What the.....??? Bitcoins are trading over $70 today???

i've been wanting to buy bitcoin ever since it hit 16$, but i'm not tech savy. is there anyone who can explain to me step by step how to buy and store bitcoin info?
 
Toureg89 said:
i've been wanting to buy bitcoin ever since it hit 16$, but i'm not tech savy. is there anyone who can explain to me step by step how to buy and store bitcoin info?
Click to expand...

If you have a smartphone, use this...

https://localbitcoins.com/

Plenty of smart and friendly libertarians willing to help you out in person in a public place.

You hand over the cash and he takes a picture of your QR code sending you coins to your wallet.
 
Someone should introduce $/bitcoin futures and options. Now that would be fun.
 
jclay2 said:
Someone should introduce $/bitcoin futures and options. Now that would be fun.
Click to expand...

Why would we want something introduced that would make Bitcoin just as unstable and untrustworthy as public stocks?

Bitcoin is awesome for the way it currently is. A true market where price fluctuates based on real buy/sell orders. All done without the worry of hiding behind naked paper shorting and other scams the elite do with "traditional" financials
 
Paladin69 said:
Why would we want something introduced that would make Bitcoin just as unstable and untrustworthy as public stocks?

Bitcoin is awesome for the way it currently is. A true market where price fluctuates based on real buy/sell orders. All done without the worry of hiding behind naked paper shorting and other scams the elite do with "traditional" financials
Click to expand...


LIBERTINES...in this case, the GREED IS GOOD people...are jumbled up with Ideological Libertarians & Free Market Capitalists.

Libertines also regularly make their presence known in the RAPE threads.
 
Guys don't be retards about this. I've shorted (successfully) penny stocks for the past 5 or 6 years. These do not end well. Do not buy these manias. I have no idea how high this will go. It's gone parabolic. The people here sound like the messageboards when garbage pennystocks start flying. Here's the chart.

http://bitcoincharts.com/charts/mtgoxUSD#rg180ztgSzm1g10zm2g25zv

I assure that this will have steep rush to the exits at some point. Maybe this will be a new normal and I'll be wrong. In the thousands of trades I've placed, I have found "this time is never different." Maybe this will be the first time "it is different." I'm not saying it's not going higher but I assure you there will be a rush to the exits. Though I have a feeling I'm talking to a wall and people will have to slap their hand on the hot stove.
 
misean said:
Guys don't be retards about this. I've shorted (successfully) penny stocks for the past 5 or 6 years. These do not end well. Do not buy these manias. I have no idea how high this will go. It's gone parabolic. The people here sound like the messageboards when garbage pennystocks start flying. Here's the chart.

http://bitcoincharts.com/charts/mtgoxUSD#rg180ztgSzm1g10zm2g25zv

I assure that this will have steep rush to the exits at some point. Maybe this will be a new normal and I'll be wrong. In the thousands of trades I've placed, I have found "this time is never different." Maybe this will be the first time "it is different." I'm not saying it's not going higher but I assure you there will be a rush to the exits. Though I have a feeling I'm talking to a wall and people will have to slap their hand on the hot stove.
Click to expand...
\

Thank you. + rep. The fact that bitcoin is surging 40% in 2 weeks is not a good sign.
 
misean said:
Guys don't be retards about this. I've shorted (successfully) penny stocks for the past 5 or 6 years. These do not end well. Do not buy these manias.
Click to expand...


Yes..... -BUT-.... (and I ask this sincerely, I'm not sure myself) are bitcoins really comparable in way to penny stocks? Penny stocks are stocks being offered for small, often financially unstable companies. Bitcoin is a digital currency that can't (as I understand it) be inflated.

I would certainly short FRNs, what with the Fed printing $85 billion each month out of thin air. But there only a fixed amount of bitcoin, and it seems like it's just starting to reach a tipping point in public awareness and acceptance.
 
misean said:
Guys don't be retards about this. I've shorted (successfully) penny stocks for the past 5 or 6 years. These do not end well. Do not buy these manias. I have no idea how high this will go. It's gone parabolic. The people here sound like the messageboards when garbage pennystocks start flying. Here's the chart.

http://bitcoincharts.com/charts/mtgoxUSD#rg180ztgSzm1g10zm2g25zv

I assure that this will have steep rush to the exits at some point. Maybe this will be a new normal and I'll be wrong. In the thousands of trades I've placed, I have found "this time is never different." Maybe this will be the first time "it is different." I'm not saying it's not going higher but I assure you there will be a rush to the exits. Though I have a feeling I'm talking to a wall and people will have to slap their hand on the hot stove.
Click to expand...

