AlphaMonkey (OP)
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August 21, 2012, 08:42:57 PM |
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Why are the bitcoins so expensive?
Does the price of them rising matter with the product bought with them?
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jwzguy
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August 21, 2012, 08:45:40 PM |
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If you're buying them to spend immediately, then no. Prices are still being determined dynamically in fiat by most merchants. Spend away!
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Undefined31415
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August 21, 2012, 08:47:16 PM |
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Why are the bitcoins so expensive?
Does the price of them rising matter with the product bought with them?
You should've checked out BTC prices a few days ago, they peaked at ~$15.40 (USD)! You can check approx. prices at mtgox.com. |
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drakahn
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August 21, 2012, 08:48:49 PM |
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Bitcoins have a limited amount, the more people and money that gets put into bitcoins, the less coins per person and the more money per coin
That's how I see it anyway, I'm not a finance expert by any stretch
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14ga8dJ6NGpiwQkNTXg7KzwozasfaXNfEU
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jwzguy
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August 21, 2012, 09:00:59 PM |
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If you're buying them to spend immediately, then no. Prices are still being determined dynamically in fiat by most merchants. Spend away!
What does that mean? Are you telling me the price of Bitcoins change so frequently that the value is unknown? I'm not that smart, but that doesn't sound like a very steady or trustful currency to use. I was looking forward to buying some bitcoins because a friend had told me they were around 5 dollars a coin. 10 dollars now!? It means if you're buying them to spend, they will buy 10$ worth of goods while they cost 10$. If you're scared off from investing in a commodity because the price changes, you don't understand finance enough to invest. Avoid it. If you just came here to bash bitcoin, then goodbye. |
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drakahn
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August 21, 2012, 09:02:17 PM |
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If you're buying them to spend immediately, then no. Prices are still being determined dynamically in fiat by most merchants. Spend away!
What does that mean? Are you telling me the price of Bitcoins change so frequently that the value is unknown? I'm not that smart, but that doesn't sound like a very steady or trustful currency to use. I was looking forward to buying some bitcoins because a friend had told me they were around 5 dollars a coin. 10 dollars now!? Its under 4 years old, so no, it is not steady yet, but the more it gets used the more steady it will be IMO both $5 and $10 are low prices for something that is 1/21000000th of an entire economy and as pointed out, if you buy them to spend right away you get dollar for dollar in buying power |
14ga8dJ6NGpiwQkNTXg7KzwozasfaXNfEU
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TangibleCryptography
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August 21, 2012, 09:10:34 PM |
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How many coins? We offer below market prices to large buyers (see sig).
If you need a few coins and need them right now, BitInstant is likely your easiest and most direct option.
If you want to use an exchange check out bitfloor.
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BoardGameCoin
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August 21, 2012, 09:36:10 PM |
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If you want to use an exchange check out bitfloor.
Bitfloor is who I'd recommend, with bitcoinsdirect being a better option for large orders. Either one boils down to cash deposit at a bank branch. |
I'm selling great Minion Games like The Manhattan Project, Kingdom of Solomon and Venture Forth at 4% off retail starting June 2012. PM me or go to my thread in the Marketplace if you're interested. For Settlers/Dominion/Carcassone etc., I do email gift cards on Amazon for a 5% fee. PM if you're interested. |
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sippsnapp
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August 21, 2012, 09:47:45 PM |
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To understand the price its probably a good idea to have a look on other financial instruments, for this example i take stocks. (a share traded with a high dollar value might still be cheap, a stock worth tens of a penny could be worth not even the paper its printed on, ie completely overpriced, look on penny-stocks, many are worth nothing) http://www.investopedia.com/terms/m/marketcapitalization.aspAlso to consider: - electricity costs of mining - equipment to mine - running costs, exchanging parts - time spent on mining that might need to be compensated |
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Bitcoin + Altcoin node pool setup - pm
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aph382
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August 22, 2012, 01:18:42 AM |
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How many coins? We offer below market prices to large buyers (see sig).
If you need a few coins and need them right now, BitInstant is likely your easiest and most direct option.
If you want to use an exchange check out bitfloor.
