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Author Topic: OK, THIS IS FUCKING INSANE  (Read 9750 times)
Kazu
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April 03, 2013, 05:50:34 PM
 #81

Bitcoin isn't OJ or coffee- It's something you can't compare to almost anything. As far as investments it's maybe more like Apple stock ( look at the price in 1984 and today....)
Yea, just like Apple stock, except instead of chinese kids in sweat shops, there are mining rigs in pools, and instead of shiny designs, you have solid math.

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April 03, 2013, 06:42:49 PM
 #82

Do you think the early investors of microsoft or other huge .coms felt the same way?

Moreover bitcoin is so new it really is like investing in Microsoft before they even had a listing on an exchange....

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April 03, 2013, 06:49:24 PM
 #83

Even for a bull like myself, who's in dreamland right now and seriously considering selling just because I don't really know how am I going to play out the transfer of my money back to my accounts, this is plain insanity.
I have never seen this kind of sustained growth in any financial tool... not in commodities ( I used to trade coffee and OJ), not in silver/dollar much less in stocks minus some penny stocks that shouldn't be counted (Hello Granny Mae!!!)
Although many people call this a bubble, while I call it a correction, there is no doubt that there's a lot of speculation and people buying coins to hoard them and to speculate the price will continue to rise. I just cannot believe how the price has gone from $101, (on April 2nd at 6:43:15 GMT) when I bought 0.5 using money from a relative and I only bought 0.5 because I was somewhat skeptical and I was waiting for a small dip to get in, to a whooping $136 in about 24hrs!!!
That is just plain ridiculous and sorry if I sound like a moronic bear but it's insane to think differently about it.
So, where do we go from here? when are we hitting $200?
I read other posts about hittin $1000 this year and I was skeptical about it, but who's to say it isn't possible?


Maybe convert some of your bitcoins into gold and silver bars so you don't have to worry about it getting transferred back into your bank accounts (yet) Smiley
 
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April 03, 2013, 06:52:28 PM
 #84

Do you think the early investors of microsoft or other huge .coms felt the same way?

Moreover bitcoin is so new it really is like investing in Microsoft before they even had a listing on an exchange....

Yep. Most of people here don't seem to realize that despite all the media attention lately, most of the people haven't even heard about Bitcoin. There is so much money possible to pour into Bitcoins in the future that it is hard to even imagine.

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tonto
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April 03, 2013, 06:56:30 PM
 #85

most of us are mad we didn't put more disposable income wasted on crap like video games into bitcoin.

This. Smiley
evolve
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April 03, 2013, 09:32:14 PM
 #86

 Now, for me, the longer I hold them the stronger my hands get.

Until the price tanks and you lose everything.  Undecided

Seriously people, there is nothing wrong with locking in profit....until then your unrealized gains are worth exactly zero.
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April 03, 2013, 09:36:44 PM
 #87

I've already made my call $250/BTC by April 30, 2013.

Might be conservative.

Dude I'm a fucking atheist but nobody makes money this fast and this easy without going to some sort of hell....


Don't worry. It will crash. And then skyrocket again. Market is still too small and exchanges too weak to sustain this parabolic growth.

But who cares. Speculators will come and go. But more people will start to understand bitcoin and it will rise stronger than before.

Every crash/dip is a buying opportunity.

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April 03, 2013, 09:50:40 PM
 #88

Fuck no, give me a dip, I want my coins back !  (only a small percentage for dip trading, I am not so stupid to sell a large amount)
You bailed on the rocket? But you were steering the damn thing!

Now me and Chalkbot are flying into the sun with no pilot. You're the only one with thumbs for God's sake!

Haha, Spiff will always find himself in these types of situations. That's just what the guy lives for! I'm sure he's clinging to the tail fin of the ship right now, planning his death-defying stunt that has him return to the cockpit with 500 dead bears in his wake.

Personally, I think the sun might be a giant shining bitcoin, so I won't stop smiling no matter what happens!

Spaceman Spiff returns to the cockpit with the bounty for zapping the not-so-dreaded bearosaurs of the planet Incredulia.  Mission accomplished, our hero high-fives his trusted cockpit-mates and relaxes for the rest of the rocket's journey.
rocks
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April 03, 2013, 10:09:12 PM
 #89

I know you're joking, but a fun fact; The Fed prints about 2.83 billion a day, so a single days worth of printing put toward bitcoin would quadruple the entire bitcoin market cap.

And that is just M0 base money, once the banks take that $2.8B/day of printing and lever it up you end up with over $50B/day of money created out of thin air.

Imagine $50B/day being poured into BTC.

BTC are either going to the moon or crashing to zero.
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April 04, 2013, 05:06:09 AM
 #90

It's going to atleast 500 $ before hitting some kind of selling pressure Cheesy

dont!!! sell at any price dammit u will regret it

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V4Vendettas
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April 04, 2013, 05:36:10 AM
 #91

I sold all but 1 bitcoin @ £81 and having mined everyone of those coins I can't help but feel a little sad.  Cry

Now hoping for a mini crash to get back on the train.
Its more fun on the train. Grin

Timbert33
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April 04, 2013, 05:36:48 AM
 #92

I've already made my call $250/BTC by April 30, 2013.

Might be conservative.

Dude I'm a fucking atheist but nobody makes money this fast and this easy without going to some sort of hell....


Bitcoin is totally different of anything.. It's so new, unusual, revolutionary.. BTC is just about to give birth.. it will have a bigger impact on society than the internet itself !

