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Author Topic: Why bitcoin exploded in price  (Read 4887 times)
Bitcoinpro
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March 20, 2013, 11:06:51 AM
 #41

You're out of your fucking mind if you think people who would be effected by that have any idea Bitcoin exists. This is a self fulfilling price, people have an idea of what Bitcoin is worth therefore they won't let it reach below a certain point. Bitcoin has little to no practical and no tangible value. There is no reason it should be at this price.

Please excuse me while I guffaw.  Please, explain to me how one gets to 200 posts on bitcointalk.org and still have no idea the basics of bitcoin.

he might be homeless  Cheesy

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Anon136
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March 20, 2013, 11:15:41 AM
 #42

You forgot:
- Cypress
- NZ
- Italy

All three countries are planning or attempting to plan to confiscate a percentage of their citizens' savings accounts.  People in those countries are going to be fleeing the national currencies like a bat out of Hades, you just watch.

You're out of your fucking mind if you think people who would be effected by that have any idea Bitcoin exists. This is a self fulfilling price, people have an idea of what Bitcoin is worth therefore they won't let it reach below a certain point. Bitcoin has little to no practical and no tangible value. There is no reason it should be at this price.

When given hard thoughts, euro's do not have tangible value either. It all boils down to trust, the same as with Bitcoin.
Modern money is backed up by the ability of the country to which it belongs to backup the given worth/value most notably through factoring things like GDP/debt/deficit. Bitcoin has nothing behind it and is given value purely through speculation and an assumed worth. It is more of a penny stock or commodity than a currency and an extremely volatile one at that. I think it has its uses but I think they are niche and anyone investing their life savings or mortgage into it has lost their damn minds.


The pair of socks I'm wearing right now is pretty rare as they are one of a kind but that doesn't make them valuable.

This isn't even mentioning how bad of an idea deflationary currency is as an actual currency.


the exact same argument could have been made about gold 5000ish years ago. I know what you are going to say, you could wear gold as jewlery. However if we are going to label this is a legitimate non monetary use for gold than i think we could come up with a few analogous uses for bitcoin. I could for example wear my firstbits on a tshirt =P.

Rep Thread: https://bitcointalk.org/index.php?topic=381041
If one can not confer upon another a right which he does not himself first possess, by what means does the state derive the right to engage in behaviors from which the public is prohibited?
Bitcoinpro
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March 20, 2013, 11:20:50 AM
 #43

gold and silver are now rated BBB--- investmets while bitcoin is  AAA+++++

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March 20, 2013, 11:38:59 AM
 #44

Bitcoin has little to no practical and no tangible value. There is no reason it should be at this price.

Then sell, thanks.

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March 20, 2013, 11:49:45 AM
 #45

You forgot:
- Cypress

Code:
$ lspci | grep -i vga
01:00.0 VGA compatible controller: Advanced Micro Devices [AMD] nee ATI Cypress XT [Radeon HD 5870]
06:00.0 VGA compatible controller: Advanced Micro Devices [AMD] nee ATI Cypress XT [Radeon HD 5870]

Nothing wrong with Cypress when it comes to healthy monetary systems. Cyprus, on the other hand...

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March 20, 2013, 11:53:15 AM
 #46

You forgot:
- Cypress
- NZ
- Italy

All three countries are planning or attempting to plan to confiscate a percentage of their citizens' savings accounts.  People in those countries are going to be fleeing the national currencies like a bat out of Hades, you just watch.



Ente
georgeu2000
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March 20, 2013, 12:57:19 PM
 #47

You forgot:
- Cypress
- NZ
- Italy

All three countries are planning or attempting to plan to confiscate a percentage of their citizens' savings accounts.  People in those countries are going to be fleeing the national currencies like a bat out of Hades, you just watch.

You're out of your fucking mind if you think people who would be effected by that have any idea Bitcoin exists. This is a self fulfilling price, people have an idea of what Bitcoin is worth therefore they won't let it reach below a certain point. Bitcoin has little to no practical and no tangible value. There is no reason it should be at this price.

This is such a silly comment, I'll just explain some reasons I think it is at this price, and why I think it will go up:

  • More people are finding out about it every day. Most of the people on this forum have know about bitcoin for months or years, but if you ask 10 people out on the street, none of them will know what bitcoin is. For every person who finds out about it, on average, they will set up some accounts and buy x bitcoins in a month .
  • People are finding out through the internet. You can see this happen with Google Trends: Bitcoin.
  • The dollar is falling in value. Governments around the world are creating money at a rate never seen before. The US government says inflation is low, but actually it is around 10% ( ShadowStats see bottom chart ).
  • Bitcoin makes it easy, fast, cheap and safe to transfer money over the internet. No more 4% for PayPal.
  • The supply is limited. It is growing at 10% per year now, and goes down each year.
  • We are heading for financial chaos. What better way to hold your savings than bitcoin?
  • Impossible for governments to confiscate.
  • There is about $50 trillion of fiat currency in the world now. And it is growing fast. If 10% moves into bitcoin, that makes $450,000 per bitcoin.
josiahgarber
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March 20, 2013, 01:21:42 PM
 #48

You forgot:
- Cypress
- NZ
- Italy

All three countries are planning or attempting to plan to confiscate a percentage of their citizens' savings accounts.  People in those countries are going to be fleeing the national currencies like a bat out of Hades, you just watch.

You're out of your fucking mind if you think people who would be effected by that have any idea Bitcoin exists. This is a self fulfilling price, people have an idea of what Bitcoin is worth therefore they won't let it reach below a certain point. Bitcoin has little to no practical and no tangible value. There is no reason it should be at this price.

