Bitcoin breaks $200



What is most amazing is that the BTC fanatics are STILL trying to pump this dead duck. It's hilarious to watch.
 
Grindstone said:
What was the price when it was predominately miners holding bitcoins before speculators got in? That's where I'm buying in at for round 2.
Click to expand...

Lexicon said:
I think between $30 and $40.
Click to expand...
Nope, Forbes wrote an article at ~$0.80 to the best of my memory. That shot it up very fast, to about $6-10, and was about the time Silk Road changed their pricing to be based on the dollar. It dropped a little, and then a couple of weeks later (memory's hazy on timing) Wired/Gizmodo dropped their article, which over the space of a couple of weeks raised it to $30, before it dropped again. I stopped following too much after that, so maybe someone can say what caused it to rise further. However, the speculators were in way before $30, and the rise seems to have been slower (in terms of percentages) since the Wired/Gizmodo jump.
 
Kiopa_Matt said:
There has to be something I'm missing here, because there's no way it could be this easy. If I'm super-human quick, and can execute 100 trades an hour on these exchanges during the exact perfect times depending on spike or dip, how do I get fucked?

You can't tell me it's this easy though, so there's something I'm not understanding here. Is there a large delay between executing a trade, and it being fulfilled? It's pretty much instant for BTC / LTC, isn't it?
Click to expand...

Huge lags apparently. Hours long. And now the largest exchange has halted trading for 12 hours. I hope they didn't do this because they thought it was going to help stabilize the price.

RE:LUKE ---> no surprise that he is taking a break from this bitcoin discussion. Its extremely painful to have $X dollars of "net worth" and have that become $Y dollars in a matter of hours. Its almost pyschologically imposssible not to get caught up in the euphoria of this bubble. I am sure he felt about 14000 different emotions yesterday.

I think that ultimately, the simple truth is, these bitcoins will be worth thousands or nothing in the end. But to have had the opportunity to sell at $200+ was a wonderful short term hedging opportunity for those who took advantage of it.

For now though, the reality is that bitcoin is almost certainly going to crash back down below the levels this bubble started at ($30). And then the the slow rise may continue until this thing dies or becomes a real thing.

But as long as the slogan is bitcoin vs. fiat, then bitcoins prospects are slim to none. Fiat money isn't going anywhere. ARE YOU KIDDING ME? That doesn't mean Bitcoin can't exist. But it will have to figure out a way to co-exist.
 
dreamache said:
http://mashable.com/2013/04/11/bitc...tories&utm_medium=email&utm_source=newsletter

So in other words, the problem (at least this recent one) lies in the technical flaws in the exchanges (lag), not bitcoin itself.

Something needs re-thought if a single exchange can have such an impact.
Click to expand...

tumblr_m8gc0u0znT1rt9iqe.gif
 
windjc said:
Huge lags apparently. Hours long. And now the largest exchange has halted trading for 12 hours. I hope they didn't do this because they thought it was going to help stabilize the price.
Click to expand...

Well then you also have to wonder, why does MT. Gox want to stabilize price? Aren't they controlling the currency by doing this? I thought it was supposed to be decentralized.

IMO, MT. GOX should let trading crash the bitcoin. That way all of us who have been watching from the sidelines can jump in and ride the next bubble, because there will be another!
 
K-Noop said:
Well then you also have to wonder, why does MT. Gox want to stabilize price? Aren't they controlling the currency by doing this? I thought it was supposed to be decentralized.

IMO, MT. GOX should let trading crash the bitcoin. That way all of us who have been watching from the sidelines can jump in and ride the next bubble, because there will be another!
Click to expand...

They aren't necessarily controlling the currency because there are other exchanges that are still operating I presume.
 
The funniest thing about this whole situation is that the proponents claim as soon as widespread "adoption" of the currency takes hold, the value will shoot through the roof.

Problem is the only reason anyone is excepting BitCoins is because it has value in US Dollars. If the BitCoin is valued at $0 US Dollars, bye bye wide acceptance.
 
Bitcoin is going <$20. If you want to own Bitcoin, you're going to get a chance to own it at 12+ month lows.
 
pocketrockets said:
lol @ $53
Click to expand...

The thing is that Mt Gox isn't allowing trading, all their account holders who want to cash out have to wait until tomorrow, that will result in another wave of selling. I fully expect bitcoins to be trading under $10 within 2 days.

What Bitcoins need is to have a central buyer of last resorts like the FED!!
 
Unarmed Gunman said:
Isn't it a little bit ironic that Bitcoin really started to take off after Cyprus froze accounts, and now MtGox has essentially done the same thing?
Click to expand...

I was thinking exactly the same thing. MtGox has suddenly found itself in a position of enormous power - I mean 'responsibility' - except in their case they don't even have Angela Merkel breathing down their necks. The way they've handled this whole episode makes me think only two things about them, in varying degrees:
They're fucking incompetent
They're fucking full of it
 
Unarmed Gunman said:
Isn't it a little bit ironic that Bitcoin really started to take off after Cyprus froze accounts, and now MtGox has essentially done the same thing?
Click to expand...

The entire Bitcoin exchange/currency is full of irony and has worse flaws than the dollar. It's built on deflationary features (fixed supply).
 
You must log in or register to reply here.
Top Bottom