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Sub $400 here we come!

UncleDavid218 said:
I welcome the people turning off their rigs.
Click to expand...

Me too. My power is currently free, so the current situation may be the best thing to happen for a small timer like me to actually build a half decent farm before the next boom period. Cards are affordable again - I love it.
 
_r2h said:
i stopped keeping track of profits. I'm putting all my btc into cryo-storage and wishing for a huge pay out one day.
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One which may never come.

Don't get me wrong. I'd be very happy if it soars in value some day. But I'm not holding my breath waiting for it.
 
collegeboy69us said:
+1

We've all seen this happen before -- remember when BTC crashed from 20 to nothing? Everyone was doom/gloom, and quit mining. Those same people had they kept their rigs running for even a month or two could have made fortunes.

I have cheap electricity 5.5 cents per kwh, so it won't kill me to keep the rigs going. (soon to be 8Mhash of scrypt)

News of china + summer approaching, I'd love to see LTC drop back to ~2 or 3k difficulty.
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Yet the network hashrate continues to rise, it's up to 175k now. So either people are leaving all of the altcoins and jumping back into Litecoin, thus negating those who are powering off. Or there aren't a lot of people powering off right now.

I kind of want to think it's more and more ASIC's being tested. When the MtGox stuff happened, the difficulty dropped in half for Litecoin. But this time, it's risen.
 
i bought some at 425 and sold at 675.

i bought a couple at 375,

cheap coins yay!


i completely expect it to not genuinely go up until the16th-19th
 
I also have stopped tracking profits but I don't think I can sit on all of my coins AND video cards. I really don't want to dump my cards in this current market but I might just have to move some.
 
Seems to be making a decent comeback today.
$420+ on Coinbase.
Up and down she goes!
 
I'd be willing to bet (if there WAS a way to bet on it) that deep down, all this drama coming out of china is just them trolling the world to get super cheap BTC. Gave them plenty of time to save up the funds... announce some bad stuff, price drops, they buy it up, sit on it and wait for it to double or triple in value.
 
collegeboy69us said:
I'd be willing to bet (if there WAS a way to bet on it) that deep down, all this drama coming out of china is just them trolling the world to get super cheap BTC. Gave them plenty of time to save up the funds... announce some bad stuff, price drops, they buy it up, sit on it and wait for it to double or triple in value.
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Given their corruption issues, i would imagine you could be right on the money (no pun intended). :D
 
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collegeboy69us said:
I'd be willing to bet (if there WAS a way to bet on it) that deep down, all this drama coming out of china is just them trolling the world to get super cheap BTC. Gave them plenty of time to save up the funds... announce some bad stuff, price drops, they buy it up, sit on it and wait for it to double or triple in value.
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If true, it would be more evidence that BTC is not a viable currency.
 
jwcalla said:
If true, it would be more evidence that BTC is not a viable currency.
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BTC is more of a commodity than a currency, especially being deflationary at extremes. China has long been stockpiling both gold and copper. It's not without the realm of possibility.
 
jwcalla said:
If true, it would be more evidence that BTC is not a viable currency.
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Bitcoin isn't a viable currency.

It is, however, a viable technology with a value-transmitting component.

When will you and your kind understand that?
 
atp1916 said:
Bitcoin isn't a viable currency.

It is, however, a viable technology with a value-transmitting component.

When will you and your kind understand that?
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My computer mouse is a viable technology. But it's not masquerading as a currency.

These things are called cryptocurrencies, aren't they? People are placing value in them for that reason, right?
 
jwcalla said:
My computer mouse is a viable technology. But it's not masquerading as a currency.

These things are called cryptocurrencies, aren't they? People are placing value in them for that reason, right?
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I think they *were* placing value in them at one point because of that. Now, because of how they've been behaving on the markets, and because they aren't widely accepted as a form of payment, you pretty much can't call them currencies. And for all of you crypto purists, by "widely accepted" I mean a little more than a couple of online retailers plus the corner coffee shop in the city/town where you live.

They're nothing more than virtual commodities right now.
 
IEC said:
Outside of the minority of "true believer" types, who cares if it is or isn't a "currency"?
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It's a very important distinction. Currency denotes a quality of stability. Cryptocurrency(what a terrible term) is a commodity much like oil. Coins behave much like the price of a barrel of oil; rises and falls based on the news happenings in the middle east. Call it whatever you want, but doesn't make it so.
 
IEC said:
Outside of the minority of "true believer" types, who cares if it is or isn't a "currency"?
Click to expand...

