How does it feel to have sold < $80 today?

[waspoza]

Paul Krugman:

The growth of the Internet will slow drastically, as the flaw in "Metcalfe's law"--which states that the number of potential connections in a network is proportional to the square of the number of participants--becomes apparent: most people have nothing to say to each other! By 2005 or so, it will become clear that the Internet's impact on the economy has been no greater than the fax machine's.

http://web.archive.org/web/19980610100009/www.redherring.com/mag/issue55/economics.html

[BitcoinTate]

"There is no reason anyone would want a computer in their home."
- Ken Olson, president, chairman and founder of DEC

Guess he never found porn....

[SuperHakka]

You guys fail to understand that bitcoins ARE NOT STOCKS.
And also these are not tulips.
This is unique in the history of humankind, a digital currency with very specific properties with a very unique history.
It is definitely uncharted waters, so any experience you might have had with securities, commodities and/or forex, it is absolutely irrelevant.

Dude, when you been studying trading and investment for as long as I have, you know that there is no such thing as "uncharted waters". Let me give you an example of a tech that I invested in and lost. Baltimore Technologies was an up and coming company specialising in the wierd and wonderful world of PKI, that's they sold digital crytopgraphy management systems. Now digital crytopgraphy has blossomed and can be found in many areas of life nowadays, however what about the investment. It lost me 97%, the price chart of it if I scale it right would probably fit right on top of the bitcoin one. Nothing goes up exponentially forever dude, it's impossible. And usually in exchange traded instruments, prices don't just level off horizontally and wait for everyone to catch up, they fall dramatically after an exponential rise. Never seen an exception ever.

[cypherdoc]

Paul Krugman:

The growth of the Internet will slow drastically, as the flaw in "Metcalfe's law"--which states that the number of potential connections in a network is proportional to the square of the number of participants--becomes apparent: most people have nothing to say to each other! By 2005 or so, it will become clear that the Internet's impact on the economy has been no greater than the fax machine's.

http://web.archive.org/web/19980610100009/www.redherring.com/mag/issue55/economics.html

nice!  when did he write that?  i don't see a date.

[notme]

You guys fail to understand that bitcoins ARE NOT STOCKS.
And also these are not tulips.
This is unique in the history of humankind, a digital currency with very specific properties with a very unique history.
It is definitely uncharted waters, so any experience you might have had with securities, commodities and/or forex, it is absolutely irrelevant.

Dude, when you been studying trading and investment for as long as I have, you know that there is no such thing as "uncharted waters". Let me give you an example of a tech that I invested in and lost. Baltimore Technologies was an up and coming company specialising in the wierd and wonderful world of PKI, that's they sold digital crytopgraphy management systems. Now digital crytopgraphy has blossomed and can be found in many areas of life nowadays, however what about the investment. It lost me 97%, the price chart of it if I scale it right would probably fit right on top of the bitcoin one. Nothing goes up exponentially forever dude, it's impossible. And usually in exchange traded instruments, prices don't just level off horizontally and wait for everyone to catch up, they fall dramatically after an exponential rise. Never seen an exception ever.

Sorry, but that sounds like you just made a shitty investment.  Propriety PKI software is a very small market.  Open source software can meet most users needs.

When the tech bubble popped, a large portion of the US population was using the internet on a daily basis.  What portion are using Bitcoin at this time?

[waspoza]

Paul Krugman:

The growth of the Internet will slow drastically, as the flaw in "Metcalfe's law"--which states that the number of potential connections in a network is proportional to the square of the number of participants--becomes apparent: most people have nothing to say to each other! By 2005 or so, it will become clear that the Internet's impact on the economy has been no greater than the fax machine's.

http://web.archive.org/web/19980610100009/www.redherring.com/mag/issue55/economics.html

nice!  when did he write that?  i don't see a date.

June 1998 I think.

[bitsalame]

You guys fail to understand that bitcoins ARE NOT STOCKS.
And also these are not tulips.
This is unique in the history of humankind, a digital currency with very specific properties with a very unique history.
It is definitely uncharted waters, so any experience you might have had with securities, commodities and/or forex, it is absolutely irrelevant.