Bitcoin will certainly be a great short. It is still around $70 to long for it to be the top imo. Generally the market doesn't give you much time to get out at the top. A blowoff top would be a great sign for a short. But I have not found how it is possible to sell short.
 
I hate bit coins and never will. However even if it was an asset i liked, i thought bitcoins was pricey at 30/btc but at 70/btc i really think something is wrong.

This is a side story, nothing related to bitcoin, but I feel when CNBC and all the news media is talking about something, i feel it rises for a short time 2-3 weeks (while the media pumps it) then just drops. So far to my count for this week, I saw 2 yahoo story's 1 fox business story and 1 cnbc story this week about bitcoin.
 
Don't forget your capital gains taxes on the illusion of a gain???

Actually I haven't touched bases on this topic since they first came out and it looked just like any other counterfeit-able currency.


P.S. It could be they are being scaled against counterfeited dollars. Everything seems to chart and remain looking stable until you chart a relationship to reserve notes.


misean's link;

http://bitcoincharts.com/charts/mtgoxUSD#rg180ztgSzm1g10zm2g25zv
 
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I'm a big bitcoin proponent because I think they will most likely go way, way higher over the next few years.

More and more stores are accepting them, which is huge because its that confidence that really creates the value in them.

You can buy almost any kind of Internet service with them, some clothing, dental work, insurance, and now even a car (wikispeed).

I don't fully understand the coding that backs them, but almost every post I've ever seen says its uncrackable.


My take on the risk vs reward of bitcoin:

Possible causes for a huge drop in bitcoin:
-another exchange hack (mtgox, coinbase or tradehill etc..), but even future hacks will only drop the price temporarily.

-a true "major fork" in the protocol. The last minor fork caused the price to drop precipitously for several hours until the core group of developers fixed it, but everyone I've read with knowledge of bitcoin acknowledges that it is at least possible for the entire system to go bankrupt in this way.


Possible causes for large rise in bitcoin price:
-major news coverage (TV, CNN, The today show, etc..)

-major institutional investors begin investing in bitcoin.
Once the first ETF or mutual fund starts investing in bitcoin the price will almost certainly rocket upwards.
It's market capitalization right now is $700 million; FOREX currency exchanges trade $4 trillion/day.

Estimates of bitcoin price at different market share:
if bitcoin achieves market penetration roughly equal with the dollar: $56,000 per bitcoin
So even 10% of dollar parity would be $5,600

if bitcoin achieves 1% of FOREX currency trade then max kieser estimates it'll be $100,000 per bitcoin




Yes, bitcoin is currently trading at a price well above what would be expected based on its current usage, but that's mainly because people see the future potential value of it.


Gold is not used in hardly any actual commercial transactions yet its price continues to rise and rise.




Bitcoin is a new technology. Right now it's ~$70. In 5-10 years it could be completely worthless or it could be $1,000 or more.
IMO the potential upside of a potentially 500% or more yearly return is worth risking losing some cash.
I look at it like medium-term gambling where the odds are heavily in your favor.
 
KCIndy said:
Yes..... -BUT-.... (and I ask this sincerely, I'm not sure myself) are bitcoins really comparable in way to penny stocks? Penny stocks are stocks being offered for small, often financially unstable companies. Bitcoin is a digital currency that can't (as I understand it) be inflated.

I would certainly short FRNs, what with the Fed printing $85 billion each month out of thin air. But there only a fixed amount of bitcoin, and it seems like it's just starting to reach a tipping point in public awareness and acceptance.
Click to expand...


Everything that trades is comparable to penny stocks- Silver, Netflix stock, tulip bulbs,etc. A chart is a chart of human psychology. I know exactly zero about Bitcoin, nor do I need to. If it makes a new all time I would bet that it does go higher. If it doesn't make a new high in the next few days then odds favor it dropping 30%+ off its highs.

NFLX- http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=nflx&insttype=&freq=2&show=&time=20
GMCR- http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=gmcr&insttype=&freq=2&show=&time=20
SLV- http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=slv&insttype=&freq=2&show=&time=13
BVSN- http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=bvsn&insttype=&freq=2&show=&time=10

Bitcoin since 2010 http://bitcoincharts.com/charts/mtgoxUSD#tgSzm1g10zm2g25zv
 
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