Silk Road forums
Discussion => Security => Topic started by: BigCake on March 06, 2013, 08:22 pm
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OK so BTC hit $49 dollars briefly this morning. This is way hyper inflated based on speculation in my opinion and its making me afraid to pull the trigger on buying more. If I do I want to get that shit turned into product ASAP. I'm afraid its going to crash soon and I dont want to be holding BTC that I payed over 30$ for. The bear is going to come out the window of this four story building. What do you guys think about this bubble? I wish I was more liquid back at $10-$12 I was gonna buy a hundred then.
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You are not alone in wondering what will happen, the price of BTC is climbing at unprecedented rates, the last few days alone has seen incredible rises, I am literally watching the balance in my SR account grow by the minute.
Right now I can only speculate that demand is driving the increase and a lot of people are holding onto their coins as the price sky rockets. For the 'bubble' to burst if indeed it is a bubble there would need to be some sort of significant event to precipitate a crash e.g. a major successful hack of coins thus causing panic and the flooding of the market as buyers sell off their coins.
Markets globally are often influenced just by perception as people speculate on what they think 'might' happen, right now the only direction seems to be up though and I can't see it slowing down anytime soon to be honest as more people clue into the potential gains to be had and hoard coins, something I admit I am now doing myself.
This is of course just my opinion and I don't have any real facts to back any of that up so anyone with a competing view feel free to shoot me down in flames :P
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The only issue with volatility is that SR doesnt keep up with MTGOX 24hr avg, so you will see losses/gains in the difference. Im for one glad to see so much support for this new currency.
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Hope you guys have your escrow exposed, I'm already up $1k in 3 days.
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likewise, I get a big grin when i see the figure in my account magically climbing every time i log in to SR. A lot of the increase has to do with global inflation driven by major economies expanding their money supplies to either meet debt obligations or maintain parity with the US dollar which is undergoing another round of QE. So while dollar values are pretty constant compared to the other main trading currencies, All currencies are falling in value at the same dramatic rate. People with any sense or spare cash are investing in real assets or items of fixed supply such as stocks, art, land, collectibles etc. Bitcoins are one of those items that fall into that category because there will only ever be x number of coins. People have seen the price of BTC triple over the last few months and this will only spur demand. I could easily imagine BTC hitting 200 by the end of the year
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Wow I need more bitcoins.
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NOOOOOOOOOOOOOOOOOOOOOOO!!!!!
BLOOD IN THE STREETS!
EVERYONE PANIC!
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Seems to have taken a dip in the past hour or so I've lost about $30. but still well up from when I deposited coin on Monday :)
To shopping spree or not to shopping spree...? That is the question.
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Who would have thought in the future there would be a place were drug users buy drugs with a crypto-currency that grows like a stock share? Drug users making currency market speculations ? Worldwide import and export businesses, global drug market opening up. . . Its a great time to be alive!
The hardest part for me is the choice between saving the coins for retirement fund or spending them on drugs. What a choice to make. With the coin rising like this, I can get high AND retire too.. . Hehe
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Who would have thought in the future there would be a place were drug users buy drugs with a crypto-currency that grows like a stock share? Drug users making currency market speculations ? Worldwide import and export businesses, global drug market opening up. . . Its a great time to be alive!
Sometimes I log onto SR and the sit and shake by head as the reality of what this is hits me yet again. This has been happening for months. I think part of the reason this site is so successful is that it makes all the users feel like they are in a cyberpunk story.
The bear is going to come out the window of this four story building.
Also . . . 'the fuck?
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My comment about the bear...Its been said that the bulls come up the stairs, the bears go out the window...or something like that. Although this recent BTC rally has been more like the bulls coming up the elevator, and I hope the bear doesn't show his teeth and drop the price of coins "out the window."
I just saw the first plunge on a candlestick chart since the $40 price point dropping from near 50 to 38. My prediction is that big players are going to take some chips off the table. Think about it this way, if you just made $100K in BTC, would you keep all your eggs in that basket?
In case anyone was wondering why I started a thread in the "security" forum vs. the rumor mill was just because I for one don't feel "secure" buying or holding coins at these levels. If coin makes it back under 20 I'm going all in. In the mean time, I'm converting coins as fast as possible into less volatile things like drugs!
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It appears to be dropping fairly quickly :(
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Guys, don't worry, BTC will only go up in the medium term because BTC are now getting mainstream media attention:
Why cyber currency Bitcoin is trading at an all-time high
http://money.cnn.com/2013/03/06/technology/innovation/bitcoin/index.html
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Buy low and sell high but never go without a stash of Meds. hahaha...
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It appears to be dropping fairly quickly :(
Well we're at the breaking point if you will. Lots of people are waiting on the sidelines to buy up coins if/when the price crashes under $30. But, There are still a lot of people that are buying in at $40-45 so I don't know if the price will even dip that low while people are buying in this high. Either way I would have some cash set aside to buy in just in case the price does crash.
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look at a history book I think this is what the Rockefellers did and it caused the great depression. some billion air throughs 100 million at btc and it jumps in a few weeks then waits a few months so people think it is stable and keep buying in and then the billion air cashes out. and just like that thousands of people lose everything..
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look at a history book I think this is what the Rockefellers did and it caused the great depression. some billion air throughs 100 million at btc and it jumps in a few weeks then waits a few months so people think it is stable and keep buying in and then the billion air cashes out. and just like that thousands of people lose everything..
Wow -18k from 68 posts! you are on a roll mate ;)
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Doesn't seem to want to cross the $50. Mark.
This seems to be a psychological barrier that most aren't willing to cross.
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What's peoples opinions on these physical coins being minted with serial numbers you can sell off them if you can't give the individual the physical coin itself or those Ciescie- whatever the fuck name of them is that have all sorts of security measures and who's values are whatever + 10BTC.
My understanding of them is vague at best!
- JWM
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I had posted some of this in another thread, and I'd like input from you fellers on what you think about it.
There will only be 21 million coins when they're all available, right? I figure the more people use bitcoin, that is the more it is accepted in the marketplace in general (far beyond drugs), then the larger proportion of the world economy will be taken up by bitcoin.
Say it gets to 0.1% of the total world trade; supposing total world trade, including people's expenses, buying sprees, company expenditures, trade between countries comes to say, 20 trillion dollars (?). Then bitcoin will account for 20 billion dollars of world trade. 21 million coins, 20 billion dollars, gives some 952 us dollars per bitcoin. (I just modified my post as I had made a dumb math mistake.)
If it were to get to 1% of world trade, that would put bitcoin at close to $10,000 dollars per coin! Course I don't know the value of total world trade, so this is highly approximate. If somebody knows the real number, please jump in.
Does my logic seem flawed in any way? Does this make any sense? I invite criticism, by all means.
But what if fiat money will become worthless (it will crash, all currencies, not just the dollar) in the not too distant future? This will make the attractiveness of bitcoin all the greater, and make it even more valuable as compared to all currencies, although probably not compared to precious metals like gold and silver. These two will increase incredibly in value as these things play out.
goblin
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I had posted some of this in another thread, and I'd like input from you fellers on what you think about it.
There will only be 21 million coins when they're all available, right? I figure the more people use bitcoin, that is the more it is accepted in the marketplace in general (far beyond drugs), then the larger proportion of the world economy will be taken up by bitcoin.
Say it gets to 0.1% of the total world trade; supposing total world trade, including people's expenses, buying sprees, company expenditures, trade between countries comes to say, 20 trillion dollars (?). Then bitcoin will account for 20 billion dollars of world trade. 21 million coins, 20 billion dollars, gives some 952 us dollars per bitcoin. (I just modified my post as I had made a dumb math mistake.)
If it were to get to 1% of world trade, that would put bitcoin at close to $10,000 dollars per coin! Course I don't know the value of total world trade, so this is highly approximate. If somebody knows the real number, please jump in.
Does my logic seem flawed in any way? Does this make any sense? I invite criticism, by all means.
But what if fiat money will become worthless (it will crash, all currencies, not just the dollar) in the not too distant future? This will make the attractiveness of bitcoin all the greater, and make it even more valuable as compared to all currencies, although probably not compared to precious metals like gold and silver. These two will increase incredibly in value as these things play out.
goblin
You logic is not flawed goblin, the possibility for btc gaining extreme value in the future exists. If the current rise in demand and limited supply goes on for a few years then it could happen.
But there are many factors that you have to take under consideration. First of all you re talking about the far future, new coins will be generated for at least a century ahead, although to be honest in a few years the reward will be decreased a lot and its generation will be really slow. But in the meantime a lot of things could happen that could damage btc's value, some of those we can't even predict since we re talking about the far future.
A new technology/currency putting btc in its shadow, a ban from big governments like US (they can't make it disappear but they can ban exchange sites/markets and killing its clearnet potential) and many other that we can't predict. There is also a speculation that big stackers that early adopted it are sitting on huge amounts and could hurt the market if they decide to sell, but imo if the demand is strong that wouldn't be enough to kill the value.
The biggest factor is how people use and think of it. If btc usage spreads in many aspects of worldwide market and millions of people adopt it as a currency as it is intended to be then nothing can stop it. But right now it is mostly treated as a stock market meaning a good hit on it could turn people away and abandon the ship killing its value and forcing the rest to follow.
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BEHOLD A DARK HORSE RIDES!!! :-[
I think some fat cats are going to drop some bombs, crash it, then bu them all back again!
That's assuming this Satoshi Nakamoto fellow isn't the NWO setting up some fake currency to track and monitor every drug dealer and tax cheat in the world, then indict everyone they can through the blockchain.and laugh after once again taking everyone's money and instead of giving them papaer this time gave them digits.
Would that be a bitter irony?
- JWM
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BTC went past $50 today. So nice seeing that SR balance go up - what a great feeling! But definitely something to be wary of. As the great Warren Buffet said, "be optimistic when everyone is pessimistic, and be wary when everyone is optimistic" - or something along those lines. Reminds me of the time when I started buying tech and financial stock such as Apple (AAPL), Google, (GOOG), Visa (V), Bank of America (BAC), and Citibank (C), back in 2007 - 2008 when shit hit the fan; but, held on to them ever since and watched the numbers grow even as everyone else was freaking out about the recession. However, now being extra wary as folks are getting overly optimistic.
Good luck investing everyone! Long live BTC and SR for eternity :)
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When people don't feel safe putting their money in banks then bitcoin will gain, and the current meltdown in the Cyprus banking system that sees savers getting their savings stolen will drive more and more of the mainstream to explore other methods of keeping their money safe. Lots of europeans will be nervously looking at Cyprus and thinking "If the banks can just take their deposits what's to stop them doing it here?" remember that Cyprus is part of the eu and deposits are supposed to be protected by the same laws protecting eu bank deposits.
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For my part, I seem to be mostly broke in the real world.
I think the folks at bitcointalk and other places devoted to the currency have been saying for awhile that the goal was that one day we wouldn't state prices in terms of how many bitcoins they cost, but in how many tenths of bitcoins they cost. I like the idea of remembering that the BTC is still tied to the USD, lending perspective to how much things should and do cost. So, while it's nice to see a little more cash in the SR wallet, there isn't this great run-up of prices on the Road.
You can probably tell I'm by no means an economist. It just seems to me that the more highly valued the bitcoin, the better for sales on the Road, BMR, and the exchanges which support the process. Yay!
