Bitcoins are going to the moon.
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http://rt.com/news/bitcoin-value-thousand-dollars-392/[^] For some reason I posted this in the wrong board, so I've found this link to a russian propaganda news website.
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Source? :) (And btw: next month they will probably drop again to below $200, bitcoin is way to unstable to bet your money on it...)
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http://rt.com/news/bitcoin-value-thousand-dollars-392/[^] For some reason I posted this in the wrong board, so I've found this link to a russian propaganda news website.
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They've spiked before. Too volatile. Also, it is a 'currency' based on nothing, except consumption of electricty (or computer algorithms if you prefer) which will become more massive as time continues. Shouldn't currency have some real backing to be an asset? I know there is no 'gold standard' in the USA, but each dollor represents a small portion of the GDP. Company stock is valued based on the company, real estate value is based on possession of a finite resource... what is bit coin's basis?
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Source? :) (And btw: next month they will probably drop again to below $200, bitcoin is way to unstable to bet your money on it...)
They are going for a $1000 on Mt.Gox. https://www.mtgox.com/?Currency=USD[^] Got a small amount invested in them so I won't hit myself in the head if they ever sell for a million; but not too much so I won't be mad if they break and they become completely worthless. If they drop again to $200, I'll probably get some more though. :)
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Source? :) (And btw: next month they will probably drop again to below $200, bitcoin is way to unstable to bet your money on it...)
http://www.washingtonpost.com/blogs/the-switch/wp/2013/11/27/bitcoin-soars-to-1000-on-popular-exchange/[^] Here's a link. I think this is just a silly craze like the beanie baby craze, except this time it's about imaginary digital items rather than tangible ones. The article mentions that someone bought thousands of bitcoins for $50 years ago that are worth millions today, but if he tried to sell them all at once, the exchange rate would drop like a stone; I don't think anyone really has millions of dollars worth of bitcoins no matter how many they own.
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They've spiked before. Too volatile. Also, it is a 'currency' based on nothing, except consumption of electricty (or computer algorithms if you prefer) which will become more massive as time continues. Shouldn't currency have some real backing to be an asset? I know there is no 'gold standard' in the USA, but each dollor represents a small portion of the GDP. Company stock is valued based on the company, real estate value is based on possession of a finite resource... what is bit coin's basis?
Bitcoins are a finite resource. The value of a bitcoin, like any other currency, is the fact that you can use them to trade goods. There's a huge interest in BTC, just because the economic power of the US on the world is becoming less certain in the future.
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http://www.washingtonpost.com/blogs/the-switch/wp/2013/11/27/bitcoin-soars-to-1000-on-popular-exchange/[^] Here's a link. I think this is just a silly craze like the beanie baby craze, except this time it's about imaginary digital items rather than tangible ones. The article mentions that someone bought thousands of bitcoins for $50 years ago that are worth millions today, but if he tried to sell them all at once, the exchange rate would drop like a stone; I don't think anyone really has millions of dollars worth of bitcoins no matter how many they own.
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http://www.washingtonpost.com/blogs/the-switch/wp/2013/11/27/bitcoin-soars-to-1000-on-popular-exchange/[^] Here's a link. I think this is just a silly craze like the beanie baby craze, except this time it's about imaginary digital items rather than tangible ones. The article mentions that someone bought thousands of bitcoins for $50 years ago that are worth millions today, but if he tried to sell them all at once, the exchange rate would drop like a stone; I don't think anyone really has millions of dollars worth of bitcoins no matter how many they own.
Be mindful of what you "think". For, if BitCoins go up another $38, I know of 2 people that will then have "millions" in BitCoins.
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Bitcoins are a finite resource. The value of a bitcoin, like any other currency, is the fact that you can use them to trade goods. There's a huge interest in BTC, just because the economic power of the US on the world is becoming less certain in the future.
