Bitcoin Prices Spike on Euro Woes

CommanderFrank

CommanderFrank

Cat Can't Scratch It
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Messages
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Even in the worst economic downturns, there is always someone who will make a profit from other fellow’s misfortune. This time around with the financial problems in Cyprus, it’s looking like it might be Bitcoin that may come out the better for it.

Zerohedge wrote on Wednesday that “the value of the virtual currency has soared almost 30 percent in the last two days”, from €37 to over €50, with volumes rising as well.
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Read up on Tulip Speculation or POGs.

BC has value because people believe it does. The instant 33% of the people sell, it's over.
 
Qinsp said:
Read up on Tulip Speculation or POGs.

BC has value because people believe it does. The instant 33% of the people sell, it's over.
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Just like our dollar. Even when it was on the gold standard, you must recognize that gold is also a currency in itself. There is no table of absolute values; it's all based on what people think something is worth.
 
jacenason said:
Just like our dollar. Even when it was on the gold standard, you must recognize that gold is also a currency in itself. There is no table of absolute values; it's all based on what people think something is worth.
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I guess.

If I go to pay a bill with $10,000 US Dollars, and the seller refuses to accept them, the US government will side with me,

If you try to pay a $10,000 debt with BC, and the lender refuses, you will lose a court case.

Not only do you need assets to back up a barter unit, you also need an authority to guarantee it.

BitCoin has neither.
 
I just turned 100 into 348. I don't use BTC for anything other than buying/selling the currency itself.
 
Who cares if it has value to pay for your food every day -- i just wish I had a time machine to go back and put 1000 dollars into it when it was 5 cents for 1 bitcoin.

1000 invested would be worth between 1 and 1.4 MILLION today. (assuming you had perfect knowledge of the market)

I've made probably about 1000 dollars in 100% profit the past year or so. Keep in mind I don't pay for electricity at the moment either. Mining litecoins, trade for bitcoins, and convert to cash.

I made a sweet 400+ dollars during the latest litecoin boom, just being lucky and mining at the right time and selling at the right time.

Qinsp - the one problem with the authority that guarantees the US dollar is that they control the supply from every angle. They can print money till its worth nothing... that's the problem we are facing right now. Bitcoin has a pre-defined set of rules that eliminates that particular problem. Sure it has other problems, but that isn't one of them.
 
i still have 40.5 coins from back when i mined them for shits and giggle.

never knew where to spend them, i figure i will hold on to them for a decade or so, and see where it ends up.
 
Qinsp said:
Read up on Tulip Speculation or POGs.

BC has value because people believe it does. The instant 33% of the people sell, it's over.
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Correct: -
Pyramid Scam
http://en.wikipedia.org/wiki/Pyramid_scheme

The guy at the top is dumping his BitCoins for dollars for maximum gain. The guy at the bottom will gain only if there is someone beneath for him to dump on. When it reaches critical mass, it will collapse. (unless there is a structure split based transformation, but it is still more prone to eventual collapse.)
 
It is a bit like investing in FaceBook shares, and if FaceBook had no income. It has little or no surrounding economy to prop it up.
 
DW-UK said:
Correct: -
Pyramid Scam
http://en.wikipedia.org/wiki/Pyramid_scheme

The guy at the top is dumping his BitCoins for dollars for maximum gain. The guy at the bottom will gain only if there is someone beneath for him to dump on. When it reaches critical mass, it will collapse. (unless there is a structure split based transformation, but it is still more prone to eventual collapse.)
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isn't that like any currency?
 
Bitcoin miner here.

Look... I'm making roughly $1600 a month now and have been profitable ever since I found out about Bitcoin in 2011. I invested in BFL, should have invested in Avalon, yadda yadda... I learned the hard way about how this market works. But I still LEARNED.

I'm tired of people bashing bitcoin for whatever reason, Ponzi Scheme. Pyramid scheme. Whatever. It works. Plain and simple. If you have neither the time nor inclination to learn something you know nothing about... don't spread FUD.