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Call me old fashioned, but I would still rather invest my money into genuine commodities, especially silver at the moment that is so vastly undervalued it's outrageous @ $28 an oz! ;)
If let's say there is a global collapse, BTC will go with is where as hard metals will skyrocket! :o
- JWM 8)
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Pennywise!
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Pennywise!
They float down here.... They all float down here....
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When people don't feel safe putting their money in banks then bitcoin will gain, and the current meltdown in the Cyprus banking system that sees savers getting their savings stolen will drive more and more of the mainstream to explore other methods of keeping their money safe. Lots of europeans will be nervously looking at Cyprus and thinking "If the banks can just take their deposits what's to stop them doing it here?" remember that Cyprus is part of the eu and deposits are supposed to be protected by the same laws protecting eu bank deposits.
agreed. I don't trust banks at all. I keep all of my savings in cash or BTC. Fuck them and the corrupt governments that support them.
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Mt Gox weighted average is now at $54.33 USD
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agreed. I don't trust banks at all. I keep all of my savings in cash or BTC. Fuck them and the corrupt governments that support them.
Isn't keeping cash (paper money back by the full faith and credit of a government) and a digital currency tied to a specific government's currency be sort of like, I don't know, trusting the Federal Reserve, a government bank? I'm just saying....
Mt Gox weighted average is now at $54.33 USD
High sixties by end of month. bet you half a BTC. ;)
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agreed. I don't trust banks at all. I keep all of my savings in cash or BTC. Fuck them and the corrupt governments that support them.
Isn't keeping cash (paper money back by the full faith and credit of a government) and a digital currency tied to a specific government's currency be sort of like, I don't know, trusting the Federal Reserve, a government bank? I'm just saying....
Mt Gox weighted average is now at $54.33 USD
High sixties by end of month. bet you half a BTC. ;)
Is that half a BTC hedged? ::)
Not a bet I would take, I think you are right.
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My opinion is that there is no bubble
The btc stayed stable from September till the end of December last year.
I blame this on Pirate@40 who sold to many bitcoins and others who did see a drop in price coming did do the same
There were to many bitcoins on the market for the demand.
At the end of December it was done, no more rich guys willing to sell their bitcoins, so the demand stayed the same or in line as the demand is always rising.
And imporant the miners got no more 50 btc for 1 block but the reward was cut in half to 25 btc.
It will be cut in half every 4 years, to prevent that the supply becomes greater then the demand
Many had set their hopes on the asic bfl of butterfly.
But they keep on delaying,
Promises are not kept, again and again
At the beginning of 2013 becomes second half of February.
They promised to deliver before the first of March, but could not deliver and the date became 15th of March which they could not for-fill too.
Now they had set the date that they would deliver their asic bfl rigs before the first of April.
Brokers bet that that date is not possible.
So Butterfly labs seems to be a bunch of cowboys with a big mouth.
A lot of pre orders are paid already, often in bitcoins too.
All who have paid are pulling their hair out , and ask themselves why they didn't buy a asic from Avalon.
Certainly those who paid after the twelft of January when it became clear that Avalon was able to deliver and did deliver.
Gamble on a wannabe like butterfly labs is just plain stupid.
Sorry for those who spend their money the second half of January on a pre order by Butterfly labs, but it is one thing if you don't know, but an other thing if you do know.
When Avalon asks 1299 dollar for a proven 68 ghps you are not that smart to give $1250 to Butterfly labs of which the delivery stays unsure.
I say plain stupid, but that is my modest opinion.
Most likely this date will not be the date that they will start to ship out either, so everybody bet on the wrong horse, butterfly labs.
They are willing, but just can't get the job done
While avalon (two chinese guys) deliver the one after an other and they promised their asic would work at 60 ghps, but their asic even works at a rate of 68ghps.
Even the price is the same or even lower, but their add campaign sucks.
As Avalon has produced almost 300 asic's, butterfly labs has still to deliver.
The raise up was delayed as the bfl asic's of butterfly labs were expected to overflow the market with bitcoins again.
But as it became clear that butterfly labs could not deliver and kept delaying and set their shipping date on a later date again and again and probably again the overflow of bitcoins did not came.
The demand keeps on rising, so the worth of the bitcoin has to raise.
Supply and demand
In June 2011 the bitcoin was almost $30,- .
Now the rewards are cut in half December 2012 from 50 btc for mining 1 block to 25 btc that $30 dollars of two years ago (june 2011) has to double.
And back then not that much people knew about silkroad BMR pokersites and the bitcoin as such.
Demand has tripled in those two years, since June 2011 when the btc was $30, so the price of $60 is not even fair.
It should be almost be $200,- if the law of demand and supply was implemented here.
But where high demand and low supply normally does do prces raise, it seems that only the reward change from 50 btc for 1 block to 25 btc for 1 block has been compensated.
If the law of supply and demand was in place the btc would be now $200
If butterfly labs and other fpga asic companys fail to deliver the btc has to rise to $200 or more this year.
Only if the markets are getting more and more asic fpga's the rise of the bitcoin will then slow down.
But I doubt it and expect the bitcoin to be on a level of $200 soon.
Even with the delivery's of more and more asic fpga's will the bitcoin become $200 worth.
But then at the very end of this year.
If those asic fpga's are not sold soon a price of $300 , $400 or even $500 for 1 bitcoin becomes realistic at the end of 2013.
Once the supply of those asic fpga's is started will supply keep up with the demand and slow down this rise in worth.
People are starting to save their bitcoins. If everybody start to spend their bitcoins the supply will keep up with the demand.
Money has to go around, the same goes for the bitcoin.
Once a few million btc's are coming on the market there will be enough supply for the demand, and that would bring the price down.
But never for the long time. If the btc drops, it will be only for the short time.
The promised supply of bitcoins didn't came so the rise of the bitcoin is legit.
No bubble at all.
Once Butterfly labs starts to deliver the price will not climb no more, at least not that fast.
There are just not enough people who are able to produce a asic bitcoin mining device to keep up with the demand.
Only when some bitcoin millionaires start to dumb their bitcoins the price will drop.
Only and always for a short period of time.
Eventually the demand will catch up and exceeds the supply again
As long this not the case the bitcoin will remain at a rate that is even more likely to go up.
Money issues with the euro makes the demand even growing beyond expectation.
The more the bitcoin is known to the ordinary public like those Russian tycoons with their black or even stolen (mob) money, the more the demand will be and the more the bitcoin will rise.
People are losing their trust that their money on the bank is covered by the government.
Those governments claim that the money is safe at the banks, but that promise is hollow and they will not be able to keep that/their promise that the money is guaranteed.
The euro is crumbling already and rich people can not carry their money if they change it in to gold.
Gold is to heavy.
Next best thing is a usb-stick with a koppel of hundred million of dollars or euro's, and that is only possible with bitcoins.
Every other so called paper money, stocks or what ever can be adjust by printing more money and stock emissions.
Money is owned by governments and banks.
It happened in Roman times.
Emperors started to put less and less gold in their coins each time again and again, then the gold becomes silver and even paper.
Every two hundred years or so the money has to start all over again and there will be a new coin of pure gold, and soon there will be less end less gold in those coins.
Changed from gold in to silver and then the same thing happens to the silver and the silver becomes nickel or something.
This story is thousands of years old and happens again and again.
Government try to hold on to their currency, so tax can be demanded.
Army's have to be payed and all those who work for the government.
Only the bitcoin is free of what governments demand and easy to travel with.
To be used online and even stored there.
Or on a usb-stick or even a sd=card.
Gold is to heavy and you can not push it trough the wires of the internet.
Bitcoins are so much better then gold is.
Gold can be mined and big country's can bring big amounts of gold on the market.
There will be only 21 million bitcoins and after that they start getting lost, so there will be less and less of it.
Those governments will try to hang on to the euro but if the people decide to use bitcoins, that money can not be traced, so there is no way you can tax the bitcoin or as government demand something what is not there.
It may be there but nobody knows.
If Cyprus and Greece find Spain , Italy and eventually most country's in the same position as they are now in the bitcoin will be more and more popular.
It looks strange to have 8 zero's behind your 1 bitcoin, but when 1 bitcoin is worth a few thousand dollar or euro, you have to be able to give some change.
That's why there is not only a millibitcoin (one promille of 1 bitcoin, but there is already a microbitcoin.
No bubble at all, I say.
If history does what it always does and money does what it always have been done, there is a great future for the bitcoin.
Remind me in 20 years from know.
When the world is populated with the internet generation, and they will pulling the strings.
Satoshi has to be a smart one.
Gold is for the old generation, I say over 20 years gold is history.
Bitcoin will be the currency.
No more yuan, rupee, yen dollar or euro but bitcoin will be the world standard.
Flowing over the internet and no differences like gold has in the price in London, Hong-Kong or New york.
No need of banks to wire your money around the world.
No need of western union in every outback or bush bush.
Bubble?
There is no bubble.
A new chapter in history has begun.
Internet is becoming increasingly more important by the day and now has its own standard.
Bitcoin is the new gold.
Its not just a currency.
It is the new gold standard.
No more tricks from governments that changed the gold-standard in the golDEN standard.
No more I owe u's, printed paper with a few zero's more or less when the governments pleases and decides to do so.
Power to the people, there is a new dawn and the future looks bright with the bitcoin in charge!
A revolution is unfolding,
No more money-trails. But anonymous untraceable new money.
The euro will be gone over 10 years, or will play a far more smaller role.
As all the money in the world will do.
The domination of gold as money will lose the battle against the bitcoin.
The advantages of the bitcoin is far to great over gold.
Bubble?
The bitcoin is here to stay.
Demand and supply is all there is, no bubble in sight.
The bitcoin has hardly begun.
Of the 21 million only 11 million btc's have been made and will become more difficult to make as the mined blocks are every 4 years rewarded with only half what the miners used to get.
At the end of November last year you got 50 btc when 1 block was mined.
One month later you got only 25 btc for that same block.
So if the demand is growing by the day and the makers all over the world are becoming only haf what they used to get, supply and demand will make the bitcoin twice the price it used to be and more.
It is a law. Supply and demand is a law.
If you reward the miners with half the money they used to get and the demand keeps on growing the price has to double.
And double it will each time the reward is cut in half and the demand stays the same or keeps on rising, the bitcoin will double its worth.
But I dont know shit. Left school before I was fourteen and learned my English in 9 days and to listen to the radio and watch television.
I am just a un-educated average person with a opinion
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agreed. I don't trust banks at all. I keep all of my savings in cash or BTC. Fuck them and the corrupt governments that support them.
Isn't keeping cash (paper money back by the full faith and credit of a government) and a digital currency tied to a specific government's currency be sort of like, I don't know, trusting the Federal Reserve, a government bank? I'm just saying....
BTC is not tied to a specific government's currency, that is the point. It is a commodity. If tomorrow the US Dollar was hit with 50% inflation, ie a loaf of bread that today costs $4.00, tomorrow costs $6.00, BTC would also increase 50%. Just like gold and silver, BTC price (vs the dollar) goes up if the dollar's value goes down.
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My opinion is that there is no bubble
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When Avalon asks 1299 dollar for a proven 68 ghps you are not that smart to give $1250 to Butterfly labs of which the delivery stays unsure.
