people have this weird idea about how much bitcoins worth......... but it goes like this. If the price has been 20 dollars for a couple days all the sudden they feel it's worth 20. if it's a thousand dollars for 3 weeks they will feel a lot differenty. There isn't a price I'd stop buying bitcoins... i'd dollar cost average even if they were 2 thousand each.
true for the most part. OTOH, when I really started looking into bitcoins, I did some calculations of what I thought they could be worth in the most rosy scenarios, tried to (very very crudely) determine for myself how big I thought the risks were, and came to the conclusion that i thought bitcoins were still very cheap at $12-$13, despite the fact that they had been there for a while. |
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BTC has been around 3 years! and during that span lost 90% of its value.
wut? Ya it went from 31 to 4 . A store of value has to past the test of time. BTC has not. I think we have different definitions for store of value. You seem to appreciate low volatility. I appreciate retaining value over long periods of time, such as gold has done over the past couple thousands of years, despite being volatile at times. EDIT: if you are saying something has to have passed the test of time: what would you say to the persons who first started trading gold back in the day? That it was not a store of value? |
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first bought at 0.75, 25$ wroth OMG I HATE MYSELF i sold at 12 and bought back at 13 on the way down.... OPS then i tripled my holdings at 3 bought more at 5. sold some at 15 and 12, bought back at 10 sold at 13.50 & 20 now all my play money has been squeezed out and all i have left is paper wallets, a mining fund (HIM), and some coins waiting to jump in S.DICE at 0.005x that's the jest.. my trading history is about 500 trades... ( did a lot of day trading at one point... scraping profits off the spread ) its been fun, but now its almost over  Hell, that seems like a good overall ride to me... |
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if the price dropped $4 tomorrow how many of you would start selling?
In order to drop to $20, BTC40k would need to be sold. The market has already absorbed dumps this big on the way up, I'd still be pretty bullish. It will take a significant sell off to break the trend imo. The adoption phase may be starting! I laughed out load when I read this.  I like Proudhon a lot better... |
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Next day or two will be fun.
I am thinking about putting up a bet on Bets of Bitcoin: will Loaded post more than 500 words in 2013? PS: You know you are killing us with suspension with statements like this right? |
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Hoping to get a feel for market sentiment.
Users are allowed to change their vote. Please come back and change it as the price changes!
I feel bitcoin would be fairly valued at around $100 risk/reward wise at the current state. Thats a very rough and subjective estimate though. Obviously I am not willing to pay that much for it atm, especially with prices appreciating as fast as they are now. |
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I am just surprised nobody came up with nuclear transmutation-created gold in this thread yet  . |
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It's a damn fine currency though because in the long run it's inflation-proof. In this regard it's kind of like digital gold.
I agree 100% all it needs is a competitor to give it price stability. What, you just bought litecoins and now you start peptalking it? Give me 1 rational explanation why "a competitor" would give price stability. I am feeling mightily tempted to push the troll-ignore button... |
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BTC is not a store of value!!!
I think BTC is an interesting case because if it works as intended and no superior alternatives arise, I think it is one of the best stores of values you'll ever get. On the other hand, it still has quite some "track record proving" to do to exit the "experimental phase". It is not real! Dont you get that?
Please give me your definition of reality. Something big enough for your eyes to see without equipment, something big enough for your skin sensors to feel? Or maybe it's all in the atoms you say, so a couple of tubes of paint and a blank canvas are just as valueful as a picasso painting? 1's and 0's are not wealth
Tell that to Bill Gates. BTC has 0 value
If you believe that, why are you still here? |
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BTC has been around 3 years! and during that span lost 90% of its value.
wut? |
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So what is wrong with LTC why do people hate on them? Is the structure of the coin sound? Does it have a design flaw? What is the deal with the high sending fee for small amounts of LTC? Is the price stable? Do the price move more evenly than BTC?
So far like it. I was thinking of only selling LTC and letting my customers exchange for BTC on BTC-e. Does anyone see any problem with doing that? Any advice is appreciated. Thanks
Litecoin wasn't first. http://en.wikipedia.org/wiki/Network_effectSo who cares? Bitcoin is a new standard for digital payments. Litecoin is just an alternative that does the same thing. There could be hundreds of clones made. Now imagine if for data transfer cables people didn't only use USB (I know there are some alternatives)but hundreds of alternatives. How handy would that be? How much would you like yet another alternative that didn't add any extra speed to the data transfer compared to USB? The more everybody standardizes to 1 format, the better. Same for power plugs etc. . |
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Is it me or is looking at the inflation rate or the real interest rate of 1 country, then comparing it to a globally traded commodity a flawed way of thinking?