Now, if you want to buy in before Bitcoins hit $100 (or higher) before the end of April simply due to the Euro tanking in Cyprus, and that fears spreading across Europe, now is the time to buy in. Bankers have broke a cardinal rule over there and it's simply this...

Never instill fear in your customers when it comes to Central Banking.
 
I am kicking myself for selling all my bitcoins only moments after mining them. I made a tidy profit with 7 video cards, but if i had held them and sold this past week.. i probably would of made close to $25,000
 
mining still worth doing with only a few cards? or has that ship sailed?
 
Eh, with ASIC miners doesn't seem worth it, for power consumption etc just get an asic and you're way ahead with 60watt of power consumption.

This isn't based on experience just from what I've researched - hopefully someone will backup what I said based on their experience.
 
collegeboy69us said:
Qinsp - the one problem with the authority that guarantees the US dollar is that they control the supply from every angle. They can print money till its worth nothing... that's the problem we are facing right now. Bitcoin has a pre-defined set of rules that eliminates that particular problem. Sure it has other problems, but that isn't one of them.
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Pure fiat currencies always end up being worth zero, 100% of the time throughout recorded human history. Every time. Every one fails, without fail.

The education system in the US does such a poor job at conveying any useful information, that we have to argue about this constantly.
 
collegeboy69us said:
Qinsp - the one problem with the authority that guarantees the US dollar is that they control the supply from every angle. They can print money till its worth nothing... that's the problem we are facing right now. Bitcoin has a pre-defined set of rules that eliminates that particular problem. Sure it has other problems, but that isn't one of them.
Click to expand...

Pure fiat currencies always end up being worth zero, 100% of the time throughout recorded human history. Every time. Every one fails, without fail.

The education system in the US does such a poor job at conveying any useful information, that we have to argue about this constantly.
 
zero1945 said:
Pure fiat currencies always end up being worth zero, 100% of the time throughout recorded human history. Every time. Every one fails, without fail.

The education system in the US does such a poor job at conveying any useful information, that we have to argue about this constantly.
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So you are saying the $ is doomed? Tell me something I didn't know...
 
What is to stop 100 different people from starting pseudo bitcoin operations?

This is what killed both the Pyramid Clubs and Timeshare Condos.

And in the end, what did you do with your life? Did you improve the world, or just use it like milking your neighbors cow and selling the milk?
 
what did I do with my life?

If we manage to put the central bankers out of business I will die with a broad smile on my face.
 
Anyone else find the irony particularly funny here?

The actual traditional fiat currency based economy of Cyprus HAS collapsed yet that doesn't stop some dolts coming here trying to sound like they know jack shit about the world, predicting bitcoins "will collapse".
 
ALL good things come to an end at some point in time. The ones who realize this are the ones still standing with the clothes on their back. When somebody is making money, somebody else just lost that same amount.
 
Lorien said:
Anyone else find the irony particularly funny here?

The actual traditional fiat currency based economy of Cyprus HAS collapsed yet that doesn't stop some dolts coming here trying to sound like they know jack shit about the world, predicting bitcoins "will collapse".
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Hasn't the bubble already popped once? Who's going to be holding the short end of the stick this time?
 
I still find the bitcoin economy fascinating! It's like having the last 100 years of our standard fiat currency compressed into less than a decade, a 10:1 ratio.
 
cnick79 said:
ALL good things come to an end at some point in time. The ones who realize this are the ones still standing with the clothes on their back. When somebody is making money, somebody else just lost that same amount.
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Exactly...just like the stock market these days. When prices are not based on real commodities/services, the item (stock, bitcoin, currency) is all speculation and no real "go".

It's a shame that our world econony has shifted wealth to the speculators, not those that "do real things".

But ahh same thing happened to rome before it collapsed. Bread and circuses.
 
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