I say plain stupid, but that is my modest opinion.
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This post has a lot of very good points and information.
My one point I wanted to make is the difference between Butterfly labs and Avalon. BFL's product will be a better product. Avalon's miner uses an order of magnitude (10x) more power, and power is the biggest cost of BTC mining long term. Avalon was the first to the market because they rushed and sell in small batches. I give them props for being first, but they won't be the best (only) option forever.
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My opinion is that there is no bubble
I am just a un-educated average person with a opinion
I agree, after the last correction to $45 it has only gone upwards.
I believe your post contradicts this statement. Based off your perception of current world economic and political events I would put you as much more educated than the general public.
Overall great post, very informative summary of the world events that have pushed Bitcoin further and further into the mainstream.
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What caused the 'crash' of last year?
Wasta is convincing me, but there are no guarantees. However, scarcity and demand (and the invisible hand of the market) can't be legistated (effectively) against, and it also seems to me (a magnitude less of education compared to wasta!) that the BTC has no where to go but up.
But I swore I'd never buy into the stock market again. I never made money and lost a bunch in 2000 when the tech boom seemed to be going on forever. Everything was supposed to change then too, but the tech stocks still crashed.
But it seems the BTC has gone up about $15 overnight, for the last several weeks hasn't really retreated at all.
Exiting times!
How many BTC do these established servers (the $1299 ones) hope to make-does it make sense to buy one? I need another computer anyway, my computer is 8-10 years old, but I only use it for internet, word processing etc.
Maybe the vendors will fulfill my orders quicker, since they want to get them finalized!! I bought stuff a week ago.
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BTC is not tied to a specific government's currency, that is the point. It is a commodity. If tomorrow the US Dollar was hit with 50% inflation, ie a loaf of bread that today costs $4.00, tomorrow costs $6.00, BTC would also increase 50%
Theoretically, maybe, but in practice, no one seems to be looking at it that way. In markets all across Tor, vendors accept only BTC, yet state their prices in USD. Bitstamp is a European exchange, but if you send it Euros or any other Euro currency to buy BTC, it will (for free) convert them to USD before you can buy BTC.
So, if the US economy began to inflate, dropping the value of the dollar, I sure hope that the BTC can stand on it's own, but how do you value it? Because not only will bread cost more, drugs will, too, in the real world. IMO, if the USD tanks, the BTC would either follow it or start comparing itself to a healthier currency.
Just sayin'...
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I see four threats to the long-term appreciation of Bitcoins vs [insert your favorite fiat currency here]:
As goblin stated previously, only 21 million Bitcoins can ever exist. Right now we are just shy of 11 million, and the rate at which new coins are produced is slowing, so that we will reach 21 million in about 130 years. At that time, transaction fees for moving money become important or else all the people "mining" or verifying transactions (who currently receive bits of the uncirculated coins) will find something else to do with their computing power. That's the first threat to the Bitcoin currency.
The second is that the government decides to justify shutting down BitInstant, ZipZap, Bitfloor transactions, etc. by saying that alternative currency somehow interferes with our economy. The real reason, of course, would be the "war" on drugs and fear of losing control. The currency would still exist, but the barrier to getting money in and out would be so high that its use would drop off dramatically.
The third threat is that something happens to SR. In August of 2012, $87 million USD worth of Bitcoin was in circulation and a Carnegie Mellon study found that SR did revenue of about $2 million USD (http://arstechnica.com/tech-policy/2012/08/study-estimates-2-million-a-month-in-bitcoin-drug-sales/). Considering the data that came from a study two months later that found that 78% of Bitcoins aren't being actively traded (http://arstechnica.com/tech-policy/2012/10/78-percent-of-bitcoin-currency-stashed-under-digital-mattress-study-finds/), SR accounts for 10% of Bitcoin activity. I would suspect it might even be higher than that. Point is, SR is probably currently the single most influential factor to the value of Bitcoins. If SR continues to have something of a monopoly on this business, then one day the administrators go rogue, the BTC may suffer a hit it cannot recover from if vendors and customers don't find somewhere else to congregate quickly. If other sites pop up, the administrators keep making good decisions, and the site remains impossible to shut down, then the BTC retains its value.
The last threat is the scariest and I believe the most likely. It is that the government starts to make examples out of the people who get caught buying. They ramp up inspections of packages; turn "reasonable suspicion" (legal term in America that defines proof necessary to detain a person, seize a package, or get a warrant) into "a thought," making it routine to falsify claims of odors or leaks in order to fight the "war"; and start tracking packages and addresses more carefully. The vendors who use the same return addresses (which will show up in their database as having shipped to hundreds of different locations) each time will eventually be found out watching the blue box that they drop packages into week after week, but worse, the customers, whose most intimate knowledge of their vendors is only what their packaging looks like and perhaps what zip code it was shipped from, will be caught with their pants down. They will have no leverage in making a deal and will be prosecuted (unlike those who buy off the street) to the fullest extent. Police chiefs across the nation will appear on local TV news speaking to college kids, warning them that they will be caught and will get fucked. It will simply scare people away from buying online and the Bitcoin, along with being irrelevant to all of us, will tank.
I think we're fine though. We'll find a way, no matter what the adversary. And the Bitcoin will keep gaining value.... :)
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I have dreams that in 5 years time - BitCoin has become mainstream, and my few hundred coins are worth millions :)
Seriously though, unless LE works out a way of shutting down TOR or ALL of the governments of the world get together and ban cashing out Bitcoins (virtually impossible), limited availability and investment potential continues to gain traction, we will see BTC continue to rise 300%-500% annually.
Now if we can get Bitcoins on the commodity market - The Sky's the limit.
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Amazing. Each day I keep thinking it must finally be the day the price stops climbing, but it keeps on creeping up. Invest more, and get more people to invest and the price just goes up...
I keep reading real banks are forming relationships with bitcoin vendors and as the currency gains legitimacy, more people are purchasing and using them... The sky really is the limit.
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The third threat is that something happens to SR. In August of 2012, $87 million USD worth of Bitcoin was in circulation and a Carnegie Mellon study found that SR did revenue of about $2 million USD (http://arstechnica.com/tech-policy/2012/08/study-estimates-2-million-a-month-in-bitcoin-drug-sales/). Considering the data that came from a study two months later that found that 78% of Bitcoins aren't being actively traded (http://arstechnica.com/tech-policy/2012/10/78-percent-of-bitcoin-currency-stashed-under-digital-mattress-study-finds/), SR accounts for 10% of Bitcoin activity. I would suspect it might even be higher than that. Point is, SR is probably currently the single most influential factor to the value of Bitcoins. If SR continues to have something of a monopoly on this business, then one day the administrators go rogue, the BTC may suffer a hit it cannot recover from if vendors and customers don't find somewhere else to congregate quickly.
I think that fear is unfounded at this point. August 2012 data is quite old in this rapidly evolving economy. USD exchange volume has gone up 10 fold since then:
https://blockchain.info/charts/trade-volume
and will continue to rise for the foreseeable future. Of course there's no way to be sure, but I doubt more than a small fraction of that is from an increased SR userbase. The number of legitimate uses of bitcoin is expanding and diversifying. The FinCEN report that came out a few days ago and affirmed the legality of bitcoin will give many large and mainstream businesses the confidence to integrate it as a payment option.
Bitcoin isn't dependent on any single merchant anymore, if it ever was.
(It's also noteworthy that when SR suffered an extended downtime in November 2012 because of a huge increase in users, there's no noticeable blip in the exchange trade volume. There were bigger spikes in October.)
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Kicking myself for not holding onto the BTC i bought 3 months back. I know its all speculative, but is it still worth investing or is a crash impending?
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soooo from a dummys perspective should i keep wait for it to drop back down or buy now because its not going to stop rising????
Thanks
Td
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Of course there's no way to be sure, but I doubt more than a small fraction of that is from an increased SR userbase.
I take that back. There are indirect ways to measure relative growth in SR's userbase.
Look at some forum stats:
12-08 13-02
New members 4066 3831
New topics 5417 10146
New posts 62348 87007
For whatever reason, there were anomalously high user registrations last August. In July and September there were 3428 and 3665. So ignoring that, there seems to be a 40-100% increase in forum activity based on topics and posts.
I also remember about 5000 listings on the market back then and 8000 today.
So we can estimate that SR's growth has been between 50-100% since August.
Still, the exchange trade volume has increased 10 fold and most of that was in the last 2 months, which is why BTC price has skyrocketd. If SR accounted for 10% of exchange trade volume back then, then it might be 2% today.
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60 to 74 in just over 24 hours.
47 to 74 in under 4 days.
Holy fucking shit.
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60 to 74 in just over 24 hours.
47 to 74 in under 4 days.
Holy fucking shit.
I just posted the exact same thing in another thread, HOLY FUCKING SHIT!!!
$74!!!!!!!!!!
This cannot be sustainable right? I am now officially starting to worry
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I put all I could afford, $280, into BTC yesterday, when they were $64. They're not going anywhere until this train stops, or at least slows down a little!
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I put all I could afford, $280, into BTC yesterday, when they were $64. They're not going anywhere until this train stops, or at least slows down a little!
Careful that the train doesn't start backing up... A correction is highly likely
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I hear ya. But the march to $100 is on, and I want to be there for it! If it starts to wane, I'll start to spend.
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Currently there are 10.93 million BTC.
And there is a bankrun developing in the EU. If only 2% of Europeans want to buy one BTC each...that's as many as there are.
BTC will see the 3-digit range rather soon as this is a gigantic paradigm shift.
Hold on to it and buy every correction.
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We live in a very interesting time...
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I brought on about a week ago and am watching with a lot of interest.....just hoping it doesn't crash fast....
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I'm hoping it crashes hard and everyone panics and then I can buy up hundreds of them for dirt cheap. ;)
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A lot of people are moving there savings out of euros into bitcoin because of whats happening with cyprus. Now is a good time to buy and watch them raise in value. Will (IMO) the $ will probably break the 3 figure mark within a few weeks.
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Fuck it!!!
Sitting on cash, and watching it burn with inflation is retarded when BTC seems to be opening up with demand. I've been waiting for it to drop since 40 BTC now its going to 80. I'm not waiting any more. I'm buying a lot right now. If it drops I can wait 5 years for it rise again. We all know if it does drop, it won't take that long to move again. It will take 6 months at the most.
I see BTC at 300 by June.
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This is fucking nuts! I placed an order and had either 120 or 130 in my account left over (can't remember which).. and I'm staring it right now I've got $148 and change sitting there. (Have everything displayed in dollars on SR). Fuck! How much will this turn into in a day or two? $200? Will I have just been rewarded a gram of blow for doing nothing? It can't be this easy!
I seriously feel like going out and buying a couple grand in bitcoins and holding them for a few weeks. Somebody tell me why that'd be a bad idea?
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I just bought a grands worth, just wish i hadnt spent all the coins i bought a few months back!
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bump
seems like its steadying out?
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Currently there are 10.93 million BTC.
And there is a bankrun developing in the EU. If only 2% of Europeans want to buy one BTC each...that's as many as there are.
BTC will see the 3-digit range rather soon as this is a gigantic paradigm shift.
Hold on to it and buy every correction.
BTC adoption is skyrocketing in Spain right now. Apparently they are afraid what happened in Cyprus will happen to them.
