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Old 04-03-2013, 11:26 AM   #26
Arkie
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I could have bought bitcoins for $90 each last Sunday, but I didn't have my account set up. It took three business days and now the bitcoins are up to $138. I still tried to buy some at that price, and they're saying "Sorry, the maximum number of purchases in the last 24 hours have been reached."
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Old 04-04-2013, 12:16 PM   #27
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If millions of people started using bitcoins on a regular basis, the soaring value of bitcoins would actually be disastrous. You’ve heard of hyperinflation: this would be hyperdeflation. Take a gold bar valued at $600,000. At $60 per bitcoin, the value of that bar is 10,000 BTC. But then assume that bitcoins rise in value to $600 apiece, and then to $6,000, and then to $60,000 — as would have to happen if the fixed number of bitcoins was being used to store hundreds of billions of dollars in value. Then the value of the gold bar would plunge, in bitcoin terms — to 1,000 BTC and then 100 BTC and finally just 10 BTC. The same thing would happen to all other goods and services in the world, including your own salary. Everything would be constantly going down in price, if you thought in bitcoin terms.

Inflation is bad, but deflation is worse. The reason is that in a deflationary environment, no one spends money — because whatever you want to buy is sure to become cheaper in a few days or weeks. People hoard their cash, and spend it only begrudgingly, on absolute necessities. And they certainly don’t spend it on hiring people — no matter how productive their employees might be, they’d still be better off just holding on to that money and not paying anybody anything.

The result is an economy which would simply grind to a halt, with massive unemployment and almost no economic activity.
https://medium.com/money-banking/2b5ef79482cb
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Old 04-04-2013, 01:07 PM   #28
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Bitcoins are a 'speculative' investment....a 'commodity' rather than a currency.

Be careful, when the bubble bursts, it will fold like a 'dot-com' stock that was all 'valuation' and no substance.

Them-there-nerds are tricky, watch out.
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Old 04-05-2013, 12:53 PM   #29
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http://bigthink.com/ideafeed/why-bitcoin-is-a-big-deal
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Old 04-05-2013, 01:25 PM   #30
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The Bitcoin looks like a 'bubble' on steroids. It needs to settle down and stop being a commodity for it to succeed.



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According to Jesse Colombo, an independent financial analyst and investor who keeps close tabs on bubbles at TheBubbleBubble.com, the Bitcoin bubble is currently in a mania phase.

While Colombo doesn't believe the Bitcoin is doomed to fail, he expects prices to retreat back to pre-mania levels -- less than $15 apiece.

It's hard to predict when investors will realize they're paying too much for Bitcoins, but it won't take much for prices to drop quickly. Given that the Bitcoin market is small, all it could take is just one large sale to give investors a reality check, said Colombo.
http://buzz.money.cnn.com/2013/04/05...Top+Stories%29
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Old 04-05-2013, 02:03 PM   #31
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Bitcoins? Lol.
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Old 04-05-2013, 02:35 PM   #32
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And, of course...

