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What was I saying in earlier posts? Hmm…
Enjoy boys! 😀
It’s easy to look at anything’s history and say “But if…. and then…. BAM Million dollars!” The problem is, there are often way, way smarter and heavier equipped (financially) people involved in any quick money venture having to do with unstable currency, stocks, futures, whatever your game. For someone to make money, often, someone else loses – and if you don’t fully understand what you’re getting into..without some luck, guess who the loser’s likely to be.
Quote:What was I saying in earlier posts? Hmm…Enjoy boys! 😀
You pointed out volatility and uncertainty in the Bitcoin market. That’s some impressive financial wizardry, Rick.
Meanwhile, Bitcoin remains at what was its all time high a few days ago.
Bitcoins in the mainstream media, the new mining hardware from Butterfly Labs coming out this month, the economic collapse of Cyprus … I don’t know what, but the right part of that graph tells me that now it’s not the right time to buy … “when even shoeshine boys talk about bitcoins, it’s time to sell”
Are they starting to block Bitcoin exchanges now? I just got home & went to check the value and almost none of the exchanges I know of seem to be working. It’s a bad sign that the exchanges are so unreliable that I’m not sure if they are just down again or are being blocked.
Edit: Looks like MtGox actually is down, but the others are being blocked.
MtGox is reporting problems due to heavy traffic (not DDos); probably the same for those others.
yet another disturbing aspect to this…not enough server power.
My point was that today’s random huge fall is a case in point to answer your question to me, “under what circumstances do you see a near-term collapse in value happening?”
I’d wager it’s not done falling. Especially with how obvious it has become that 1) the exchanges aren’t technically robust enough, 2) the sharp rise and bandwagon jumping has just set it up for equally large falls, 3) the ease of manipulation is more obvious to more people, and the in-your-face risk associated with it will likely make a majority of the people interested a lot less interested in the short-term.
sorry to gravedig here but i couldn’t resist sharing this…
for some reason i remain fixated on the fact that they hold their bc codes on flash drives locked in safe deposit boxes “at banks in three different cities”…and i thought i was paranoid.
Quote:@CharlieMy point was that today’s random huge fall is a case in point to answer your question to me, “under what circumstances do you see a near-term collapse in value happening?”
I’d wager it’s not done falling. Especially with how obvious it has become that 1) the exchanges aren’t technically robust enough, 2) the sharp rise and bandwagon jumping has just set it up for equally large falls, 3) the ease of manipulation is more obvious to more people, and the in-your-face risk associated with it will likely make a majority of the people interested a lot less interested in the short-term.
You’re make good points – the technical weakness of exchanges is certainly a major issue. Reliance on Mt Gox also seems to be something that the larger BTC community is trying to move away from, as some of the recent fall in value is related to their service outages (they are the biggest exchange by a long shot, from what I understand).
Quote:for some reason i remain fixated on the fact that they hold their bc codes on flash drives locked in safe deposit boxes “at banks in three different cities”…and i thought i was paranoid.That is pretty crazy – I’ve read a few stories about people losing their BTC wallets though, and in that case, there is basically no recourse, you have lost whatever you had. In some cases this has been thousands of dollars.
Funny story, and some of the last lines are the most important: namely the mention of it being a fiat currency. Not only is it a fiat currency, something which you can say the US currency is also, but it’s the purest form: a currency based on absolutely nothing. At least the US currency has a very undercut gold reserve 😀
There was lots of chatter about bitcoin and gold earlier, which is amusing – since gold is the exact opposite as bitcoins in terms of currency..one is considered the purest/standard form of hard currency, the other, the purest form of a fiat currency. When faith, or trust, is lost in a fiat currency, it has the potential to become _zero_ value……..
Quote:I do expect the price to be around 750 € (1000 $) by June 🙂Oh Margus you diamond, I missed this first time round. Thanks for the belly laughs.
Can we place a wager with each other privately?
BTC podcasts:
BTC podcasts:
I did the thing where you can get fractions of a BTC for viewing ads/websites. I’m up to a whopping 0.0001032BTC. 🙂
I did the thing where you can get fractions of a BTC for viewing ads/websites. I’m up to a whopping 0.0001032BTC. 🙂
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