Dude, when you been studying trading and investment for as long as I have, you know that there is no such thing as "uncharted waters". Let me give you an example of a tech that I invested in and lost. Baltimore Technologies was an up and coming company specialising in the wierd and wonderful world of PKI, that's they sold digital crytopgraphy management systems. Now digital crytopgraphy has blossomed and can be found in many areas of life nowadays, however what about the investment. It lost me 97%, the price chart of it if I scale it right would probably fit right on top of the bitcoin one. Nothing goes up exponentially forever dude, it's impossible. And usually in exchange traded instruments, prices don't just level off horizontally and wait for everyone to catch up, they fall dramatically after an exponential rise. Never seen an exception ever.

Once again, you fail to understand that bitcoins are not securities.
In your case, your fundamental analysis failed back then, in the same way it is failing now about bitcoins.
Before you failed for being reckless, now you are failing by being too conservative.

Human reactions are like a pendulum, they swing to opposites all the time.
Just like when a blonde breaks your heart, and then you hate ALL blondes.

Bitcoins are a way different animal.
You can't generalize your past experiences in it. There are certainly some questionable things, but it would be absolutely improper to be comparing it with securities. It is a currency, period, a DEFLATIONARY currency. That's a very first in history. You can't say how it should behave, there wasn't one before ever. It was (technologically) impossible to have one before. It is the first currency with a fixed suppply, impossible to be counterfeited.
The bitcoins are highly experimental, not only technologically but also economically.
So I repeat, you can't say how it should normally behave. We are setting up the norm right now, we are currently the baseline for future digital currencies.

That said, selling your house in exchange for an experimental currency is just plain suicidal. If more nutjobs are getting on board with such a retarded mentality, yes, probably a bubble will be formed and it will eventually pop. But when it happens there is no company going bankrupt here, there is no shop closing down. There are gonna be still exist payment processors, and more and more companies are adopting it, even OKCupid is considering adopting it. Even if it "crashes", it will raise again to 100 in no time.

[Cluster2k]

You can't generalize your past experiences in it. There are certainly some questionable things, but it would be absolutely improper to be comparing it with securities. It is a currency, period, a DEFLATIONARY currency. That's a very first in history.

Gold and silver disagree.

You can't say how it should behave, there wasn't one before ever. It was (technologically) impossible to have one before. It is the first currency with a fixed suppply, impossible to be counterfeited.

Impossible, unless someone controls 51% of the network hashing capacity.  DeepBit sometimes came close in bitcoin's short history.  Spending my created coins while denying you the use of your legitimate coins is counterfeiting.

[00null]

You guys fail to understand that bitcoins ARE NOT STOCKS.
And also these are not tulips.
This is unique in the history of humankind, a digital currency with very specific properties with a very unique history.
It is definitely uncharted waters, so any experience you might have had with securities, commodities and/or forex, it is absolutely irrelevant.

Dude, when you been studying trading and investment for as long as I have, you know that there is no such thing as "uncharted waters". Let me give you an example of a tech that I invested in and lost. Baltimore Technologies was an up and coming company specialising in the wierd and wonderful world of PKI, that's they sold digital crytopgraphy management systems. Now digital crytopgraphy has blossomed and can be found in many areas of life nowadays, however what about the investment. It lost me 97%, the price chart of it if I scale it right would probably fit right on top of the bitcoin one. Nothing goes up exponentially forever dude, it's impossible. And usually in exchange traded instruments, prices don't just level off horizontally and wait for everyone to catch up, they fall dramatically after an exponential rise. Never seen an exception ever.

Let me give you one more example. The number of cell phones has certainly increased exponentially. So according to your logic one day everyone will throw their cell phones away and go back to landlines. Really? I don't think so. And Bitcoins are not like stocks, they are like cellphones, in the end everyone wants to own at least one.

[zoinky]

I can't believe people are selling at $103.   

[BitcoinTate]

I can't believe people are selling at $103.   

God is great, beer is good and people are crazy!

[myrkul]

I can't believe people are selling at $103.   

If I had a pile of coins, I'd be selling at least some of them right now. There are a few things around the house that have been nagging to get done....

[jubalix]

You guys fail to understand that bitcoins ARE NOT STOCKS.
And also these are not tulips.
This is unique in the history of humankind, a digital currency with very specific properties with a very unique history.
It is definitely uncharted waters, so any experience you might have had with securities, commodities and/or forex, it is absolutely irrelevant.

