Pi (OP)
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Activity: 28
Merit: 0
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September 19, 2012, 12:46:27 AM
Last edit: September 24, 2012, 12:40:09 PM by hazek |
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I just started bitcoins... When I started they were at 10usd for awhile. What's with the sudden spike
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jasinlee
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September 19, 2012, 12:47:30 AM |
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You got some reading to do.
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evoorhees
Legendary
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Activity: 1008
Merit: 1021
Democracy is the original 51% attack
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September 19, 2012, 03:31:49 AM |
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The price of Bitcoin is relatively volatile. It goes up and down with supply and demand. Over the long term, it has been stabilizing and will continue to do so, but in the short term it'll feel like a roller coaster for a while.
Just sit back and enjoy the ride! If you're investing for the long term, don't let the volatility scare you.
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Pi (OP)
Newbie
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Activity: 28
Merit: 0
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September 19, 2012, 03:40:18 AM |
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I want to invest but wonder if its too late...wish I would have heard about these earlier on. Just wondering what would happen when the difficulty increases and the payment halves for miners. And what if miners all go on strike or stop mining due to electrical cost and decreased pay.
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jojo69
Legendary
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Activity: 3150
Merit: 4309
diamond-handed zealot
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September 19, 2012, 03:44:57 AM |
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You got some reading to do.
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This is not some pseudoeconomic post-modern Libertarian cult, it's an un-led, crowd-sourced mega startup organized around mutual self-interest where problems, whether of the theoretical or purely practical variety, are treated as temporary and, ultimately, solvable.
Censorship of e-gold was easy. Censorship of Bitcoin will be… entertaining.
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FreeMoney
Legendary
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Activity: 1246
Merit: 1014
Strength in numbers
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September 19, 2012, 03:45:56 AM |
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I want to invest but wonder if its too late...wish I would have heard about these earlier on. Just wondering what would happen when the difficulty increases and the payment halves for miners. And what if miners all go on strike or stop mining due to electrical cost and decreased pay.
Just buy bitdimes instead, they are only ~$1.20 now, very affordable. |
Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone. |
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foo
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September 19, 2012, 05:33:16 AM |
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The newbie thinks this is a "sudden spike", how cute.  Us veterans have seen things, man... |
I know this because Tyler knows this.
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Kupsi
Legendary
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Activity: 1193
Merit: 1003
9.9.2012: I predict that single digits... <- FAIL
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September 19, 2012, 10:59:25 AM |
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Just wondering what would happen when the difficulty increases and the payment halves for miners. And what if miners all go on strike or stop mining due to electrical cost and decreased pay.
In a worst case scenario, 50% of the miners would quit mining. But that's not going to happen. |
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tpantlik
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September 19, 2012, 11:42:34 AM |
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...And what if miners all go on strike...
ROFL  |
Gods sent us a powerful tool - cryptography - to fight with those who are trying to exploit us. USE IT!!
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kentrolla
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September 19, 2012, 11:53:53 AM |
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why is this forum so mean to newbies? To answer your questions, I think the recent raise in value is due to the london conference and the announcement of QE3. I still don't think it's too late invest. I suggest you check out the speculation sub-forum for more information. Here are my reasons: 1) There has been a pretty steady uptrend recently 2) If you look at the depth chart (btccharts.com or http://bitcoin.clarkmoody.com) you can see there is very little on the ask side 3) Bitcoin has survived a lot of stuff and the fundamentals have not been broken. 4) QE3 - The value of the USD is decreasing. This is all just speculation, but I'm pretty confident the direction from here is up. |
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Pi (OP)
Newbie
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Activity: 28
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September 19, 2012, 04:10:19 PM |
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Thanks ken. Still new to me guys sorry I wasn't born with a bitcoin in my wallet.
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Adrian-x
Legendary
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Activity: 1372
Merit: 1000
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September 19, 2012, 05:15:31 PM |
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I want to invest but wonder if its too late...wish I would have heard about these earlier on. Just wondering what would happen when the difficulty increases and the payment halves for miners. And what if miners all go on strike or stop mining due to electrical cost and decreased pay.
