DUMP YOUR BITCOINS

[r00t]

They're even more worthless now!

http://techcrunch.com/2013/10/02/fbi-seize-deep-web-marketplace-silk-road-arrest-owner/

[AlfredENeuman]

What, Me Worry?

[Recycled Children]

I invested in LiteCoins.

[feanan]

Besides the fact that bitcoins are useful for other reasons...

The US war on drugs has worked so well. It's so unlikely that something else will take it's place.

/sarcasm off

[Orruar]

Great opportunity to scoop up some cheap bitcoins. In economics, you usually don't want to follow a herd of panicking people.

[ncapatina]

Apparently enough idiots thought this would make a difference and started dumping. BT price skyrocketing right now, it's jumped from $110 to $150 in the last 3 hours.

Some people made tens of thousands of dollars this afternoon playing the market panic. Don't be a sheep.

[ncapatina]

https://www.mtgox.com/ if you want to check the price on the biggest exchange. Click the little graph icon in the top left.

[r00t]

I know it isn't the death of the internet black market. This dude was clearly a moran. He should have hosted in Iran and lived in North Korea, then the feds would never bust him.


btw when people dump prices go down, that whole supply > demand thing....

[r00t]

oh man unless there was some billionaire warren buffet who bought all the bitcoins and is now sitting on all of the supply markin it up like the <religious slur> he is

[ncapatina]

Yes but people dump out of panic. Then it hits a threshhold and every autotrigger people have setup fires at once and the price skyrockets. Then you can resell at the new higher price and wait for it to stabilize and buy.

A friend of mine out in Seattle just put 100k down on a house ALL off of bitcoin money. Half he made by making them and being an early adopter, the other half he made day trading them. The fees are so small even a fluctuation of 20 or 30 cents he was making $200-300, reinvesting it in coins and starting it all over again.

BTs bottomed out around $80 and there are active sales over $130 now. In a period of less than 12 hours. If you were sitting on 500 BTs and flipped them all you'd end up with 800+ coins if you timed it right. Assuming the price stabilizes around $120 where it was at you would have made yourself $36,000+ for clicking 2 buttons, not a bad day at the office.

[ncapatina]

And even if you're not one of the lucky people who got in early, if you had 50 coins and turned them into 80, you'd still have made over 3 grand this afternoon if you played it wisely.

[Orruar]

I know it isn't the death of the internet black market. This dude was clearly a moran. He should have hosted in Iran and lived in North Korea, then the feds would never bust him.


btw when people dump prices go down, that whole supply > demand thing....

Yeah, but people were dumping for no particular reason (other than fear, which is temporary). Other websites will pop back up (if not the exact same silk road site), and will still use bitcoin. Nothing changed in terms of the utility of bitcoin as a currency, so there was no reason for the price to drop like that. Too bad the market corrected faster than I anticipated. Was gonna throw some cash into it if they got down to the $50 range.

[runlvlzero]

Bit coins is just yet another fiat controlled by a single corporation rather than the National Treasury Department.

The current banks have enough real assets to inflate and control bitcoins in the same manner as they do our current economy.

Sure you could get in on the ground floor mining/earning them. Before inflation really bubbles. But the end results are going to be exactly the same if they ever get traction as a world currency.

[runlvlzero]

Lastly if bitcoins ever became a threat to current fiats. The government would regulate the rate of mining.

[Orruar]

Bit coins is just yet another fiat controlled by a single corporation rather than the National Treasury Department.

The current banks have enough real assets to inflate and control bitcoins in the same manner as they do our current economy.

Sure you could get in on the ground floor mining/earning them. Before inflation really bubbles. But the end results are going to be exactly the same if they ever get traction as a world currency.

In what way can they inflate the supply of bitcoins? They become exponentially more difficult to mine and then there is a hard cap on the total number (about double the current supply).

[runlvlzero]

They can purchase more mining equipment than you or I. There's already in industry around mining it.

The people who run the bitcion company can always flip a variable in the algorithm.

Banks or bitcoin mining operations can always purchase more bit coins than you or I can mind collectively. IMO.

[runlvlzero]

Its trivially easy to transfer real world $ to bitcoins as well. Then again re-establishing control of the bitcoin wall street.

[runlvlzero]

Bitcoins is not backed by anything but good faith. Its just another fiat.

