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Greater-est fools? Or different this time?
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Bitcoin can go back down to $200, sure. That doesn't mean it failed.
Sure...but only if after the plunge I can actually buy things in Bitcoin.
I don't care if the currency has to revaluate in order to be useful, I just want to know that it will be accepted somewhere afterwards.
If Bitcoin plunges and you still can't buy anything directly with Bitcoins, then it will have been a spectacular failure.
There's an entire economy that has flourished along with Bitcoin. This network cannot be facilitated using dollars or national currencies, so this isn't going away regardless of how Bitcoin is priced in toilet paper.
The fuck am I doing commenting here
I don't think so.
It's a speculative ramp. One thing is for certain: Many will get burned. Bitcoin may be a great idea, but it is just that - an IDEA. As was tulips, housing, .com..... jeeze..... again we need to revisit this shit?
I've worked in this industry long enough to know that you cannot explain alot of these computing concepts to a good portion of people. That is perfectly fine with me and luckily for Bitcoin holders will not prove to be the slightest hinderance.
The mere fact that there is so much explanation required for the bitcoin concept , rules it out for me.
Exactly why I didn't get in at $40. No regrets. I was not ready to put so much as $4000 in, so no point in running the spreadsheets and imagining to myself that somehow I would have held on, through $400, $500, $600, etc.
BTC is just in the early stages of it's bubble.
There will be a bubble and a mania stage in virtual currencies but we are still far away from that point.
Considering it's moved up 900% in less than 2 months, it's safe to say you are in it. It has ZERO intrinsic value. You have to trust that someone will be willing to take those btc off your hands. Having BTC at this point is moronic.
There's no such thing as "intrinsic value" value is situational and subjective. The moves we have seen in Bitcoin so far are small peanuts. I have absolute trust that there will be many wanting to take BTC off my hands.
Looks like all these haters need to read some Mises and Rothbard and learn about what money is. The of course there is no intrinsic value. There is no intrinsic value in fiat either. Bitcoins current value comes from the fact that it has emerged to currently have a value in fiat currencies. When it started out, it didn't have value other than as a "what if" proposition, something to play around with. It could also lose value to, if it does not retain its level of adoption.
Look, I get it. I am a firm believer in sound money, hard money, money backed by something that can't be printed. Historically that is gold. What really drives me crazy though, is that I don't see the Bitcoin deniers ever offer up a solution to the problem of long-distance transactions. Sure, I could trade gold or silver face to face for food, or a car, or a solar panel, or whatever. But how am I going to complete an ebay transaction?
Eventually gold as money, or as a gold-backe currency will have to have a digital form. If it ends up as gold-backed bitcoins is that really such a problem?
Here's some reads:
https://bitcointalk.org/?topic=583.0;wap2
http://www.libertariannews.org/2011/07/07/the-economics-of-bitcoin-challenging-mises-regression-theorem/
http://eleconomistaprudente.wordpress.com/2011/06/06/bitcoins-and-mises%C2%B4s-regression-theorem/
http://eleconomistaprudente.wordpress.com/2011/06/26/bitcoins-and-mises%C2%B4s-regression-theorem-ii/
I doubt most of them could handle it.
FWIW, since the gold and silverbugs debunked the FRN scheme years ago (decades), you should be thanking us for your BTC success, not blasting us.
I have no idea why you are such an asshole on that issue.
I've been buying silver and coins for almost two decades. IMO the crypto-anarchists and Bitcoin community have been doing far more to push the debate on the philosophy of money than the stacker community who largely (and passively) accept dollars.
Push the debate? Philosophy of money? Passively accept dollars?
Good grief dude....get a grip on yourself.
Some of us have been at this game a lot longer than you and longer than ZH has been around. Bitcoin is a disruptive technology that has a very dedicated base and philosophy surrounding it.
Haters check back with the next currency crisis. Presently Cyprus (+1BTC vs Zero for Fiat)
Mish says watch India, Indonesia, Turkey, Brazil, and S.Africa, the Fragile Five.
Heres what we know, taper coorelates to hot money leaving EM, India Rupiah crashed during last taper. And what happened ti the SENS? Crash? My counterparties in the Junjab all waited for the taper to get called off before asking to get paid on invoices in my USD, so they could catch the bottom. Dudes are smart over there. They can't get gold unless it stinks of bumwad.
So Yellen steps in with another taper tease. Same shit will happen in the EM.
Recently I checked all five country names in google trends with key word bank bail in. S. Africa responds positively.
