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Buying bitcoins
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SilkRoad closing down didnt cause much action because any real vendor would cash out minute they get the coin.This has been good for Bitcoin, the price is back where it was already. I never thought the dump was due to panic, it was just speculators trying to sell high and back back lower, knowing that once a small dump starts it can snowball.
It has put the bed any stupid accusations that BTC was only used by SR customers. It has also shown that it has advanced beyond any one piece of bad news or FUD like this crashing it completely. SR is shutdown, and the day after the biggest online bitcoin discussion forum gets hacked and has been offline since, and yet the price is where it was last week anyway.
As for future dont see how this virtual currency could maintain to exist beyond,transactions like SR or other dodgy deals.As by now its impossible to mine coins as a single person,joining pools is waste of electricity,not to mention pyramids build around major pools where majority with hashing power and shares get the rewards,thus paying 0.000000xxx% to those who contribute in them.
not to mention that no one knows who owns biggest amounts of them.
adding to that that private companies already developed processors just for solving blocks alone at 1000x times the hardware used in pcs,i dont see how this currency is in any way better then government based ones.
Reminds me of first bubble that occured in history
the Dutch tulip mania. The metaphor indicated that the prices of the stock were inflated and fragile – expanded based on nothing but air, and vulnerable to a sudden burst, as in fact occurred.
most currencies are fluctuating daily,due to economical and global reasons,but in BTC example where something started as small as 0.19US cents per coin in less then 5 years rose to over 300$ is a bit of a joke.
Unless someone got lucky at very begining and forgot it like in recent story about guy who,found out that he had over 1mill worth of coins bought for less then 20$
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SilkRoad closing down didnt cause much action because any real vendor would cash out minute they get the coin.
As for future dont see how this virtual currency could maintain to exist beyond,transactions like SR or other dodgy deals.As by now its impossible to mine coins as a single person,joining pools is waste of electricity,not to mention pyramids build around major pools where majority with hashing power and shares get the rewards,thus paying 0.000000xxx% to those who contribute in them.
I agree that mining is unprofitable at the prices that ASIC vendors are selling the hardware for, yet people are still buying them and the power of the mining network which secures Bitcoin has been increasing at about 30-40% per fortnight. This is making Bitcoin much more secure as time goes on. This is a good thing.
Remember, you don't have to mine Bitcoin to own some or to use it, I've never mined any.not to mention that no one knows who owns biggest amounts of them.
I don't care too much who owns them, though it's not strictly true that no one knows any of the large holders, for example the Winklevoss twins bought about 1% of the currently existing coins and the FBI have about 166k of the Silk Road seized coins.adding to that that private companies already developed processors just for solving blocks alone at 1000x times the hardware used in pcs,i dont see how this currency is in any way better then government based ones.
It's very important to understand why Bitcoin offers something that government based ones don't - it's one of the main reasons it has value.
The government can print more money whenever they like, when they do this it devalues the currency and effectively takes wealth from anyone holding the currency. This is why a dollar today buys a fraction of the bread it would have bought 50 years ago. For example, the US is creating 86 Billion (yes Billion) dollars per MONTH. Value is related to scarcity.
It doesn't matter what private companies do regarding solving blocks. No matter how much power is mining, the Bitcoin network adapts so there's same amount of new coins created by miners per day (currently 3200, this value halves every 4 years).
When I buy a Bitcoin, I know how scarce it is, I know there's only 12 million in existence now, I know how many new ones will be mined next year.... and that there will only be 21 million total ever.Reminds me of first bubble that occured in history
the Dutch tulip mania. The metaphor indicated that the prices of the stock were inflated and fragile – expanded based on nothing but air, and vulnerable to a sudden burst, as in fact occurred.
This is a common analogy. Tulips are not scarce, you can just keep growing more, they also do not have any real world utility other than looking nice. Bitcoin has utility, it's the first digital money that works, it fulfills all the properties money needs to have with the bonus of not depending on trusting anyone to control it.most currencies are fluctuating daily,due to economical and global reasons,but in BTC example where something started as small as 0.19US cents per coin in less then 5 years rose to over 300$ is a bit of a joke.
Unless someone got lucky at very begining and forgot it like in recent story about guy who,found out that he had over 1mill worth of coins bought for less then 20$
As you've noted, in general it is fluctuating upwards at quite a pace as adoption grows. The user base and adoption is still at an early stage, so any single holder buying or selling in bulk affects the price quite a lot. This will ease over time as the user base grows, it's behaving like a commodity now, like gold in gold rush times, in time when adoption is higher, and the service infrastructure has grown, it may be used more as a traditional currency as the volatility declines.
