This is the mentality that is going to cause the price to keep going up, until one day, everyone fears it can't go on any longer, and then they all rush to sell.
Bitcoin hits $100
- Thread starter lcver
- Start date
This is the mentality that is going to cause the price to keep going up, until one day, everyone fears it can't go on any longer, and then they all rush to sell.
I'd personally be spending a good percentage if I had any major holdings right now just to diversify.
I have no idea if they'll hit $500 or $15 this month, so I wouldn't be holding all of them.
If I was a merchant I'd most likely be converting 90%+ of my payments into cash (or out of bitcoin) at the point of sale.
But yeah, the volatility is a disadvantage.
I'm still watching from the sidelines to see what happens. I'm intrigued by the technology. I don't expect it to replace money. But the utility for moving money is pretty awesome.
the solution is some form a bitcoin central bank to keep prices stable or to provide a price floor. if bitcoin falls below a certain threshold it buys and above the threshold it sells its reserves.
Anyone can be a bitcoin 'central banker' if they have enough money. If I had 1 billion lying around I could place a huge bid at some arbitrary price level, and gradually sell them if it goes above it. It doesn't mean more coins have to be minted. This threshold can be benchmarked to inflation or whatever.
This is my punishment for being so gung-ho on btc publically, isn't it?
Here's the deal, cpauser...
Bitcoin was created to destroy all the central banks. Period.
It's _decentralized_ currency... As in one that has no center.
When you do things to it like try to regulate it, you become Ben fucking Bernanke, and the rest of the world is your plaything...
...And then some reclusive genius has to go and invent a new currency to subvert you.
What made you so bullish on bitcoin, anyway? Are you just in BTC because you think it will make you a bajillionaire?
Here's the deal, cpauser...
Bitcoin was created to destroy all the central banks. Period.
It's _decentralized_ currency... As in one that has no center.
When you do things to it like try to regulate it, you become Ben fucking Bernanke, and the rest of the world is your plaything...
...And then some reclusive genius has to go and invent a new currency to subvert you.
What made you so bullish on bitcoin, anyway? Are you just in BTC because you think it will make you a bajillionaire?
FinCen responded half a month ago actually:How long do you reckon it will be before the US/ the FED realise what a threat bitcoin is to their ripoff BS currency toiletpaper ? I cant really see how they can respond but what do you think they will try to do...DDOS all the exchangers
Since they are powerless to stop it, this was the smartest move they could have made, and I expect they'll just keep tightening the screws on the Exchanges.
Once we steal 1% of the economy though, they'll start the propaganda campaign in full, trying to make every sheep-person on the continent feel dirty to hold any bitcoins.
...Problem is though; there won't be any people left by then that aren't holding some of these valuable things already, or at least aren't already educated in why bitcoins threaten the government so much.
Lukep do you honestly believe people give a shit about what bitcoin is about?
Do you really think the people buying bitcoins right now are doing it to stick it to uncle sam?
Do you really think they share your beliefs that bitcoin is going to be some big revolutionary currency that is going to change everything?
Of course they don't. Most people are buying bitcoins to make money off of it. They never intend to use bitcoins and they sure as hell don't care about what bitcoin stands for...
All these people that are propping up your bitcoins are the same people who are going to crash it in the end.
These people don't share your beliefs. They are only in it to make money. Ain't it sad to think that the whole idea behind bitcoins means jack shit to the people who are now buying it? And when it's all over, bitcoin will become nothing more than another fad?
I hope you're smart enough to make the decision to sell when the time comes Luke.
People?
I am convinced that there are ENOUGH people to carry bitcoin through.
If/when it crashes again, it won't go down to the previous levels. You can bet on that.
Then it'll come back up way higher than it is now.
That's what the people want.
Just a couple tens of thousands of them... Bitcoin is of course way bigger than their economy... But their economy should be viewed as a baseline that it won't go below.
These speculators are small enough in number to not have complete control.
The mining community (There are a confirmed 20,000+ miners, by the way) have to take the time to learn about bitcoin and choose a cryptocoin to mine in the first place, so it's quite obvious that these guys aren't all going to short their positions 100%.... Most likely they'll sell at the top and quickly buy back before it goes below $10 or something so that they can own more of it in the long run.
...That's what I plan to do.
re: the thread derailment, i'm always shocked at how much a lot of yanks distrust their government. it must be related to the size of the country or something, when somebody might be in washington state getting orders from DC across the country.
you vote these people in! do you really think they're that evil?
also, the US government won't do anything about bitcoin BECAUSE THEY DON'T CARE. it's not a big deal to them.
they will go after the silkroad though, i'd be shocked if there's not a taskforce on it as we speak. TOR is not impenetrable as people like to think.
you vote these people in! do you really think they're that evil?
also, the US government won't do anything about bitcoin BECAUSE THEY DON'T CARE. it's not a big deal to them.
they will go after the silkroad though, i'd be shocked if there's not a taskforce on it as we speak. TOR is not impenetrable as people like to think.