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Author Topic: BTC = $19?!  (Read 5880 times)
Bazil
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June 05, 2011, 12:10:04 AM
 #1

19 dollars,  I got in at 9.50, so my investment has officially doubled, and a month sooner than I anticipated.  Who's buying right now?  Must be the Chinese.

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d.james
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June 05, 2011, 12:17:35 AM
 #2

wow crap, I sold a bunch at 17.5 yesterday,

should I buy back now?

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Bazil
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June 05, 2011, 12:18:28 AM
 #3

There was a 50 cent sell off to 18.50 so I bought in, lets see what happens

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d.james
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June 05, 2011, 12:20:48 AM
 #4

if it drops back to 9, then you'll be break even Tongue

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June 05, 2011, 12:27:12 AM
 #5

It's unbelievable how fast the value of bitcoins is rising.

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Justsomeforumuser
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June 05, 2011, 12:41:00 AM
 #6

It's nice to finally see the faces behind the answer to the question of "Who on earth would still buy at these prices?"  Grin

Ho-Hum.
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June 05, 2011, 12:49:54 AM
 #7

It's very volatile right now. It's now about $18, it could go down to 16 or up to 20.

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Bazil
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June 05, 2011, 12:53:38 AM
 #8

It's nice to finally see the faces behind the answer to the question of "Who on earth would still buy at these prices?"  Grin
Day trading Wink  My main stash I let sit.

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June 05, 2011, 01:03:54 AM
 #9

wow crap, I sold a bunch at 17.5 yesterday,

should I buy back now?

It gets on my nerves whenever this otherwise excellent project is (rightfully) seen as a gambling speculation rather than as a medium of exchange. Apparently the folks opposing my anti-deflationary proposal, who are the majority, think it's a nice game where you can double your money within 24 hours and run away. Sigh
d.james
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June 05, 2011, 01:08:07 AM
 #10

why so serious Wink

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Bazil
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June 05, 2011, 01:48:29 AM
 #11

wow crap, I sold a bunch at 17.5 yesterday,

should I buy back now?

It gets on my nerves whenever this otherwise excellent project is (rightfully) seen as a gambling speculation rather than as a medium of exchange. Apparently the folks opposing my anti-deflationary proposal, who are the majority, think it's a nice game where you can double your money within 24 hours and run away. Sigh

If it wasn't for speculation the BTC would still be less than a dollar

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tomcollins
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June 05, 2011, 01:53:27 AM
 #12

wow crap, I sold a bunch at 17.5 yesterday,

should I buy back now?

It gets on my nerves whenever this otherwise excellent project is (rightfully) seen as a gambling speculation rather than as a medium of exchange. Apparently the folks opposing my anti-deflationary proposal, who are the majority, think it's a nice game where you can double your money within 24 hours and run away. Sigh

Oh noes, speculators might drive interest to something and have it make economic sense for people to invest sooner than they otherwise would have.
Anth0n
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June 05, 2011, 04:07:22 AM
 #13

It's nice to finally see the faces behind the answer to the question of "Who on earth would still buy at these prices?"  Grin

The current prices may seem very cheap soon enough. Anyone remember this thread? http://forum.bitcoin.org/index.php?topic=8160

Coins were deemed expensive then too, and look what happened. Read my response at the bottom of that post if you want to feel confident.
hiVe
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June 05, 2011, 04:09:08 AM
 #14

why so serious Wink

Because potentially newbs like you can exploit and leave a negative impact on the bitcoin economy.
Its a fact.

For the past week im following a ton of new posts on the forums, can't even find the old valuable ones cuz they are 2 pages behind crap like this.
And almost every second post is about "omg noes we've hit a record high, i could have made twice as much as yesterday oh noes, its skyrocketing every day, wee wee"

now... seriously... Can it? leave a positive impression, at all?

ps: and don't take it all that personal, perhaps I shouldn't have quoted
econotarian
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June 05, 2011, 07:20:47 AM
 #15

"It will be different this time" is often heard just before a sovereign debt crisis, stock market crash, real estate crash, etc.  It is the best indication that a bubble is happening.

The question is how much value of bitcoins is in their utility as a currency in real transactions, and how much is in speculation on being able to obtain dollars for them in the future.

Once the value of speculation is higher than the utility of bitcoin as a transacting currency, the bubble will no doubt burst.  In the Netherlands, at the peak of tulip mania in February 1637, prices rose 1000%.  By the next year, tulip prices dropped to their pre-bubble price.

Add South Sea Company bubble, Mississippi Company bubble, Dot-Com bubble, etc.

The Great Depression is another very interesting example - stocks were likely overpriced by bubble phenomenon, but what popped the bubble was deflationary pressure by the Fed.  Which is pretty much the situation bitcoin is in.

If bitcoin's money supply provided a stable value currency (neither inflationary nor deflationary), I think it would grow into something in the long term.  Given the current algorithm, I give it under 3 months.  After the bubble burst, I think interest in bitcoin will fade away.

A great social economic experiment though!  Someone's Ph.D. will be made examining the upcoming bitcoin bubble burst.

Dude65535
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June 05, 2011, 07:30:13 AM
 #16

While I agree that there probably will be a crash at some point, the bubble will fund the creation of the infrastructure. After the crash we will see those who stick with it start building the economy that will make bitcoin or its successor last.

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Longmarch
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June 05, 2011, 08:14:15 AM
 #17


Once the value of speculation is higher than the utility of bitcoin as a transacting currency, the bubble will no doubt burst. 



Um, ain't that where we're at now?  Speculative activity is far beyond purchasing goods and services right now. 

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June 05, 2011, 09:12:31 AM
 #18

If bitcoin's money supply provided a stable value currency (neither inflationary nor deflationary), I think it would grow into something in the long term.  Given the current algorithm, I give it under 3 months.  After the bubble burst, I think interest in bitcoin will fade away.

You look like someone who might like to check out my thread and vote Yes then Smiley
tymothy
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June 05, 2011, 05:31:09 PM
 #19


Once the value of speculation is higher than the utility of bitcoin as a transacting currency, the bubble will no doubt burst. 



Um, ain't that where we're at now?  Speculative activity is far beyond purchasing goods and services right now. 



The value of the bitcoin will continue to rise as more individuals decide to enter the bitcoin economy and demand bitcoins. The user base and trade volume of the bitcoin is far below that of any major currency, commodity or stock. Most of the current user base understands this and the fact that if the bitcoin were to become a majorly used currency, its value per unit would have to be many times higher than it currently is given the quantity of bitcoins available (fixed) compared to fiat currencies (rising). So long as the current holders of bitcoins believe the value will continue to rise and new users enter the market, it will. The day you see people taking out mortgages on their homes to buy bitcoins is the day you probably should get out.
IIOII
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June 05, 2011, 06:08:56 PM
 #20

The value of the bitcoin will continue to rise as more individuals decide to enter the bitcoin economy and demand bitcoins. The user base and trade volume of the bitcoin is far below that of any major currency, commodity or stock. Most of the current user base understands this and the fact that if the bitcoin were to become a majorly used currency, its value per unit would have to be many times higher than it currently is given the quantity of bitcoins available (fixed) compared to fiat currencies (rising). So long as the current holders of bitcoins believe the value will continue to rise and new users enter the market, it will. The day you see people taking out mortgages on their homes to buy bitcoins is the day you probably should get out.

I fully agree with this - however a sudden end to BTC caused by some kind of intervention should never be ruled out.

Bitcoin is both high hopes and high risk.

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