It's hard to predict the aggregate decisions of millions of people, which is why you are likely to lose money day trading, but as an overall trend, I agree with you. Many factors are combining, from fiscal mismanagement in Europe to the affirmed legal status of bitcoin in America, which make me believe BTC will be over $100 soon.
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which make me believe BTC will be over $100 soon.
by monday possibly ?
;)
made some nice investments in the past week with some of my friends money LOL with the percentage that i keep from them,
i'd say it's gonna be a nice christmas this year :)
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Wouldn't it be cool if Bitcoins becomes the one world currency conspiracy theories all ways talk about. It fits the description perfectly.
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Wouldn't it be cool if Bitcoins becomes the one world currency conspiracy theories all ways talk about. It fits the description perfectly.
Not if it is under the control of a nation/state.
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Good news! It's isn't, and won't ever be.
Governments will exercise control at the margins, where bitcoins bump into fiat currency. Governments print fiat currency and will always control it, so buying bitcoins with fiat currency will be regulated. That's expected.
If we can get to place where people are paid in bitcoins, and can buy everything they need in bitcoins, there's not much governments can do to control that.
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My point was that if it becomes a one world currency it will have to be under the umbrella of the one world government and ruthlessly enforced. Otherwise the next generation of BTC or whatever will come along and undermine it.
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When you buy today at 80 dollar and sell over two years at 100 dollar you have 10% each year.
Even if the bitcoin drops to 20 dollar tomorrow whitch will be a 500 % profit for those who stepped in last year at 4 or 5 dollar this time of year.
When you buy buy now for long term investment and sit tight for two years,
I see the bitcoin over 2 years way over the 100 dollar even next year this time and in 1 year to 100 dollar will mean a 20% profit on your investment today
If you buy for the sale over 2 years, then it's save to buy at a 80 dollar today
In bitcoin we trust...
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BTC falling down since yesterday.. i have lost some good dollars..
will it continue to drop? what do you think? i will start spending them
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BUY DRUGS NOW!
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If it continues to fall now might be a good time to reinvest.
It's not magic guys, yes there's a limited supply but we're at least 100 years away from all bitcoins being in circulation, and while I think the long term value of a bitcoin is easily worth triple its current price, I expect a longer, more bumpy road until we get there.
As with everything, bitcoins should be used as part of a diverse investment porfolio, don't fall for the get rich quick mentality when looking at those graphs!
My guess is a correction to $40 and then a steady climb. But that's a total shot in the fucking dark.
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If it continues to fall now might be a good time to reinvest.
It's not magic guys, yes there's a limited supply but we're at least 100 years away from all bitcoins being in circulation, and while I think the long term value of a bitcoin is easily worth triple its current price, I expect a longer, more bumpy road until we get there.
As with everything, bitcoins should be used as part of a diverse investment porfolio, don't fall for the get rich quick mentality when looking at those graphs!
My guess is a correction to $40 and then a steady climb. But that's a total shot in the fucking dark.
This is what I've been preaching. Wait people, wait until it flattens out for a while and then buy.
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If it continues to fall now might be a good time to reinvest.
It's not magic guys, yes there's a limited supply but we're at least 100 years away from all bitcoins being in circulation, and while I think the long term value of a bitcoin is easily worth triple its current price, I expect a longer, more bumpy road until we get there.
As with everything, bitcoins should be used as part of a diverse investment porfolio, don't fall for the get rich quick mentality when looking at those graphs!
My guess is a correction to $40 and then a steady climb. But that's a total shot in the fucking dark.
This thread is one shot in the dark after another. We can look at the bitcoin's long term viability, with some degree of confidence, but even that is subject to so many unknowns.
@godness Looking for advice on the market in the short term is like asking a blind Sherpa to lead you up the mountain. Hold on to your coins if your in it for the long haul, and buy drugs if that's what you came here to do.
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If it continues to fall now might be a good time to reinvest.
It's not magic guys, yes there's a limited supply but we're at least 100 years away from all bitcoins being in circulation, and while I think the long term value of a bitcoin is easily worth triple its current price, I expect a longer, more bumpy road until we get there.
As with everything, bitcoins should be used as part of a diverse investment porfolio, don't fall for the get rich quick mentality when looking at those graphs!
My guess is a correction to $40 and then a steady climb. But that's a total shot in the fucking dark.
This thread is one shot in the dark after another. We can look at the bitcoin's long term viability, with some degree of confidence, but even that is subject to so many unknowns.
@godness Looking for advice on the market in the short term is like asking a blind Sherpa to lead you up the mountain. Hold on to your coins if you're in it for the long haul, and buy drugs if that's what you came here to do.
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If you're interested in the rise or fall of bitcoin you need to research the Theory of Speculation.
Prices in markets move randomly. This strikes people as peculiar, as *clearly* there must be patterns, there are booms and busts after all, don't prices follow a rational logic of their own? But actually it's basically correct, asset prices do move randomly because investors/speculators change the price to fit the real circumstances. The result is that only new information (the future) affects prices, which implies you need supernatural abilities to continually predict prices. Patterns do exist in the stock market and currency markets, but you cannot consistently make profits from them because of this. Even if you don't believe it, the market behaves as if it were true.
The most practical advice I can give you on buying and selling bitcoin is two words: Limit Orders.
Most people appear to be using market orders, which means they are saying they want X bitcoins at any price in USD, or any number of bitcoins for X quantity of USD, which is the same thing. This ensures you get your bitcoin ASAP.
The majority of market participants are inexperienced. No experienced market participant uses market orders in a volatile market, let alone one as volatile as bitcoin. This contributes to the volatility, increasing the propensity of bubble or bust like behavior.
If you don't want to be out of pocket then use limit orders.
A limit order, unlike a market order, isn't necessarily always filled. If prices suddenly jump and stay high then you simply don't get any bitcoins.
The result is that you can specify a price for which you will not buy. So potential losses are fixed to what you can bear, which seems logical in a volatile market. The same concept applies for selling.
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if one is willing to wait while playing the BTC market they can profit.....period.....seriously...this is like the stock market...be smart.
if yur willing to take yur chances...you will either win or lose.....period.....
Peace,
ChemCat
8)
Just My Humble Opinion.....Do What Ya want.... I am Gonna Make Money :)
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I'd like to echo what pine said, it's spot on. Especially with a security as volatile as BTCs are, it's a great idea to use limit orders. I currently run them
on Mt. Gox, does anyone have a suggestion for a better trading tool?
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I just looked up Bitfloor and created an account there. Looks like you have to go to BOA to deposit. Is it easier on Mt.Gox to trade with limits? I'm completely new to this but you guys opened my eyes here just a minute ago and I want in on the action. I have a Mt.Gox account so maybe I should just deposit there and not to BitFloor.
Any tips or experience you guys care to share with a newbie? Also, I'm only going to be able to start with pocket change as well, maybe 1 or 2 BTC at the current price.
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EarlyCuylerTOR, MtGox and Bitfloor have equally functional trading tools. It's simple market orders and limit orders. CampBX offers more control with stop-loss options, margin buying, short selling, and a few other features. It's got a 0.55% commission compared to MtGox's 0.6% base commission.
ICBIT lets you invest in oil, gold, and the S&P in addition to BTC/USD. It's fees vary.
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EarlyCuylerTOR, MtGox and Bitfloor have equally functional trading tools. It's simple market orders and limit orders. CampBX offers more control with stop-loss options, margin buying, short selling, and a few other features. It's got a 0.55% commission compared to MtGox's 0.6% base commission.
ICBIT lets you invest in oil, gold, and the S&P in addition to BTC/USD. It's fees vary.
Thank you for that. Any personal experience with any of them? The features of CampBX make it sound the best, along with the lower commission. Of course that's without looking into it at all.
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I've got accounts with all of them... I like CampBX the most because its the most flexible and its US based. You know who has your money and you've got (relatively) easy recourse in the case something goes wrong. Same deal with Bitfloor: US based. I wouldn't tie a bank account to anything that isn't US based.
ICBIT, on the other hand, is almost a hidden service when it comes to accountability. No one really knows who operates the site. A WHOIS lookup, if I remember correctly, doesn't turn up anything. And, you're potentially exposed to fraudulent (or poor) counterparties who fill orders for you. That is, the site does not back any of their transactions or verify any parties for the sake of anonymity. This could result in losses, specifically lost profit. I would stay away from ICBIT, unless you really do you homework and like it a lot. (I didn't mention before but ICBIT has a 0.5% commission)
Another service, BTC-e has 0.2% fees. It's based in Russia and has a good reputation, I'd trust it just as much as Mt. Gox, the Japanese site that seems to be the gold standard when it comes to exchanging BTC/USD.
So, your options vary depending on what kind of trading you want to do (day trading or long-term), but Bitcoins keep things very flexible and you can always send $100 to each of these services and see which ones you like the best. If you want to look at even more, somebody made a list of all of them: https://en.bitcoin.it/wiki/Trade#Financial
Always keep in mind that many of these services come and go (Google Tradehill), and diversifying or only going with one reputable US based service is vital for long-term security.
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3 Weeks ago in reply 30 I said that there was no bubble multiple times.
That 60 dollar was not a fair price, it should be closer near the 200 dollar
The bitcoin was 30 dollar in 2011 all charts rise every year at least 500%
Look at the transactions of 2012 and 2011, the amount of money, the number of wallets, the number of users of bitcoins.
All are indicators that the bitcoin had to rise al least ten times against the euro and dollar.
All indicators pointed it out, this was no no bubble
http://blockchain.info/nl/charts
You don't have to Einstein to see that the bitcoin could go only one way...
....UP ! ....
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wow...$30 a coin seems so long ago..
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$140 a coin seems so long ago....
oh wait, not yet. Soon though.... ;)
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I do think BTC is still way to volatile to be considered a good investment. What we see is the behavior of penny markets, other than SR there are very few legit places you can use BTC, I think a crash is imminent. And when it does come, no one will see it coming, SR will be hit hardest. Call me paranoid, but I think this hype might actually be a complex pump and dump scheme orchestrated by LE to destroy SR.
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i'm unsure about $140 though. Seems a little unstable. I'd definitley hedge my $ to bitcoins if people in cypress are still unloading their money, I'd say it'll go up to $200 in the next couple of weeks. But now, I'm just playing it safe and not getting too greedy :)
That always seem to be the downfall of everything -- greed
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Volatile yes, good investment? well if you bought big six months ago I'm sure you would be considering it the investment of a lifetime. I keep thinking, I know one guy who bought 780 of them at $12, needless to say he is happy.
Is it too late to buy in more, I asked myself that last week when they broke the $100 mark then a few days later they were $140 and I was like FUCK IT why did I not buy at a $100!
BTC will break $200 a coin easily this year and those coins I have stashed in my wallet are staying right where they are.
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Just stop and think about it for a second. SR is the only popular market place where payment is made ONLY in btc. Most other places use BTC as a secondary form of payment. The bitcoin economy is very very far from it's market cap. It's all about speculators. Think of the early adopters. A guy investing 1000 bucks in BTC in 2010 at $.10/BTC is now a milionaire. Don't you think he'd be thinking of cashing out his 1.4 million bucks? The early adopters now have 1000s of coins sitting in their wallets, this is like a fucking lottery ticket for them. They obviously can't buy sport cars and mansions with bitcoin and I doubt many of them are going to wait much longer. I do think there will be some organic growth after the crash but it is going to be painful, especially for SR, as I'm sure there are more than a few vendors holding onto their coins. It's going to be a massive shitstorm and I don't know if SR is prepared for it.