SO WE KNOW TAPER = India cach out stampeede what do insiders in S Africa know. I know nothing but I know when the shit hit the fan in Cyprus, the whales hit the ASK on Bitcoin. the USD cross moved nearly 10X!
The fed is in a trap, they can't taper and Schiff knows it like he knew the housing bubble, but the fed will try any how. The prelude is over the playbook is in place n all you doomers are too damn scared to hit this trade.
Heres a hint. You will always be a looser in trading because your pride gets in the way. You'd rather be right than make money.
Be right so I say. Next round at fight club is on you. Pay up with your rightness.
Bitch.
"dedicated base" + small float = massive bubble. congrats.
Quackers the Duck (a Beanie Baby, for those who do not remember) had a very dedicated base when he traded to $2k.
The Russell 2000 has a very dedicated base now, as does OPK and tens of other p.o.s. stocks that have been levitated.
BTC is just one more proof that there is waaaay too much money sloshing around the globe.
A lot of people agree with you that fiat is worthless and BTC is a bargain at these fiat prices...and will be at any fiat 'price', as long as someone is willing to accept fiat for BTC.
This is no where near a social mania. There are clear stages to mania, and we are barely into stage 2 (adoption). That these charts show BTC having a similar trajectory as some past bubbles in no way is proof of BTC being in a bubble. If you research the social manias that existed in the three comparisions you will recognize that we are not anywhere close to being "THERE".
Also, the writer conveniently does not show charts which had similar initial behaviors which did not end in crashs. So, this is an arguement on the writer's part akin to fitting evidence to support a predetermined conclusion. Horrible journalism, but fits well with today's lazy writers and thinkers.
I appauld all the haters and nay sayers of BTC. I want you to keep it up for months and months and possibly years. You are providing a service to me, who is holding and gathering BTC. The service you are providing is to keep the common herd at bay, which keeps the price as low as possible for me. For that I am grateful. I give you a big hug and sloppy kiss.
Now now, the longer we keep convincing people that Bitcoin is a bubble, the longer we can keep scooping them up before it really gets going.
haha - richness!
Clearly it has "peer-to-peer" value. I would like to take some BTC off your hands. I just don't want to do it at $1000.00 per digital-etheral coin. I think it's appreciated too rapidly for practical use and has become a means of speculation. The monetary velocity whereby it's exchanged for goods and services needs to be increasing at same trajectory. Obviously that hasn't happened, so by that assertion, it is in a bubble.
Why would you need to pay $1,000?
The percentage of merchants accepting Bitcoin is increasing at an increasing rate. If I can speculate practical uses and velocity supporting a $2000 price a year from now, I can purchase BTC today at $1000 and just sit on it until then. Can't I? ...just some speculation.
....and so you will be ruled out yourself. I don't think that's a great concern of Bitcoin users.
Hacking is still a concern for me and others I would guess.
"But before you set up a Bitcoin wallet, you should think long and hard about who will watch over your digital wealth. In its relatively short lifespan, Bitcoin wallets and processors have been a target for hackers -- and old-fashioned fraudsters. In fact, within the last week, one of the most prominent European exchanges reported it had lost over $1 million worth of bitcoins to hackers."
http://www.washingtonpost.com/blogs/the-switch/wp/2013/11/26/when-bitcoi...
Apparently there is a way to 'hijack' computer files. So even though the hacker can't open the file, they can deny you access, effectively holding your wallet for ransom.
If you don't encrypt and back up your wallet that's your fault.
lol...I need a back up wallet now?
Whats the matter with just hiding the original in a cookie jar? ;-)
Hacking is not a concern for fonestar.
Hang on, I am a software developer myself, and I will never ever buy bitcoin.
I bet that most of software developers don't have a clue about how bitcoin actually works.
I will challenge you. Tell me, is the SHA256 hashing algorithm, the one used to hash the bitcoin blocks with random numbers, strong enough? Shall I remind you there has not been a single hashing algorithm that has remained cryptographically secure for over 2 decades? Do I need to put my money in something that is intrinsecally insecure?
I heard somebody once saying that what is backing bitcoin is the algorithm, that's the asset. No!!!! An algorithm is not an asset, and has no intrinsec value, it's just a bunch of mathematical forumlas, that's it.
If you read the papers on Bitcoin you would know that Bitcoin is not entirely dependent on SHA-256. And I do believe that SHA-256 is secure.
Sure, if you change the hashing algorithm, the ID that identifies each bitcoin will change, therefore rendering bitcoin as we know it absolutely useless. Can you use another hashing function? Yes, of course, but it won't be compatible with the current bitcoin.