[runlvlzero]

I've done a bit of research you can spend 1000$ cash to lease mining equipment to mine you 2000$ USD bitcoins with a year on return of investment. By then they either hope you buy more mining gear or cash out.

It doesn't take an economics degree to see how this new ponzi scheme will work.

[runlvlzero]

Lastly right now it has very little regulation other than the good faith of the corporation allowing you to mine the coins.

It's almost a worse devil than what we have. Perhaps.

[runlvlzero]

I'm not an economics genius though.

[runlvlzero]

Ironicly though if you went with investing in a mining firm. You will just subsidize their mining industry. Because the hardware needed to mine 1000$ of bitcoins over the course of a year is probably less expensive than that.

[Estolcles]

I don't trust bitcoins.

Luckilly, I already made a donation to my favorite torrent site for a massive ratio fix BEFORE Paypal blocked them, and they had to switch to Bitcoin donations.

[Orruar]

You just made 7 posts in a row.. going for a record?

If it's so easy to make money bitcoin mining, why aren't you doing it?

[runlvlzero]

I don't trust them either. Also I don't know if now is a good time to invest or not. And I'm poor as fuck. I don't have a machine I can plug in to mine bitcoins and wait 20 yrs on an investment return. It'll probably cost more in electricity to mine them.

[Recycled Children]

I found this informative about Bitcoin.

http://www.youtube.com/watch?v=w4HGVJjqDVk

[runlvlzero]

I found this informative about Bitcoin.

http://www.youtube.com/watch?v=w4HGVJjqDVk

I have a feel for where this video is going. It feels like they want to show bitcoins as breaking the chains of bondage.

My original argument still stands that it is an Illusion. It is still a fiat currency. And the "People" don't have control over it in the long run.

[runlvlzero]

The simplest way to look at it is that it uses Eve game theory in a real world fiat currency.

[runlvlzero]

Hell they could just create a "game" to stand in for the "mining". But its slightly easier to cheat at complex games and harder to "tweak" variables.

[Estolcles]

The simplest way to look at it is that it uses Eve game theory in a real world fiat currency.

BUt without the cool ass spaceships.

I miss playing EVE. No camping shit, just rerunning missions.

[runlvlzero]

BUt without the cool ass spaceships.

I miss playing EVE. No camping shit, just rerunning missions.

[runlvlzero]

But it doesn't have elvish ladies!

[Estolcles]

But it doesn't have elvish ladies!

No... but if you mess with the character editor, you can come close!

[runlvlzero]

You video link is informative though. It goes into all the details very well.

[runlvlzero]

No... but if you mess with the character editor, you can come close!

Yeah I loved the char editor actually.

[runlvlzero]

And space... deep space where your blood runs cold... and the stars are bright and you have to go through many 0.0 sectors to find that island of glory.

[Estolcles]

And space... deep space where your blood runs cold... and the stars are bright and you have to go through many 0.0 sectors to find that island of glory.

I was a care bear, I rarely left high-sec.

[runlvlzero]

Lastly its a legitimate currency. The money laundering shit is slander because banks dont want to get off their lazy asses and convert. Nor do all the middle men agencies set up for real world fiat transactions.

[runlvlzero]

I was a care bear, I rarely left high-sec.

Hehehe, there was this place I forget called Avalon or something that was a bunch of .8's surrounced by slightly lessers with only a slim connection to main space through 0.0's and other low secs. I was a carebare out there while my trial period lasted )

Hermit carebear.

[runlvlzero]

Wonder if the maps look anything like they did when I played or how much they change or don't. Or expand.

[Recycled Children]

You video link is informative though. It goes into all the details very well.

Fiat or not if we are trading in any currency other then the one a government controls I say more power to digital currency. More than one currency will prevent inflation.

[runlvlzero]

Fiat or not if we are trading in any currency other then the one a government controls I say more power to digital currency. More than one currency will prevent inflation.

There's potential here. Certainly. I am no expert. It could be run much better if its done in good faith and distributed as much as they promise. Than the USD for example.

[runlvlzero]

I don't mind it. I say let the experiment run )

[Stinkum]

Bitcoins = drug coupons.

[runlvlzero]

The guy makes some very valid and good points towards the end of his video. But it's still backed by nothing but government force and legally binding contracts. I don't care what you want to call it. IMO it's just a more liberal fiat.