SR is only 2 years old, I really do hope we'll get to see it's 5th and 10th and 20th anniversary, but it's obvious that sooner or later it will have to be put to the test and everyone will suffer, buyers, vendors and even DPR. LE is well aware of SR and especially after the Gawker article they are surely spending nights investigating it. You may think SR is of little interest compared to the big drug cartels, but with SR it's different. The drug cartels operate under the radar, SR is a lot more blatant much more likely to cause public outrage.
Also think about the fact that BTC is not even remotely appealing to governments and LE as they don't have any control over it so it makes a lot of sense for LE to attack bitcoin (kill two rabbits in one shot). Don't think LE is surfing the forums all day trying to find personal info of users, they working really hard to shut down the whole operation and they might have gone for the bitcoins.
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Volatile yes, good investment? well if you bought big six months ago I'm sure you would be considering it the investment of a lifetime. I keep thinking, I know one guy who bought 780 of them at $12, needless to say he is happy.
Is it too late to buy in more, I asked myself that last week when they broke the $100 mark then a few days later they were $140 and I was like FUCK IT why did I not buy at a $100!
BTC will break $200 a coin easily this year and those coins I have stashed in my wallet are staying right where they are.
+1. Although, I disagree with your prediction my friend. BTC will break $200 this week ;)
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Just stop and think about it for a second. SR is the only popular market place where payment is made ONLY in btc. Most other places use BTC as a secondary form of payment. The bitcoin economy is very very far from it's market cap. It's all about speculators. Think of the early adopters. A guy investing 1000 bucks in BTC in 2010 at $.10/BTC is now a milionaire. Don't you think he'd be thinking of cashing out his 1.4 million bucks? The early adopters now have 1000s of coins sitting in their wallets, this is like a fucking lottery ticket for them. They obviously can't buy sport cars and mansions with bitcoin and I doubt many of them are going to wait much longer. I do think there will be some organic growth after the crash but it is going to be painful, especially for SR, as I'm sure there are more than a few vendors holding onto their coins. It's going to be a massive shitstorm and I don't know if SR is prepared for it.
SR is only 2 years old, I really do hope we'll get to see it's 5th and 10th and 20th anniversary, but it's obvious that sooner or later it will have to be put to the test and everyone will suffer, buyers, vendors and even DPR. LE is well aware of SR and especially after the Gawker article they are surely spending nights investigating it. You may think SR is of little interest compared to the big drug cartels, but with SR it's different. The drug cartels operate under the radar, SR is a lot more blatant much more likely to cause public outrage.
Also think about the fact that BTC is not even remotely appealing to governments and LE as they don't have any control over it so it makes a lot of sense for LE to attack bitcoin (kill two rabbits in one shot). Don't think LE is surfing the forums all day trying to find personal info of users, they working really hard to shut down the whole operation and they might have gone for the bitcoins.
Absolutely incorrect. All of it.
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Volatile yes, good investment? well if you bought big six months ago I'm sure you would be considering it the investment of a lifetime. I keep thinking, I know one guy who bought 780 of them at $12, needless to say he is happy.
Is it too late to buy in more, I asked myself that last week when they broke the $100 mark then a few days later they were $140 and I was like FUCK IT why did I not buy at a $100!
BTC will break $200 a coin easily this year and those coins I have stashed in my wallet are staying right where they are.
+1. Although, I disagree with your prediction my friend. BTC will break $200 this week ;)
Haha yeah you are probably right 8)
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Today, more like.
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BTC will break $200 a coin easily this year and those coins I have stashed in my wallet are staying right where they are.
It's amazing that you wrote this yesterday, expecting it to happen in weeks to months, and here we are about to break $200.
I've been bullish on bitcoin, but it his absolutely blown me away.
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Have you noticed that the rate of increase is increasing? It's a second order increase, like what acceleration is to velocity.
I predict that at this rate, 1 BTC will be worth infinity by the end of summer. ;)
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Here's what bugs me: We have to take conversion at the current rate, but SR seems to follow the MTgox weighted average (currently 170 vs 195 per BTC)
This means that to "get" our value, we have to wait for SR to catch up, risking losing the coins in the event of a crash. Even then, if a vendor sits on an order a few days before shipping, they have the opportunity to make far more money if they don't hedge the orders; an incentive to take longer to ship.
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That's true, although in the event of a crash, the value of your coins would be protected, because the MtGox 24 hour average would be consistently higher than the last trade price. Quite frankly, I don't know why anybody is spending at this point, when BTC value is increasing by $30 a day. I'd wait until the price stabilizes for a few days, at which point the SR/MtGox average would catch up the last trade price.
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That's true, although in the event of a crash, the value of your coins would be protected, because the MtGox 24 hour average would be consistently higher than the last trade price. Quite frankly, I don't know why anybody is spending at this point, when BTC value is increasing by $30 a day. I'd wait until the price stabilizes for a few days, at which point the SR/MtGox average would catch up the last trade price.
This.
Right now, we're pissed because we have to wait for SR to catch up to to the MtGox daily highs but in the event of a crash we will effectively be able to spend money we no longer have.
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I bought some the other day at $130, am so glad I did. I was really hesitating and thought maybe just wait a few days - and now in those fews days the price is $50+ extra! I just wish I had more money atm to buy more.
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i agree with astor.. i loaded coins to buy a pound of dro.. but fuck man i have made over 1000 dollars in like 4 days.. and yeah the rate of increase is crazy.. im making RACKS.. just sitting here.. i bought at around 100 maybe 110 i think i dont remember.. but fuck..
by the end of the week i see upward of 250dollars..
im literally betting 3,000 dollars on it. or at least that it wont crash..
and yeah in the event that there was a crash i doubt highly it will just drop from 200 dollars a btc to 12 in a day.. it would prolly drop just as it is rising.. giving you enough time to buy drugs and cash out making even more money from that...
invest now fools.. u have nothing to loose .. u can always buy drugs and sell them.. wtf u waiting for!!!
BUY YOUR BITCOINS TODAY!!!!!
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BTC is going through a heavy correction right now.. Its at 155 on BTC-E
I think MtGox still has it at 174 -- It would be wise to sell of on MtGox then xfer to BTC-E to reinvest for the rally.
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It really is crazy. In my days on the road i've seen the bitcoin go as low as $4, level off for a while at $12-15, now exponential growth!
I'm the kind of guy that usually just purchases btc and spends right away, but last week i bought a few at 129 (around 142 after fees), and now i'm just sitting back, watching them grow. Deciding whether or not to buy more, going to do some more research into economic theory. The thing that concerns me is the national news coverage of the bitcoin and its meteoric rise....this always comes shortly before the fall. The govt is going to be tightening regulations on purchasing them (id requirements) and cashing them.
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BTC is going through a heavy correction right now.. Its at 155 on BTC-E
I think MtGox still has it at 174 -- It would be wise to sell of on MtGox then xfer to BTC-E to reinvest for the rally.
How long do you think before mtgox updates to that rate? On the graph it shows a slow drop within the recent hour.
On IRC channel #bitcoin-market, there's trades going for ~155-180 USD still.
It's tough deciding when to buy drugs, sell coins or simply sit on them
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That's true, although in the event of a crash, the value of your coins would be protected, because the MtGox 24 hour average would be consistently higher than the last trade price. Quite frankly, I don't know why anybody is spending at this point, when BTC value is increasing by $30 a day. I'd wait until the price stabilizes for a few days, at which point the SR/MtGox average would catch up the last trade price.
How do you know vendors will fulfill orders for coins that are now worthless? Unless they hedged the orders (which is unlikely since while the value climbs, they make extra money if they don't hedge), in which case it would seem the Silk Road itself would foot the bill for everyone's orders (of which there would be a spike) after the crash, assuming they keep the price tethered to mtgox 24 hour average - I think it's far more likely they'll drop the price to whatever it crashed to immediately, no?
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Btc just declined about $10
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I can remember as the rate was 1 to 10 and even lower... ;D
it´s not that long ago, really an incredible increase meanwhile...
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Calm down people. It's not losing steam. Up and down a few dollars does not mean shit against the trend. Every day it drops and rises throughout the day. Its back at 184. Will probably dip again, then rise, then dip. Stop staring at MTGOX. You will be richer tonight then you were yesterday night, and you will be richer in the morning then you're going to be tonight. And so on and so forth. It's going to keep going up towards infinity. I'm gonna be a billionaire in one month. Just kidding.. But yeah, calm down. The "correction" isn't gonna happen for a while. Believe me, "Big Money" hasn't moved into the neighborhood. They're slow, theyre cautious, theyre pussies. But when just ONE of the Big Money Shotcallers move in under investor pressure because of the media frenzy.. we're gonna remember 200 like it was peanuts. I'm not fucking around.. 1k WILL happen within a few months. Yes, you read that right. Now go feed the beast and buy some more BTC fuckers! Woohoooo
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Took a considerable incline again, no fret! :p
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Wow I'm looking at the $200 mark approaching fast and thinking holy shit. I started this thread fearing a crash after a fast double. All I can say is.....,boy, man, god, shit, dammmmn. Now I can get the buzz I always wanted! I still don't feel "secure" with this kind of acceleration....
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from time to time I´m thinkin´ about what rises in such a fast way that also falls that quick and deep,
as we know it from other "things" very well. But I think - in this case -
everyone who can should buy btcs as much and as long as they´re as cheap as atm. ;)
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Just hit $200 usd a coin, bring on $300 in two weeks!
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Just hit $200 usd a coin, bring on $300 in two weeks!
two weeks? try one.. ive made about 2000 dollars.. its a great week
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My silly guesses:
$300 by April 14
$500+ by May 1
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Any successful business people wanna donate so I can buy some canna oil for a gastro medical issue? I would really appreciate your help
149DbaJmgPWp6mFN3skVNfuJg3dPripB7K
Thanks
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I'm betting on it crashing at least once before the end of the year, by which I mean a drop of 50% or more of its value in less than 24 hours.
It almost looks like it'd recover immediately, though, because so many people (myself included) would be all over that in an instant. I'd almost "like" to see a crisis-style crash, because the thought of the price only going up from here depresses me...
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Why? If you believe it will continue going up, then now is the best time to buy. :)
Think of it this way. You can buy at $225 right now. Your theory of a crash might come true, but it might happen when BTC is at $600 and it will drop to $300. That's a worse deal than if you bought now and there was no crash.
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Yeah but I don't want to "invest" at $225 when I bought it at $10 a coin more recently than I had to buy a new stick of deodorant...
I don't want to buy 1 coin and see it double, I want to buy a thousand coins and see them increase a hundredfold >:D
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If there is a sudden crash (of say 50%) is it correct to say that the SR system will be slow to recognise it and so the price on SR won't reflect the true price for a few minutes, meaning one could cash out in the form of buying drugs without suffering from a financial hit? Just pondering the idea that investing in SR account is a safety net for any future btc devaluing
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If there is a sudden crash (of say 50%) is it correct to say that the SR system will be slow to recognise it and so the price on SR won't reflect the true price for a few minutes, meaning one could cash out in the form of buying drugs without suffering from a financial hit? Just pondering the idea that investing in SR account is a safety net for any future btc devaluing
Yes, as long as the last bid price drops below the weighted average, which would happen in the instance of a flash crash.