While I don't particularly care, it seems to me that the value of it depends on it being a "currency" at least at some point. It really has no other inherent value (like a bar of gold or barrel of oil) outside of that concept. So it becomes relegated to nothing more than a vehicle for day trading, but with no prospective value backing it (like you see with a company stock). And when that reality is accepted by the public, its price will collapse.

Right now the foundational "value" in BTC is that it's considered a potential viable alternative currency. Without that, people will not see it as any more valuable than any other random string of 32 characters.

The long-term (practical) value of this stuff is dependent on the realization of the concept and theory of its intended goals.
 
_r2h said:
It's a very important distinction. Currency denotes a quality of stability. Cryptocurrency(what a terrible term) is a commodity much like oil. Coins behave much like the price of a barrel of oil; rises and falls based on the news happenings in the middle east. Call it whatever you want, but doesn't make it so.
Click to expand...

Cryptocurrency is nothing like oil. Oil is a raw material used to produce goods and services that people want to purchase. A producer purchases it at a lower value and turns it into something else of a higher value.

What can a bitcoin be turned into that people want to buy?


Bitcoin is not a raw resource -- it's a completely fabricated, abstract concept: just like money. That's why its value depends on being a viable currency, like all money. If tomorrow .gov says the USD is no longer a currency, your money is worth nothing more than the raw materials in your hand: paper and tin and zinc. Same with BTC.
 
jwcalla said:
My computer mouse is a viable technology. But it's not masquerading as a currency.

These things are called cryptocurrencies, aren't they? People are placing value in them for that reason, right?
Click to expand...

Your computer mouse?.... My fellow [H] brother, please. :p

Bitcoin is a currency, but yet it is a technology with a front-end that resembles a mix between currency and commodity.

Wait until it taps out. We may need a new monetary classification.
 
i think bitcoin wont transform from a commodity into a currency until some sort of popular business offers a set thing for a set bitcoin cost. (app, website access, etc)

and hopefully its value ends up being over bitcoin's current us dollar value, cause there are a fuckton of miners that exist that wont part with it for any significantly cheaper amount.

still, the only reason i see to mine, is a gamble on that it's value will go up immensely, otherwise you should just spend your mining equipment costs on coins now.
 
jwcalla said:
Cryptocurrency is nothing like oil. Oil is a raw material used to produce goods and services that people want to purchase. A producer purchases it at a lower value and turns it into something else of a higher value.

What can a bitcoin be turned into that people want to buy?


Bitcoin is not a raw resource -- it's a completely fabricated, abstract concept: just like money. That's why its value depends on being a viable currency, like all money. If tomorrow .gov says the USD is no longer a currency, your money is worth nothing more than the raw materials in your hand: paper and tin and zinc. Same with BTC.
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not paper -- 25% linen and 75% cotton :)

True - btc is 100% fabricated, it's VALUE is nothing more than what we say it is. Just like the USD. Most common people at this time couldn't care less about an encrypted network that has the ability to send a digital currency to anyone on the globe without going through some form of (possibly corrupt) government. I however, think it's a great thing.

I'm your avg middle class guy, I make 40k a year, never been arrested, pay all my taxes and bills... and I firmly believe the govt has no right to snoop on any of my business till there is a DAMN good reason. As soon as I want to have 10K in cash on me, or transfer a large amount of money to my friend, I'm instantly put into a suspicious criminal category even though nothing shady is going on. Tin foil hat time has me asking what's the limit? Will the slippery slope of the govt wanting to know EVERYTHING mean that when I will someday have to rationalize withdrawing 200 dollars from an ATM?

It's core value will always be the ability for anyone and everyone to use it as they please without having to bend over and let Uncle Sam shine a light up their ass.
 
collegeboy69us said:
not paper -- 25% linen and 75% cotton :)

True - btc is 100% fabricated, it's VALUE is nothing more than what we say it is. Just like the USD. Most common people at this time couldn't care less about an encrypted network that has the ability to send a digital currency to anyone on the globe without going through some form of (possibly corrupt) government. I however, think it's a great thing.

I'm your avg middle class guy, I make 40k a year, never been arrested, pay all my taxes and bills... and I firmly believe the govt has no right to snoop on any of my business till there is a DAMN good reason. As soon as I want to have 10K in cash on me, or transfer a large amount of money to my friend, I'm instantly put into a suspicious criminal category even though nothing shady is going on. Tin foil hat time has me asking what's the limit? Will the slippery slope of the govt wanting to know EVERYTHING mean that when I will someday have to rationalize withdrawing 200 dollars from an ATM?

It's core value will always be the ability for anyone and everyone to use it as they please without having to bend over and let Uncle Sam shine a light up their ass.
Click to expand...

