this is amazing!

[Miz4r]

3 million USD per day to keep this system up

woohoooooo is paying?

not quite right

at $1000 per bitcoin

miners will all be selling every coin mined to cover outrageous mining costs

that is $2.5 million a day. every day. including weekends.

plus people who want to cash out. assume 1% of people a month need their money or want some money (low in my opinion noways 12% turnover per annum), thats 120 000 coins. That is good for $4 mil per day.

so approx $7 million per day to stay at $1000 per bitcoin  - best case.

yay!

BTC-E from $823 to $375 in a few hours! lost over half its value in hours.

bitcoin will end up under $10, not $15 000.

Bitcoin: the billion dollar penny stock   TM

Congrats for being an idiot! The deeper the correction the more moronic the posters around here. 

[protokol]

Every single chinese speculator who bought bitcoins at any price is sitting on profits, some of them massive profits.

100% of them!!!

Except the trading noooooooob on GoXBTC who paid 22,213 yuan per BTC or $3,600!  

https://www.goxbtc.com/

What the actual fuck.

[jasonjm]

about these corrections, all they do is sucker in more buyers thinking bitcoin can never really go down, based on past behavior (buy the dip!)

so everyone in bitcoinland extrapolates the past into the future - buy any crash because its a good buying opportunity. Bitcoin is different blah blah blah

until one day it isn't.... and the crash is the real thing.

Under $10 one day watch, I will break out this post.

In this run-up I saw the tape, I saw the market depth, I saw the greed, I saw the truth. Bitcoin is a stroke of genius for the creator and the early adopters. It's a monster for everyone else.

been a great learning opportunity trading something different such as bitcoin, there will be other bitcoin like markets in the future, soaking it all up.

[Mirsad]

Congrats for being an idiot! The deeper the correction the more moronic the posters around here. 

Have you understood his posting?
Bitcoin is a dead end.

->  Massive Power consumption -> massive costs in $/Euro/GBP/...
->  New Money needed to cover these costs

It's a pyramide scheme, but a very clever one.

And you can still make a lot of profit in the next few years. But beware if you play the "forever" hold strategie.
Better cash out 2-3 times your initial investment and "play" with the rest.


There will be other cryptocurrency, with less power consumption and better distribution.

[Miz4r]

Congrats for being an idiot! The deeper the correction the more moronic the posters around here. 

Have you understood his posting?
Bitcoin is a dead end.

->  Massive Power consumption -> massive costs in $/Euro/GBP/...
->  New Money needed to cover these costs

It's a pyramide scheme, but a very clever one.

And you can still make a lot of profit in the next few years. But beware if you play the "forever" hold strategie.
Better cash out 2-3 times your initial investment and "play" with the rest.


There will be other cryptocurrency, with less power consumption and better distribution.

And another idiot enters the fray. Congrats to you as well!

[Mirsad]

Hey. No offense taken.
I'm not a 12 year old boy, that means I'm probably older then 50% of this forum.

You probably need to learn it the hard way. Bitcoin has no long time future. It will has it's uses a few years, but not much longer.

I'll buy and sell as long as I can make good profit. There are millions of pigs waiting to get slaughtered and I'll be there  


PS:
You bought high in the april bubble and sold low? 
Emotional traders are the best. Allways funny to see.

[AndrewWilliams]

Have fun out in the cold! 

[kireinaha]

about these corrections, all they do is sucker in more buyers thinking bitcoin can never really go down, based on past behavior (buy the dip!)

so everyone in bitcoinland extrapolates the past into the future - buy any crash because its a good buying opportunity. Bitcoin is different blah blah blah

until one day it isn't.... and the crash is the real thing.

Under $10 one day watch, I will break out this post.

In this run-up I saw the tape, I saw the market depth, I saw the greed, I saw the truth. Bitcoin is a stroke of genius for the creator and the early adopters. It's a monster for everyone else.

been a great learning opportunity trading something different such as bitcoin, there will be other bitcoin like markets in the future, soaking it all up.

