What is with the bitcoin obsession?

[Elwar]

Not necessarily. Should it turn out to be a true ponzi, the bitcoins that people think they have invested will just disappear. If anything, this will provide upward pressure on the market since the amount of perceived bitcoin will be lower. From what I see, there aren't a lot of people out there buying bitcoins just to invest it in that particular 7%/week fund. Many are reinvesting funds and hoping to pull out before it comes crashing down (Well, if it comes crashing down).

No more need to speculate on this. The ponzi has come to an end and people are reacting.

Initially it dropped from $14-$15 to around $10-$11.

The ponzi has promised a slow payback over the next week to investors but I doubt anything will come of that other than buying a week of time.

There will probably be a lot of panic trading but I believe that the fundamentals are good for the long term. Short term will be a roller coaster.

I would rather the price be stable with a slow rise. Huge leaps and falls make it difficult to plan around.

 

[IDefendThePlatform]

Also, and far more importantly, HYIP people are always going to be interested in exchanging, in cashing out. HYIP are the only people actually using Bitcoin. They are driving the whole thing. All the other users are really small and inconsequential.

Bumping this old thread because I found Helmuths arguments very informative and wanted to get some new perspective on this since the general bitcoin usage has increased greatly in the last year:http://bitcoinmagazine.com/bitpay-e...aign=Feed:+BitcoinMagazine+(Bitcoin+Magazine)

 

[hazek]

In my view BitCoins intrinsic value is derived from it's design of the technology.

LOL what a noob that guy was almost 2 years ago. He said BitCoins instead Bitcoin's and he argued for some stupid concept of intrinsic value which does not exist since all value is inherently subjective

 

[hazek]

But If I had a spare $5k laying around being able to forget about them if I lost them all I'd definitely buy as many BitCoins as I could. But because I don't I did a little mining instead and right now I own 0.54BTC

The funny part? I had that kind of money, just not money I could have forgotten about and my prudent conservative mind told me not to put it into Bitcoin. If I had? Well I'd have around $400k right about now Life is funny that way I guess.

And lol me mining 0.54BTC, ahahahaha

 

[Shane Harris]

This was the first thread I saw on BTC and I don't think I even bothered to investigate it. It took until September 2013 for me to start getting interested. So depressing. I have no excuse for missing out on 5 dollar bitcoin ...

Needless to say, I still consider myself an early adopter

 

[amonasro]

This was the first thread I saw on BTC and I don't think I even bothered to investigate it. It took until September 2013 for me to start getting interested. So depressing. I have no excuse for missing out on 5 dollar bitcoin ...

Needless to say, I still consider myself an early adopter

I remember this thread too, it was also the first I had heard of the Bitcoin. I remember thinking that it seemed interesting but I didn't read nearly enough about it and the possibilities of decentralized asset ledgers. At least I can say I bought $60 bitcoins--that's "early adopter" status enough for me.

 

[XTreat]

This was the first thread I saw on BTC and I don't think I even bothered to investigate it. It took until September 2013 for me to start getting interested. So depressing. I have no excuse for missing out on 5 dollar bitcoin ...

Needless to say, I still consider myself an early adopter

I bought $5 BTC....and spent them on TSR....

 

[presence]

bump

 

[RonPaulIsGreat]

Funny, I still have the same "View" in terms of I think bitcoin would have been better off if instead of an ever dwindling block reward, it would eventually just issue like 1 or 2 bitcoin as a block reward minimum.

Anyway, I have some bitcorns now, I could have been filthy rich though if I had accepted the good instead of continuing to hunt for the "perfect". Oh well.


**Edited to clarify as got a message of someone that misinterpreted. I mean the block reward would work the same as today aka 25 Bitcoins and the halving would continue to happen, it just would stop halving and forever be 1 or 2 bitcoins per block at the point the halving would have resulted in less.

 

[fatjohn]

Uhm, maybe stupid but what are the chances that a "Bytecurrency" project comes along, looking alot like bitcoin but a bit better and will totally sweep bitcoin out of the market reducing the value of a bitcoin to zero. A bit like what facebook was to myspace.

Just don't worry, early 2011 fatjohn, just plough in all your money and you'll get rich.

(Here's to hoping that the forum's time travel abilities work well.)

 

[Kade]

Bitcoin value when I started mining and bought in, late September 2013: $123
Bitcoin value today: $455

 

[Kade]

I'm not a goldbug, in fact, I was often on here verbally beating goldbugs. However, I will point out that many of the valid arguments for GOLD also apply to bitcoin. Myself being a rather technologically progressive person find bitcoin to be wildly more relevant and useful in terms of currency. Every currency is based on the "faith" of the users. Some will argue about utility of some currencies, ie gold in jewelry, electronics, etc..

The truth is, unlike gold, bitcoin cannot be manipulated so heavily by hoarding and it is impossible for any authority to manipulate the quantity. It is limited and easily traded anonymously and without issue. You will not see "Bitcoinplus" advertisements anytime soon, you will not see people scamming people from their jewelry or otherwise, and you will not see ridiculous inflation hedging against it...

The amount of bitcoins currently is at around 6.49 million. This number is easy to look up and viewable by all the users. When Bitcoin goes down, if it does, it will be because a Government took it down, not for any other reason.

It is valued by people who have valuable services to offer in the real world and digitally... it is the currency of the underworld.

Old Kade, so much passion.. so much epic. And probably slightly poorer

 

[opal]

I looked into bitcoin again just yesterday - still kicking my self in the ass for not buying at 13 bucks.. anyway
here's my most recent drawback

bitcoin ATMs.. none near me

 

[muh_roads]

I looked into bitcoin again just yesterday - still kicking my self in the ass for not buying at 13 bucks.. anyway
here's my most recent drawback

bitcoin ATMs.. none near me

Download the latest mycelium wallet for android and check out LocalTrader feature built within. It sort of acts like localbitcoins.com

 

[opal]

I don't do mobile devices

 

[FSP-Rebel]

I don't do mobile devices

Then an ATM would do you no good anyway. Just link up your checking account w/ Coinbase.

 

[opal]

Then an ATM would do you no good anyway. Just link up your checking account w/ Coinbase.

hmmm.. one of the things I read yesterday was the new atm's .. you can input cash and your wallet number/deposit code on the keypad and poof.. bitcoins

 

[FSP-Rebel]

hmmm.. one of the things I read yesterday was the new atm's .. you can input cash and your wallet number/deposit code on the keypad and poof.. bitcoins

Yeah.., if you have a mobile device w/ an installed wallet. Outside of that, you need Coinbase via your computer. No mobile device, no worky on the ATM. You're on better footing with this model; just do what you always do to deposit but just do something different and deal it accordingly on CB.

 

[RonPaulwillWin]

blimp!

 

[RonPaulIsGreat]

blimp!

Please never bump this thread again, I'm compelled to look at my old posts, and how my lack of having a better understanding cost me millions!!!!!!!!!