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Breaking News: 37 Bitcoin Traders have already jumped out of a window today...

by garyv
11 replies
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Thankfully they were in their mom's basement at the time. LOL

But seriously - Bitcoin lost half of it's value overnight as China's largest exchange blocks all new deposits.

http://www.nytimes.com/2013/12/19/bu...sits.html?_r=0

Right now the top post at reddit bitcoin is the number for the suicide hotline...
Bitcoin
  • Profile picture of the author Young Financier
    I told bitcoin traders to familiarize themselves with the stories of John Law and Tulip Mania but they told me that I was just being jealous.
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    • Profile picture of the author garyv
      Originally Posted by Young Financier View Post

      I told bitcoin traders to familiarize themselves with the stories of John Law and Tulip Mania but they told me that I was just being jealous.

      Actually this is not like Tulip Mania - Bitcoins are a finite resource, but Tulips could be reproduced by anyone. A bitcoin is not just a "fake" online coin - it's an actual representation of processing work.

      And by the way, bitcoins have fallen further in percentage points before. The first time it hit $200 it plummeted to $75. The winners here will be those that pick up coins every time bitcoin takes a dive.

      There may eventually be news that takes bitcoin out - but so far a 100million dollar heist, and a major government blockage has not stopped it.
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      • Profile picture of the author Young Financier
        Originally Posted by garyv View Post

        Actually this is not like Tulip Mania - Bitcoins are a finite resource, but Tulips could be reproduced by anyone. A bitcoin is not just a "fake" online coin - it's an actual representation of processing work.

        And by the way, bitcoins have fallen further in percentage points before. The first time it hit $200 it plummeted to $75. The winners here will be those that pick up coins every time bitcoin takes a dive.

        There may eventually be news that takes bitcoin out - but so far a 100million dollar heist, and a major government blockage has not stopped it.
        I didn't say it was LIKE Tulip Mania, I was pointing out how crowds usually inflate bubbles.
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        • Profile picture of the author garyv
          Originally Posted by Young Financier View Post

          I didn't say it was LIKE Tulip Mania, I was pointing out how crowds usually inflate bubbles.
          That's true - but quite vague. A quick rise in price is not always a bubble - sometimes it's an accurate representation of current value. Especially when it's a finite resource that people are buying up at a rapid pace. For instance when our economy first started to tank people were buying up gold, forcing that finite resource to spike in value.
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      • Profile picture of the author seasoned
        Originally Posted by garyv View Post

        Actually this is not like Tulip Mania - Bitcoins are a finite resource, but Tulips could be reproduced by anyone.
        Actually, they CAN'T! You need TULIPS to make tulips! I believe some actually had some say over certain breeds, and not all were alike!

        A bitcoin is not just a "fake" online coin - it's an actual representation of processing work.
        And a DOLLAR is an actual representation of ART WORK! What is your point!?!?!?!?!?

        WOW, I have a lot of computers that did a LOT of processing! I once had a webserver work for WEEKS analyzing pages it downloaded, and removing logical duplicates. If a person had 40,000 Domain names going to the same page, I CAUGHT THEM, and if they all dealt with some worthless endeavor, they were DROPPED! HOW DO I CASH IN!?!?!?

        And by the way, bitcoins have fallen further in percentage points before. The first time it hit $200 it plummeted to $75. The winners here will be those that pick up coins every time bitcoin takes a dive.
        You could say the same thing about dollars! And DOLLARS STILL have support bitcoin does NOT! AGAIN, WHAT is your point?

        There may eventually be news that takes bitcoin out - but so far a 100million dollar heist, and a major government blockage has not stopped it.
        OK, SO WHAT?

        Steve
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        • Profile picture of the author garyv
          Originally Posted by seasoned View Post


          And a DOLLAR is an actual representation of ART WORK! What is your point!?!?!?!?!?
          That would be the same, if there was unique handmade artwork for every dollar made - but there's not. Artwork is made once and every dollar after that is duplicated using that artwork.

          A bitcoin is produced using unique processing work each and every time. And it's not random work - it's actual processing that is used by the bitcoin currency system and helps it to run without the need of a central computer. So it's not just simply like a dollar bill - but it's like a dollar bill after you've worked for it. It becomes valuable. - In fact many times it takes more in electricity than a bitcoin is worth to produce one. The anticipation of future value keeps the value growing.

          PS - bitcoin has already climbed back up by over $100 since I started this thread. Anyone that purchased 5 bitcoins yesterday would be $500 richer today.
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          • Profile picture of the author seasoned
            Originally Posted by garyv View Post

            That would be the same, if there was unique handmade artwork for every dollar made - but there's not. Artwork is made once and every dollar after that is duplicated using that artwork.

            A bitcoin is produced using unique processing work each and every time. And it's not random work - it's actual processing that is used by the bitcoin currency system and helps it to run without the need of a central computer. So it's not just simply like a dollar bill - but it's like a dollar bill after you've worked for it. It becomes valuable. - In fact many times it takes more in electricity than a bitcoin is worth to produce one. The anticipation of future value keeps the value growing.

            PS - bitcoin has already climbed back up by over $100 since I started this thread. Anyone that purchased 5 bitcoins yesterday would be $500 richer today.
            Did YOU know that every legal dollar is UNIQUE!?!!?!? People have tried copying them, and they get CAUGHT! ALSO, the paper is special, though it isn't really even paper. The INK is special. Laws are put in place to frustrate regular copying and printing.

            They won't actually be $500 richer unless other events happen.

            I WISH I could remember even the company that placed the ad, but there was an ad where a guy realizes he is a multimillionare! He goes across the company, yells at his boss, quits, and sits down to find he is BROKE!

            Steve
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  • Profile picture of the author Kay King
    A couple weeks ago I posted about China's involvement and that it looked like a bubble.

    It's high risk - what goes shooting up can come crashing down...and often does.

    Gary - in that previous thread you indicated you were thinking of getting some Bitcoins...did you do it?
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    • Profile picture of the author garyv
      Originally Posted by Kay King View Post

      A couple weeks ago I posted about China's involvement and that it looked like a bubble.

      It's high risk - what goes shooting up can come crashing down...and often does.

      Gary - in that previous thread you indicated you were thinking of getting some Bitcoins...did you do it?

      I think I left a post there in the end - but I did pay for the bitcoins but fell for a scam that many others fell for perpetrated by coinbase.com - I paid for the bitcoins - they transferred the money out - then cancelled my transaction. I eventually got my money back, but not for 2 weeks. I should have done more research and I would have found an entire thread talking about this scam.

      It actually turns out to be a bit of luck on my part, considering a bitcoin was worth over $1,000 when I paid.

      However, I've now been researching previous forums and threads and can see that these giant down turns in the value are not uncommon. These huge swings have been happening since it's inception and the upswing almost always goes further than the downswing.

      So I'll probably give it another go once I find a reliable source. If bitcoin goes down for good - then I'll gladly eat crow and listen to all of the "I told you so's"
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  • Profile picture of the author yukon
    Banned
    BUY! BUY! BUY!
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  • Profile picture of the author hardraysnight
    mining is continuing
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