agreed. can we just get all these type of posts moved to meta, or better yet, ban them all and let them start their own "end of the world for bitcoin" forum.
thats actually not such a bad idea. agreed. can we just get all these type of posts moved to meta, or better yet, ban them all and let them start their own "end of the world for bitcoin" forum.
Hmm what next, gonna suggest perhaps that the second amendment be removed or perhaps that everyone should be forced to pay for healthcare insurance they don't want? Just because you don't agree with whats being said doesn't mean it's not protected free speech you fucking nazi. LOL jeez you dont have to exaggerate so much its not like im asking u to stop breathing why do angry people exaggerate like this, they immediately suggest people are asking them to die Hmm could it be because idiots like you seem to think that the first amendment applies only when its something you agree with. The founding fathers founded america on the principles of liberty and freedom for ALL, not just a subset of those with specific ideals. maybe you need to read up on your constitutional law? |
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Or, you know, could just be a market correction due a rapid and unsustainable growth, exacerbated by those who wish to exploit it for personal gain?
So what you're saying is that it was, infact, a bubble? |
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Bitcoin is over, This whole thing essentially proves to retailers that bitcoin can never be stable enough for them to reliably turn a profit from selling things with it. Unlike a dollar, or pound, or yen, it's value fluctuates far too wildly for it to be considered anyway near stable enough for real transactions.
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agreed. can we just get all these type of posts moved to meta, or better yet, ban them all and let them start their own "end of the world for bitcoin" forum.
Hmm what next, gonna suggest perhaps that the second amendment be removed or perhaps that everyone should be forced to pay for healthcare insurance they don't want? Just because you don't agree with whats being said doesn't mean it's not protected free speech you fucking nazi. |
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Graphics card miners used to be completely trade secret. Only one individual or so was GPU mining; however, eventually the Promethean power of market forces gave it to everybody.
It should be noted that the guy who could gpu mine made several orders of magnitude more than anyone else bitcoin mining because of this (which is likely a reason for the recent crash). Hashing is so inefficient on cpus it's unreal. |
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Remember that time in Boston when a bunch of trolls threw tea into the Harbor? They sure had an effect.
Remeber that time I burnt a 100 dollar note? yeah, thats right, you don't, because it didn't send the value of the dollar crashing nosefirst into the ground and causing thousands of people to lose their life savings. |
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If the users of bitcoin are getting their financial advices from somethingawful and some guy named Lulzsec, and that's why bitcoin dies, then it deserved to die. No one person is to blame unless they are putting a gun to peoples heads. Sheep are to blame for sheep behavior.
So what you're saying is that anyone who believes in bitcoins are sheep for following what could potentially be a perfect currency? |
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Hmm yes so not only do you want to stifle god given first amendment rights but you want to destroy the very principles bitcoin is built on (freedom from regulation by third parties). If anyone is really destroying both freedom and bitcoin here, it's you, facist.
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Nope, Somethingawful.com (go sign up an account there and register your displeasure) trolled the bitcoin market enough to cause a market panic. In conclusion, fuck the internet.
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some fucking idiot on somethingawful made a suggestion to post a thread called "SELL SELL SELL", someone followed his moronic assbrain advice and the result was a mass panic that resulted in this market crash. assholes.
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http://www.reddit.com/r/Bitcoin/comments/hx1s9/buying_ddos_somethingawfulcom_5_btc_per_hour/Which one of you fucking moronic assbrains did this? Bitcoin is already on fairly shaky ground with the silkroad and potential terrorist/pedo funding things and adding more fuel to the fire by getting bitcoin known as a currency used by hackers to solicit DDOS attacks is only going to make bitcoin fail. If you have any fucking decency you'll take that shit down this fucking instant and never attempt to use it to do something as fucking moronic as this again.
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Bitcoins down to 15 bux. Still think the price isn't crashing? Ignoring evidence doesn't make you correct.
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If you use paypal for cashing out BTC your account will most likely get locked, using paypal for currency exchange is against the ToS, as well as being a great way to get scammed.
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as for the difficulty rise, do I therefore assume that the correct answer is that a bitcoin mined for 1 dollar should be sold for 200? All that does is screw over late adopters and puts all of the wealth into the early adopters hands, which is an incredibly selfish ideal to have.
No, the correct answer is: bitcoin should be sold for whatever someone is willing to pay for it. But you know that miners are not willing to sell unless it's more than 1 dollar. If hoever, many people need more bitcoins than available, then yes, the correct answer is 200. Why would you buy bitcoins for 200$ a piece?
