin.
the bitcoin infrastructure isn´t ready for mainstream use, so don´t rely on others, keep your coins under your control in cold storage.

in my opinion between 500 and 600 is a good price to get in. only invest money you can afford to completly lose.

Yeah these are hhopefully still VERY VERY early stages! :)

Bitcoin is an infant.. Its a currency and much more! %90 people don't realize the potential. %9 see it as a means of financial gain. And %1 know its the best thing that has happened to humanity (technologically) since the internet.

Fun fact: The top 500 supercomputers in the world are a total of 250 petaFLOPS. The bitcoin network is 342153.22 petaFLOPS and growing, thats 1369 times faster than the worlds top 500 supercomputers. This is what kind of infrastructure the network is built on.

Cheap coins ahead.  Lots of accusations of Ponzi schemes to come.

That remark, as innocent as it sounds, is probably *the* most central problem we have when doing TA: we simply don't have much data yet.

Don't get me wrong, I don't disagree with you (about the daily EMA200, or if you're conservative, EMA300 which we hit 2 days ago), but a nagging voice in my head always tells me when I base some TA on this argument I make in my head (implicitly):

"Situation now resembles this and that aspect of the bubble/pop cycle 2012 and the bubble/pop cycle 2013 (but not the bubble/pop cycle of 2011, but I ignore that one because times were different then)".

I hope you can see my point. If you go by some semi-objective volatility measure (like BBW), we had 3 big cycles (2011, 2013, 2013/14), and a smaller one in 2012. Of those, at most 4 cycles, 1 was different, but me (and many others doing TA) tend to think of the 2011 cycle as an outlier, that can mostly be ignored.

I do the same, let me say that once more.

But, as I said above, a nagging voice in my head tells me to be careful doing so, "ignore 2011 at your own risk".

As shown by this graph of the collapsing network hash rate:

http://blockchain.info/charts/hash-rate (http://blockchain.info/charts/hash-rate)

Oh wait ....

Sorry, you're too late. We're all packing up and heading out, but feel free to stick around for awhile if you'd like. There should be some drinks in the fridge, just be sure to turn off the lights when you're done. Thanks.

It's not too late. If you can work up $6k with which to buy 10 BTC, you should be able to retire quite comfortably in three years.

It is nonsense like this that gives bitcoin a bad reputation.
Expect your invested funds to be worth nothing or at best the same as they are now.
That way there is at least a chance you will be satisfied when and if your investment does increase in value

lol - I thought I was late at $10.00 each.  :D   Welcome to the party.  Yeah, it's a party.  If you can't have fun doing it, why bother.  ;)

I agree. It's a risky investment and, as such, one should only put in money he or she can afford to lose. Even $6k is ok if you can comfortably live without that amount of money. I'm currently at 2 BTC and happy with it.

Too late. Only down from here.

Bullshit, this is a freaking party. Whenever that price crashes to hell I get some beer and watch it like it's the superbowl with my team playing or a realy good mma fight. The difference is you can make a shitload of money if you buy in right.

When I first got involved bitcoin was around $5 and I invested only a tiny little amount because I thought I already missed the easy money.

Still kicking myself.

You are looking at a growing monetary system that is valued less than $10B currently against may tens of trillions of dollars globally. The major easy money has been made, only invest what you can 100% lose, but don't think there is not growth left.

don't forget the other bitcoin phrase repeated ad infinitum: bitcoin outcome is binary. it will either go to zero or millions!

so he should go for it, don't be a pussy and talk yourself out of it. everyone who has done that so far regretted it.

I think the long term outcome is indeed binary and there is the remote chance that it could go to millions.
Which is an even more compelling reason only to invest what you can safely lose.
If it indeed does go to millions you'll be fine with a few coins. Maybe not filthy rich but enough to give you a great head start.
On the other hand losing the family heritage will most likely affect your future life in a negative way

You've just confirmed my theory. Based on what you say, even a 0.5 or 1 BTC is ok: if it goes to zero, you lose nothing, if it goes to millions, you can consider yourself rich depending on the situation you're starting from. That's a win-win.

you got in sooner than most. As a bitcoin fanatic I actually make it mart of my day to talk to everyone I meet about bitcoin and asking if they have heard of it or what they know, making it a priority to talk to any store owners if they plan to accept it. Most of these people have never heard of it. meaning yes we are still the early adopters.

I feel bitcoin will be over 10k this year.