And MD5 was considered secure 2 decades ago, but not anymore.
Now, if I have gold, I will know that it will have value and I will be able to exchange it for any other currency in 40 years, if I want.
Btw, here comes the funny part. Do you know who developed the SHA-256 algorithm used in bitcoins? Yes, you guessed it, the NSA!!!
I am well aware of SHA's roots as well as Shamir's own take on Bitcoin.
Hang on, I am a software developer myself, and I bought bought bitcoin back in January at $13.
Also, learn to spell.
Good for you!!!
Don't get me wrong, that's just my choice. I prefer hard money, that's it.
I just know that ultimately, bitcoin will fail, as the dollar, the euro or any other fiat currency. When will this happen (with bitcoins)? I've no idea, but given the very shaky foundations, I would rather stay out.
But yeah, congratulations. You multiplied your money by 80+.
LOL, "hard money"
Like the USD (LOL again)
Like gold? (LOL again, LBMA 100:1, GLD ETF, futures, options, Comex tricks, London fixing, empty Ft. Know, empty NY Fed)
Please open the door HAL! There is no intelligent life on this rock!
Bitcoin is Dave in the HAL's Central Core pulling out HAL's function and memory modules ... HAL is the fucked up Bankster Matrix ... Buh bye, HAL.
"Sing me a song, HAL."
Mdb? Is that you?
> I've worked in this industry long enough to know ...
You fuckin' blow-hard shill ... you don't know jack-squat about shit.
Now would you care to refute a single thing I have said? I didn't think so.
Bitcoin is the superior system and does not require people to shill for it. It will replace people like you and your "dollar".
Tyler, Tyler...
There you go again, being a party pooper.
The New Year approacheth, and I would like to be the first to nominate Janet Yellen as Time magazine's Person of the Year,
aka turd in the punch bowl.
person of the year or MAN of the year?
~~~
"they say" it's the Chinese causing this. Soon they will be called Chi-coins. You can now buy 5000 Chinese slaves for 1 Chi-coin and you pay them with Bit-rice like they do at Al Gore's FoxConn factory to make i-diot phones for the sheeples. ;-)
Nice touch.
i-Diot Phones, how apropos
depends, see if DEA seizes them
Nobody cares about your DEA. Fuck you Americans are brainwashed!
I found this retail website..........
www.weacceptinvisiblecoins.com
And yet here you are daily shouting from the roof tops the virtues of a digital currency. Makes perfect sense to me
Like I said, I like being right.
depends, see if DEA seizes them
I'm going to assume you bought bitcoin at the bottom.
Sell now, and make Bitbay, and sell products based on bitcoin.
The only thing keeping me out of bitcoin is the lack of a market, and the whole "money order" weirdness of getting into bitcoin (It doesn't help that you have to pay in advance, and then WAIT for someone to send you the bitcoins later. That sounds like a scam).
If there are too many barriers to entry, and there isn't any market for bitcoins, then it will be a failed currency.
Coinbase.
You'd have to be a total idiot (or desperate) to sell your Bitcoin for dollars.
Booking profits (and big ones at that)) does not make me or anyone else an idiot. There are a few professionals here that might just agree with me on that one. Think about it for a minute.
But were they not bought with Dollars to start with ?
Unless you are a miner, everybody who bought a bitcoin bought them from somebody who sold. Including you. I buy bitcoins at Bitstamp price and sell them through localbitcoins.com at Mt.Gox price and have received no complaints so far. Thanks for the insult, though.
yeah, say that to the fools who rushed in for 1000+
But as they say, its a sin to not take money away from the fools.
All of this garbage about whole numbers is for simpletons and linear thinkers. Most people are not buying or trading entire Bitcoins.
BC is a great idea, but even you should admit that the run up has happened too quickly to not have a major adjustment. After that, I would be interested, at least a little.
The simpletons like me are still looking at valuation regardless of whole numbers/coins. But it must be different this time right...?
Yes, there could be an adjustment... we've seen 40, 50, 60% corrections in Bitcoin before. And then it goes on to make new highs a few months later. I don't care because I look at this from a systems perspective and Bitcoin is by far the superior system.
Interesting.
I look at it from a "I want to make money" standpoint, and adding to a position when it goes parabolic doesn't seem wise.
Put in what you are comfortable with, even if it's just for shits and giggles. I believe you can pick up less than $1 worth at Coinbase.com. Bitcoin will either succeed or fail. If it fails then maybe only online drug markets will use it and set the value. If Bitcoin does becomes a player in worldwide commerce, however, then a $1000 handle is just plain ridiculously small.