This is such a silly comment, I'll just explain some reasons I think it is at this price, and why I think it will go up:

  • More people are finding out about it every day. Most of the people on this forum have know about bitcoin for months or years, but if you ask 10 people out on the street, none of them will know what bitcoin is. For every person who finds out about it, on average, they will set up some accounts and buy x bitcoins in a month .
  • People are finding out through the internet. You can see this happen with Google Trends: Bitcoin.
  • The dollar is falling in value. Governments around the world are creating money at a rate never seen before. The US government says inflation is low, but actually it is around 10% ( ShadowStats see bottom chart ).
  • Bitcoin makes it easy, fast, cheap and safe to transfer money over the internet. No more 4% for PayPal.
  • The supply is limited. It is growing at 10% per year now, and goes down each year.
  • We are heading for financial chaos. What better way to hold your savings than bitcoin?
  • Impossible for governments to confiscate.
  • There is about $50 trillion of fiat currency in the world now. And it is growing fast. If 1% moves into bitcoin, that makes $4,500,000 per bitcoin.

Well said.
MarlboroMan
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March 20, 2013, 03:01:02 PM
 #49

The better question should be why did it take 6 months to move at all?

"First they ignore you, then they ridicule you, then they fight you, then you win."
-- Mahatma Gandhi
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MarlboroMan
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March 20, 2013, 03:02:37 PM
 #50

You forgot:
- Cypress
- NZ
- Italy

All three countries are planning or attempting to plan to confiscate a percentage of their citizens' savings accounts.  People in those countries are going to be fleeing the national currencies like a bat out of Hades, you just watch.

You're out of your fucking mind if you think people who would be effected by that have any idea Bitcoin exists. This is a self fulfilling price, people have an idea of what Bitcoin is worth therefore they won't let it reach below a certain point. Bitcoin has little to no practical and no tangible value. There is no reason it should be at this price.

This is such a silly comment, I'll just explain some reasons I think it is at this price, and why I think it will go up:

  • More people are finding out about it every day. Most of the people on this forum have know about bitcoin for months or years, but if you ask 10 people out on the street, none of them will know what bitcoin is. For every person who finds out about it, on average, they will set up some accounts and buy x bitcoins in a month .
  • People are finding out through the internet. You can see this happen with Google Trends: Bitcoin.
  • The dollar is falling in value. Governments around the world are creating money at a rate never seen before. The US government says inflation is low, but actually it is around 10% ( ShadowStats see bottom chart ).
  • Bitcoin makes it easy, fast, cheap and safe to transfer money over the internet. No more 4% for PayPal.
  • The supply is limited. It is growing at 10% per year now, and goes down each year.
  • We are heading for financial chaos. What better way to hold your savings than bitcoin?
  • Impossible for governments to confiscate.
  • There is about $50 trillion of fiat currency in the world now. And it is growing fast. If 10% moves into bitcoin, that makes $450,000 per bitcoin.

This is such a good post Im going to save it to explain to family members.  Tongue

"First they ignore you, then they ridicule you, then they fight you, then you win."
-- Mahatma Gandhi
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DataPlumber
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March 20, 2013, 03:41:19 PM
 #51

PayPal dollars have no value except that PayPal will often (*cough*) exchange them for real dollars later.  What made PayPal a household name is the ability to move money around on the Internet fairly easily, and allowed people to make payments to people without having to give out private info (credit card numbers/etc.)

Bitcoin is superior to PayPal in pretty much every way except chargeback / consumer protection.  (It may be somewhat heretical to suggest here that the inability to reverse Bitcoin payments isn't always a great thing for everyone, but there you have it.)

As to obscurity: what would you have given to be "in" on the PayPal idea before most people had heard of it?

What needs to happen is: we need to get people to hear about Bitcoin and understand it *before* The Powers That Be can slander it into illegality.  We've already seen the power of the Internet to get the word out and affect legislation that's clearly against the public interest; but before that can happen, the public needs to be aware of their interest in this.  People have been trained to think that their money isn't really theirs to control; introduce them to the idea that it really should be.

TLDR: Evangelize!  And Bitcoin will be a household name like PayPal is.

georgeu2000
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March 20, 2013, 03:44:19 PM
 #52

PayPal dollars have no value except that PayPal will often (*cough*) exchange them for real dollars later.  What made PayPal a household name is the ability to move money around on the Internet fairly easily, and allowed people to make payments to people without having to give out private info (credit card numbers/etc.)

Bitcoin is superior to PayPal in pretty much every way except chargeback / consumer protection.  (It may be somewhat heretical to suggest here that the inability to reverse Bitcoin payments isn't always a great thing for everyone, but there you have it.)

As to obscurity: what would you have given to be "in" on the PayPal idea before most people had heard of it?

What needs to happen is: we need to get people to hear about Bitcoin and understand it *before* The Powers That Be can slander it into illegality.  We've already seen the power of the Internet to get the word out and affect legislation that's clearly against the public interest; but before that can happen, the public needs to be aware of their interest in this.  People have been trained to think that their money isn't really theirs to control; introduce them to the idea that it really should be.

TLDR: Evangelize!  And Bitcoin will be a household name like PayPal is.

I though PayPal became popular because it was the easy way to pay for items on eBay.
DataPlumber
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March 20, 2013, 03:49:07 PM
 #53

I though PayPal became popular because it was the easy way to pay for items on eBay.
PayPal was big long before that.

MarlboroMan
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March 20, 2013, 03:58:26 PM
 #54

Paypal is one of the worst companies on the face of this earth. Years ago they froze my account with 3,000$ on it for suspected fraud (??) and I had to wait over a month for the 'investigation' could be completed.

"First they ignore you, then they ridicule you, then they fight you, then you win."
-- Mahatma Gandhi
Bitcoin Since 2010
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