Dude, when you been studying trading and investment for as long as I have, you know that there is no such thing as "uncharted waters". Let me give you an example of a tech that I invested in and lost. Baltimore Technologies was an up and coming company specialising in the wierd and wonderful world of PKI, that's they sold digital crytopgraphy management systems. Now digital crytopgraphy has blossomed and can be found in many areas of life nowadays, however what about the investment. It lost me 97%, the price chart of it if I scale it right would probably fit right on top of the bitcoin one. Nothing goes up exponentially forever dude, it's impossible. And usually in exchange traded instruments, prices don't just level off horizontally and wait for everyone to catch up, they fall dramatically after an exponential rise. Never seen an exception ever.

Lel you stock market types don't even realize you never "made" money of the stock marker, you just swapped around FIAT that central banks made through FRB and CRR's

BTC is replacing the Central banks which and you will be trading for BTC FIAT.

You really really don't get what Central Banks / Govs have been doing, that is they make the TRILLIONS backed by TAX, companies get the scraps.

BTC et.al are taking this away.

BTC will go to at least 100K per coin, and LTC probably similar if not higher.

[myrkul]

You guys fail to understand that bitcoins ARE NOT STOCKS.
And also these are not tulips.
This is unique in the history of humankind, a digital currency with very specific properties with a very unique history.
It is definitely uncharted waters, so any experience you might have had with securities, commodities and/or forex, it is absolutely irrelevant.

Dude, when you been studying trading and investment for as long as I have, you know that there is no such thing as "uncharted waters". Let me give you an example of a tech that I invested in and lost. Baltimore Technologies was an up and coming company specialising in the wierd and wonderful world of PKI, that's they sold digital crytopgraphy management systems. Now digital crytopgraphy has blossomed and can be found in many areas of life nowadays, however what about the investment. It lost me 97%, the price chart of it if I scale it right would probably fit right on top of the bitcoin one. Nothing goes up exponentially forever dude, it's impossible. And usually in exchange traded instruments, prices don't just level off horizontally and wait for everyone to catch up, they fall dramatically after an exponential rise. Never seen an exception ever.

Lel you stock market types don't even realize you never "made" money of the stock marker, you just swapped around FIAT that central banks made through FRB and CRR's

BTC is replacing the Central banks which and you will be trading for BTC FIAT.

You really really don't get what Central Banks / Govs have been doing, that is they make the TRILLIONS backed by TAX, companies get the scraps.

BTC et.al are taking this away.

BTC will go to at least 100K per coin, and LTC probably similar if not higher.

Wow. Not even I am this bullish. Don't ever get into the same room as proudhon. The mutual annihilation event could wipe out half a city.

[bitsalame]

You can't generalize your past experiences in it. There are certainly some questionable things, but it would be absolutely improper to be comparing it with securities. It is a currency, period, a DEFLATIONARY currency. That's a very first in history.

Gold and silver disagree.

You can't say how it should behave, there wasn't one before ever. It was (technologically) impossible to have one before. It is the first currency with a fixed suppply, impossible to be counterfeited.

Impossible, unless someone controls 51% of the network hashing capacity.  DeepBit sometimes came close in bitcoin's short history.  Spending my created coins while denying you the use of your legitimate coins is counterfeiting.

Gold and silver are not currency, they are commodities.
You guys still don't get it, do you? Bitcoins have both and none of the qualities of being commodities and money.
The most proper comparison would be that it is the return of commodity money, but it is really not that either. As a commodity, it is absolutely useless... and intangible.
And yes, it is truly unique and it is the very first in the history of humankind. If you guys don't really understand the nature of bitcoins, you should forget about this project and go back to your normal daily lives.

The worst thing you can do is to invest or adopting something you don't truly understand.

PD: The 51% attack is already impracticable, and as soon as the ASICS get deployed widely, it will be almost an impossible task.
And if someone succeeds at it, it will not be for counterfeiting, it will be the death sentence of the whole currency because it would be a direct hit to its credibility.
Right now considering the monstrous amount of resources necessary to currently perform a 51% attack, it will not be to get rich quick, it will be done with only one thing in mind: to destroy bitcoins for once and for all.
And that type of weakness is also a first in history.

[myrkul]

You can't generalize your past experiences in it. There are certainly some questionable things, but it would be absolutely improper to be comparing it with securities. It is a currency, period, a DEFLATIONARY currency. That's a very first in history.

Gold and silver disagree.

Gold and silver are not currency, they are commodities.

http://www.merriam-webster.com/dictionary/specie

[SuperHakka]

Once again, you fail to understand that bitcoins are not securities.
In your case, your fundamental analysis failed back then, in the same way it is failing now about bitcoins.
Before you failed for being reckless, now you are failing by being too conservative.

