BITCOIN: To the moon! Value breaks $500, expected to continue to rise!
374 replies, posted
I never understood bitcoins. What's the point of them and how legitimate are they really? People actually accept something that is generated over time for something else in the physical world? How does something that doesn't exist, amount to something that does?
I seem to have 160 BTCs in my wallet.
Me and my brother bought 20 in 2010 or so for cheap, and bought 20 more each month after, and I guess we stopped at 160 and forgot about it until now. We had no idea what it even was.
Yay.
[QUOTE=Tacooo;42904406]Wow, that's actually really cool[/QUOTE]
Not really, it's posted every time it "rises" and always looks like it "matches" every time. Fact is most graphs look close to the beginning/rise regardless.
I wonder how many Paypal accounts are getting suspended.
Where would you even buy bitcoins, from what I've read there are a lot of ways to purchase them, which ones are legitimate?
[QUOTE=spaceghostx;42904799]Where would you even buy bitcoins, from what I've read there are a lot of ways to purchase them, which ones are legitimate?[/QUOTE]
Mt.Gox is the most popular place to buy them.
[QUOTE=DaCommie1;42900053]I don't understand how a currency with absolutely no backing to it can possibly be worth this much, this seems like it could crash horribly at any moment.[/QUOTE]
u got it
[QUOTE=demoguy08;42901579]If you really want to invest money then why not just head into the regular stock market, it requires a lot more patience but it's also not volatile as fuck and you are insured from losing your money to hackers and whatnot.[/QUOTE]
Because the stock market requires intelligence, practiced patience, extensive knowledge of the stock system and business, and a lot of starting funds to properly invest and make real money from. The odds of investing $500 and coming away with millions is laughably low unless you shotgun blast the market or have insider knowledge.
The stock market isn't a get rich quick scheme anymore; Bitcoins have been interpreted as such and are thus being flocked to by every poor college kid, the anti-fed nuts, and a few rich people playing in the pool for laughs.
[QUOTE=Xmeagol;42902413]It's working like gold atm
You don't go and buy a cheeseburger with gold, but it's one of the biggest precious metals, speculation, etc.[/QUOTE]
I see this comparison time and time again and every time it gets even more idiotic. Gold isn't valuable today simply because it's rare and pretty, it's because it's now a [URL="http://geology.com/minerals/gold/uses-of-gold.shtml"]vital resource for the modern era[/URL]. Bitcoins have no real world value whatsoever. They are comprised of nothing and thus add nothing back into the system.
I have 16 cents in bitcoin, so I am SUPER RICH. In 3 years, I may be able to buy something!
the problem with buttcoins is they're rising because no one's selling
people think it's just going to keep rising in price, so they're hoarding
it takes one person with enough coins to cause a massive panic
it's very unstable and not very good for investment
Okay, so instead of going back and forth in every single thread saying, "Bitcoin is worthless" "No, it's not, it's viable." Why not think of ways to raise coins ourselves? Because reguardless if they are not "worth the investment" there are plenty of ways to acquire them without buying them.
[QUOTE=TylerWindings;42905009]Okay, so instead of going back and forth in every single thread saying, "Bitcoin is worthless" "No, it's not, it's viable." Why not think of ways to raise coins ourselves? Because reguardless if they are not "worth the investment" there are plenty of ways to acquire them without buying them.[/QUOTE]
you can mine them, but at this point it costs more in power than you'll make
Yeah, it seems the whole system is just a massive and successful pyramid
not a pyramid SCHEME because that implies that there was malicious intent in its creation, but...
Hopefully one day I can buy gold and Ron Paul hoodies with bitcoins
I could sell my bitcents for about 120 bucks now, bought them for 60. Wealth!
[QUOTE=TylerWindings;42905009]Okay, so instead of going back and forth in every single thread saying, "Bitcoin is worthless" "No, it's not, it's viable." Why not think of ways to raise coins ourselves? Because reguardless if they are not "worth the investment" there are plenty of ways to acquire them without buying them.[/QUOTE]
isn't it pretty accepted that you'll pay more in electricity bills than you'll earn from mining now
[QUOTE=Sobotnik;42904244]Excel?[/QUOTE]
Sell?
[QUOTE=Untouch;42904998]the problem with buttcoins is they're rising because no one's selling
people think it's just going to keep rising in price, so they're hoarding
it takes one person with enough coins to cause a massive panic
it's very unstable and not very good for investment[/QUOTE]
Which is why you should be using them as a currency instead of stock hhnngngnngnghhg
Not necessarily. My bill went up 20 bucks after mining all day and night for a month. It really depends heavily on the hardware you are using. And, the wiring of the house.
[QUOTE=Turing;42905177][url]http://www.businessinsider.com/ben-bernanke-on-bitcoin-2013-11[/url]
hello[/QUOTE]
holy shit.
I hope you folks realize what this means.
[QUOTE=postmanX3;42900071]i literally don't even understand where this value is coming from, what can you even fucking purchase with bitcoins? silkroad went offline like a month and a half ago, what are people still doing with these things
this is the biggest fucking bubble ever, it's going to be hilarious when it hits single-digit dollar values again[/QUOTE]
The value is coming from speculated, increased future value. C'mon it's not hard to understand.
[QUOTE=Blind Lulu;42903635]For anyone who has a bunch of bitcoins right now how long does it take to convert them into something like US dollars? I heard it can take years.[/QUOTE]
Years? Where do you guys get this information? Sure if you want to get USD out of Mt.Gox good luck with that, that can take weeks / up to 2 months. But years?
[url]https://en.bitcoin.it/wiki/Selling_bitcoins[/url]
wow. Dropped to $510. The price is like ALL based on the current discussion on the governement.
Listen LIVE in here:
[url]http://www.c-span.org/Live-Video/C-SPAN3/[/url]
Also:
[IMG]http://puu.sh/5mndw.PNG[/IMG]
HAHAHAHA THE FUCKING GIANT $600 PRICE WALL!!!
[IMG]http://puu.sh/5mnmi.PNG[/IMG]
[QUOTE=WinstonGreen;42906022]The value is coming from speculated, increased future value. C'mon it's not hard to understand.[/QUOTE]
Actually from the way I see it the value comes from the energy that gets put into mining.
[QUOTE=elih595;42900899]Its seeming less like a currency and more like a stock.[/QUOTE]
You're right, it is more like a commodity than a currency right now. Not that the definition really matters.
[QUOTE=Stents*;42906113]Actually from the way I see it the value comes from the energy that gets put into mining.[/QUOTE]
The real value, yes. This is the the actual price that is shown after a crash. Speculators drive up the price to where they think it will be in the future, which can overvalue the bitcoin for what it can do at the moment.
$700 holy FUCK
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