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

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

    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
    27
    What are bitcoins?
    11.11%
    3
    Yes, I trust in bitcoin as a long-term store of value
    14.81%
    4
    No, Bitcoin is an internet scam
    44.44%
    12
    No, the Federal Reserve will lobby to make them illegal
    11.11%
    3
    I've heard of them, but don't know enough about them to have an opinion
    18.52%
    5

  • #2
    Can I buy gold with it?

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    • #3
      Pet rocks, invest in pet rocks.

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      • #4
        Originally posted by DenverBrit View Post
        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.

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        • #5
          Originally posted by Rohirrim View Post
          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.

          Comment


          • #6
            Looks like my vote is worth TWO! so take that... hahaha

            Comment


            • #7
              Originally posted by B-Large View Post
              Sorry, I am developing my idea: the Jump to Conclusions Mat
              Ironic

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              • #8
                sex is the universal currency.

                Comment


                • #9
                  go redskins, seriouisly, just go.

                  Comment


                  • #10
                    http://www.orangemane.com/BB/showthr...hlight=bitcoin check this thread out from a BIT ago. Some wonderful crazy going on

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                    • #11
                      I'm thinking of jumping in.

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                      • #12
                        Originally posted by fankadeo View Post
                        http://www.orangemane.com/BB/showthr...hlight=bitcoin check this thread out from a BIT ago. Some wonderful crazy going on
                        No one cares.

                        Comment


                        • #13
                          Originally posted by StugotsIII View Post
                          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
                          Last edited by fankadeo; 11-10-2013, 11:11 PM.

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                          • #14
                            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:
                            Last edited by Arkie; 11-23-2013, 01:54 PM.

                            Comment


                            • #15
                              Originally posted by Arkie View Post
                              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?

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