Cryptocurrency seems like a good idea, but I go back to my original point that I'm not sure that it's going to work. Or maybe the iteration known as Bitcoin has too many flaws to meet its goals. Perhaps a different crypto would address those flaws. But, e.g., if a corrupt government like China can manipulate something like BTC in a manner you proposed, then we have to acknowledge that it's not the source of freedom people were looking for and that it has failed in its mission.
 
jwcalla said:
Cryptocurrency seems like a good idea, but I go back to my original point that I'm not sure that it's going to work. Or maybe the iteration known as Bitcoin has too many flaws to meet its goals. Perhaps a different crypto would address those flaws. But, e.g., if a corrupt government like China can manipulate something like BTC in a manner you proposed, then we have to acknowledge that it's not the source of freedom people were looking for and that it has failed in its mission.
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Its ability to be manipulated is because its tied to fiat. Until its released from that bond, it will always be sensitive to manipulation. The person with the biggest bank roll always wins.
 
jwcalla said:
Cryptocurrency seems like a good idea, but I go back to my original point that I'm not sure that it's going to work. Or maybe the iteration known as Bitcoin has too many flaws to meet its goals. Perhaps a different crypto would address those flaws. But, e.g., if a corrupt government like China can manipulate something like BTC in a manner you proposed, then we have to acknowledge that it's not the source of freedom people were looking for and that it has failed in its mission.
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...and you don't think fiat currency is manipulated? FED inflation aside and past pegging the Yuan to the USD, read up on economic warfare--there is actually a good book on it about historical events that actually happened with currency manipulation.

Did you know during World War II, the Nazis were counterfeiting British pounds in order to put them into circulation and destroy the English economy?

I've never liked the term cryptocurrency--if anything it should be an asset class of its own called "Crypto". It's hard for the majority of the cryptos out there to be considered currencies when they are deflationary in nature. Any economist will tell you that deflationary currencies do not work in the long run.
 
yup - i still stand behind my tin foil hat wacko idea that there is a way for countries to manipulate it's value. The idea has been around forever with pump and dump stocks, and really anything based on supply and demand.

If I was sitting on a few million or few hundred million dollars of tax payer money, it's pretty damn easy to manipulate the price if you have the funds to back it up.

In some ways - I do agree that there are flaws in bitcoin. The confirmation time is dreadfully slow, sending someone money and then sitting around for 45 minutes waiting for it to confirm is crap. And even though I've been in this game a while I still don't feel comfortable thinking in terms of "millibits" or "microbits" for small transactions. The plain fact is we love dealing with whole numbers as it equates to value. Just the feel of saying each is different.... "oh hey I sent you 0.005 BTC" or "hey I sent you 5000 DOGE. The latter just feels better to most people because we are weird humans.
 
oblox said:
...and you don't think fiat currency is manipulated? FED inflation aside and past pegging the Yuan to the USD, read up on economic warfare--there is actually a good book on it about historical events that actually happened with currency manipulation.
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Where did I say that I don't think fiat currency is manipulated? The point I'm making is that I'm becoming less convinced that BTC is going to free us from that particular problem. In fact, it may be even more susceptible to it.
 
jwcalla said:
Where did I say that I don't think fiat currency is manipulated? The point I'm making is that I'm becoming less convinced that BTC is going to free us from that particular problem. In fact, it may be even more susceptible to it.
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It's implied when you are making the basis of comparison between a country manipulating a crypto vs a country manipulating fiat. I love how you are jumping to conclusions about the potential future of something that has been around for what, four years? Yes, it's going to be volatile, yes it's going to be manipulated. It's still very much in its infancy.
 
oblox said:
It's implied when you are making the basis of comparison between a country manipulating a crypto vs a country manipulating fiat. I love how you are jumping to conclusions about the potential future of something that has been around for what, four years? Yes, it's going to be volatile, yes it's going to be manipulated. It's still very much in its infancy.
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Then we agree then: it's subject to manipulation. I don't know where you're looking for an argument.
 
Mega666 said:
Doge/Btc up to 148! Bit of a pullback to 0.00000129 now though.
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Well, it's about time for the pre-block-reward-split pump to happen. The split happens in what? 10 days or so?

Hopefully this was not it for the pump.
 
Is it the weekend that BTC historically sees a dive for profit takers?
And is Monday the best rebound day for it or does it have a tendency to climb until the weekend again?
I need to pay more attention or find a better set of graphs to follow.
 
Core32 said:
Is it the weekend that BTC historically sees a dive for profit takers?
And is Monday the best rebound day for it or does it have a tendency to climb until the weekend again?
I need to pay more attention or find a better set of graphs to follow.
Click to expand...

Graphs tell you where you've been, not where you're going.

$450s right now.
 
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