Bitcoin adoption will continue to grow and the price will only rise in the short and medium term. Or it will completely fail and be worth nothing
my advice is to read up on it, watch some videos on khan academy about it and make your own call. Bitcoin is a fascinating, ingenious invention and experiment if nothing else. 0 -
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$4.1m goes missing as Chinese bitcoin trading platform GBL vanishes
http://www.geek.com/news/4-1-million-worth-of-bitcoins-goes-missing-as-chinese-exchange-gbl-disappears-1576967/
Absolutely ZERO recourse for the victims. Can't wait for an "alb" analogy for this one. :rolleyes:
Here's an excerpt from interview with the Winklevoss Twins:
"Finally, they made it clear that Bitcoin isn’t going anywhere any time soon. If regulators choose to attempt to shut it down, they will only push innovation overseas, possibly to China where already companies like Baidu accept it."
Yes, it's bound to prosper in the most unregulated place on earth. 0 -
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$4.1m goes missing as Chinese bitcoin trading platform GBL vanishes
http://www.geek.com/news/4-1-million-worth-of-bitcoins-goes-missing-as-chinese-exchange-gbl-disappears-1576967/
Absolutely ZERO recourse for the victims. Can't wait for an "alb" analogy for this one. :rolleyes:
Here's an excerpt from interview with the Winklevoss Twins:
"Finally, they made it clear that Bitcoin isn’t going anywhere any time soon. If regulators choose to attempt to shut it down, they will only push innovation overseas, possibly to China where already companies like Baidu accept it."
Yes, it's bound to prosper in the most unregulated place on earth.
not sure what point you're making, but if it's the one I think you are ... it's already been pointed out in this thread that if you heard someone lost millions of dollars to a scammer you wouldn't draw the conclusion that dollars themselves are too risky to have would you?
I think what people like you haven't really grasped is that bitcoins themselves are far more like cash than they are like bank accounts ("ZERO recourse").
because they live on computers people seem to think of them like their paypal or bank account balances - they couldn't be more wrong - they are cash.
In the case of banknotes - you physically possess them. If someone steals them then you have ZERO RECOURSE - you can't go to a bank or central authority and ask them to cancel those notes or to issue you with replacements. Bitcoins are exactly like this, except the physical possession is replaced by basically having the private key that they're now associated with.0 -
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I think what people like you haven't really grasped is that bitcoins themselves are far more like cash than they are like bank accounts ("ZERO recourse").
Please stop the nonsense. Bitcoins are NOT like cash. You store cash in your bank account and if it goes missing without your authorization then you have recourse to get ALL of it back.because they live on computers people seem to think of them like their paypal or bank account balances - they couldn't be more wrong - they are cash.
More wrong? When's the last time something hacked into your wallet and took your cash?
"alb" and "pH" own Bitcoins and are talking through their e-wallets. 0 -
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Please stop the nonsense. Bitcoins are NOT like cash. You store cash in your bank account and if it goes missing without your authorization then you have recourse to get ALL of it back.
Cash means physical money. Notes, coins. Certainly thats what the intended meaning was here. My notes and coins are not stored at a bank. The bulk of my money is stored there, but not in cash form.More wrong? When's the last time something hacked into your wallet and took your cash?
Happens every day- mugging, pickpocketing, burglary."alb" and "pH" own Bitcoins and are talking through their e-wallets.
The presence of a bias does not in itself make the holder of the bias wrong.0 -
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Please stop the nonsense. Bitcoins are NOT like cash. You store cash in your bank account and if it goes missing without your authorization then you have recourse to get ALL of it back.
If you honestly believe that your bank has a little box with your name on it and a pile of your cash in it then words fail me.More wrong? When's the last time something hacked into your wallet and took your cash?
It's called "theft" there are many ways to relieve someone of their cash, through force, stealth or trickery - the point remains when someone relives you of your €20 note you have absolutely no recourse to go to a central authority and demand they replace that note - bitcoins are exactly the same and in that way are far more like cash than they are like bank accounts."alb" and "pH" own Bitcoins and are talking through their e-wallets.
You think it's surprising that those of us who think that bitcoin has a bright future might actually have some of them?0 -
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