Just buy bitdimes instead, they are only ~$1.20 now, very affordable. LOL I think in terms of Satoshi (pronounced sa-toh-shee) I hope some time in the future 1 Satoshi will have the same value as $1US |
Thank me in Bits 12MwnzxtprG2mHm3rKdgi7NmJKCypsMMQw
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Ivica
Full Member
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Activity: 218
Merit: 100
Firstbits: 19e3fc
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September 19, 2012, 05:25:13 PM |
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LOL I think in terms of Satoshi (pronounced sa-toh-shee) I hope some time in the future 1 Satoshi will have the same value as $1US That's very optimistic, but if it does, half of this forum will become billionaires. Also OP could buy 1 or 10btc and continue his reading. Nothing will happen today nor tomorrow for bitcoin to die. |
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FreeMoney
Legendary
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Activity: 1246
Merit: 1014
Strength in numbers
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September 19, 2012, 07:45:53 PM |
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LOL I think in terms of Satoshi (pronounced sa-toh-shee) I hope some time in the future 1 Satoshi will have the same value as $1US That's very optimistic, but if it does, half of this forum will become billionaires. Also OP could buy 1 or 10btc and continue his reading. Nothing will happen today nor tomorrow for bitcoin to die. I bet half of this forum doesn't even have 1 coin let alone the ability to hold it for decades as people are offering thousands and then millions of dollars for it. |
Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone. |
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Adrian-x
Legendary
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Activity: 1372
Merit: 1000
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September 19, 2012, 08:12:02 PM |
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LOL I think in terms of Satoshi (pronounced sa-toh-shee) I hope some time in the future 1 Satoshi will have the same value as $1US That's very optimistic, but if it does, half of this forum will become billionaires. Also OP could buy 1 or 10btc and continue his reading. Nothing will happen today nor tomorrow for bitcoin to die. I bet half of this forum doesn't even have 1 coin let alone the ability to hold it for decades as people are offering thousands and then millions of dollars for it. But still you have to admit saying "I have 50 Satoshi" sounds like you have 50 busks, it has a ring to it. Where as saying I have 50 Bitcoin's sounds a little nerdy. @Pi, Don't invest at once it is going to be a rough ride, Bitcoins value is in the idea not the exchange rate. |
Thank me in Bits 12MwnzxtprG2mHm3rKdgi7NmJKCypsMMQw
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the_thing
Sr. Member
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Activity: 546
Merit: 252
Proof-of-Stake Blockchain Network
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September 19, 2012, 09:17:07 PM |
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I want to invest but wonder if its too late...wish I would have heard about these earlier on. Just wondering what would happen when the difficulty increases and the payment halves for miners. And what if miners all go on strike or stop mining due to electrical cost and decreased pay.
In my opinion, it is not too late. The price is bound to rise in the long run. With the reward drop and some miners closing their rigs, I expect the price to rise much more. However, there are also other factors to count in. In short term it's mainly ASIC, in long term there are various scams, crashes of infrastructre or effects of bad publicity, but that's another story... Long story short, if you believe in Bitcoin like we do, buy your first bitcoins now. You're still an early adopter! By the way, welcome to the forum and welcome to Bitcoin. Please, don't mind all the trolls and idiots here. Also, be careful who you deal with. Don't lend bitcoins to people you don't know. Not even to those who look very trustworthy. Don't trust people with VIP, Donator, Hero member and other similar tags more than you would trust someone with a newbie tag. VIP and Donator tags are sold for a few bucks. Scammers often donate this small amount of money to buy trust of other member of the community. But I digress once more... Anyway, if you have any questions, feel free to ask. |
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Monkey1
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September 22, 2012, 10:06:28 PM |
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Its only too late if you think the party is over and Bitcoin has no future!
Otherwise, there will be ups and downs. Last year 1 BTC was worth $30 at one stage and I am sure it will be worth more in the future. It just depends on when!
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nameface
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September 24, 2012, 01:03:08 AM |
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Apparently if bitcoin was used for 1/1000th of all global monetary transactions, then 1 BTC should be worth ~$5000. The ceiling is quite high. Others claim that based on current usage levels, a bitcoin's value should only technically be around $1.50 or so. The bloated price of $12 is the result of speculation. But this speculation is likely to explode every time bitcoin receives (positive?) mainstream media attention, or whenever new tech and business developments happen that increase the amount and volume of bitcoin transactions relative to the amount of fiat money transactions worldwide. The whole bitcoin economy is only worth what, 100 million dollars? If this thing has legs it could grow to be worth 100 billion by 2020. So either 1 BTC = $6000 in 2020, OR 1 BTC = $0 in 2020, OR anything in between  Happy speculating. |
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