Not to worry phonestar, me dumb, linear thinking person will leave all bitcoins for you.
Thank-you.
For your listening amusement: Bitcoin is a Bubble
The concept of bitcoin is out there, and that's what's important.
The historical chart tracking number of Google searches or mobile phone ownership look the same as the Tulip and Nikkei charts in the initial ramp up. Some things bubble and pop. Other things don't, they persist after they rocket up and reach market saturation. S-curve, homiez. It's a rocky road but I believe BTC is on track for success, anything below $10,000/BTC is cheap.
If this is the case, then why do people need to buy BTC now? Why not see what happens over the next 3 months to a year, before making the decision?
Because if or when it levels out, each bitcoin will be ridiculously expensive. I'm predicting massive business-to-business escrowed transactions plus personal purchasing and savings (100% reserve currency) taking place inside a stack 21 million currency units. Remember what we are calling a "coin" today is very divisible but Bitcoin's success necessarily means astronomical prices for them. Short answer: greed.
I would be more worried about Bitcoin suppressing volatility, as do our other financial "markets". The real world is very messy.
Actually i think btc is proped up by manipulattion, maybe its the most manipulated market out there, who knows... until the btc masters will cash out and not prop it up anymore.
These people are Mensa level masters. They are not going to cash out, they are positioning themselves as the new oligarchs in this world.
Oh great, the new slave owners are much nicer than the old slave owners. *whew*.
I would prefer a meritocracy to what we have now, sure.
for as long as you get to define "merit".
That is the plan. It may entail more than the ability to put one coin on top of the other.
Meet the new boss, same as the old boss.
They most certainly are not & neither are their cult followers.
No chart for nyc taxi medallions
"fone star." http://www.youtube.com/watch?v=FDfvxnnlub4 dial 1-900-bit coin for some hot and heavy...
Ahhh, one is a para move in months and the other three are in years.
If you own bitcoins, take the money and run. Now.
If you own dollars, pounds, yen trade them in now. Take the money and run.
Selling BC and buying physical silver with the current gold/silver ratio looks like one heck of an arb play. Could be wrong about that but adding physical with house money sounds like minimal risk.
As soon as someone figures out a way to sell BTC they don't own (I guess a scammer could 'hold' other people's wallets like a bank, or a goldsmith back in the day)...
Take the money = take the gold (physical, no paper)
I hold gold, silver, fiat, and BTC in ratios I am comfortable with for now. I see much greater upside potential for BTC, even at their current price, than my other assets. I am loathe to decrease my BTC holdings, even though they are still a risky investment. Also looking at exotic hardwoods for the medium term, some great deals out there, but that's off topic.
Measured in what, fiat dollars? So long as that's how you measure BTC you don't even want them. You want dollars.
FAIL.
If you own those things they are more money than BTC. Trade SOME in for gold & silver for the coming barter age.
Save some for immediate use. They will all work where BTC can never go: off grid. That's the future. Grid down.
Can you put up an inverse chart of USD buying power? Should look very similar and actually have a correlation unlike the other charts.
Turns out they look nothing like each other. Not for gold, oil, food, nothing. BTC is moving upward regardless of all because it's in a hyper-mania. Bag-holders are signing up to be fleeced. Once no more bag-holders show up they'll all go bankrupt. Buying BTC at $1000 or more is like buying a gold ounce for 20 quadrillion dollars. It's nonsense.
To be fair . . . you forgot the chart of the US monetary base.
Dear Tylers,
If you're going to use two log charts out of three (?) as comparisons, can you use a log chart of Bitcoin just to be fair please?
Yeah, that was very CNBC-like.
The BTC chart is 1 year. Two of the others are over 4 years. The general comparison remains.
Still uncertain about BTC. The concept in general is correct as having a virtual currency that can be used on a global scale with little or no friction or transaction costs is on the right track. What worries me is the ability for a few exchanges to corner or significantly influence the market (i.e., supply and demand) over the short-term to drive valuations and profits. Can't get the concept of a boiler room out of my mind related to pumping and dumping the lastest savior to the world of endless fiat currency corruption and manipulation. So to this point, I only have three questions related to BTC:
- What actually backs a BTC? Is it nothing more than the fiat currency being accepted in exchange for BTCs?
- Can anyone direct me to a prospectus on BTC and/or something similar which clearly discloses all risks, the business plan, etc.?