Maybe because this is a limited edition fortified digital cryptographically secured and rare set of tokens that can be used to instantly transfer and reward value anywhere on earth in just 10 minutes without fees or personal taxing and tracking.I suppose higher prices will always happen when people buy more bitcoins than are currently produced. We know the network is making 10212 coins a day now, and maybe people want to buy more than 10212. For example mtgox has a day's volume of 685.665 BTC. So even though today we only made 10212 coins, we bought and sold more than 67 times that. Do you suppose that people would ask a bit more than manufacturing price for something that is being sold 67 times more than it is being produced? Bitcoins aren't consumed, so saying that because 67 times more of them are moved around than were produced in a day is errornous. For all that is known, that could be one bitcoin moved from person to person 670,000 times. We need to get to a point that any currency can be converted to/from bitcoin instantly and easily anywhere at any time. Only when it is able to so readily relate to already established currencies can it start to stabilize.
And this is an impossible pipe dream due to the constraints on the way bitcoin works. |
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Oh please, bitcoin doesn't have any oil, theres no way the US government will do anything other than crush it completely if it's used to fund terrorism.
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When BTC enters the mainstream there will be some regulation attached to it. Yes - trade and posession will soon be illegal. They are now already (money laundry, alternative currency), but no judge has officially ruled about it. Owning bitcoins is not the same thing as money laundering. Also there are no laws against 'alternative currency', as you are trying to claim. Regardless of whether there was or not, a lot of the people who own bitcoins arent even in the US. Stop acting like America rules the world, it makes the few of us normal Americans look bad. A system that makes illegal activities easier and is used predominantly for them is likely to get shut down in order to prevent it. |
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When its stable and not going up and down like the weight of an obese diabetic with stomach ulcers, for christs sake. No new companies are going to adopt bitcoins as a payment type if the actual value of them is going to change hour to hour in such huge amounts. I could pay someone 2 btc for a game and by the time the transaction is verified I need to pay him an extra 0.25 because of the price shift and then when that gets verified turns out he owes me 0.5 btc again.
You mean when it never moves up or down and stays at the same price. Did you read the bitcoin paper by any chance? Do you understand that the increasing difficulty and thus value of each block is required so the network cannot be subverted by increasing resources from an adversary but instead relies on natural growth of participants, computing power and networking? Do you understand that the price for bitcoins will go up, and do so naturally by design? And do you understand that difficulty increases by a geometric progression (+25..+40% per round) thus creating a cost that grows exponentially? Do you now understand why a linear trend on a logarithmic chart shows that the system is growing at the predicted rate? Think about the future. In 10 years, miners will receive less bitcoins per block. They will spend 1000 times more power to find the next block. And even with advances in computing power, the cost of a bitcoin will surely be at least 100 more than it is now. Do you suppose a bitcoin that costs 200$ to make should be sold for 20$?About your payment issue. It's a stupid example. When you buy (lock in an order) you have to pay exactly the quote, nothing less or more. It's illegal to request a different payment than the one from the invoice, just because your local currency went up or down. It can go up or down, you should add a buffer as a seller. Completely irrelevant to the topic. It's illegal to do so, correct, but companies aren't going to use bitcoin if they can't reliably turn a profit using it because of the exchange issues. as for the difficulty rise, do I therefore assume that the correct answer is that a bitcoin mined for 1 dollar should be sold for 200? All that does is screw over late adopters and puts all of the wealth into the early adopters hands, which is an incredibly selfish ideal to have. |
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It will crash like everything crashes. It's a basic economic rule and then it will reach new peaks. Why? Because sometimes there are more buyers willing to pay more and sometimes there are fewer buyers who don't want to pay good prices. That's called a market!  If a currency is acting like a market it means it's not working properly. Spending money to buy something shouldn't effect the value of that currency. |
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Bitcoin cannot crash. The government cannot control bitcoin so it will not crash.
Hmm wierd because a lot of the bubbles I can think of (dot com, housing, credit crunch, etc) specifically occured because the government wasn't properly regulating them. |
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Using a log graph doesn't prove anything, it merely displays the data in a different way. Regardless of how the data is displayed the point is the same, the bitcoin rose in value by close to 3000% in an *extremely* short timescale, which is incredibly fucking bad in a currency.
If that's bad, then what is good? When its stable and not going up and down like the weight of an obese diabetic with stomach ulcers, for christs sake. No new companies are going to adopt bitcoins as a payment type if the actual value of them is going to change hour to hour in such huge amounts. I could pay someone 2 btc for a game and by the time the transaction is verified I need to pay him an extra 0.25 because of the price shift and then when that gets verified turns out he owes me 0.5 btc again. |
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