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Bitcoin discussion thread - Page 7

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scDeluX
Profile Blog Joined October 2007
Canada1341 Posts
November 18 2013 23:04 GMT
#121
Maybe it's time for me to revive this thread and update the OP?

When I made the thread the interest was pretty low and people got harsh on criticism pretty fast. I though TL community would be more interested in something like bitcoins. It's a pretty popular thread on liquidpoker.

Anyway maybe the recent price will spark up the interest over here, I'll check for the op tomorrow and if someone wanna contribute feel free to pm me.
Brood War is forever
hollabackk
Profile Joined December 2010
118 Posts
Last Edited: 2013-11-19 04:40:02
November 19 2013 04:39 GMT
#122
On November 19 2013 01:47 Acrofales wrote:
All the naysayers, including myself are currently kicking themselves that we didn't buy bitcoins half a year ago when this thread popped up (or whenever you heard of them, including a week ago)!

Current rate: $ 548.40, and it peaked at $ 611!

Litecoin seems to be the current craze.

This whole invention of a new currency and investors starting to go nuts over it is pretty fucking interesting. I kinda want to buy into the hype, particularly the litecoin looks like it has plenty of room to grow, but it's pretty slow and tedious to get money into a system that the trading sites accept... and I think that by the time I have money on one of the trading sites, it'll be largely too late to get in at the current low prices. Maybe if you have USD, it's easier?


Litcoin isn't the way to go.

And yeah i sold my bitcoins off this summer at 150$. Almost bought again recently but the prices seemed so high. Would have made an easy 20k if i never sold. Oh well, c'est la vie.
Shival
Profile Joined May 2011
Netherlands643 Posts
November 20 2013 06:11 GMT
#123
On November 19 2013 07:02 Shival wrote:
Show nested quote +
On November 19 2013 02:08 Warri wrote:
Ive been waiting for a crash since 400$. Now its at 600$, fml


It will crash roughly around $1000.


Bit earlier than expected at $900, but it's now at $500. Should drop further to $200-300. If it stays around that area for a couple weeks, it should eventually go to $2000. If it drops even lower than $200 you might aswell call the bitcoin craze a hype and it won't go over $800 again anytime soon, if ever.
Acrofales
Profile Joined August 2010
Spain17971 Posts
November 20 2013 11:41 GMT
#124
On November 20 2013 15:11 Shival wrote:
Show nested quote +
On November 19 2013 07:02 Shival wrote:
On November 19 2013 02:08 Warri wrote:
Ive been waiting for a crash since 400$. Now its at 600$, fml


It will crash roughly around $1000.


Bit earlier than expected at $900, but it's now at $500. Should drop further to $200-300. If it stays around that area for a couple weeks, it should eventually go to $2000. If it drops even lower than $200 you might aswell call the bitcoin craze a hype and it won't go over $800 again anytime soon, if ever.

What do you base this on?
Shival
Profile Joined May 2011
Netherlands643 Posts
Last Edited: 2013-11-20 13:08:01
November 20 2013 13:00 GMT
#125
On November 20 2013 20:41 Acrofales wrote:
Show nested quote +
On November 20 2013 15:11 Shival wrote:
On November 19 2013 07:02 Shival wrote:
On November 19 2013 02:08 Warri wrote:
Ive been waiting for a crash since 400$. Now its at 600$, fml


It will crash roughly around $1000.


Bit earlier than expected at $900, but it's now at $500. Should drop further to $200-300. If it stays around that area for a couple weeks, it should eventually go to $2000. If it drops even lower than $200 you might aswell call the bitcoin craze a hype and it won't go over $800 again anytime soon, if ever.

What do you base this on?


Previous bitcoin crashes mainly, and trying to read sentiment in the market. Where are likely major sell points, and if market has trust in bitcoin's longevity it shouldn't drop below value before the bubble. So there should be major support at that area.

Anyway, compare these two graphs. One is the major crash of april 2013. The next one is now.

http://bitcoincharts.com/charts/mtgoxUSD#igDailyzczsg2013-02-16zeg2013-04-17ztgSzbgDzm1g10zm2g25zv

http://bitcoincharts.com/charts/mtgoxUSD#rg60zigDailyzczsg2013-09-22zeg2013-11-21ztgSzbgDzm1g10zm2g25zv

Generally there's ~2.5 times the money doubles (50--->100--->200->300->drop) before the next crash. So, expecting it to stop dropping at 300 would make, 300--->600--->1200->1800->drop. Drops also happen after wave 4 or 5.

In the end, lots of speculation, but what do you expect with bitcoins? Noone really knows, it's more of an educated guess.
lepape
Profile Joined November 2005
Canada557 Posts
Last Edited: 2013-11-21 00:25:40
November 21 2013 00:25 GMT
#126
I'd like to go back in time to not even buy bitcoins, but just to punch myself in the nuts for being such a pussy and not buying some.