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i dont think its dropping anytime soon.. and i also dont think that it would drop 50% in a day.. maybe A WEEK or 2...
im riding this thing out.. im close to having 2x the money i put in .. at that point im going to buy a pound of weed.. then let the other half stay in bitcoins.. and see what happens that way i never REALLY loose anything..
i know i know im smart.. lol
but shit i feel lucky that i have the chance to be a part of this.. you guys should invest asap.. i think its going to 300 next week
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(warning clearnet links) learn about elliott waves http://www.elliottwave.com/introduction/elliott_wave.aspx
NY Time article
http://www.nytimes.com/2013/04/08/business/media/bubble-or-no-virtual-bitcoins-show-real-worth.html?_r=2&adxnnl=1&pagewanted=all&adxnnlx=1365527029-7Z9Fn9TyVjRHYBY+Vi0JwQ
I am not good at math anymore!
http://www.csgnetwork.com/percentchangecalc.html
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i just love the fact that i spent 600 dollars yesterday, and it has almost replenished itself in 24 hours!
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i just love the fact that i spent 600 dollars yesterday, and it has almost replenished itself in 24 hours!
haha I know what you mean, any orders I'm taking at the moment are not making a dent in the £'s overall in 24 hours!
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i dont think its dropping anytime soon.. and i also dont think that it would drop 50% in a day.. maybe A WEEK or 2...
im riding this thing out.. im close to having 2x the money i put in .. at that point im going to buy a pound of weed.. then let the other half stay in bitcoins.. and see what happens that way i never REALLY loose anything..
i know i know im smart.. lol
but shit i feel lucky that i have the chance to be a part of this.. you guys should invest asap.. i think its going to 300 next week
^^^ This!!
This is not a bubble, demand is outstripping supply big time and until these new btc mining rigs start pumping out more you can expect to see the value sky rocket and even then the price will keep on going up. I'm sure some early adopters will dump their coins onto the market at some stage in the not too distant future, if you bought several thousand at a dollar each the temptation to cash out must be huge but even that will only result in a very short term fluctuation in value.
I'm with you on this one lorax, we will be looking at $300 before you know it.
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Yeah but I don't want to "invest" at $225 when I bought it at $10 a coin more recently than I had to buy a new stick of deodorant...
I don't want to buy 1 coin and see it double, I want to buy a thousand coins and see them increase a hundredfold >:D
Yes, but the past is history and lost opportunities are a sunk cost. Only future outcomes should inform your decisions, so you are faced with the choice of 100% profit at $225 or nothing...
Well, that's based on your expectation. I'm not making any predictions on what BTC will do. :)
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Like 2 months ago it was $11 per coin, I really wish I would have invested $1000 at that time, would have made a quick 20k.
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I purchase $500 in coins 3 weeks ago now im up $1500 soon I can buy 1 lb of weed soon.
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Price of BTC seems to be levelling off no?
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Def not. They increased today alone by about £15.
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24 hours ago, they stabilized around 200 - 24 hours ago, they started rising again and are nearly at 240 now.
Yes, my "woulda coulda shoulda" is a pipedream. If I had any MORE money to spend on coin, I would.
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Price of BTC seems to be levelling off no?
Trading volume has decreased. Most people are done for the day. Go here:
http://bitcoinity.org/markets
Click the "24h" link in the top left the top graph. See the purple bars? That's trading volume. See how high it was when the price was increasing. We're at maybe 1/5 of the volume now.
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I read this thread again today and can't believe the difference in prices of BTC from the beginning of this thread to now.
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This is fucking crazy. I only pay attention to bitcoin and SR when I use it which is roughly every two months. Last time I used the road I had left over funds like maybe 17 us dollars...I get on two months later and I'm up to 101.55!!! Crazy I wish I would have put 2 or 3 grand on that almost a quadruple gain damnit NIGGRADAUMUS where are you when I need you....o well I think that its to much of a gamble to bid on bit coins so the gain is just a free sack to me......
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Well looks like the BTC calmed down and is starting to rise again. Glad I didn't shit the bed and sell out lol
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lol
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From $250 High to $105 low in a few hours.
This is not a drop when you look at the prices of last week.
And will be up in no time.
A little adjustment of the really of the last weeks
Mtgox was down, not ddos but to much succes.
Once the panic kicks in their is not stopping and drag others in to sales too.
To see at least some om the profit made last few weeks.
Keep in mind that their are going new servers to be placed too at Mtgox, but this is/was already known.
The rise in accounts on mtgox will result in even higher prices.
I bought in the middle of January at €11 for 1 bitcoin.
That is not even 3 months ago.
I can not complain even if the btc drops to 20 dollar tomorrow, I would still make a profit compared to the 11 euro of the btc at middle in January.
And most btc owners will profit , to lose is hard to do , in bitcoin-land.
This was a panic attack last night.
More likely is that the bitcoin will recover and go on to at least 500 dollar this year.
Can be even a 1000 dollar, not likely but possible.
I see the 1000 dollar mark coming next year.
Did you buy at 250 dollar, don't you worry.
Sit tight and wait it out.
Better days will come SOON !
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Btc's are slowly losing value.
I had a little money left over and bought a few Ltc's, they are under $3 a coin now. ;)
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mtgox was not under a DDoS attack it was to many people overloading there servers with new accounts.. it made there shit slow down and people startred to panic sell..
anyways.. yeah i am betting it will got back up..
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Should I invest some $ in bitcoin or is it too late now?
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Should I invest some $ in bitcoin or is it too late now?
it´s never too late for anything... ;D
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I mean, it's dropping pretty significant at the moment. Is it likely to return to levels we've experienced past week?
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$120 now. MtGox lag is 300 seconds. So much for those new servers, huh.
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Yeah Mt. Gox is a terrible exchange. I won't be surprised if this fiasco and impending collapse paves the way for new exchanges.
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Should I invest some $ in bitcoin or is it too late now?
Well, if yesterday was any indication, and we are experiencing the same thing today, you might be able to buy BTC for under $100 in a little while.
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read mtgox tweets, ill quote them:
"MtGox.com @MtGox 4h
Maintenance Over however we are now under a DDoS attack."
hopefully price will return to where it was
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Oh good, so it's a real DDOS attack today. Lag is 7 minutes now.
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I've been trying to buy and sell in the same market. Turn your cash into BTC and BTC into an SR order in the shortest space of time. That will limit your exposure to fluctuations. For those holding onto coins for goodness sake don't dump them on mass every time you shit yourself the bottom is going to drop out of the market. All that does is accelerate the fluctuations and encourage the big traders to screw with the volumes. Perhaps some of us are losing a bit here or gaining a bit there, but those guys rake it in when we panic.
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Yeah Mt. Gox is a terrible exchange. I won't be surprised if this fiasco and impending collapse paves the way for new exchanges.
Have you guys tried Bitcoin-24? They haven't been down the past few days and they have no fees for buying or selling BTC.
https://bitcoin-24.com/fees
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It'll go back up, I hope it goes down a little more so i can get a load of cheap coins to hoard!
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so should we all spend our money now, or wait it out 0_o
getting pretty low
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Have they suspended trading? The lag is 3 seconds now, but the last trade was over an hour ago. All the "bitcoin charts" sites show the same thing.
I don't know what the fuck is going on.
Edit: Yep, https://twitter.com/MtGox/status/322355614414147588
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they have suspended trading untill 2am utc..
so i guess it wont update untill then.. wtf..
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This is the main problem, of the many, of having one exchange handling 80% of the trading volume of the BTC market.
Especially a website/dev team that was ill equipped to handle this kind of magnitude
I would suspect there is going to be another panic sell once MtGox reopens - If you plan to scoop up these coins for the cheap (Which I plan on doing) wait until then.
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bitcoins now 66$ lol
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bitcoins now 66$ lol
lol where? wtf cheapest ive seen is about 110
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It's hovering around $65-70 on btc-e.com.
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It's hovering around $65-70 on btc-e.com.
wow.. thats insane..
so will SR price only change once mtgox updates? if so.. it would mean any coins in there would loose more then half its value in about a hour.. damn i really thought that WOULDNT happen lol guess thats just life.. if i was a vender i wouldnt be selling shit till 2maro..
SR thinks a btc is worth 161 or something like that
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If it's really events like Cypress that bring the value of the Bitcoin up and not SR then it should continue to rise - rise again - because the global financial situation doesn't have itself figured out yet. This may be where the Litecoin and other crytpocurrenices really come in too. If there are stories of the people in Cyprus buying at $200 and then losing half of it then Litecoin and other coins will look more attractive. The people that are looking to protect their money aren't necessarily looking to double their money; they just want to protect it.
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so will SR price only change once mtgox updates? if so.. it would mean any coins in there would loose more then half its value in about a hour.. damn i really thought that WOULDNT happen lol guess thats just life.. if i was a vender i wouldnt be selling shit till 2maro..
SR thinks a btc is worth 161 or something like that
SR uses the MtGox 24 hour average. In 12 hours, with the MtGox price stuck at $120, it will be close to $120. When trading resumes, who knows what will happen, but even if the BTC price plummets, the 24 hour average will drop much more slowly.
See, everybody was complaining about how the SR price lagged behind the actual price when it was booming, but now you can understand the advantage of it. Even if BTC price will be $50 tomorrow, your coins will be worth over $100 on SR.
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I just went all in on my coins, and bought a heaps of shit.
#yolo
at least ill get my moneys worth from the coins, at around $160, which was the last mt gox average...
But I'm pretty sure SR is still updating, as price on SR are still going up.. slowly
Tomorrow morning if theyre still cheap, than ill get some cheap coins :)
If not, then Whatever... ive still got my moneys worth of drugs haha!
PS. litecoins pretty much dropped similarly to what BTC just experienced... down to $1
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THANKS ASTOR
yeah im buying some bs pill with the rest of my extra money.. i feel like its not gunna go back up ANYWHERE near 250 again.. anytime soon at least..
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so will SR price only change once mtgox updates? if so.. it would mean any coins in there would loose more then half its value in about a hour.. damn i really thought that WOULDNT happen lol guess thats just life.. if i was a vender i wouldnt be selling shit till 2maro..
SR thinks a btc is worth 161 or something like that
Yes I was asking myself the same thing, how will SR calculate BTC rate while MTGOX is down ? Right now I can buy BTC for 50 € / coin and buy some drugs on SR where coins worth 161 $ ! Obviously something doesn't work in this system...
WL
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i feel like its not gunna go back up ANYWHERE near 250 again.. anytime soon at least..
Why? The reason we're in this mess is because MtGox can't handle the volume of people who want in on bitcoin. There were 65,000 new accounts created on MtGox in all of March, but 20,000 *per day* in April. That's a 10 fold increase. And those people were willing to buy BTC when it was over $200. Why wouldn't they buy like crazy when BTC goes below $100?
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i feel like its not gunna go back up ANYWHERE near 250 again.. anytime soon at least..