Lol, wtf does that even mean? Bitcoin couldn't even exist without the internet... so clearly the internet has had / will have a greater impact.
Timbert33
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April 04, 2013, 05:45:51 AM
 #93

If you switch your charts to a logarithmic scale, things look much less dramatic,


free image hosting

So? Of course it makes things look much less dramatic. That's the whole point of the logarithmic system and a log scale... Don't understand people's obsession with the log scale graph in this forum. It changes nothing...
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April 04, 2013, 05:58:04 AM
 #94

If you switch your charts to a logarithmic scale, things look much less dramatic,


free image hosting

So? Of course it makes things look much less dramatic. That's the whole point of the logarithmic system and a log scale... Don't understand people's obsession with the log scale graph in this forum. It changes nothing...


Let's see it in log base-64 !

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Timbert33
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April 04, 2013, 06:06:58 AM
 #95

If you switch your charts to a logarithmic scale, things look much less dramatic,


free image hosting

So? Of course it makes things look much less dramatic. That's the whole point of the logarithmic system and a log scale... Don't understand people's obsession with the log scale graph in this forum. It changes nothing...


Let's see it in log base-64 !

Yeah, that's the only meaningful logarithmic graphing scale... Everyone knows that.
piramida
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April 04, 2013, 06:52:02 AM
 #96


So? Of course it makes things look much less dramatic. That's the whole point of the logarithmic system and a log scale... Don't understand people's obsession with the log scale graph in this forum. It changes nothing...

It does change much - it shows the relative speed of growth, not absolute values which are pretty meaningless, given that bitcoin was trading for 1 cent not long ago.

i am satoshi
DarkBet
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April 04, 2013, 08:50:34 AM
 #97

I've already made my call $250/BTC by April 30, 2013.

Might be conservative.

Dude I'm a fucking atheist but nobody makes money this fast and this easy without going to some sort of hell....


hehe,

Well, same was said a while ago when the internet took of Wink
Zangelbert Bingledack
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April 04, 2013, 05:18:49 PM
 #98

If you switch your charts to a logarithmic scale, things look much less dramatic,

So? Of course it makes things look much less dramatic. That's the whole point of the logarithmic system and a log scale... Don't understand people's obsession with the log scale graph in this forum. It changes nothing...

If you don't understand you probably haven't considered the difference between relative and absolute growth. Relative growth is what matters from an investment perspective. Regular charts distort the changes by magnifying the recent relative changes and shrinking older relative changes. They therefore systematically distort investment decisions.

Moreover, Bitcoin is experiencing exponential growth in almost every measurable indicator, including of course price. Log charts are simply far more suited to analysis of exponential growth phenomena; otherwse you have to try to eyeball a exponential curve as if it were superimposed the price movements to check whether it is moving in line with the exponent, which is rather difficult and error-prone. It's way easier to look at a log chart and see whether the price is moving in a straight line or not (the BTC price was, but in the past three weeks it has started lilting upward).
Timbert33
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April 04, 2013, 06:10:45 PM
 #99

If you switch your charts to a logarithmic scale, things look much less dramatic,

So? Of course it makes things look much less dramatic. That's the whole point of the logarithmic system and a log scale... Don't understand people's obsession with the log scale graph in this forum. It changes nothing...

If you don't understand you probably haven't considered the difference between relative and absolute growth. Relative growth is what matters from an investment perspective. Regular charts distort the changes by magnifying the recent relative changes and shrinking older relative changes. They therefore systematically distort investment decisions.

Moreover, Bitcoin is experiencing exponential growth in almost every measurable indicator, including of course price. Log charts are simply far more suited to analysis of exponential growth phenomena; otherwse you have to try to eyeball a exponential curve as if it were superimposed the price movements to check whether it is moving in line with the exponent, which is rather difficult and error-prone. It's way easier to look at a log chart and see whether the price is moving in a straight line or not (the BTC price was, but in the past three weeks it has started lilting upward).

Here's the thing, though. While there is value to using log charts in some cases to analyze growth, it's obviously not what is happening on this forum in general. What IS happening on this forum is that people are using log charts to reassure themselves that the current growth trend is not out of control and is completely fine and normal.

I bet in June 2011 people were on here posting this log chart:



Instead of this chart:



to reassure themselves that it wasn't a bubble as well, which it quite apparently was. So, I just don't want people to use it to make themselves feel safe for no reason.

I've even heard people on here say that it wasn't a bubble in June 2011 because bitcoin has EVENTUALLY come back to those prices. That's clearly a ridiculous statement, ESPECIALLY since it might just be back above those prices because we're in ANOTHER BUBBLE. Maybe it is, maybe it isn't, but either way June 2011 was a bubble, and I don't want people to just blindly put a lot of money into btc at this point when it's a reasonably high risk investment.

I'm still invested myself, but people on this forum definitely need reality checks. Bitcoin is very unlikely to turn hundreds of thousands of people into millionaires in 6 months, which everyone seems to think will happen.
Kazu
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April 04, 2013, 06:16:25 PM
 #100

to reassure themselves that it wasn't a bubble as well, which it quite apparently was. So, I just don't want people to use it to make themselves feel safe for no reason.
And now its many times higher than that price. Maybe, just maybe, that wasn't a bubble in Bitcoin price, but the time between then and now was just a bubble in USD valuation.  Shocked

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