Wise words spoken from a learned investor. It:s fun to hear speculation from the Winklevii and online contributors about a future with 100k bitcoins, but the above scenario sounds much more likely. I just wonder, once coins reach <$10, will the whole process repeat itself? Maybe with an alternate cryptocurrency?

I can see it now, "Guys, this time it's different! Bitcoin failed because it was the first attempt at a legitimate P2P currency protocol, but <insert name> coin is sure to make us all rich because it uses SHA 512 encryption!" 

[piramida]

you guys are so blind it's amuzing you are literally standing in front of the mountain made of gold, touching it, and saying "well it sure feels like some pile of rock" good thing I have exactly zero need to persuade you - you will understand for yourself, in a couple of years. or not, who the heck cares, everyone can't be on the future train, larger part of the population has to stay behind. natural selection.

please up this thread when we reach $10 per coin. or I'll up it when we reach 10k per coin. whichever happens first, wins, right? or you'll come up with some other stupid explanations why this will not work out and we all going to die in poverty?

[donjoe]

everyone can't be on the future train, larger part of the population has to stay behind. natural selection.

This is exactly the kind of fascistoid anti-egalitarian discourse (usually spewed out by capitalist thieves who like to get rich without producing anything valuable) that the world is getting increasingly sick and tired of. You must be high on crack if you really think such a toxic system with a minority of winners and a majority of losers can go on indefinitely.

But by all means keep talking and behaving like this - if your right-wing extremism helps some sort of Neo-Communism come to power in the world as a reaction I'll be a happy guy.

[zengryT]

There will be other cryptocurrency, with less power consumption and better distribution.

Unless centralized, there will be not better cryptocurrency with less power consumption. Proof of work is safest.

Better distribution - like everyone gets one coin when it starts Maybe possible for centralized cryptocurrency

[piramida]

You must be high on crack if you really think such a toxic system with a minority of winners and a majority of losers can go on indefinitely.

All the history of mankind shows that it's the only system that ever worked. No matter which underlying economic model you establish, it very quickly filters out to the majority of losers, it's human nature. A tale from the past - some nordic people, eskimo or aleuts, believed that when gods made people, they used different bulding materials. 5% of people were made from stone, and they became the workers / hunters. 5% were made from grass, and they became healers / shamans. The other 90%? They were made from dog crap. It's kinda rude, but it's the truth my friend.

[kireinaha]

You must be high on crack if you really think such a toxic system with a minority of winners and a majority of losers can go on indefinitely.

All the history of mankind shows that it's the only system that ever worked. No matter which underlying economic model you establish, it very quickly filters out to the majority of losers, it's human nature. A tale from the past - some nordic people, eskimo or aleuts, believed that when gods made people, they used different bulding materials. 5% of people were made from stone, and they became the workers / hunters. 5% were made from grass, and they became healers / shamans. The other 90%? They were made from dog crap. It's kinda rude, but it's the truth my friend.

Only 10% of the eskimos got all the eskimo money? That sucks. But still, being made of stone or grass doesn:t sound too much better than dog crap. I mean, it:s a step up, but leaves a lot to aspire for. 

[bassclef]

everyone can't be on the future train, larger part of the population has to stay behind. natural selection.

This is exactly the kind of fascistoid anti-egalitarian discourse (usually spewed out by capitalist thieves who like to get rich without producing anything valuable) that the world is getting increasingly sick and tired of. You must be high on crack if you really think such a toxic system with a minority of winners and a majority of losers can go on indefinitely.

But by all means keep talking and behaving like this - if your right-wing extremism helps some sort of Neo-Communism come to power in the world as a reaction I'll be a happy guy.

You should be so lucky. A large percentage of the human race lives in abject poverty, and is born to simply die again without modern food or medicine. A utopia is impossible without an incorruptible centralized control, so until that happens (if it happens) there's gonna be winners and losers.

[windjc]

about these corrections, all they do is sucker in more buyers thinking bitcoin can never really go down, based on past behavior (buy the dip!)

so everyone in bitcoinland extrapolates the past into the future - buy any crash because its a good buying opportunity. Bitcoin is different blah blah blah

until one day it isn't.... and the crash is the real thing.