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Let's be honest: there's a huge interest because it is trending and people are afraid on missing out. Also they do not fully realise it drawbacks yet, that no central authority means no buyer's protections, and the irreversibility of transactions is open to scamming. They are susceptible to attacks[^]. Oh, and you can literally lose it[^], which is quite ironic for a digital currency. BTC suits the post-depression era well but doesn't seem like a long-time investment*. Make the best of it while you can. *Or maybe I'm just frustrated because I wanted to buy some back then at $60 but ultimately didn't ;P EDIT: BTW I meant the missing out part literally: http://webcache.googleusercontent.com/search?q=cache:kptEidtggwsJ:bitcoindifficulty.com/+&cd=1&hl=en&ct=clnk&gl=hu[^] (main site is slow as hell).
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Be mindful of what you "think". For, if BitCoins go up another $38, I know of 2 people that will then have "millions" in BitCoins.
My point was that maybe you can sell one bitcoin for $1000, but that doesn't mean you can sell a thousand bitcoins for $1,000,000. The act of selling lots of bitcoins could conceivably make the price drop by half in a day (or worse). In other words, the people with lots of bitcoins might, on paper, have millions of dollars, but if they can't truly turn the bitcoins into dollars, then they aren't really that rich.
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http://rt.com/news/bitcoin-value-thousand-dollars-392/[^] For some reason I posted this in the wrong board, so I've found this link to a russian propaganda news website.
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..and LiteCoins from $4 to $26 in a week. Not very surprising, as more people are looking for alternatives for their electronically deposited fiat-currencies. Larger demand (with equal supply) implies a higher price value per object. The question is whether when gold will follow.
Bastard Programmer from Hell :suss: If you can't read my code, try converting it here[^]
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My point was that maybe you can sell one bitcoin for $1000, but that doesn't mean you can sell a thousand bitcoins for $1,000,000. The act of selling lots of bitcoins could conceivably make the price drop by half in a day (or worse). In other words, the people with lots of bitcoins might, on paper, have millions of dollars, but if they can't truly turn the bitcoins into dollars, then they aren't really that rich.
jesarg wrote:
My point was that maybe you can sell one bitcoin for $1000, but that doesn't mean you can sell a thousand bitcoins for $1,000,000.
You can. It's not that a small market that such a transaction would impact it's value that much.
jesarg wrote:
if they can't truly turn the bitcoins into dollars, then they aren't really that rich.
You're thinking of a bitcoin as an asset that needs be converted to a currency. It is a currency, which makes it an asset. You don't need to convert them to dollars to be able to buy stuff. Ever heard of the idea that "good money drives out bad money"? :)
Bastard Programmer from Hell :suss: If you can't read my code, try converting it here[^]
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Bitcoins are a finite resource. The value of a bitcoin, like any other currency, is the fact that you can use them to trade goods. There's a huge interest in BTC, just because the economic power of the US on the world is becoming less certain in the future.
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They aren't really finite... just limited release due to processing power. And they are not as liquid as cash for trading goods, just another place to diversify your cash assets... kind of like futures, stocks, bonds, etc. I see it as a risky investment with the dangers of having to time the market. But to each his own :thumbsup:
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They aren't really finite... just limited release due to processing power. And they are not as liquid as cash for trading goods, just another place to diversify your cash assets... kind of like futures, stocks, bonds, etc. I see it as a risky investment with the dangers of having to time the market. But to each his own :thumbsup:
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..and LiteCoins from $4 to $26 in a week. Not very surprising, as more people are looking for alternatives for their electronically deposited fiat-currencies. Larger demand (with equal supply) implies a higher price value per object. The question is whether when gold will follow.
Bastard Programmer from Hell :suss: If you can't read my code, try converting it here[^]
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My point was that maybe you can sell one bitcoin for $1000, but that doesn't mean you can sell a thousand bitcoins for $1,000,000. The act of selling lots of bitcoins could conceivably make the price drop by half in a day (or worse). In other words, the people with lots of bitcoins might, on paper, have millions of dollars, but if they can't truly turn the bitcoins into dollars, then they aren't really that rich.
On Bitstamp you can monitor trades. Some people are selling lots for $250.000. As there are currently 10,5 million Bitcoins in circulation, the total market value is about $11 billion at the moment. That's nothing for a 'currency', but there's still a high demand for people to invest more as well as people who want to sell their coins right now so they'll have something extra to spend during the holiday season.
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