Synaptic
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June 11, 2011, 10:13:13 PM |
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I really believed in the bitcoins concept, but now it looks like a sad bubble that is about to explode in any moment. I almost put money when it was 30, but luckily I couldn't manage going to the back to do the wire. Sometimes when you feel unlucky you find out later that you were lucky.
At present, Bitcoin is useful as a transactional currency, but it is too volatile to be used as a long term store of wealth or as an investment. So one should not "put money into Bitcoin," unless it is for fun, and it is speculative capital you don't mind losing. Bitcoin is not backed up by anything, so when one card falls all the building collapses. What is gold backed by? Thousands of Years of Human History for $500, Alex. "This precious metal has been used as a store of value for thousands of years of human history." What is gold? ... |
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confused (OP)
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June 11, 2011, 10:14:17 PM |
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come on, we had a massiv exaggeration the last days, look at the charts. If the price comes back down to 5$ its not the end of Bitcoin, its a step into more stability. Hopefully.
I think it is the end, because now people are not dazed by the hockey stick charts we had, and they start thinking about how this currency really works. I don't like the banks either, but without a centralized entity that manages the currency, there's no solid infrastructure and the currency can't live for long. |
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flug
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June 11, 2011, 10:14:22 PM |
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If bitcoin survives a bubble like this and survives, there must be something backing it, even if its only the stubborness of its users.
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finnthecelt
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June 11, 2011, 10:15:13 PM |
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looks like more of a correction
I'm very glad I bought my rigs rather than take the advice to simply buy coins. At least now I have the option of hanging onto them for as long as I wish. It's amazing all the crystal balls that are coming out eh? Corrections are always painful and bring out more speculation than the initial speculative fervor!!! |
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Tha Feds
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June 11, 2011, 10:17:23 PM |
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This thread is comic gold.
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MCWey8
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[ Poor Miner ]
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June 11, 2011, 10:20:15 PM |
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Bitcoin has gone up the highest it has EVER been !!!! BUY !!!  !!! Your ill fated logic has failed you sir. You will lose money on many things besides BTC. |
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confused (OP)
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June 11, 2011, 10:20:52 PM |
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I'm very glad I bought my rigs rather than take the advice to simply buy coins. At least now I have the option of hanging onto them for as long as I wish.
It's amazing all the crystal balls that are coming out eh? Corrections are always painful and bring out more speculation than the initial speculative fervor!!!
You know, when the price goes up from time to time now, it's just the guys who have already invested and are trying to save their investment by buying more and creating some green spots on the chart. They're gonna lose more that way... |
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pokermon919
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June 11, 2011, 10:23:19 PM |
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If bitcoin survives a bubble like this and survives, there must be something backing it, even if its only the stubborness of its users.
I think this is true to a certain extent. It's currency if the PEOPLE believe its currency. If bitcoin takes a huge hit and doesn't get destroyed it will be stronger. |
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finnthecelt
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June 11, 2011, 10:24:13 PM |
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I'm very glad I bought my rigs rather than take the advice to simply buy coins. At least now I have the option of hanging onto them for as long as I wish.
It's amazing all the crystal balls that are coming out eh? Corrections are always painful and bring out more speculation than the initial speculative fervor!!!
You know, when the price goes up from time to time now, it's just the guys who have already invested and are trying to save their investment by buying more and creating some green spots on the chart. They're gonna lose more that way... So go cry into your pillow. You're becoming trollish. |
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confused (OP)
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June 11, 2011, 10:26:31 PM |
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I'm very glad I bought my rigs rather than take the advice to simply buy coins. At least now I have the option of hanging onto them for as long as I wish.
It's amazing all the crystal balls that are coming out eh? Corrections are always painful and bring out more speculation than the initial speculative fervor!!!
You know, when the price goes up from time to time now, it's just the guys who have already invested and are trying to save their investment by buying more and creating some green spots on the chart. They're gonna lose more that way... So go cry into your pillow. You're becoming trollish. Alright, I'll stop here as I don't want to become a troll. |
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finnthecelt
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June 11, 2011, 10:27:05 PM |
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If bitcoin survives a bubble like this and survives, there must be something backing it, even if its only the stubborness of its users.
I think this is true to a certain extent. It's currency if the PEOPLE believe its currency. If bitcoin takes a huge hit and doesn't get destroyed it will be stronger. Correct. And I think the same thing can be said about the Euro right now. |
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ssaCEO
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June 11, 2011, 10:27:13 PM |
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This thread is comic gold.
It's a little like watching Generation Y find out that Santa Claus is dead. Having the dubious honor of reading this board for the very first time tonight makes me realize how much they don't teach in school anymore...and how high the hopes were. This is their 1849, 1917, 1969. Down with the man, then the kids lose again. Makes me kind of sad, kind of baffled that nothing ever changes. Just watch; someone will come out of this thing and end up being director of the Fed in 2026, lol. |
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Klestin
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June 11, 2011, 10:34:08 PM |
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A drop in price is outstanding if it means people stop mass purchasing of graphics cards so we can see a drop in difficulty. Unfortunately I fear the rest of you crazies are just as stubborn as I am and will keep mining even when the exchange rate can't pay for the electricity.   I guess we can at least hope for a bit of leveling off in the hash speed growth rate. |
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finnthecelt
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June 11, 2011, 10:36:10 PM |
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A drop in price is outstanding if it means people stop mass purchasing of graphics cards so we can see a drop in difficulty. Unfortunately I fear the rest of you crazies are just as stubborn as I am and will keep mining even when the exchange rate can't pay for the electricity. I guess we can at least hope for a bit of leveling off in the hash speed growth rate. Oh I'm committed now. My brain is already creating defense mechanisms and rationalizations to justify my expenditures!!! |
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SlaveInDebt
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June 11, 2011, 10:44:09 PM |
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Crystal Ball says Settles at $10-15 Where it would have been had someone not come in and manipulated the market with around a million dollars. |
"A banker is a fellow who lends you his umbrella when the sun is shining, but wants it back the minute it begins to rain." - Mark Twain
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oyster2000
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June 11, 2011, 10:54:53 PM |
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Where it would have been had someone not come in and manipulated the market with around a million dollars. Exactly. This is an obvious correction + its the weekend remember... will probably climb back up towards 20 by next week |
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MissKara
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June 11, 2011, 10:57:44 PM |
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i personally think any commentary on what the market will do is straight BS, This is a new exchange system and currency which can not be compared to others.
The supply and demand is based on what is buzzing around on the internet.
if all of you care so much about dropping prices, go out and promote bitcoin, rather then hording the great idea to yourselfs. This will create more buzz which will drive the prices back up.
We have no idea how this market will level off after a bubble burst like this.
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finnthecelt
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June 11, 2011, 11:04:52 PM |
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We have no idea how this market will level off after a bubble burst like this.
Sure we do: trepidatious fervor  |
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optionstalker
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June 11, 2011, 11:29:18 PM |
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I think there is still a lot of sell pressure on BTC because Mt Gox only allows $1k/day withdrawals and $10k/month, so how many early adopters are there still waiting to cash out?? I believe BitCoin is here to stay for the long term, but not so sure about the next month or two...
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naive
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June 11, 2011, 11:31:55 PM |
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I think there is still a lot of sell pressure on BTC because Mt Gox only allows $1k/day withdrawals and $10k/month, so how many early adopters are there still waiting to cash out?? I believe BitCoin is here to stay for the long term, but not so sure about the next month or two...
In a month or two there will be nothing left of this concept, just people without their life savings... |
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