- Finally, original BTCs had to be issued to the market in exchange for fiat currencies. What parties or businesses were the original issuers and recipients of BTCs?
Just trying to do a little more homework on this subject and clearly understand all of the pros and cons.
Original issuers where insiders, who crearted this ponzi, they "mined" first, easy complexity bitcoins virtually for free (some 6 million of them), they gave a lot of them away for free to bloggers and pundits (to try it out, you know), so they would have a stake in it and start to hype this thing as second coming and are now selling them to suckers, who are willing to transfer their hard earned wealth to those insiders and early adopters. that it, thats all there is. once those insiders are finished cashing out and wount prop it up anymore by manipulation, bitcoin will find its free market price, big fat 0.
If you are worried these cryptocurrencies are like penny stocks, OTC, boilerroom-esque, you should check out the chat rooms!
https://btc-e.com/exchange/ltc_usd
"NVC back to 28$ very soon, the next pumped coin will be NVC by investors..."
"all coins are expensive now just TRC lags behind. Spend a BTC get 2500 TRC."
"i love all this new money in here, its so much easier to find liquidity when you need it"
Bitcoin has always been out in the open, joining the mining network has always been free and public. Where the hell were you? Sniffing glue? If luck or circumstance had exposed you to the concepts at an earlier time you would have just dismissed it as fantastical. Now you dismiss it as an insider job. I heard about it early and said, "cool idea, hope it succeeds," and left it at that. Fast forward a couple years and it came up on my radar again (probably ZH reporting around the time of the Cyprus crisis). At that time I took a second look and liked what I saw.
How else could a non-nation, non-corporate, non PR-backed digital monetary system have gotten started?
and this....
Where in the World is Satoshi Nakamoto?http://www.boston.com/blogs/news/local/chartgirl/2013/11/where_in_the_wo...
Answers to Questions:
BitCoin isn't backed by anything, because it is pure money. In the same way that gold is backed by nothing, because it is pure money. BTC is not a receipt, or a token or a placeholder - it is money.
BTC isn't a business, it has no 'plan' it was created freely and donated to everyone to use for free. There are no interests skimming or organizing the system. The shareholders are everyone who owns a BTC or even a fraction of one, and it was not created to make anyone a profit, but rather to provide an alternative to the corrupt system of money we have today.
BTC were never 'issued' to the market - they are created by solving a complex bit of math. Solving the math ensures that every part of the systems integrity is verified - this is called the blockchain, which is a list of all the transactions and all th BTC that have been added to the system, from this a ledger containing all the transactions ever made is created and published.
BTC was basically a gift to everyone, by some very smart guys who wanted to give people a better way of conducting finance. They profited by being the first people in the system, and by being able to create the first coins - no doubt they were paid well for their work, but considering the magnitude of what they accomplished I have no reservation in saying they deserve to be rich.
Fail.
Pure money has an atomic nucleus and is backed by physics. All else is impure quasi-money or non-money posing (fraud) as money. Bitcoin is one of those.
BTC is no gift. I could PGP sign any voucher for anything with greater endurance & security than bitcoin and much less effort. Now you've got BTC which takes far more computing power & vouches for NOTHING AT ALL.
May as well be PGP signed messages which are EMPTY and all signed with the same originator.
Doesn't matter how many or how few there are: they have no value at all.
actually they did NOT need to be. If all who generated btc stuck with producing GOODS and bartering GOODS for BTC none of this trouble would have started.
It would further give stronger incentive to up the value of the goods for BTC when BTC got harder to generate.
Why did Tyler post 2 log scale charts, a 30 year chart of the no, and than a regular chart of bitcoin?
It's a ring toss game.
Isn't Bitcoin just doing what Gold and Silver should be doing if they weren't so blatantly manipulated, should be ringing alarm bells that something is truly wrong in the world that this has gone up so far so quickly and almost globally?...like maybe the ever increasing $17.2 Trillion US debt and the 1 Quadrillion Yen blackhole.
Gold and silver should be slowly rising in value. If they went parabolic, you'd have major problems.
Silver is required for industry, a massive ramp in the price of silver would have major implications for the broader economy.
I've tried to find mainstream discussions of Bitcoin and they aren't there. The most mainstream discussion is on Cnet, but most people there talk about it being a scam. A Cnet editor probably got a few Bitcoins and hopes the discussion will increase the value of his wallet.
Who needs the MSM for BTC when ZH runs threads on it daily?
Any rational discussion of gold and silver has been ended here by the BTC parabolic move and mania phase it is already in.