Why? The reason we're in this mess is because MtGox can't handle the volume of people who want in on bitcoin. There were 65,000 new accounts created on MtGox in all of March, but 20,000 *per day* in April. That's a 10 fold increase. And those people were willing to buy BTC when it was over $200. Why wouldn't they buy like crazy when BTC goes below $100?
I will hate to admit to my friends and family that I was wrong about another one of my investments. Ohs well just another loss Ill be broke someday and working at Kmart for $7 an hour. Just getting by humping the dream.
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idk dude ur right maybe im trippin.. ima hold out.. fuck it call me a fool i guess i bought for around 120 i think and all the coins i have in there are all extra shit i made this past 10 days..
IMA HOLD!!!
AND LOL THE DUDE ABOVE ME HAHAHAHA THAT SHIT HAD ME ROLLING..
u fucking failure you.. lol
HAHAHAHA TELLING UR FAMILY UVE LOST EVERYTHING CUZ UR ASS THOUGHT U WERE SITTING ON A GOLD MINE.. HAHAHAHAHAHAH OMG..
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i feel like its not gunna go back up ANYWHERE near 250 again.. anytime soon at least..
Why? The reason we're in this mess is because MtGox can't handle the volume of people who want in on bitcoin. There were 65,000 new accounts created on MtGox in all of March, but 20,000 *per day* in April. That's a 10 fold increase. And those people were willing to buy BTC when it was over $200. Why wouldn't they buy like crazy when BTC goes below $100?
That's pretty much it. MTGox will re-open, the weak will sell of their bitcoins and run for the hills. The BTC prices will be so low that the tens of thousands of people in the MTGOx queue and elsewhere will grab them all up like mad, which in turn will drive prices back up. It's the way it works. Next week they will be back up again, take that to the blockchain!
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I bought about 5 items ;) do you think the vendors will cancel them? :(
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I bought about 5 items ;) do you think the vendors will cancel them? :(
I believe they will, because you are attempting to take advantage of them and the system. You should want to pay what your drugs are worth, its one thing i thought people here was about. Fairness. But I guess I am wrong and many people are to get anything as easy as possible.
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ive been saying against all odds, that, when was at 230, i said "its comin an EPIC fall", now its there. IMO will drop til 50, then rise to 400 really quick, NOW its time to buy i guess.
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I bought about 5 items ;) do you think the vendors will cancel them? :(
I believe they will, because you are attempting to take advantage of them and the system. You should want to pay what your drugs are worth, its one thing i thought people here was about. Fairness. But I guess I am wrong and many people are to get anything as easy as possible.
take advantage of them ? hows that then I bought because I had the coins? now Im gona loose when they refund ,that fair?
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that was your loss
you trying to make someone else lose because you lost is selfish. It is wrong that is not how things should go. He probably already lost in fact, I am sure he had a bunch of bitcoins and were not in cash, he probably lost alot more than you. Yet you are hoping he does not notice that you a paying 60% of what he is selling his products for.
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that was your loss
you trying to make someone else lose because you lost is selfish. It is wrong that is not how things should go. He probably already lost in fact, I am sure he had a bunch of bitcoins and were not in cash, he probably lost alot more than you. Yet you are hoping he does not notice that you a paying 60% of what he is selling his products for.
I'd imagine vendors have gained hugely from bitcoin fluctuation. Bitcoins are still worth 10X what they were at the start of the year. It's only fair they take the hit if it goes down too IMO.
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I was lucky enough to go from 30 dollars in bitcoins to about 100 dollars in bitcoins the other day. Using the hundred dollars I had, I bought a gram of mescaline from a certain vendor. The bitcoin value started dropping the next day. The vendor still has my order in the "processing" stage. Will he still send my order, or will he cancel it because the value has dropped so much? I hope not, thats kind of a dirty move
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If vendors are cancelling orders then I think its very bad form and they should be named and shamed. They don't know when you topped up, it might have been at $200+ a btc.
The massive gains that have happened of late has meant in some instances you could place an order, go to bed and wake up to find you can now buy twice as much for the same amount of coins but your order hasn't even been processed...Did the vendor adjust the order in relation to the fluctuation? Have they fuck!
Swings in roundabouts you can't have it always.
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that was your loss
you trying to make someone else lose because you lost is selfish. It is wrong that is not how things should go. He probably already lost in fact, I am sure he had a bunch of bitcoins and were not in cash, he probably lost alot more than you. Yet you are hoping he does not notice that you a paying 60% of what he is selling his products for.
I bought the btc 4 days ago and paid for the item hows asking taking advantage when I paid top dollar :-\
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AND LOL THE DUDE ABOVE ME HAHAHAHA THAT SHIT HAD ME ROLLING..
u fucking failure you.. lol
HAHAHAHA TELLING UR FAMILY UVE LOST EVERYTHING CUZ UR ASS THOUGHT U WERE SITTING ON A GOLD MINE.. HAHAHAHAHAHAH OMG..
Oh I didnt lose everything, it was just another bad investment. I'm still living the MacNCheese Life.
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Dave, at least hya try my friend :)
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ive been saying against all odds, that, when was at 230, i said "its comin an EPIC fall", now its there. IMO will drop til 50, then rise to 400 really quick, NOW its time to buy i guess.
Exactly...i dont see btc being this low for too long, maybe by the end of the year they might be worth around $500? Who knows, but yeah i'd start buying them now.. ;)
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Don't fuck over vendors. The vendors on Silk Road are a MAJOR part of the BTC economy. Keep them happy with the currency, and we will all be happy too. Plus, I mean, shit... these dudes MAIL YOU DRUGS. That is a serious hook up. Don't be a dick. :)
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Mt Gox weighted average is currently $157 so they haven't dropped through the floor, I should imagine this is more of an adjustment and the price will just go back to rising early next week.
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Don't fuck over vendors. The vendors on Silk Road are a MAJOR part of the BTC economy. Keep them happy with the currency, and we will all be happy too. Plus, I mean, shit... these dudes MAIL YOU DRUGS. That is a serious hook up. Don't be a dick. :)
WORD. karma+1 for you ;)
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I'm wondering what price they will start trading at once it opens in about 3 hours. The average price? The Last Price? Or more on par with the other exchanges.. this is definetly going to be interesting. But I agree, next week it will start rising again. Always has.
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Certainly will be interesting to see.
You're all free to do as you wish, but I really think selling off in a panic is a bad idea. It just becomes a self-fulfilling prophecy. People are panicking because people are panicking because people are panicking...
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That's what I was wondering. MtGox is at $124, the other exchanges are at about $80. Will MtGox drop to $80, or will the other exchanges jump to $120, or will they all meet around $100? I suspect there will be some arbitrage. People have been buying at the functioning exchanges in order to sell on MtGox, so either dropping to $80 or meeting at $100 seem more likely to me.
No matter what happens, that should be a temporary, initial pattern.
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As the Great investor Warren Buffet says when people panic and sell He Buys.. and when they are buying he sells. If i could I would ask him what to do as a vendor should I always sell the coin as I get em or save em? or what ratio to hold and sell?
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BTC aren't really a smart investment choice especially if you can't afford to lose what your investing. Really its just a false sense of value. Investing money in another form of money is never a great choice. Thats why people buy gold and real estate. I'm not saying you can't make decent coin off sitting on BTC but its just not predictable and as we've all seen in the past couple days it's certainly not stable. I went from having $2000 worth of BTC down to $500... Safe to say I will have to sit on them a little longer to make my money back.
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Beyond just investing, I'm bummed I have "less money" to use on the SR than I did before. I truly enjoy spending BTC and getting them in circulation as a true form of currency. Especially when, let's face it, you're getting top quality drugs. :D
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If i could I would ask him what to do as a vendor should I always sell the coin as I get em or save em? or what ratio to hold and sell?
That's easy to answer.
When bitcoins are going up, you're better off holding onto them as long as possible. If you're a buyer, you should buy a week or two before you want to spend on drugs (if you did that during the recent climb, you'd get twice as much drugs for your money). If you're a seller, you should wait one or two weeks before cashing out (if you did that during the recent climb, you'd get twice as much money for your drugs).
When bitcoins are going down, or they are unstable and unpredictable, you're better off getting rid them as soon as possible, so at least you get close to the value you paid for them.
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well this is sweet. me and my buddy went in on some bitcoins today through bitfloor and spent ~$400. Between the time we deposited the money and the next time I tried to log onto bitfloor, the site was down. needless to say i was nervous i might lose my money but the site came back a couple hours later with the funds in my account so i bought my coins and sent them to my SR acct.. Figuring I would most likely lost a little money with all the chaos I was surprised to see over $600 in my account! Tempted to cash out now but I think we are going to hold onto the coins for at least another day or so see what happens. wasn't expecting this though ;D
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well this is sweet. me and my buddy went in on some bitcoins today through bitfloor and spent ~$400. Between the time we deposited the money and the next time I tried to log onto bitfloor, the site was down. needless to say i was nervous i might lose my money but the site came back a couple hours later with the funds in my account so i bought my coins and sent them to my SR acct.. Figuring I would most likely lost a little money with all the chaos I was surprised to see over $600 in my account! Tempted to cash out now but I think we are going to hold onto the coins for at least another day or so see what happens. wasn't expecting this though ;D
A wise man once said......"$600 of drugs now is better than $300 tomorrow" ;D
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What a difference a day makes! 2 days ago I had $2000 that was worth $6000, so I bought another $1100 at $211. I thought I was a genius!
Yesterday, when it was going down I tried to sell at about $180, but BitFloor wouldn't recognize me, they ignored. Last night it was back up to about $190, so I thought it would come back. Now I'm seeing it in the 80's and when I finish the message it's back to $114.
This was classic market manipulation. They made some large sales, the BTC came down, then they hit MtGox with a massive DDOS, which paniced the market and totally screwed people investing in BTC (like me)
I feel pretty stupid right now, although as I finish the sentence it's back at #125.
If I had any money, I'd think of buying some if it went back down to $80, but I'm really not sure of SHIT right now.
I could kill some of these manipulators (if I thought I'd get away with it, and I knew who it was)
Somebody made millions of dollars and they are certainly happy to screw me and others-guess we are just stupid compared to those people.
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And this exact thing could happen tomorrow. MtGox just said a couple of weeks ago that they are still vulnerable to a DDOS attack.
Have they said anything today?
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mtgox is down again (probably due to the surge when they restarted trading), and bitcoincharts shows all exchanges dropping value. I feel like something happened over the past few days that we haven't seen all the details of...
ddos group manipulating price for their own gain? They saw it hyper inflating and realized it was the perfect time to spook new investors? Plenty of theories being thrown around.
To be honest, I'm happy to see it go. I like playing with bitcoin fluctuation of +/- 10% over the course of a day or week, but seeing it go to 260 in more or less 1 sustained rush was a little unnerving. Felt like my skies were getting too crowded...
After it recovers, this will have shaken out a lot of people who thought it was their chance to score big and just got into the game; I anticipate it settling to its "true value" that the silk road gives it,( by being the biggest actual use of it as a currency for trade)- somewhere between 30 and 80 dollars, where it'll stay for a few months, beginning a slow climb like we saw from October to January until the big money sees dollar signs in another catastrophic climb, and we repeat the cycle.
We know some people made fucking bank in this circus, which means many more people lost money in it - those who bought during its incredible climb, and so the pool of willing investors to bitcoin needs to replenish both its number and their available funds
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WE DUN GOOFED..