But then again, the future of Bitcoin as a legitimate currency is far from certain, it does have some flaws, so it's always easy to regret things in hindsight. Now I'm buying a few, I'd rather be a moron gambling a few bucks than being a pussy who missed out on something great.
BirdKiller
Profile Joined January 2011
United States428 Posts
November 21 2013 00:30 GMT
#127
On November 21 2013 09:25 lepape wrote:
I'd like to go back in time to not even buy bitcoins, but just to punch myself in the nuts for being such a pussy and not buying some.

But then again, the future of Bitcoin as a legitimate currency is far from certain, it does have some flaws, so it's always easy to regret things in hindsight. Now I'm buying a few, I'd rather be a moron gambling a few bucks than being a pussy who missed out on something great.


I highly disagree on the idea that not jumping onto bitcoin in its early stages was being a pussy. Hindsight makes everything obvious and clear. What you just wrote isn't just applicable to bitcoin, but other for other types of securities that are very risky, fragile, or simply a gamble. If you want to have the same opportunity that bitcoin initially offered to you, I'd look into penny stocks then.

sam!zdat
Profile Blog Joined October 2010
United States5559 Posts
November 21 2013 01:00 GMT
#128
^here is an illustration of the 'greater fool' effect at work in asset bubble formation

bitcoin is a bubble. You can play with bubbles but don't delude yourself into thinking you doing anything other than investing in tulips
shikata ga nai
lepape
Profile Joined November 2005
Canada557 Posts
Last Edited: 2013-11-21 03:43:24
November 21 2013 03:35 GMT
#129
Whether the bitcoin will fall to zero or it will keep rising dominantly, there's a spark of genius behind it's mechanism, and there's something historical behind the creation of a decentralized electronic currency that we can't deny. If it wasn't for those two points, it would have been totally forgotten months ago.

(But then again, it is a prerequisite for a bubble to have a good underlying story)

The problem is that it's actual potential as a currency is very hard to imagine, partly because of it's deflationist nature and because... there's not much genuine interest outside criminal groups, crytopgraphy enthousiasts and wannabe anarchist circles. Also, now that there's already a hundred new cryptocurrencies out there with improvements in some form or another, all bets are up concerning which will prevail 10, 50 years from now (if any).

Anyway, for geeky kids like me, there's something really cool about holding some underground currency that you can only use in like three stores in your whole neibourghood. Maybe it's just some crazy delusional investment, but it's a lot more interesting to follow than any penny stock out there (and less prone to pump and dump schemes).
Shival
Profile Joined May 2011
Netherlands643 Posts
November 21 2013 16:29 GMT
#130
On November 20 2013 22:00 Shival wrote:
Show nested quote +
On November 20 2013 20:41 Acrofales wrote:
On November 20 2013 15:11 Shival wrote:
On November 19 2013 07:02 Shival wrote:
On November 19 2013 02:08 Warri wrote:
Ive been waiting for a crash since 400$. Now its at 600$, fml


It will crash roughly around $1000.


Bit earlier than expected at $900, but it's now at $500. Should drop further to $200-300. If it stays around that area for a couple weeks, it should eventually go to $2000. If it drops even lower than $200 you might aswell call the bitcoin craze a hype and it won't go over $800 again anytime soon, if ever.

What do you base this on?


Previous bitcoin crashes mainly, and trying to read sentiment in the market. Where are likely major sell points, and if market has trust in bitcoin's longevity it shouldn't drop below value before the bubble. So there should be major support at that area.

Anyway, compare these two graphs. One is the major crash of april 2013. The next one is now.

http://bitcoincharts.com/charts/mtgoxUSD#igDailyzczsg2013-02-16zeg2013-04-17ztgSzbgDzm1g10zm2g25zv

http://bitcoincharts.com/charts/mtgoxUSD#rg60zigDailyzczsg2013-09-22zeg2013-11-21ztgSzbgDzm1g10zm2g25zv

Generally there's ~2.5 times the money doubles (50--->100--->200->300->drop) before the next crash. So, expecting it to stop dropping at 300 would make, 300--->600--->1200->1800->drop. Drops also happen after wave 4 or 5.

In the end, lots of speculation, but what do you expect with bitcoins? Noone really knows, it's more of an educated guess.


Let me correct this, we might see a 5th wave going even higher than $1000.
SigmaoctanusIV
Profile Blog Joined April 2010
United States3313 Posts
November 21 2013 17:47 GMT
#131
Jesus I remember when Bitcoins were selling for like 3 dollars I thought Keeping them was pointless I used to farm at work as I had 16-32 pcs with high end graphics cards as I was in RMA and was getting a couple coins a week and sold them all for like 120 bucks for 5$ a coin I am a sad sad bear.
I am Godzilla You are Japan
ROOTFayth
Profile Joined January 2004
Canada3351 Posts
November 23 2013 10:29 GMT
#132
why the hell would people sell for meaningless amount of money, it's like when cellphones came out, shit didn't boom overnight
S1eth
Profile Joined November 2011
Austria221 Posts
November 23 2013 10:49 GMT
#133
On November 22 2013 02:47 SigmaoctanusIV wrote:
Jesus I remember when Bitcoins were selling for like 3 dollars I thought Keeping them was pointless I used to farm at work as I had 16-32 pcs with high end graphics cards as I was in RMA and was getting a couple coins a week and sold them all for like 120 bucks for 5$ a coin I am a sad sad bear.

