Bitcoin's and the future of online banking - Page 7

I just studied the recent price action in the bitcoin. The price discovery is happening fairly quickly probably due to the fact that it's in the news, and trading on extremely high volumes. In summary, it has a base at around $50 in mid-March and ran up from to $90 by Apr1. Formed a base Apr3 - Apr7 at around $140 before exploding to $260 on Apr9 on euphoria and chasing. Then in the proceeding 24 hours, collapsed to $100 before catching a decent bid. However, it broke down again, this time capitulating into the low $60s.

From here, if you think the BTC is going for another leg down, you can attempt to bid for it under $60 at a price which you wouldn't mind taking on the risk even accepting the worst case scenario that the BTC becomes worthless. Otherwise, if you aren't bold enough to try to catch a bottom then wait for the price to stabilize from the news driven volatility.

How is any of that decision-useful for the future, Spicy?

So the party is over, is that right ?

ah just caught wind of this sealswithclubs site.. man that is truly 'yo dawg we heard u like gambling' to buy BTC to play poker with ^^

On April 11 2013 21:52 inc wrote: As i know there are alot of smart people in here, is it a good investment to put a big or small amount of money in btc wallet and just let it sit there and (hopefully) grow? some people tell me it would be a very good investment, but i dont really trust em in these matters. One of my friends even said it will "100% go up to a huge amount of value in time" WHAT YOU SAY THIS IS MANY VALUE YES?

imo uve done well so far not trusting what people are telling you, but might make a mistake to blindly believe what someone here you perceive as smart speculates as truth. the truth is bitcoins are worth what people are willing to pay for them, and i dont think anyone can KNOW what market sentiment is going to be in the future.

sure people might be able to make guesses that they can assess are more likely to be what will happen than some other plausible outcome based on their fundamental analysis or whatever else, but this method is very susceptible to just turning out wrong because the real world is too complex and chaotic to be modelled by abstraction.

at the end of the day just like in any kind of investing you have to decide for yourself and make sure you properly understand the risks but id be extremely wary of anyone that tries to claim something is going to happen "100%". It's always good when ppl u talk to make any kind of claims, to ask why they think that, then decide for yourself whether their thinking has some merit or if it's too simple and misses too much detail to be of any use. Also by the way, is your friend currently trying to put down at least 90% of his networth into bitcoin? If not, I'd wonder if he even really believes what hes claiming himself or if he's just throwing words around loosely.

On April 12 2013 00:52 2c0ntent wrote: How is any of that decision-useful for the future, Spicy?

if u just fancy a short term gamble over a few weeks or months then who cares whether the shit may or may not hit the fan in 2020 amirite

On April 12 2013 00:52 2c0ntent wrote: How is any of that decision-useful for the future, Spicy?

I'm simply suggesting that if you are considering buying the BTC to take advantage of the volatility provided by the panic selloff and get filled at favorable prices. If your thesis is something along the lines of "BTC stabilizes at $150" for example you'll have extremely good odds if you can get filled under $50, whereas paying up over $100 yields hardly any edge.

I am by no means saying that the BTC is a good investment nor advocating as such. However, disagreement is what "makes a market." You profit from someone else's mistake of either their direct loss or their opportunity cost to have traded at more favorable prices. So those who do think the BTC is a good buy, for whatever reason, should implement some sort of execution plan that takes advantage of others' mistakes, and has favorable risk/reward rather than simply blindly paying whatever the current market price is at the time.

Don't fuck with bitcoins if you're a huge nit is what spicy is trying to say

Ok, stuff someone has said in regards to the inflation safeguards:

What's in the way of someone else making "BittierCoin" which is an exact copy of bitcoin except with another name and then someone else putting out "ShitCoin" that's the same and after that "wheverletsmakeCoin" etc in absurdum? Given that it's open source and everything it can't be hard to copy the system.

On April 12 2013 10:47 DustySwedeDude wrote: Ok, stuff someone has said in regards to the inflation safeguards: What's in the way of someone else making "BittierCoin" which is an exact copy of bitcoin except with another name and then someone else putting out "ShitCoin" that's the same and after that "wheverletsmakeCoin" etc in absurdum? Given that it's open source and everything it can't be hard to copy the system.

The answer is there is nothing that would hold anyone back from creating their own currency. In fact there are numerous copies out there already.
Its just like everywhere else nobody is holding you back from creating a another search engine/social network/fast food chain... as well the odds that you'll have success are pretty slim though unless you come up with some new killer features. Same thing applies to bitcoin the infrastructure and user adoption is lightyears ahead of every clone out there and will very likely remain to be so unless another cryptocurrency comes along that offers way better features.

On April 12 2013 10:47 DustySwedeDude wrote: Ok, stuff someone has said in regards to the inflation safeguards: What's in the way of someone else making "BittierCoin" which is an exact copy of bitcoin except with another name and then someone else putting out "ShitCoin" that's the same and after that "wheverletsmakeCoin" etc in absurdum? Given that it's open source and everything it can't be hard to copy the system.

obv there will multiple currencies competing on thge market

i think everyone should support bitcoin to fight governments monopoly on currency (and violence)

Bitcoin's down all the way to $87 from $280 in less then 72h... wow.

i'll trade money on stars for bitcoins if it's possible to do that.

On April 12 2013 16:01 Defrag wrote: Bitcoin's down all the way to $87 from $280 in less then 72h... wow.

monopoly money

Kinda sad though, bitcoins=dollars kinda defeated the whole purpose of having bitcoins in the first place, didn't it now ? :[

idk how u can see it that way, can u explain.. if i were an ideological early adopter id be happy people are directly comparing BTC's worth to that of the most recognisable store of worth on the planet and that the comparisons are coming up favourably. Since it's worth whatever people think it's worth, it shows a lot of people are now thinking it has value and no longer just you and some fellow computer nerds. Isn't it becoming closer to what the ideological early adopter hoped it might one day be?

New article about Bitcoin on BBC today, featuring genjix

http://www.bbc.co.uk/news/technology-22152213

On April 17 2013 05:03 Ket wrote: idk how u can see it that way, can u explain.. if i were an ideological early adopter id be happy people are directly comparing BTC's worth to that of the most recognisable store of worth on the planet and that the comparisons are coming up favourably. Since it's worth whatever people think it's worth, it shows a lot of people are now thinking it has value and no longer just you and some fellow computer nerds. Isn't it becoming closer to what the ideological early adopter hoped it might one day be?

Just another currency that rides the waves of the current global economy ? What's ideological about that ? Might as well just invest in the strongest currency or go speculate stock and be done with it.

edit: You could argue that cutting out banks is a good thing, but the way it's currentcy (gettit) looking, it won't be doing that, not even the slightest dent.

Btw does anyone perhaps know if Silkroad made an absolute killing off of this whole thing ? I'd imagine they're the ones that got the best out of this, no ?

On April 17 2013 10:11 brambolius wrote: Btw does anyone perhaps know if Silkroad made an absolute killing off of this whole thing ? I'd imagine they're the ones that got the best out of this, no ?

I'm wondering how many poor saps who haven't been closely following bitcoin prices have been scammed.

"Well, I'm sure bitcoin prices couldn't have changed too much from 2009. I guess I'll order this 8 bitcoin pizza." (Its $700)

why does it feel like all the ppl that are involved with bitcoin (and heavily promoting bitcoin) looks so goddamn ghetto.

are they like howard, they millionairez in da bacK?