EVERYONE IS IN DENIAL .. SELL WHAT LITTLE BITCOINS YOU HAVE.. SERIOUSLY IT WOULD SUCK TO SEE ANYONE KILL THEMSELVES BECAUSE THEY INVESTED THERE LIFE SAVINGS AND NOW HAVE NOTHING!!!
its not EVER going back up that high.. there is just no way in hell..
buy drugs and sell them.. dont be fools..
WE DUN GOOFED..
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Today was a big adjustment, still think they will recover, maybe not to the giddy heights of last week but the demand for bitcoins grows everyday as they are adopted as payment method for goods and services and given their limited supply the only way the price can go as time goes by is up.
I wish I had cashed out at $230 but I didn't pay anyway near those prices for mine so not too upset, I feel sad for those who jumped in when it broke $200 though, I was guilty as the next man of thinking they would just keep on rising.
Time will tell...
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guilty of buying coins at 250 haha
went into a mtgox account, and i couldnt even get them out or do anything with them anyway.
since they no longer let you withdraw unless the account is verified.
coins seem to be cheap on bitinnovate now though, 91ea
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I feel like something happened over the past few days that we haven't seen all the details of...
I agree...and we never hear them, at least not for now....becoz I think some VERY large players have got together to "try" and undermine the Btc markets and create FUD (for several reasons) by making huge (probably electronic) trades to "cause these fluctuations" and hopefully scare enough people away from using e-currrency THEY CANNOT CONTROL for very long.
All these "possibilities" of how Btc markets can be manipulated show that, aside from a short period of 'control' , it's 'self defeating' in that you cause the price of you OWN Btc to crash as well) and they are explained well on both normal anf btc wikis ;)
Now we know that these cunt's (banksters if you like) WANT "total control" or their 'game' is effectively coming to an end ... fiat currencies will (are!) die (ing!) think PIGS...
They can only keep it up for so long, and that's not that long, AT BEST I'd guess a few months... The Blockchain IS UNIQUE .... and the 'value' of the Btc's will eventually be decided by us!
It has been before, and it will again,
Also the lack of ASICs combined with the halving of the reward for a block (was 50btcs now 25) had a lot to do with all this stuff happening now
As I write 5:45pm Oz time the price of a Btc is $178 .... it 'was' 5 hours ago $118 ..... wait and see when things settle a bit, just be careful, and for the Road just buy the coin you want to spend that day ... this will reduce your risk of exposure ....and to the many who just dont have that option right now, Patience IS a virtue!
AND ...as The Fabulous Furry Freak Bros used to say "drugs Is better in times of no money, than money is in times of No Drugs!" ;)
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Imagine the people who got the first ASICs. They must be making ridiculous amounts of money at this time.
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apparently not too many have so far been delivered
I'm more concerned about your fort meade putting half their computing to mine coins!!! lol
OR some big bank/irs/???
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I retract all previous comments, btc is plummeting as I types this, seeing my little pile evaporate before my eyes :(
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you all know it will skyrocket again once the big guys get done playing with the market and buying up all these cheap bitcoins
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bring back cash in the mail
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oh great getting fuked with refunds now >:(
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I retract all previous comments, btc is plummeting as I types this, seeing my little pile evaporate before my eyes :(
I share your pain. Like you said, gotta look at the long term. Actually, HAVE to look at the long term. My current "pile" wouldn't get me very far (or very high) if I cashed in now.
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dont rush off, ive said in some topics the coins were gonna epic fall, and IMO its going to rise huge next week, just let em stand by and chill.
Some smart guys ddos the fuck out to buy huge bulks then sell, rofl
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DOOOOOWN WE GO!
I thought it was overpriced at $50 personally, Litecoin will be the future!
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are u guys fucking retarded?
ITS NOT GOING BACK UP.. it is clear now it going to prolly sit at around 50 to 70 range
if u guys really think its going to rise up again ur high.. EVERYONE is cashing out.. and happy that they didnt loose EVERYTHING..
some of u guys really kill me.. there is something going on here that is not right.. no matter what ur all in denial if u dont think that...
we DUN GOOFED..
we fucked up .. thinking that it was gunna keep on going up.. idc what yall say.. im just hoping it doesnt go down past 50... fucking cruel world.. WHYY!!!
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I don't even care about the economics of the whole thing, I just want the price to stabilize so I can get back to using SR again! Is there any idea at all about when the price will stabilize?
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I have bought btc for loads and i put them into SR, hope they will rise asap, need my sweets soon :+) Now I cant afford what I really would have enough for.
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are u guys fucking retarded?
ITS NOT GOING BACK UP.. it is clear now it going to prolly sit at around 50 to 70 range
if u guys really think its going to rise up again ur high.. EVERYONE is cashing out.. and happy that they didnt loose EVERYTHING..
some of u guys really kill me.. there is something going on here that is not right.. no matter what ur all in denial if u dont think that...
we DUN GOOFED..
we fucked up .. thinking that it was gunna keep on going up.. idc what yall say.. im just hoping it doesnt go down past 50... fucking cruel world.. WHYY!!!
If you really think it won't rise again YOU are high. I've been here almost two years, and mining before that. These things happen in cycles, and you can almost guarantee at least twice a year that there will be a run on coins and the price will inflate, then drop like a rock. It might sit at 50 for a day or three months, but it will climb and fall.
Miners should be refusing to sell coins below their "cost of manufacture," and most do, but bitcoin thieves, pussy traders and manipulators drive the price down. Who in their right mind would see the price drop in half and then run to sell their coins at that before it goes down further? Panicky folks, that's who. Folks that don't realize that THEY are contributing to the fall. Without proper regulation this is an emotionally regulated market - and people are generally easy to panic, and hard to calm down.
::) The price won't stabilize, ever.
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:)
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are u guys fucking retarded?
ITS NOT GOING BACK UP.. it is clear now it going to prolly sit at around 50 to 70 range
if u guys really think its going to rise up again ur high.. EVERYONE is cashing out.. and happy that they didnt loose EVERYTHING..
some of u guys really kill me.. there is something going on here that is not right.. no matter what ur all in denial if u dont think that...
we DUN GOOFED..
we fucked up .. thinking that it was gunna keep on going up.. idc what yall say.. im just hoping it doesnt go down past 50... fucking cruel world.. WHYY!!!
If you really think it won't rise again YOU are high. I've been here almost two years, and mining before that. These things happen in cycles, and you can almost guarantee at least twice a year that there will be a run on coins and the price will inflate, then drop like a rock. It might sit at 50 for a day or three months, but it will climb and fall.
Miners should be refusing to sell coins below their "cost of manufacture," and most do, but bitcoin thieves, pussy traders and manipulators drive the price down. Who in their right mind would see the price drop in half and then run to sell their coins at that before it goes down further? Panicky folks, that's who. Folks that don't realize that THEY are contributing to the fall. Without proper regulation this is an emotionally regulated market - and people are generally easy to panic, and hard to calm down.
::) The price won't stabilize, ever.
umm sirr. ur a fool im saying its not going to go back up anytime soon.. i know for a fact it will change over time.. BUT NOT THIS WEEK OR THIS MONTH.. it aint going that high at least.. it might go up to 100 but i doubt its going to 250
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OK just checking in after a pretty major correction here at 50 from close to 200....But that's still above where I started this thread. I placed an order a day before the correction.
Guess what the vendor (BlueViking) did ? He saw the falling knife, cancelled my and all the other orders placed when BTC was high, and I got my heavily devalued BTC back. Ouch. That should really be against the SR rules. Looks like he pulled all his listings, how convenient.... :(
BLUE VIKING : "UPDATE: Canceled ALL orders... BTC crashed and i'd be losing money buy selling at the moment. Once BTC has become stable again.. i will continue business. Plz understand and dont expect me to give drugs for free, or pay, to ship drug"
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yeah venders shouldnt be able to do that so fast we have to wait 4 days.. when people ordered and then btc went up and they got an extra couple grand they didnt complain and in a way WE loose money by that.. we couldve not ordered.. but whatever guess thats just how this shit works out..
i would do the same thing i guess
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btc is a currency and it is not good to see the rapid deflation that is happening, but, as long as there is btc as currency.... its all good.
stay positive!!
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Guess what the vendor (BlueViking) did ? He saw the falling knife, cancelled my and all the other orders placed when BTC was high, and I got my heavily devalued BTC back. Ouch. That should really be against the SR rules. Looks like he pulled all his listings, how convenient.... :(
Ok I'll probably get my arse kicked for saying this, BUT, "if I were a vendor, ans saw this coming, I TOO would have DONE THE SAME!" :o It's the 'sensible thing' too do!
Why?
Well, let's a have look at what the SR's 'concep's guidelines' are;
They are, that, TSR is 'supposed' to be, a fair market, where the vendors make their offers at price x, and the buyers CHOOSE to buy x at that price, or find another supplier. Simple :)
The products 'cost' is then placed in escrow by the buyer, and the product is delivered by mail, with the funds being released from escrow upon receipt of the package and confirmation the 'goods' are 'as expected' ....... bottom line! Sweet ... (n.b. dont FE ;))
Yes, unfortunately it doesn't always work perfectly, BUT, it works fucking well MOST of the time ... or it wouldn't still exist :o
Now, IF Btc (or whatever currency being used to buy x) remains fairly stable, BOTH buyers and vendors benefit, as they ARE able to 'trade' within the 'concept guidelines' of a place like TSR)
However, the current Btc fluctuations (for whatever reasons they're happening) are giving people with Btcs in their wallets, INSTANT benefits recently, which IMO has brought out the greed in a lot of us, and we are forgetting the MAIN REASON WE ARE HERE, is to get good drugs at a fair price, NOT MAKE $'s WITH BTC ::)
OR, for that matter, to try and make our favorite vendors miserable by TAKING ADVANTAGE of them NOT 'raising their prices according to the Btc to $ index...Oh No! But to say that if they "stop trading/go on vacation" rather than change all the listings, IS COMPLETELY UNREASONABLE
IMO it's very sensible decision to take, in the middle of this current Btcmayhem! 8) 8) 8)
We, their TRUSTED CUSTOMERS...SHOULD be very understanding of the mindfuck this MUST be causing MANY VENDORS! :(
So....what to DO? Motek recommends sending your vendor a pm BEFORE MAKING ANY PURCHASE and 'check' to see how they're doing, and what's the deal.
*** They dont WANT to lose business/customers on purpose :o , they're just trying to stay afloat (and dont think the HUGE vendors didn't cop a hard hit...they did!) ***
Don't forget. Bitcoin IS MUCH BIGGER than just TSR! remember ...e-currency IS a major game changer ... the biggest thing since the Internet :o 8) 8) 8)
BUT ...if we ALL stay cool, and treat each other with respect, and Not "try and benefit" from Btc's and "make the most of" the vendors who haven't changed their prices >:(
FFS ... IF this was RL and the dollars "value" had doubled in the last week, do you think the dude you call on the ph for drugs IS going to have the same prices as yesterday?"
BUT ... here we have these vendors, who are in a tight spot ... and as a member of The Road, You HAVE a Responsibility to be as fair and honest as you expect your vendors to Be 8)
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a very decent post but why do you abbreviate silkroad as TSR?
it makes me hate & pity you, and i dont know why.