[runlvlzero]

And if the governments of the world don't like it, it will get crushed.

[runlvlzero]

Bitcoins = drug coupons.

Heh, everything equals drug coupons in this community. They probably trade sexual services for drugs.

[Orruar]

I don't trust them either. Also I don't know if now is a good time to invest or not. And I'm poor as fuck. I don't have a machine I can plug in to mine bitcoins and wait 20 yrs on an investment return. It'll probably cost more in electricity to mine them.

Ding ding ding, we have a winner. The coins get harder to mine as time goes on, which means there's eventually a balance point where it costs just as much in inputs (hardware, electricity) as you get from mining. They are pretty much at that point. So now more mining occurs as the price goes up, less as the price goes down. And over 50% of the total bitcoins have been mined so far, so the total supply isn't going to increase drastically (like our US$ supply has been).

I'm not familiar enough with bitcoin to know whether someone can just change some lines of code, but I thought I read something about how since it is a distributed app, you would have to take over the majority of the computational power of the network as a whole to screw with anything, and that's much more than the combined power of the world's supercomputers currently. And I believe they also said that such power (which would cost hundreds of millions of dollars to obtain) would only allow the malicious person to do a few relatively minor things, like roll back transactions within seconds after making them. Do you have a source or anything showing such a weakness of bitcoin?

I've also heard that since it is open source, it is simple to make other copies of bitcoin (litecoin comes to mind). Competing currencies are a good thing and will help find what works the best. If bitcoin does end up with massive inflation through some kind of software modification, people won't trust it and won't want to use it. Not if there are other alternatives. And clearly nobody should be holding any substantial part of the portfolio in any single currency.

[Orruar]

Looking at a chart, it would appear the OP called to dump bitcoins at the very bottom of the trough. Bad economic advice on the P99 forums? Why I never.

[runlvlzero]

Ding ding ding, we have a winner. The coins get harder to mine as time goes on, which means there's eventually a balance point where it costs just as much in inputs (hardware, electricity) as you get from mining. They are pretty much at that point. So now more mining occurs as the price goes up, less as the price goes down. And over 50% of the total bitcoins have been mined so far, so the total supply isn't going to increase drastically (like our US$ supply has been).

I'm not familiar enough with bitcoin to know whether someone can just change some lines of code, but I thought I read something about how since it is a distributed app, you would have to take over the majority of the computational power of the network as a whole to screw with anything, and that's much more than the combined power of the world's supercomputers currently. And I believe they also said that such power (which would cost hundreds of millions of dollars to obtain) would only allow the malicious person to do a few relatively minor things, like roll back transactions within seconds after making them. Do you have a source or anything showing such a weakness of bitcoin?

I've also heard that since it is open source, it is simple to make other copies of bitcoin (litecoin comes to mind). Competing currencies are a good thing and will help find what works the best. If bitcoin does end up with massive inflation through some kind of software modification, people won't trust it and won't want to use it. Not if there are other alternatives. And clearly nobody should be holding any substantial part of the portfolio in any single currency.

The guy in the video estimated something crazy like 5 trillion or 500billion investment. to do that. And its still not perfect.

[r00t]

Looking at a chart, it would appear the OP called to dump bitcoins at the very bottom of the trough. Bad economic advice on the P99 forums? Why I never.

we must be looking at 2 completely different graphs

[Champion_Standing]

You just made 7 posts in a row.. going for a record?

If it's so easy to make money bitcoin mining, why aren't you doing it?

Seriously runlvl, you gotta give yourself an extra 2 minutes before hitting the post button.

[runlvlzero]

Since my walls of text come out garbled and confused I started limiting myself to small mediocre and trivial thoughts/posts. Seems to be working out much better from a "making sense perspective" imo.

[runlvlzero]

Though I suppose I could open notepad and reply to myself several times before posting.

[Orruar]

The guy in the video estimated something crazy like 5 trillion or 500billion investment. to do that. And its still not perfect.

Right, so it wouldn't be worth it to try and gain the power necessary to do anything devious. Of course, governments usually aren't subject to market forces in the same way, so who knows.

[Orruar]

we must be looking at 2 completely different graphs

Yeah, must be. Here's a chart with the red line showing when you made this thread. Note the time is in UTC.

http://s9.postimg.org/t2fo7cr6n/bcchart.jpg

[r00t]

looks like I'm right though, they are still more worthless than they were before!