Phew, time for a break. Unless somebody like Amazon comes on board, no need for another ZH Bitcoin thread until it reaches gold parity. This weekend perhaps?
I like Bitcoin and the idea behind it. I'm kicking myself for not buying $500 worth back in June when i was tossing around the idea for the fuck of it.
That said, cash in now. When this thing drops back to $200,$100 and then $20, it will do it quicker than me shooting my wad in my first lay when I was 16.
My first lay at 15 would be considered an eternity compared to my duration at 47.
Try it with a woman for a change
Funny you should mention that. I have bid orders in on all those price points and many higher. Go ahead, Take my dollars goddammit! Crash! Crash! Crash!
I prefer Chucky Cheese Tokens.
At least they are a physical asset. The pizza there is another topic of discussion
It's a bit different in the sense that all the other ones, production was increased to cash in on the demand. Production can not be increased with btc.
Is there a method to short this farce?
Yep, and just like those who short ES, they most likely got torched.
You can borrow someone's bitcoin, sell them and return them later by buying them back.
I would not dare try yo do it. I can't see where the supply should come from.
Or... Later mining them, and giving them to the original owner.
You would be suicidal to try and short Bitcoin. And you can't short Bitcoin anyway, it's hard enough to even buy Bitcoin.
LTG Russel Honore: "You're Stuck on STUPID!"
http://www.youtube.com/watch?v=qv5m4hTMuWU (1:05)
Take profit in bitcoin, buy some physical. There is an arb here. Only risk is that globally, Gov't begin to use the bitcoin concept of electronic cash, (don't worry they will learn how to expand the supply when they want to) and outlaw holding of physical.
There is a storm coming.... Obama and his brethen want to see red in the streets.
a company for carrying out an undertaking of great advantage, but nobody to know what it is
Zoom in any one of those non-bitcoin graphs and you do not make the case. See what I did there? Because, CONTEXT.
Oh, and all that log scale stuff the really smart fuckers like to post.
Meanwhile, in a meme somewhere in teh internets, Doge say:
Wow.
Much context.
Very Scare.
Amaze.
For me the rising value of crypto currencies does not reflect their value, but the huge amount of printed fiat, which has to go in something, including Bitcoin. The real hard worked money do not have a place there. Volatility is going to kill the concept, that is for sure.
lot -a sour grapes from peeps missed the ramp
I prefer to earn my money through the value of labor. Nothing good comes from people who obtain wealth out of thin air.
Like the house that will double in value every five years, eventually there isn't a buyer willing to pay for it.
If you have a valuable skill people need, a person will pay almost anything if they need you to do it.
You have nothing I want. What I dont need from you is a book review of Napoleon Hill
I'm really jealous to be honest, but I know that I'd have sold out at $200. If you're still holding at $1000 and haven't lightened the load yet you're just a pig, plain and simple. You know the old saying, bulls make money, bears make money...
My crystal ball tells me to hold steady, sorry 'bout that. http://www.youtube.com/watch?v=NG1qooBzE2w
Since you don't have a crystal ball that means you'll be destroyed utterly.
Good for you.
I'm GLAD to have missed it. That's a GOOD thing.
It's much worse to see so-called cash-value in a fiat-exchange go way way up only to see it vaporized because the btc & fiat$ can't be claimed at all.
That's what happens when exchanges go dark and/or get "hacked" (robbed, CORZINED).
Just wait for the first "Bitcoin Bank" to open with fractional deposit lending and "paper notes"..
Just another PayPal alternative.. Less liquidity than USD and less practical
Yep, just a fad. Move along, nothing to see here, folks.
You can't grow Bitcoins out of the ground like tulips.
I bet you'd find it harder to grow Tulip bulbs than click "run program" to mine Bitcoin.
Somebody should buy a tulip growing business with his bitcoin and see which performs best over the next five years. Just for shits and giggles.
only the start, not the finish. To get one BTC would require a lot of technical skill, massive expenses on electricity & due to rapid increase in complexity it may never happen at all.
For $10,000 USD I can easily grow tulips. Especially if my goal was either ONE tulip or ONE btc.
fonestar do you have any of them? If so why all the bittah posts today? I would be enjoying an extended champagne/lobster lunch along Vancouver Harbour if I was you.
Good question. I find all the yelling from them odd here. Why do they even care? Some people hate gold and silver. Big deal. Never stopped stackers from stacking.
I bought 40 at $13. I'm holding on until it's worth 40 million or 0. Best $500 I ever spent.
a 40 million usb drive...?!