That sounds highly illegal.
Caihead
Profile Blog Joined July 2011
Canada8550 Posts
November 23 2013 10:57 GMT
#134
Seems like people would do anything to make a profit, after all, things are only valued by the amount of value people assign to them, what societal value or increase in standard of living does the bitcoin provide for anyone? And all these popular counter-culture arguments "it hurts the central bank" are so childish I can't help but laugh.
"If you're not living in the US or are a US Citizen, please do not tell us how to vote or how you want our country to be governed." - Serpest, American Hero
moopie
Profile Joined July 2009
12605 Posts
November 23 2013 11:04 GMT
#135
On November 23 2013 19:29 ROOTFayth wrote:
why the hell would people sell for meaningless amount of money, it's like when cellphones came out, shit didn't boom overnight

Because it wasn't meaningless. It was experimental (still is, only on a higher scale now with slightly more prospects). It was an attempt at cryptocurrency (one of several by the way), and since it isn't tied to any real commodity, nobody knew what the "true value" of a coin was (which is still true today).

It's like the story about the guy who ordered a pizza with 10000 bitcoins. It might seem like a terrible idea in hindsight, but at the time it made sense.
I'm going to sleep, let me get some of that carpet.
Caihead
Profile Blog Joined July 2011
Canada8550 Posts
November 23 2013 11:15 GMT
#136
On November 23 2013 20:04 moopie wrote:
Show nested quote +
On November 23 2013 19:29 ROOTFayth wrote:
why the hell would people sell for meaningless amount of money, it's like when cellphones came out, shit didn't boom overnight

Because it wasn't meaningless.


No, it's actually even worse because people actually devote electricity and other expensive equipment and commodities in the "creation" or "extraction" of this commodity which actually is not creating any tangible benefit for society at all. If the root of the monetary system is to appropriate societal worth or commodity with an easy to use transferable medium the bitcoin is an absolute failure. Then again this isn't just exclusive to bitcoins, the same is true for all currency exchange that's endemic with the modern financial institutionalized monetary system, so I should stop being upset at it and actually focus on the much more tangible damage that currency trading is causing on developing countries (including my own).
"If you're not living in the US or are a US Citizen, please do not tell us how to vote or how you want our country to be governed." - Serpest, American Hero
SigmaoctanusIV
Profile Blog Joined April 2010
United States3313 Posts
November 23 2013 11:26 GMT
#137
On November 23 2013 19:49 S1eth wrote:
Show nested quote +
On November 22 2013 02:47 SigmaoctanusIV wrote:
Jesus I remember when Bitcoins were selling for like 3 dollars I thought Keeping them was pointless I used to farm at work as I had 16-32 pcs with high end graphics cards as I was in RMA and was getting a couple coins a week and sold them all for like 120 bucks for 5$ a coin I am a sad sad bear.

That sounds highly illegal.


It was legal, I worked for a video card company doing tech support and rma. At night we would "burn in cards" which meant to stress test them and one way we could do that was mine bit coins so we had 100s of top of the line cards and depending on if we had any customer returns that needed to be burned in we would run only ours on bitcoins.
I am Godzilla You are Japan
moopie
Profile Joined July 2009
12605 Posts
November 23 2013 13:11 GMT
#138
On November 23 2013 20:15 Caihead wrote:
Show nested quote +
On November 23 2013 20:04 moopie wrote:
On November 23 2013 19:29 ROOTFayth wrote:
why the hell would people sell for meaningless amount of money, it's like when cellphones came out, shit didn't boom overnight

Because it wasn't meaningless.


No, it's actually even worse because people actually devote electricity and other expensive equipment and commodities in the "creation" or "extraction" of this commodity which actually is not creating any tangible benefit for society at all. If the root of the monetary system is to appropriate societal worth or commodity with an easy to use transferable medium the bitcoin is an absolute failure. Then again this isn't just exclusive to bitcoins, the same is true for all currency exchange that's endemic with the modern financial institutionalized monetary system, so I should stop being upset at it and actually focus on the much more tangible damage that currency trading is causing on developing countries (including my own).

My reply was regarding the act of selling for "meaningless amounts", not whether mining bitcoins and cryptocurrencies are beneficial to society.
I'm going to sleep, let me get some of that carpet.
GaliX
Profile Joined November 2010
Germany380 Posts
November 28 2013 18:51 GMT
#139
well.

Anybody already quit his job? :D
Derrida
Profile Joined March 2011
2885 Posts
November 28 2013 19:27 GMT
#140
quadruple in value in a month, geez.
#1 Grubby Fan.
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