I actually tend to think that comparing things to globally traded commodities (that are always in demand, like food and gold) is a great way to hedge. Ultimately, we use stores of value (like currency and gold) to trade for commodities that we need, like food and other basic necessities. If your store of value can now buy half of the food it used to buy, on a global scale, either food everywhere in the world got more expensive or your store of value became cheaper. Either way, your store of value gets you less - which means its value drops. That's just how it is. In my opinion comparing to as many globally traded commodities is the best way to get a broad picture on the value of your store of value. The global scale is to exclude droughts, famines, and other phenomena that skew value only locally and therefore not of interest as an encompassing measure. Perhaps I misunderstood you, but why is such a flawed way of thinking? You misunderstood me. I agree with your way of thinking. But in the article they say things like " in the last three decades the real interest rate in the UK shows only a small correlation with gold price" and conclude that gold prices and real interest rates aren't really correlated. What I am saying is that you have to take into account the other world economies and what the real interest rate in those countries is if you want to say anything decent about the correlation of gold with real interest rates. |
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Probably less than I hold now. I would say 5%.
Rich guy detected.  Um, no, not at all. I was talking percentagewise. I have a very limited savings capital, I put in like roughly 10% and now due to appreciation its roughly 15%. |
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Bitcoin is NOT money because it has not intrinsic value. However, it is the best currency around right now.
Having intrinsic value is not a requirement for something to become money. Moreover claiming that something is currency and not money is perverse. Money is an abstract idea of something being used as a medium of exchange as opposed to direct barter. Currency is simply physical or these days virtual representation of money. You are just both using different definitions of the terms. I think he is using Michael Maloney's version who says the difference between money and currency is intrinsic value. |
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$30 by weeks end?
$15 by weeks end?  I think it will take a whole while longer for a millibit to reach that kind of valuation. |
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Can we call this guy the most ignorant guy on earth?
Mmmm, no, not by a long shot. There are people with Youtube videos about bitcoin WAY more ignorant than him. Like for example that bald dude that someone has an avatar on here of, with an alien thingy stuck to his head. You'll find even more ignorance in the comments section of /. articles on bitcoin, too. Some of those posts are just painful to read. I watched this guy when I first heard about bitcoin way back, when I didn't know/understand anything about it, and unfortunately didn't really bother to do my homework. Looking back, he is sooo incredibly beside the point, it is really laughable. Wouldn't want to be the company that hired this "bright" computer engineer, he looks and reasons like he was on SR too often.... EDIT: another pearl : https://www.youtube.com/watch?v=wgr3qEjbstM |
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I am wondering how many GPU miners won't buy ASICs and quit mining. Maybe a portion of them used to sell mined coins straight away for expenses and profit, but now want to end their adventures holding some bitcoins for the future. This would result in a lower supply coming on the market.
Then again, trying to find fundamental reasons to explain the market generally is a great way to fool yourself...
More GPU miners "Retiring", less people mining, difficulty goes down, thus more coins. No, the amount of coins produced will allways be the same. Only short-term before difficulty change there can be an increased or decreased production due to change in network hashing power. |
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I am wondering how many GPU miners won't buy ASICs and quit mining. Maybe a portion of them used to sell mined coins straight away for expenses and profit, but now want to end their adventures holding some bitcoins for the future. This would result in a lower supply coming on the market.
Then again, trying to find fundamental reasons to explain the market generally is a great way to fool yourself...
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notig, good point.
Ask yourself, folks, whether the price is moving because 1000 of students decided to make money on daytrading Bitcoin and moved in or because CEO and CFO of wordpress and their ilk have decided to load up on bitcoin and hold it for next 20-30 years in "my wife will not get it" fund.
My guess: both at the moment. I just read a comment on an exchange from a guy who didn't know you could mine coins... That stuff makes me nervous, though I am still bullish mid- to long-term. On the other hand, I think bitcoin has survived long enough already for 'serious money' to start taking notice and start moving in. |
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