Hack attacks hit Bitcoin exchange rates
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Old 04-05-2013, 02:37 PM   #33
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And so it begins.
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Old 04-05-2013, 04:46 PM   #34
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What the **** is a BitCoin? Internet currency!? Real money ain't no thang. Spend it out da roof.
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Old 04-09-2013, 11:04 AM   #35
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What the **** is a BitCoin? Internet currency!? Real money ain't no thang. Spend it out da roof.
Bitcoin has tripled in value since we started talking about it 9 days ago. I'm convinced cryptocurrency will eventually replace our money. Maybe not completely, but like e-mail did to the postal system, or like Napster did to the music industry. It's so much easier to deal with your peers without a middleman.
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Old 04-09-2013, 02:02 PM   #36
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Bitcoin has tripled in value since we started talking about it 9 days ago. I'm convinced cryptocurrency will eventually replace our money. Maybe not completely, but like e-mail did to the postal system, or like Napster did to the music industry. It's so much easier to deal with your peers without a middleman.
That really not a bold predication because it already happening and has been happening since we saw credit and debt cards become widely available. The only thing paper money is an easy portable exchange method. Technology is providing easier safer method for this exchange to occur.
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Old 04-09-2013, 05:30 PM   #37
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That really not a bold predication because it already happening and has been happening since we saw credit and debt cards become widely available. The only thing paper money is an easy portable exchange method. Technology is providing easier safer method for this exchange to occur.
All of that is tied to US dollars or some other government's fiat. It still has to go through a central bank. Bitcoin is completely decentralized. It can't be manipulated or counterfeited. It's more divisible. In fact, one bitcoin would have to be worth $1 million for it's smallest unit to equal our penny. It's easier to exchange online, and it can eventually be just as easy to exchange in physical form as our paper money.
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Old 04-09-2013, 05:32 PM   #38
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Bitcoin is completely decentralized. It can't be manipulated or counterfeited.
It can just be hacked.
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Old 04-09-2013, 05:56 PM   #39
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It can just be hacked.
So can any internet bank. The bitcoin itself is untouchable and recorded on thousands of servers around the world in blockchains as it's mined. This part of it can't be hacked. The value is even more secure than USD. It can't be manipulated by non-market forces. Bitcoin can be lost or stolen like cash, but it can also be kept just as safe, from cold storage to paper records of the Bitcoin addresses locked up in a safe box.
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Old 04-09-2013, 07:26 PM   #40
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So can any internet bank. The bitcoin itself is untouchable and recorded on thousands of servers around the world in blockchains as it's mined. This part of it can't be hacked. The value is even more secure than USD. It can't be manipulated by non-market forces. Bitcoin can be lost or stolen like cash, but it can also be kept just as safe, from cold storage to paper records of the Bitcoin addresses locked up in a safe box.
http://www.orangemane.com/BB/showpos...7&postcount=32
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Old 04-10-2013, 02:38 AM   #41
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All of that is tied to US dollars or some other government's fiat. It still has to go through a central bank. Bitcoin is completely decentralized. It can't be manipulated or counterfeited. It's more divisible. In fact, one bitcoin would have to be worth $1 million for it's smallest unit to equal our penny. It's easier to exchange online, and it can eventually be just as easy to exchange in physical form as our paper money.
You might want to go reread history and look at the banking crises of the 1800s to understand why there is central bank. Bitcoin follows that model pretty closely.
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Old 04-10-2013, 08:16 AM   #42
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There are challenges with BitCoin, but I fully endorse it. We're looking at accepting payments for it with our business.
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Old 04-10-2013, 08:58 AM   #43
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Remember I was the one that told you to buy bitcoin. Now I'm telling you to sell because it is being speculated up. When this ballon pops it will be heard around the world. It will probably go up for a while but when it crashes it will do so in free fall style. After it crashes buy all you can... baja
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Old 04-10-2013, 09:38 AM   #44
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Remember I was the one that told you to buy bitcoin. Now I'm telling you to sell because it is being speculated up. When this ballon pops it will be heard around the world. It will probably go up for a while but when it crashes it will do so in free fall style. After it crashes buy all you can... baja
I remember well. It was like 11 days ago.

I tried to buy some at $90. Couldn't get in as I watched go up to $140. I got in when it came down to $126, but I haven't been able to get anymore with the huge demand.

It already has "crashed" a few times. I didn't know about bitcoin when it reached $1. I read that nobody could believe 1 bitcoin actually reached parity with $1 of "real money" in February 2011. They were saying it was huge bubble then. The truth is nobody knows where the top is.

I wonder when 1 bitcoin surpasses 1 oz. of gold? Any predictions?

