$500 Bitcoin
- Thread starter r3p1v
- Start date
Where's Guerilla? Doesn't he need to chime in on how stupid everyone who owns Bitcoin is and how they don't understand real Austrian economics like he does?
(O_o)
H̨̼̩͐̑͆̀̚&
I'm pretty happy with it =) glad I invested some $ early on.
I'm now looking at a low 5 figure return @ current price if I cashed out. i'm holding for now.
I'm now looking at a low 5 figure return @ current price if I cashed out. i'm holding for now.
You can't transfer out of gox. Most (maybe all now) US banks have blacklisted their accounts. Plus gox doesn't like people withdrawing so they either make you wait 6 months for your funds to transfer or they see you're running arbitrage and just cancel your orders. So you buy on Coinbase, transfer to gox, then try to sell on gox but gox keeps your USD and tells you to fuck off. Coinbase and BTC-e are the only ones I fux wit.
I don't think I have ever said people who own Bitcoin are stupid. Two of my friends own Bitcoin.
The fact Bitcoin has gone up in value has nothing to do with Austrian economics. It's simply speculation. My argument has always been that Bitcoin is not going to be money, I have never argued that people should or should not speculate in it.
The argument of the fan boys is that Bitcoin has gone up in value therefore it will be money. By that rationale, every penny stock that rises is going to be money.
This is what happens in every mania since Tulips.
It will hit $1,000 in the next 7 days...
Followed by a downward value, then it will continue to peak once again.
Followed by a downward value, then it will continue to peak once again.
I'll admit to being utterly uneducated in economics, but what's the value of bitcoin externally? I mean can you fund opening a business or buying a house with it? Can you buy groceries? Or are people just flipping this shit for USD so that they can do all the real world things they normally do? I really don't get it.
$604
Just like gold's recent rise I can tell you it's not rising because of true-believers or because of its use as a currency. It's likely rising because big-money speculators are great at riding hype-waves.
(O_o)
H̨̼̩͐̑͆̀̚&
this was posted in a chat earlier.
https://bitcorati.com/2013/11/13/10-reasons-why-the-value-of-bitcoin-is-skyrocketing/
Also because of news that the talks tomorrow are going to be positive for bitcoin.
http://www.bloomberg.com/news/2013-11-18/u-s-agencies-to-say-bitcoins-offer-legitimate-benefits.html
Just past the 600.00 mark! =]
If you're a Bitcoin true believer and are not familiar with the story of tulip mania, do some research.
The short version is, there was a mania in trading tulip bulbs. It got so crazy, you could buy a really nice house for a single tulip bulb. The sort of house most people of those days couldn't afford in a lifetime.
Everyone was rationalizing that the Tulip bulb was a miracle, and would become a new standard for wealth.
Then it ended and everyone was wiped out.
Speculative manias are nothing new. The fact there is an endless line of suckers for them isn't new either.
http://www.cnbc.com/id/101192216
The short version is, there was a mania in trading tulip bulbs. It got so crazy, you could buy a really nice house for a single tulip bulb. The sort of house most people of those days couldn't afford in a lifetime.
Everyone was rationalizing that the Tulip bulb was a miracle, and would become a new standard for wealth.
Then it ended and everyone was wiped out.
Speculative manias are nothing new. The fact there is an endless line of suckers for them isn't new either.
http://www.cnbc.com/id/101192216
I fucking love this tulips though! Each time they crash, bitcoin is higher than when the mania started and goes to another mania a few months later!
YAY FOR TULIPS!!!
YAY FOR TULIPS!!!
Can't wait for tomorrow 3pm.
I don't think that's a good comparison, because tulips are clearly useless, whereas regardless of your speculative view of bitcoin you can't deny that it's useful. I would put bitcoin speculation on a similar playing field to angel investing in a tech startup ... where some people will believe in it and others will think it's a stupid idea that will die out. But even some of the most idiotic ideas have made billions, so it's natural for people to believe that an intelligent/useful idea like bitcoin will be successful.
I agree that at the moment the % of speculators is skewed because of the fact that there is no regulation, which is a bad thing if bitcoin wants to go mainstream. Most people don't want to store millions of dollars (or even tens of thousands) in something that can't be insured, and this is the only thing I dislike about bitcoin's current setup. I'm trading it more from a fundamental than a technical perspective though, in that I think more security+insurace products will start to be created around it as a result of tom/tues' talks, and then it will show that it has a lot more real-world value than it does at the moment. If the US chooses to completely ignore it and these security products never become available then that's when I would start looking to sell.
(O_o)
H̨̼̩͐̑͆̀̚&
I have absolutely no use for Bitcoin.
I would put Bitcoin speculation on a similar playing field to penny stocks.
That's probably not a horrible idea.
If Bitcoin becomes regulated though, a ton of the speculation will run off. People are gambling without rules (and many assume without tax liability). If Bitcoin becomes "legit" it's going to be just like playing the stock market, with all of the regulation that comes with that.