Is Bitcoin a Long-Term Alternative to Government-Sponsored Currencies?

[Arkie]

Bitcoin is at new highs ($325) as of this post. There's a lot of resistance. I'm expecting it to correct at any moment.

Bitcoin Live Charts

[Rohirrim]

Can I buy gold with it?

[DenverBrit]

Pet rocks, invest in pet rocks.

[Rohirrim]

Pet rocks, invest in pet rocks.

That guy made a million bucks.

I had a million in bitcoins, but I blew it on WOW weaponry.

[B-Large]

That guy made a million bucks.

I had a million in bitcoins, but I blew it on WOW weaponry.

Sorry, I am developing my idea: the Jump to Conclusions Mat


I read and article about Bitcoins, and I still am not sure what they are... I might just stick to what I know and understand.

[Bronco Yoda]

Looks like my vote is worth TWO! so take that... hahaha

[Arkie]

Sorry, I am developing my idea: the Jump to Conclusions Mat

Ironic

[CHEF LUIGI]

sex is the universal currency.

[CHEF LUIGI]

go redskins, seriouisly, just go.

[fankadeo]

http://www.orangemane.com/BB/showthr...hlight=bitcoin check this thread out from a BIT ago. Some wonderful crazy going on

[baja]

I'm thinking of jumping in.

[StugotsIII]

http://www.orangemane.com/BB/showthr...hlight=bitcoin check this thread out from a BIT ago. Some wonderful crazy going on

No one cares.

[fankadeo]

No one cares.

awwwwwwwww so really this is all you got? This is weak Kade I expected better from you. Bring something worth fighting about

[Arkie]

Let's recap

Oct 2009: the first exchange rates were $1 = 1,309.03 bitcoins (less than a tenth of a penny)

May 2010: the first pizza sold for 10,000 bitcoins ($25 value then)

July 2010: bitcoin increased 10 fold from less than a penny to about 8 cents.

Feb 2011: MILESTONE bitcoin reached parity with the US dollar, $1 per bitcoin

June 2011: MILESTONE bitcoin reaches $10

June 8, 2011: bitcoin goes over $30 then comes crashing back down to $10

2012: remains stable and trades between $5 to $13 for the entire year

2013
Jan: $13
Early March: $30
Late March: $90, Baja mentioned then new currency
April: MILESTONE bitcoin reaches $100
April 9, 2013: bitcoin goes over $250 then comes crashing back down to $75
Oct 2, 2013: Silk Road was taken down, bitcoin dropped from $150 to $110
Nov 7, 2013: $325, tripled since the silk road takedown, and I expected a correction at this all time high price.
Nov 18, 2013: $650, doubled since the start of this thread. WTF?!


That $25 pizza in 2010 would be worth $650,000 today.


Present Day:

[Mr.Meanie]

Oct 2009: the first exchange rates were $1 = 1,309.03 bitcoins (less than a tenth of a penny)

May 2010: the first pizza sold for 10,000 bitcoins ($25 value then)

July 2010: bitcoin increased 10 fold from less than a penny to about 8 cents.

Feb 2011: MILESTONE bitcoin reached parity with the US dollar, $1 per bitcoin

June 2011: MILESTONE bitcoin reaches $10

June 8, 2011: bitcoin goes over $30 then comes crashing back down to $10

2012: remains stable and trades between $5 to $13 for the entire year

2013
Jan: $13
Early March: $30
Late March: $90, Baja mentioned then new currency
April: MILESTONE bitcoin reaches $100
April 9, 2013: bitcoin goes over $250 then comes crashing back down to $75
Oct 2, 2013: Silk Road was taken down, bitcoin dropped from $150 to $110
Nov 7, 2013: $325, tripled since the silk road takedown, and I expected a correction at this all time high price.
Nov 18, 2013: $650, doubled since the start of this thread. WTF?!


That $25 pizza in 2010 would be worth $650,000 today.

Serious question, why is the value of bitcoin $650? Is there a way to exchange for actual dollars beyond buying something of real value (drugs) and selling it for cash? I don't know much about it but it seems like the main value is being an untraceable currency that is great for black market sites like SR, or straight up speculation. Am I off?