Under $10 one day watch, I will break out this post.

In this run-up I saw the tape, I saw the market depth, I saw the greed, I saw the truth. Bitcoin is a stroke of genius for the creator and the early adopters. It's a monster for everyone else.

been a great learning opportunity trading something different such as bitcoin, there will be other bitcoin like markets in the future, soaking it all up.

Wise words spoken from a learned investor. It:s fun to hear speculation from the Winklevii and online contributors about a future with 100k bitcoins, but the above scenario sounds much more likely. I just wonder, once coins reach <$10, will the whole process repeat itself? Maybe with an alternate cryptocurrency?

I can see it now, "Guys, this time it's different! Bitcoin failed because it was the first attempt at a legitimate P2P currency protocol, but <insert name> coin is sure to make us all rich because it uses SHA 512 encryption!"  

No you are the short sighted moron.

You only see Bitcoin as a TRADE. Thus, to you, it appears like a pump and dump scam.  You are unable to see the utility of bitcoin.

You haven't REALLY researched it uses. You haven't REALLY learned about the eco-system developing around it. All YOU see is a $$$ attached and think that sentiment towards Bitcoin has something to do with the current price tag. Guess what?

It doesn't.

Bitcoin could go to $10 today and stay there 6 months and it would still become a disruptive technology in the world of finance. Crytocurrencies are going no where.

Now, how much is a bitcoin worth today? What the hell anyone will pay for one, that's what. But its going to take 5-10 years to know what the true value is.

By then you will have either changed your tune or come up with some justification as to why you didn't get involved.

And your going to look even more stupid then than you do now.

[NorbyTheGeek]

[...] incorruptible centralized control [...]

There's no such thing.

[donjoe]

All the history of mankind shows that it's the only system that ever worked.

Yep, that's it, keep going with the arrogant and deluded justifications for your feelings of entitlement. Make them sound like "cold hard facts" and "rational explanations" if that's what it takes to convince yourself. You still have some time to bask in your delusion until your social debts come due.

[favelle75]

you guys are so blind it's amuzing you are literally standing in front of the mountain made of gold, touching it, and saying "well it sure feels like some pile of rock" good thing I have exactly zero need to persuade you - you will understand for yourself, in a couple of years. or not, who the heck cares, everyone can't be on the future train, larger part of the population has to stay behind. natural selection.

please up this thread when we reach $10 per coin. or I'll up it when we reach 10k per coin. whichever happens first, wins, right? or you'll come up with some other stupid explanations why this will not work out and we all going to die in poverty?

I know I'll be revisiting this thread.  As fun as it is to laugh in the faces of the morons calling for the end when it crashed after $266...this is going to be even more fun because the stakes are so much higher!

[piramida]

All the history of mankind shows that it's the only system that ever worked.

Yep, that's it, keep going with the arrogant and deluded justifications for your feelings of entitlement. Make them sound like "cold hard facts" and "rational explanations" if that's what it takes to convince yourself. You still have some time to bask in your delusion until your social debts come due.

Ok but please, even if you can't understand it now, just remember the smart guy from bitcointalk once your revolution comes through and you see 10% reaping all the profits at the expense of the other 90%. All you can do is change who's on top, and even then, not completely. Like it or hate it, does not matter.

[seleme]

3 million USD per day to keep this system up

woohoooooo is paying?

not quite right

at $1000 per bitcoin

miners will all be selling every coin mined to cover outrageous mining costs

that is $2.5 million a day. every day. including weekends.

plus people who want to cash out. assume 1% of people a month need their money or want some money (low in my opinion noways 12% turnover per annum), thats 120 000 coins. That is good for $4 mil per day.

so approx $7 million per day to stay at $1000 per bitcoin  - best case.

yay!

BTC-E from $823 to $375 in a few hours! lost over half its value in hours.

bitcoin will end up under $10, not $15 000.

Bitcoin: the billion dollar penny stock   TM

Lol, sell and run away mate, this is obviously not a game for you.