The Bitcoin Insanity Continues — Prices Top $450

Discussion in 'HardForum Tech News' started by MajorDomo, Nov 16, 2013.

  1. MajorDomo

    MajorDomo [H]ard as it Gets

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    If you are holding on to Bitcoins, congratulations: your fortune just increased by a large factor. After a momentary dip last weekend, the trading on the Mt. Gox Exchange was brisk and rising, hitting a high of $455 on Friday.
     
  2. bastage

    bastage Pics of your wife?

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    wow.... Makes me wish I had jumped onto the craze years ago with mining... Then forgotten all about it.
     
  3. celeron300

    celeron300 Gawd

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    BTC is the only canary in the global financial coalmine. The worlds system is collapsing under a massive fiat currency debt. The banks suppress the prices of gold and silver but it cannot control Bitcoin. The financial reset is coming soon...
     
  4. Retronym

    Retronym Something big is coming.

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  5. Bill86

    Bill86 [H]Lite

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    It's just...so....volatile......
     
  6. Retronym

    Retronym Something big is coming.

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    on the plus side there are more exchanges now
     
  7. EndlessRed

    EndlessRed Limp Gawd

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    Yeah, reading about all these fools with early investments make me feel sad, especially when I was among those thinking BTC will never take off, at a time when I had full control of a server farm that I could have silently used for mining.

    On the flip side though, I bet this won't happen again with different virtual currencies. The way I see it, there's only enough room for one virtual currency.
     
  8. Kueller

    Kueller [H]ardness Supreme

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    People like to transfer wealth without being tracked, especially rich people with lots of wealth.
    There's only 2.1x10^7 potential bitcoins with which to make said untraceable transfers.
    $450 sounds like a bargain.
     
  9. Nenu

    Nenu [H]ardened

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    The virtual world is nuts, its amazing how long the hype is lasting.
    Bitcoin has a few more appeals than other currencies though, its like pirate money heh.
     
  10. Carbon_Rod

    Carbon_Rod Gawd

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    I sort of beg to differ... though in time we'll tell for sure. Litecoins seem to be the "silver" to Bitcoin's "gold". It seems to be the only cryptocurrency besides Bitcoins that people are willing to trust almost completely. The rest, IMO, are just vain attempts by copycats to attempt to jump on the money train after it's already left the station... they're not destined to last.
     
  11. MavericK

    MavericK Zero Cool

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    Never had much way of farming coins, so whatever. Could have bought some back when they were like 5 bucks, I guess.
     
  12. temujin987

    temujin987 [H]ard|Gawd

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    i guess someone has an awful lot of regular money to launder through bitcoin.
     
  13. weuntouchable

    weuntouchable [H]ard|Gawd

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    For those who feel bad about missing out, just wait a month or two when prices come crashing down again. Bitcoin is and likely almost always will be a bubble because 99% of the world doesn't have a use for it. Its the equivalent of dot.com era stock options, completely speculative with little hope of ever becoming a successful business (monetary) model.
     
  14. -Strelok-

    -Strelok- [H]ardForum Junkie

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    Seems like it crashes when it gets really high, but then slowly goes up again. If there is a crazy crash I think i'll buy a few and see where that goes.

    I was just thinking..if someone had bought ~5000 of em at $5 a few years ago..he would have made on hell of a profit if he sold them now(or she). $25k investment, ~$2 million return, isn't that an investors dream? :p
     
  15. Nenu

    Nenu [H]ardened

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  16. devil_trigger

    devil_trigger Gawd

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  17. buttons

    buttons [H]ard|Gawd

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    so glad i was selling my coins at one point for $2.25 *sarcasm*
     
  18. nilepez

    nilepez [H]ardForum Junkie

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    No they don't. Gold was overpriced (probably still is, haven't looked recently). Spikes like the one we had happen every now and then, but they're bubbles. they're a good place to sell (see the late 70's for another example). As a rule, Gold is a horrible investment.

    As for Bitcoin, who knows. Right now it's so volatile, I'd never put any significant amount of money in it. It could go to 1000 it might drop to 20 bucks. But if you believe what you say, put your money in BTC. Good luck.
     
  19. elzeus

    elzeus [H]ard|Gawd

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    What are people buying now with bitcoins I thought they closed down the place where everyone was buying drugs and hitmen?
     
  20. tunatime

    tunatime 2[H]4U

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    I allways bought pc parts and aquarium stuff whit them
     
  21. Ligar

    Ligar n00b

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    It was re-opened for business. Apparently the Federal ABC soup group forgot to look at how well the MAFIAA has done with the internet or the Streisand effect.
     
