Bitcoin breaks $200

Props to everyone who got in sub-$100. You took a calculated risk and made some money, unless your stupid and ride the wave down ;).

I don't think anyone argued in this thread whether money was to be made here. The argument was twofold:

1. Is this rapid rise in bitcoin price sustainable or a bubble?
2. Is bitcoin a viable currency?

Time will answer both.
 


productionhead said:
The biggest intraday drop in 30 days happens every week?
Click to expand...

mtgox lags out every week due to ddos and misc other reasons. the price drops, lag stops, price goes back up.

I'm in this for the long haul. No way to lose $ since i've already cashed out and got my original $$$ back + some.

Of course its going to rise and fall. I'm fine if it goes down to $30.

I'll keep calm and mine on.
 
vawNDQv.jpg
 
K-Noop said:
Props to everyone who got in sub-$100. You took a calculated risk and made some money, unless your stupid and ride the wave down ;).

I don't think anyone argued in this thread whether money was to be made here. The argument was twofold:

1. Is this rapid rise in bitcoin price sustainable or a bubble?

2. Is bitcoin a viable currency?

Time will answer both.
Click to expand...

1 No its a bubble.

2 Not until it can be used in real time in real life. It does however serve a purpose and the people of the world deserve the success of BTC. To bad that wont be allowed.
 
Shit's funny...

Code: 
[12:40] <innocent> unlagged price is 205-210 ?
[12:40] <Stopanic> for your own good
[12:40] <JodaZ> innocent, unlagged price is 100
[12:40] <lost4468> it's down to $102
[12:40] <Minthos> eplyina: look at the trade volume, ignore the people on irc trying to manipulate you into panicking
[12:40] <kjhkjhkh> 100
[12:40] <kjhkjhkh> :O
[12:40] <asfafsfasafs> 100?
[12:40] <innocent> yes
[12:40] <kjhkjhkh> RIP
[12:40] <innocent> 100
[12:40] <monad> LOOK AT THE VOLUME YOURSELF... $100K JUST GOT LIQUIDATED AT $200... PEOPLE ARE IN PANIC
[12:40] <xr5> i see 210
[12:40] <innocent> sell sell
[12:40] <asfafsfasafs> where you see 100
[12:40] <wedtm> Ugh, we should get some moderators in here.
[12:41] <bart_> RIP BTC
[12:41] <monad> DO YOU THINK I AM TYPING IN CAPS FOR NO REASON? THIS IS PANIC
 
rish3 said:
Shit's funny...

Code: 
[12:40] <innocent> unlagged price is 205-210 ?
[12:40] <Stopanic> for your own good
[12:40] <JodaZ> innocent, unlagged price is 100
[12:40] <lost4468> it's down to $102
[12:40] <Minthos> eplyina: look at the trade volume, ignore the people on irc trying to manipulate you into panicking
[12:40] <kjhkjhkh> 100
[12:40] <kjhkjhkh> :O
[12:40] <asfafsfasafs> 100?
[12:40] <innocent> yes
[12:40] <kjhkjhkh> RIP
[12:40] <innocent> 100
[12:40] <monad> LOOK AT THE VOLUME YOURSELF... $100K JUST GOT LIQUIDATED AT $200... PEOPLE ARE IN PANIC
[12:40] <xr5> i see 210
[12:40] <innocent> sell sell
[12:40] <asfafsfasafs> where you see 100
[12:40] <wedtm> Ugh, we should get some moderators in here.
[12:41] <bart_> RIP BTC
[12:41] <monad> DO YOU THINK I AM TYPING IN CAPS FOR NO REASON? THIS IS PANIC
Click to expand...

What happens in IRC stays in IRC.

EQFdeZA.jpg
 
dchuk said:
I see what they're saying, but even if my prices are in USD on my site and the number of bitcoins for the transaction doesn't matter (which it does, but we'll continue), you can get still get really easily fucked here.

Imagine this scenario:

My product costs $10 USD, which is what is shown on my site. Someone pays me the equivalent price in Bitcoins at 9AM today. Tomorrow morning, I wake up to find that Bitcoin value has dropped by 50%.

I am now 50% poorer unless I immediately cashed out that Bitcoin to USD upon receiving that purchase. My margins just got fucked, my revenue just got fucked, I just got fucked.

Why, as a merchant, would I take that risk? If I have to constantly immediately cash out my coins, the coins are no different than arcade tokens.

What's happening here is that the only people really doing anything with Bitcoins right now are speculators riding a money train. Merchants aren't speculators, there's enough volatility when trying to sell a product, I don't want to be worrying that the money someone is paying me with can implode overnight.
Click to expand...

So while not a 50% drop, the scenario I played out yesterday is exactly happening today...a merchant's worst nightmare.

And that, kids, is why you don't accept bitcoins for your products.
 
[14:00] <TheShephardofMan> O People, I come to you with dreadful news! MTGox ticker is currently lagged, the price you see is not the accurate price. Bitcoin has crashed below $100, but the system being lagged is not updating the price correctly. Put in your sell orders now, so you may lock in what profits are left!
Click to expand...

lol?
 
[14:05] <TheShephardofMan> I have warned my Brothers at $240, at $230, at $220, at $210, at $200... They did not heed my warning. My Brothers are blind by the lust of greed... but I shall continue to warn. I warn you now at $190, that ye may sell! Sell now, and reap good tidings; before the Hour cometh..
Click to expand...

this is better than pulp fiction
 
here's the dip everyone was waiting for. sideline money will return and new highs soon
all bitcoin chart/exchange sites are down or lagging
 
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