Last edited by Arkie; 04-10-2013 at 09:49 AM..
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Old 04-10-2013, 09:46 AM   #45
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You might want to go reread history and look at the banking crises of the 1800s to understand why there is central bank. Bitcoin follows that model pretty closely.
Because they thought one central bank could be less corrupt than hundreds of decentralized banks. Bitcoin is the only popular currency that doesn't require a trusted 3rd party. It can't even follow the banking crises models without actual banks. This is a new revolution.
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Old 04-11-2013, 03:29 PM   #46
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Bitcoin really is nothing more than a speculative play.....or revenge of the nerds. Maybe if they can find a sensible way to stablize it and keep it stable, it will serve a function, but for now, it's a hackers wet dream.

Bitcoin Is No Longer a Currency
It's the ultimate dotcom stock


Quote:
Bitcoin might be a bubble or it might be THE FUTURE, but there's one thing it's not: a currency. It's a tech stock. The question is whether it's Pets.com or Paypal.
http://www.theatlantic.com/business/...rrency/274859/

Bitcoin crashes, losing nearly half of its value in six hours
Plunge happens on the same day one anonymous redditor made it rain in Bitcoin.


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On Wednesday afternoon, the Bitcoin bubble appears to have burst. As of this writing, its current value is around $160—down from a high of $260. (It fell as low as $130 today.)
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Though it wasn't the original intent, BTC is now a commodity. People don't spend; they hoard, hoping to cash in. Well, it looks like they cashed in.
http://arstechnica.com/business/2013...-in-six-hours/
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Old 04-11-2013, 05:10 PM   #47
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Bitcoin really is nothing more than a speculative play.....or revenge of the nerds. Maybe if they can find a sensible way to stablize it and keep it stable, it will serve a function, but for now, it's a hackers wet dream.

Bitcoin Is No Longer a Currency
It's the ultimate dotcom stock




http://www.theatlantic.com/business/...rrency/274859/

Bitcoin crashes, losing nearly half of its value in six hours
Plunge happens on the same day one anonymous redditor made it rain in Bitcoin.





http://arstechnica.com/business/2013...-in-six-hours/

This is being done by the banksters, They do not want BitCoin to survive and will do what ever they can to be rid of it.


All this will do is stop speculators other than the banks so in the long run the Bit Coin will survive and thrive. Let it bottom out and buy all you can
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Old 04-11-2013, 05:23 PM   #48
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You might want to go reread history and look at the banking crises of the 1800s to understand why there is central bank. Bitcoin follows that model pretty closely.
You have it backwards.

The crises of the 1800s, panics etc, were deliberately caused by the big banks to scare the nation into the false idea that a central bank would avert these events.

That has long since been proven false.

MHG
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Old 04-11-2013, 05:30 PM   #49
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This is being done by the banksters, They do not want BitCoin to survive and will do what ever they can to be rid of it.


All this will do is stop speculators other than the banks so in the long run the Bit Coin will survive and thrive. Let it bottom out and buy all you can
Problem is, a currency needs a central control system, which of course is the opposite of the Bitcoin philosophy. Without a linkage to world currencies or Gold, how will it stabilize and hold realistic value?

Imagine the dollar fluctuating in the same manner; you'd go broke buying just basics. Gold is a much better play than an artificial 'digital' currency that is played like a speculative commodity. Its very methodology makes it inherently unstable and wide open to hackers and manipulators.

It needs to get back to it's opening values, stabilize and link itself to Gold.... ..which would devastate most Bitcoin investors who overpaid for it. I see a 'split' as the most palatable play, which would also substantially increase the number of Bitcoins in circulation........which would help make it more viable, and soften the blow for early adopters.
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Old 04-11-2013, 05:50 PM   #50
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I remember well. It was like 11 days ago.

I tried to buy some at $90.
Good thing you didn't. Down to $72.00. https://www.bitstamp.net/



It's on a wild ride, halts in trading, meh not my cup of tea.
http://blogs.marketwatch.com/thetell...r-own-success/

Maybe if it comes crashing down I'll buy some and forget about them for 20 years.

Last edited by Meck77; 04-11-2013 at 05:53 PM..
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