  22. celeron300

    celeron300 Gawd

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    I agree with you that bitcoin (with a market cap of about 5 billion) is speculative... it will go to zero or it could go to 10000 plus... we will watch and see what 2014 brings

    But do some math with me.... Gold topped out at 850 an ounce in 1980 when the debt was about 980 billion. The debt is now about 18 times that (not including the unfunded liabilities of social security and medicaid (not to mention obamacare).... and Gold is currently only about 1300 / oz.... overpriced??? Gold is not an investment it is a hedge against government stupidity.
     
  23. meme

    meme Limp Gawd

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    Here's something you won't read in the news about the price of Bitcoin.

    The price quoted is always based off the MtGox exchange. It's the main bitcoin exchange, and all of the others basically peg their prices to MtGox.

    But it is impossible to withdraw any money from MtGox. You can deposit money, there is a large amount of money desposited, but you can't withdraw any. You can only withdraw Bitcoins.

    Which means that anyone who has money on MtGox can only get it out by buying bitcoins with it, then withdrawing them. And then the person they sold to eventually wants to get their money out, which they can only get buy buying bitcoins with it.

    Everyone wants to buy, no one wants to sell, since dollars and Euros on MtGox are worthless as they can't be withdrawn. When everyone wants to buy and no one wants to sell, the price keeps going up and up. Until eventually the whole thing collapses.

    So the "price" of Bitcoins at the moment tells you nothing as to what they're actually worth or what they will be worth a few months from now.
     
  24. mope54

    mope54 [H]ardness Supreme

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    because they're a commodity instead of a currency
     
  25. Retronym

    Retronym Something big is coming.

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    http://agoracommodities.com/

    This is the true evil of bitcoin; people buying non-inflationary assets.

    The nerve.
     
  26. Elios

    Elios [H]ardness Supreme

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    one word

    Tulips
     
  27. CanesVenetici

    CanesVenetici Limp Gawd

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    Is this a new thing? I've gotten money out of MtGox before...
     
  28. KingSmoth

    KingSmoth Limp Gawd

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    I don't really care about BTC, but I can't wait to send this article to one of my co-workers. I did a presentation in my Economics class last year when BTC was less than $10, thought about getting in but decided against it. My co-worker plays big money with the stock market all day every day and considered it as well, but figured it was too volatile and would be worthless. It may still prove to be so, of course.
     
  29. collegeboy69us

    collegeboy69us [H]ardness Supreme

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    it's not new.... but a while back I also heard they stopped doing withdraws.

    I've gotten money out of MtGox before (this was probably 6+ months ago) but I think things have changed. They have gone through a few scandles/fines recently.

    Personally I don't have much confidence in Gox anymore. If I need to cash out I do it via coinbase.

    litecoin Coinotron pool -> BTC-E -> Bitcoins -> Coinbase -> cash deposited into my bank.
     
  30. collegeboy69us

    collegeboy69us [H]ardness Supreme

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    I'm still kicking myself because I remember I could mine 2000 Litecoins a month with my puny 6950 crossfire setup, I could easily be sitting on over $50k had I kept mining and made the right moves. Instead I only made ~1000
     
  31. SixFootDuo

    SixFootDuo [H]ardness Supreme

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    Too bad the Hardocp community couldnt start a pool and all of us benefit.
     
  32. westrock2000

    westrock2000 [H]ardForum Junkie

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    It's being used like the stock market.
     
  33. exelias0

    exelias0 Gawd

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    Too bad I donated all those cycles to science. ;)
     
  34. RedStarSQD

    RedStarSQD Limp Gawd

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    the silk road might have gone down but silk road v2 is already up. Still lots of drugs to buy.
     
  35. sfsuphysics

    sfsuphysics I don't get it

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    Just further proof of the social experiment called "the exchange" whether it's some make believe currency or some make believe idea that a company that makes no profit is profitable, people are going to buy when they see the price rising, and then when they start cashing out, people are going to panic and cash out while they still can and watch the house of cards further tumble.
     
  36. subspeed6

    subspeed6 Limp Gawd

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    I did jump on it early but got rid of mine before it took off. :/
     
  37. MaddBomber83

    MaddBomber83 [H]Lite

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    Yes, but there are other ways. Example is https://coinbase.com/

    I use them to transfer USD <-> BTC

    The verification tiers can be a bit of a pain at the start, but after jumping through them you can instant buy / sell.
     
  38. kirbyrj

    kirbyrj [H]ard as it Gets

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    I think one thing people don't understand is how you can essentially "wire" money from one side of the world to another without paying excessive bank fees. I think the Feds aren't as interested in drugs/hitmen as the fact that near instant, anonymous transfers of money can take place.
     
  39. bulldog08

    bulldog08 Limp Gawd

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    speculation isn't a sound investment.