Dude, may not be equity securities but they are for the most part traded on open market exchanges like Mt Gox and Bitcoin-central thus the law of demand and supply operate. If you are a technical chartist then you will believe that price action explains all, the background story is irrelevant. If any chartist look at the weekly btc chart then they will conclude that while the present peak cannot be predicted, what is sure to follow is a massive and brutal correction. If you have 1000 bitcoins and the price drops from $150 to $130 in a single day, you will have "lost" $20k, in your mind at least. You might to find your finger waivering on the sell button. Another drop from $130 to $120, oops that's another $10k down the drain. The foolish might stay in an keep losing but you is clever and decide to sell and make $100k profit in the bank. Deposit for a new home, you is quids in. You see, you lot are not an army but a collection of self-interested speculators who will exit at different times and at different amounts of pain. Be prepared, I is.

[bitsalame]

Once again, you fail to understand that bitcoins are not securities.
In your case, your fundamental analysis failed back then, in the same way it is failing now about bitcoins.
Before you failed for being reckless, now you are failing by being too conservative.

Dude, may not be equity securities but they are for the most part traded on open market exchanges like Mt Gox and Bitcoin-central thus the law of demand and supply operate. If you are a technical chartist then you will believe that price action explains all, the background story is irrelevant. If any chartist look at the weekly btc chart then they will conclude that while the present peak cannot be predicted, what is sure to follow is a massive and brutal correction. If you have 1000 bitcoins and the price drops from $150 to $130 in a single day, you will have "lost" $20k, in your mind at least. You might to find your finger waivering on the sell button. Another drop from $130 to $120, oops that's another $10k down the drain. The foolish might stay in an keep losing but you is clever and decide to sell and make $100k profit in the bank. Deposit for a new home, you is quids in. You see, you lot are not an army but a collection of self-interested speculators who will exit at different times and at different amounts of pain. Be prepared, I is.

Two things.
First, think about long term.
Second, I hate chartists. They are as useful as tasseographists.

[Odalv]

Once again, you fail to understand that bitcoins are not securities.
In your case, your fundamental analysis failed back then, in the same way it is failing now about bitcoins.
Before you failed for being reckless, now you are failing by being too conservative.

Dude, may not be equity securities but they are for the most part traded on open market exchanges like Mt Gox and Bitcoin-central thus the law of demand and supply operate. If you are a technical chartist then you will believe that price action explains all, the background story is irrelevant. If any chartist look at the weekly btc chart then they will conclude that while the present peak cannot be predicted, what is sure to follow is a massive and brutal correction. If you have 1000 bitcoins and the price drops from $150 to $130 in a single day, you will have "lost" $20k, in your mind at least. You might to find your finger waivering on the sell button. Another drop from $130 to $120, oops that's another $10k down the drain. The foolish might stay in an keep losing but you is clever and decide to sell and make $100k profit in the bank. Deposit for a new home, you is quids in. You see, you lot are not an army but a collection of self-interested speculators who will exit at different times and at different amounts of pain. Be prepared, I is.

Not if there are $10M in order book :-) (and invested what you can afford to lose, for 5 years)

[jubalix]

Once again, you fail to understand that bitcoins are not securities.
In your case, your fundamental analysis failed back then, in the same way it is failing now about bitcoins.
Before you failed for being reckless, now you are failing by being too conservative.

Dude, may not be equity securities but they are for the most part traded on open market exchanges like Mt Gox and Bitcoin-central thus the law of demand and supply operate. If you are a technical chartist then you will believe that price action explains all, the background story is irrelevant. If any chartist look at the weekly btc chart then they will conclude that while the present peak cannot be predicted, what is sure to follow is a massive and brutal correction. If you have 1000 bitcoins and the price drops from $150 to $130 in a single day, you will have "lost" $20k, in your mind at least. You might to find your finger waivering on the sell button. Another drop from $130 to $120, oops that's another $10k down the drain. The foolish might stay in an keep losing but you is clever and decide to sell and make $100k profit in the bank. Deposit for a new home, you is quids in. You see, you lot are not an army but a collection of self-interested speculators who will exit at different times and at different amounts of pain. Be prepared, I is.

sighhh...CC's are expanding/displacing GOV FIAT, to thier point of market penetration, the it will level out....and I don't care if BTC goes to ZERO, becuase another CC will arise. Pandoras box is open