You recommend bitfloor over mtgox? Why? |
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BoardGameCoin
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August 22, 2012, 02:11:16 AM |
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Ease of getting money to the exchange: cash bank deposit and rough time to market of ~ 1 hour with 0 fees. Best at MtGox is wiring money with a > $10 fee for time or dwolla with a $0.25 fee and an initial 30 day wait for price.
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I'm selling great Minion Games like The Manhattan Project, Kingdom of Solomon and Venture Forth at 4% off retail starting June 2012. PM me or go to my thread in the Marketplace if you're interested. For Settlers/Dominion/Carcassone etc., I do email gift cards on Amazon for a 5% fee. PM if you're interested. |
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knight22
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August 22, 2012, 02:39:20 AM |
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If you trust the blockchain enough, you can also see bitcoin as a very good long term investment.
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almwaysa
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August 22, 2012, 06:01:18 AM |
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If I understand correctly the OP is wondering what makes bitcoins valuable. The closest thing to bitcoin is gold, if you exclude using gold in jewelry [which is mostly to show it off], bitcoin and gold are similar in many ways. Compare bitcoins to gold ingots, they turn out to be similar in many ways: -Both are rare and limited in the world. -Both require effort to produce. -Both can be traded anonymously and are accepted as payment methods in many places. -Both have no way of reversing the payment unless the person who received them willingly sends them back. -Both have a deflating value, not really deflating but rather than the money we use is inflating  The money we use now is originally used as a replacement for gold, I think the old US Dollar had something that says you can refund the money to gold anytime you want. TL;DR version: bitcoin is the new gold |
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knight22
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August 22, 2012, 12:26:40 PM |
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If I understand correctly the OP is wondering what makes bitcoins valuable. The closest thing to bitcoin is gold, if you exclude using gold in jewelry [which is mostly to show it off], bitcoin and gold are similar in many ways. Compare bitcoins to gold ingots, they turn out to be similar in many ways: -Both are rare and limited in the world. -Both require effort to produce. -Both can be traded anonymously and are accepted as payment methods in many places. -Both have no way of reversing the payment unless the person who received them willingly sends them back. -Both have a deflating value, not really deflating but rather than the money we use is inflating The money we use now is originally used as a replacement for gold, I think the old US Dollar had something that says you can refund the money to gold anytime you want. TL;DR version: bitcoin is the new gold You got it all right! |
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FLHippy
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August 22, 2012, 01:17:21 PM |
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The money we use now is originally used as a replacement for gold, I think the old US Dollar had something that says you can refund the money to gold anytime you want.
1BTC pegged to 1oz of gold would be quite nice. quite nice indeed. |
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AcADIeN
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August 22, 2012, 01:32:13 PM |
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The money we use now is originally used as a replacement for gold, I think the old US Dollar had something that says you can refund the money to gold anytime you want.
1BTC pegged to 1oz of gold would be quite nice. quite nice indeed. 1oz of gold worth arround 1600$, if btc goes up to 1600$ per bitcoin, everyone will go crazy (me included) |
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edar
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August 22, 2012, 01:52:36 PM |
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down again  wtf |
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CIYAM
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Ian Knowles - CIYAM Lead Developer
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August 22, 2012, 02:03:33 PM |
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1oz of gold worth arround 1600$, if btc goes up to 1600$ per bitcoin, everyone will go crazy (me included)
For sure - but also understand that there are over 5 billion ounces of gold in existence and currently only around 10 million bitcoins (with the maximum amount ever to exist less than 21 million). If bitcoins were to really be valued as being worth the same as gold then that would make 1 btc closer to 1 million USD.  |
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edar
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August 22, 2012, 02:23:27 PM |
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whats happening i report the spam
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Aruut
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August 23, 2012, 02:44:05 AM |
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1oz of gold worth arround 1600$, if btc goes up to 1600$ per bitcoin, everyone will go crazy (me included)
For sure - but also understand that there are over 5 billion ounces of gold in existence and currently only around 10 million bitcoins (with the maximum amount ever to exist less than 21 million). If bitcoins were to really be valued as being worth the same as gold then that would make 1 btc closer to 1 million USD. Hehe, that'll be the day. Makes mining at 14 Mh/s seem a lot more worth it right now  |
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