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My banker brother could not understand it last month.
Many of those in that sector are too closed minded to see the true picture.
A generation of intelligent people lost to banking but unable to think creatively.
Their minds and talents should be creating true value in other industries.
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I do accept however that a medium term dollar equivalent (at today's values not including hyperinflation) could be $1000 or $0 with a low (2 digit) dollar value being less likely than $0.
How is it possible that a low 2 digit dollar value is less likely than zero. Why ? Because it needs to pass through the low two digit and single values to get to zero. If this ever happened it would bounce so high multiple times before it ever got to zero. So if the value ever goes to zero low 2 digit values are 100% guaranteed and so are both low and high single digit values.  If its worth $X and something happens to make it worth $0, who will be paying $2 for it to go to $2 "on the way"? ... I'm not sure $0 Bitcoin is likely. Imagine the worst case scenario, where you can no longer buy *anything* with Bitcoin: I, for one, would gladly spend $10 to buy up the world's supply of Bitcoin, simply to be able to say that i own something once worth billions of dollars, an intangible, improbable & counterintuitive thing which trolled the financial sector like a boss, the purely digital entity on which so many hopes & dreams drove, throttle floored, into oblivion. I'd also buy up some (at that point, 100% useless) ASICs -- simply because i love defunct tech -- and mine. I once restored a 1943 microwave spectrum analyzer. Was a huge chunk of rack gear, with a waveguide sticking out of the side. I had 0 use for it, and 0 plans for reselling it. I just dug it. TL;DR: Bitcoin's too neat to die. Fair enough you've changed my mind. I meant to say 'Crash or to the Moon'. It would also never be $10 for the world's supply, as I would buy it at $11 for the lulz.  |
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I would only recommend Bitcoin to family if they wanted to come in and make a quick buck. Otherwise, I'd recommend something with a better shot at long term viability and worldwide adoption, like Ripple. In fact, that's exactly what I do.  Fortunately I'm not in the Ewing family so wouldn't shaft my family with that ripple crap.  Re ripple, if Bitcoin can make anyone a banker, Ripple can turn anyone into a loan shark. |
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I'm in BTC for the long haul as it supports a healthier global economy (based on real investment not debt and pension raiding) as well as my own goals to increase my purchasing power and keep my wife happy!
I do accept however that a medium term dollar equivalent (at today's values not including hyperinflation) could be $1000 or $0 with a low (2 digit) dollar value being less likely than $0.
Would you therefore encourage friends or family to speculate on bitcoin? Would you feel bad if they did and bitcoin broke and became worthless? Would you avoid talking about this to avoid this risk?
Just interested in your views on this.
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Don't you know the coolest way to trade: Buy high, sell low. Lol enjoyed munching cheap coins over the weekend from the weak hearted...!  BTC |
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Maybe the price will drop to the point that GPU miner will make to profit due to the electricity price. For me, it is $68.
Could it be that BTC price adjusts in the long-term to the BTC_production_cost + reasonable_production_profit? It's the other way round. Bitcoin exchange price is determined by demand (utility as medium of exchange and deflationary store of value). Supply is regulated by the difficulty formula and miner's decisions dependant on price. |
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The past years boom, boom and wiggle has really shut up the 'omg bitcoin is soo unfair cos I couldn't get it at US 1 dollars' whingers. It's ok to sell on the rise only if your long term aim is to rebuy on the dips to hold moreBTC. Keep the faith. Shake out the weak hands.  |
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Yum yum cheap coins. Brings out the hungry hippo in me |
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I cancelled all my sell orders at $123.
Honestly I did!
Waiting for the train to leave the station!
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In this forum I Speculate:
Ripple won't be around in 10 years.
Bitcoin will be.
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Bitcoin removes the need for trust when receiving money.
Ripple puts it back again.
Ripple is pointless. There is already a mechanism for sending 'credits' across the world - it's in the form of electronic, fixed amount, open source, fully divisible money - Bitcoin. BTCBTCBTCBTCBTC
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Only way Bitcoin fails is if governments seriously saboteur it by preventing banks from processing fiat transactions in relation to it, but the gamble is that once the establishment tries to assault Bitcoin, the counter force and backlash will serve to propel Bitcoin to the level of a household name and away we go.
This didn't work out to well for online poker. If major government intervention happens as you describe...SELL, SELL, SELL. Au contraire, I first found Bitcoin as a result of the poker 'black friday'. The weak point in online poker was the bank funding re third parties. That got me thinking about how governments can (and do) influence the banks to effectively shut down undesirable industries. The beauty of bitcoin is that it can't be shut down that way. Although exchanges can be attacked or outlawed in individual countries, it is impossible to shut down face to face currency exchange or bitcoin sales. There is no central authority to control, unlike the poker companies. I use bitcoins to play poker, even though I don't need to (live in Europe) just because I can. BTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCI know man, I was there. I felt like a part of me had died.  My thoughts are they can absolutely cripple Bitcoins growth via the banks. Not to mention pushing away all hope of legitamate US business getting on board which will just stagnant Bitcoin altogether. It would continue in the black markets and underground poker sites, etc. sure....but they can do major damage. But hey that's negative talk...its' too early for that. Let's celebrate the rise and hope for the best. EDIT: I stand by my sell order should something major come along. Here here I agree with you. Decentralised and Deflationary - what could go wrong?  |
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Only way Bitcoin fails is if governments seriously saboteur it by preventing banks from processing fiat transactions in relation to it, but the gamble is that once the establishment tries to assault Bitcoin, the counter force and backlash will serve to propel Bitcoin to the level of a household name and away we go.
This didn't work out to well for online poker. If major government intervention happens as you describe...SELL, SELL, SELL. Au contraire, I first found Bitcoin as a result of the poker 'black friday'. The weak point in online poker was the bank funding re third parties. That got me thinking about how governments can (and do) influence the banks to effectively shut down undesirable industries. The beauty of bitcoin is that it can't be shut down that way. Although exchanges can be attacked or outlawed in individual countries, it is impossible to shut down face to face currency exchange or bitcoin sales. There is no central authority to control, unlike the poker companies. I use bitcoins to play poker, even though I don't need to (live in Europe) just because I can. BTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTC |
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I'm selling at $123 ish. Then buy back in at the dip. Obv long term MooHoo Bull but I NEED MORE COINZZZZ if I'm to keep the wife happy |
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Im going short here fully leveraged. This reminds me of the recent 140 high with no volume. Looking for 105ish to make me a nice 25% gain.
 via Imgflip Meme Maker |
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$90.0 wall under attack - better than T.V. this! |
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