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Author Topic: Does anyone else think it really hit the fan lately?  (Read 2349 times)
lessPlastic
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June 17, 2011, 04:32:41 AM
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Bitcoins were at $9 not too long ago. All of a sudden, they hit 19, then 24, then topped out at 30, where people consider there to be a mini- or not mini- bubble. Right when this happened, all of the hacking began, there began rumors of giant hash farms being brought online, senators started to discuss it, and it seems like our community quadrupled in size. All in a short period of time. Anyone else think so?
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June 17, 2011, 04:57:17 AM
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Seems like typical human psychology here. Probably similar to the gold rushes back in the 18th centuries. I guess when the value started to get higher everybody became aware of it. News articles were written, more people learned about it. Personally, I got taken into the craziness when I saw how simple it was to get coins and how much they were exploding in value. This was probably very similar to the internet .com bubble.
 I looked into building a rig, but I was smart enough to read carefully about it and realize it was really not worth it. I even considered buying some bitcoin at the higher price because it seemed it could go much higher.

Now it has got to a point that mining is quickly becoming unprofitable. People are starting to realize that these coins do not have a high value and the explosive growth will not last.

One thing I realized is that it is very difficult to make easy money, and if it is easy it will not last. My predicition is the price will fall back to around $5-$11 dollars, and it will grow steady from that point. At that price level it is an OK investment, giving the high risk of bitcoin being worthless.

 In the USA the dollar is a much more stable currency and it is far easily used in this country with much less exchange risk. The only thing bitcoin will be used for in the USA is the black market.



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TraderTimm
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June 17, 2011, 05:07:26 AM
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After greece, the euro will disband.

Then the dollar will be next.

Choose carefully.

fortitudinem multis - catenum regit omnia
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June 17, 2011, 06:08:53 AM
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In the USA the dollar is a much more stable currency and it is far easily used in this country with much less exchange risk. The only thing bitcoin will be used for in the USA is the black market.

One thing about the FRN is that it has lost 97% to 98% of it's purchasing power since 1913. I have purchased soup, toothpaste, steam gifts, VPN tunnel service, VPS hosting and more with Bitcoin. Your argument about use only in the black market seems very invalid to me.

Time is money. This means that if you have spare time, you can use it to make money.

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shady financier
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June 17, 2011, 10:34:39 AM
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In the USA the dollar is a much more stable currency and it is far easily used in this country with much less exchange risk. The only thing bitcoin will be used for in the USA is the black market.

One thing about the FRN is that it has lost 97% to 98% of it's purchasing power since 1913. I have purchased soup, toothpaste, steam gifts, VPN tunnel service, VPS hosting and more with Bitcoin. Your argument about use only in the black market seems very invalid to me.

Coincidence that the economy has grown 97%  to 98% in the last hundred years?

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BombaUcigasa
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June 17, 2011, 10:48:33 AM
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In the USA the dollar is a much more stable currency and it is far easily used in this country with much less exchange risk. The only thing bitcoin will be used for in the USA is the black market.

One thing about the FRN is that it has lost 97% to 98% of it's purchasing power since 1913. I have purchased soup, toothpaste, steam gifts, VPN tunnel service, VPS hosting and more with Bitcoin. Your argument about use only in the black market seems very invalid to me.

Coincidence that the economy has grown 97%  to 98% in the last hundred years?
Which one is the coincidence? The 97 or 98?
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June 17, 2011, 10:58:40 AM
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Let me put it another way, is there a correlation between the dollar losing around a hundred times its value and the economy the dollar represents growing around a hundred times bigger?

just putting the question out there.

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The value of goods, expressed in money, is called “price”, while the value of money, expressed in goods, is called “value”. C. Quigley
dutt
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June 17, 2011, 11:11:54 AM
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No, if dollar supply would've been constant the value would've gone up with the economy.
Dollar is devalued because there are new dollars being created much more faster than the economy grows.

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June 17, 2011, 11:20:15 AM
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Coincidence that the economy has grown 97%  to 98% in the last hundred years?

What are measuring to get those (obviously wrong) numbers?

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shady financier
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June 17, 2011, 11:36:57 AM
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No, if dollar supply would've been constant the value would've gone up with the economy.
Dollar is devalued because there are new dollars being created much more faster than the economy grows.

Yeah I spoze.

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Rapidlybuybitcoin here.

The value of goods, expressed in money, is called “price”, while the value of money, expressed in goods, is called “value”. C. Quigley
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June 17, 2011, 11:40:09 AM
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Coincidence that the economy has grown 97%  to 98% in the last hundred years?

What are measuring to get those (obviously wrong) numbers?

Merely an exercise. Goldbuggers drop this 98 percent loss of dollar value thing a lot, I wanted to check it against the fact that the economy is obviously much larger than it was back in JP Morgan himselfs day. I myself disagree with gold-fetishism, so I don't accept their metalist incantations without examination.

1G8AUgSTAw8hfatNnDHuYEqBAUzC3qvAAL

Bitcoin news: http://thebitcoinsun.com/

Rapidlybuybitcoin here.

The value of goods, expressed in money, is called “price”, while the value of money, expressed in goods, is called “value”. C. Quigley
Maxxx
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June 17, 2011, 04:17:01 PM
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Coincidence that the economy has grown 97%  to 98% in the last hundred years?

What are measuring to get those (obviously wrong) numbers?

Merely an exercise. Goldbuggers drop this 98 percent loss of dollar value thing a lot, I wanted to check it against the fact that the economy is obviously much larger than it was back in JP Morgan himselfs day. I myself disagree with gold-fetishism, so I don't accept their metalist incantations without examination.

That's true (that the economy has grown but I don't know by how much), yet, our grandparents could have potentially saw a loss of over 90% of all their savings if they stayed with FRN. Are you really that clever holding onto nothing but federal reserve notes? You can argue all you want about the economy expanding but I only see a fool saving these bank notes.

Time is money. This means that if you have spare time, you can use it to make money.

Modular, open, and stack-able miner case.
shady financier
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June 17, 2011, 04:48:45 PM
 #13

I own exactly one dollar, a souvenir from my visit to the USA.

It's actually got "In God We Trust" written on it, how quaint. Cheesy

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Bitcoin news: http://thebitcoinsun.com/

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The value of goods, expressed in money, is called “price”, while the value of money, expressed in goods, is called “value”. C. Quigley
BitCheddar
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June 17, 2011, 06:41:54 PM
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"In God We Trust"

All others, pay cash.
imperi
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June 18, 2011, 03:40:04 AM
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Seems like typical human psychology here. Probably similar to the gold rushes back in the 18th centuries. I guess when the value started to get higher everybody became aware of it. News articles were written, more people learned about it. Personally, I got taken into the craziness when I saw how simple it was to get coins and how much they were exploding in value. This was probably very similar to the internet .com bubble.
 I looked into building a rig, but I was smart enough to read carefully about it and realize it was really not worth it. I even considered buying some bitcoin at the higher price because it seemed it could go much higher.

Now it has got to a point that mining is quickly becoming unprofitable. People are starting to realize that these coins do not have a high value and the explosive growth will not last.

One thing I realized is that it is very difficult to make easy money, and if it is easy it will not last. My predicition is the price will fall back to around $5-$11 dollars, and it will grow steady from that point. At that price level it is an OK investment, giving the high risk of bitcoin being worthless.

 In the USA the dollar is a much more stable currency and it is far easily used in this country with much less exchange risk. The only thing bitcoin will be used for in the USA is the black market.




When do you think it will fall to $5-$11?
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