[Orruar]

looks like I'm right though, they are still more worthless than they were before!

No, you said to dump bitcoins at the very bottom. There's nothing right about that unless you're trying to lose money and gasoline + match isn't quick enough for you.

[ncapatina]

runlvlzero confirmed forumquest immersed.

People act like BTC is a new thing. It's been around an eternity, relative to most "fads". It's not going anywhere.

I was a naysayer, didn't think it was worth the time. Then I watched a dude put a down payment on a house with BTCs.

A couple things though, BTC is so far along it's not worth it to get into mining them unless you're buying mining rigs like the ones from butteryfly labs. It would take you close to a year to make a BTC pool mining with a high end ATI card. You'd use far more electricity to manufacturer it. That doesn't stop you from buying a few out of pocket and day trading them though.

I've been mining Litecoin's, which is getting hard every day too. It's scrypt based so it isn't possible to use the mining rigs to make them, although I'm sure if/when it takes off people will develop scryptmining rigs. They bounce around between $1.80-$2.40 but have been generally stable for awhile at $2.20ish. I can make about one a week mining when I'm not using my PC for other things, running a ATI 7970. I'm about breaking even power wise. But if the things go nuts like BTCs did about 2 years ago I may be sitting on 10k worth of coins in a hurry. If they tank I'm out a few hundred bucks in electricity spread out over a couple years.

There just is no reason not to get into it. I know people who bring in mining PCs and plug them in under their desk at work so they use 0 power. Even if it's one coin every month that crap adds up.

[Orruar]

runlvlzero confirmed forumquest immersed.

People act like BTC is a new thing. It's been around an eternity, relative to most "fads". It's not going anywhere.

I was a naysayer, didn't think it was worth the time. Then I watched a dude put a down payment on a house with BTCs.

A couple things though, BTC is so far along it's not worth it to get into mining them unless you're buying mining rigs like the ones from butteryfly labs. It would take you close to a year to make a BTC pool mining with a high end ATI card. You'd use far more electricity to manufacturer it. That doesn't stop you from buying a few out of pocket and day trading them though.

I've been mining Litecoin's, which is getting hard every day too. It's scrypt based so it isn't possible to use the mining rigs to make them, although I'm sure if/when it takes off people will develop scryptmining rigs. They bounce around between $1.80-$2.40 but have been generally stable for awhile at $2.20ish. I can make about one a week mining when I'm not using my PC for other things, running a ATI 7970. I'm about breaking even power wise. But if the things go nuts like BTCs did about 2 years ago I may be sitting on 10k worth of coins in a hurry. If they tank I'm out a few hundred bucks in electricity spread out over a couple years.

There just is no reason not to get into it. I know people who bring in mining PCs and plug them in under their desk at work so they use 0 power. Even if it's one coin every month that crap adds up.

The important question to ask is: what does Litecoin offer that Bitcoin doesn't? In currency, trust is important, and people have more trust in Bitcoin due to it's more widespread adoption. So unless Litecoin offers new features that make it more desirable as a currency than Bitcoin, I don't see it taking off like Bitcoin did. Of course, I didn't think Bitcoin would take off when I first heard of it several years back.. If only I had put some money into it when they were selling on par with the dollar.

[Swish]

I invested in LiteCoins.

So I decided I'm going to launch SwishCoins... who wants in? 1 SC = $0.10

SC = not to be confused with that horrible "Station Cash"...

[runlvlzero]

So I decided I'm going to launch SwishCoins... who wants in? 1 SC = $0.10

SC = not to be confused with that horrible "Station Cash"...

Fuck Yeah, Swishmurica!

[Kraftwerk]

Heheh

http://www.zerohedge.com/news/2013-11-17/bitcoin-rises-over-500

[r00t]

That's because a new silk road is up. Like I said, without a black market, bitcoins are worthless

[Kraftwerk]

100% return in one week is legit. This shit is getting like champagne, can't wait to see the next pop and spike.

[Orruar]

That's because a new silk road is up. Like I said, without a black market, bitcoins are worthless

You think silk road was the only black market, and black market is the only reason to use bitcoin?

Good call once again on the timing of dumping of bitcoin. If anyone had taken your advice, they'd have missed out on a 400%+ gain. Thankfully I doubt anyone takes investment advice from an EQ forum.

[r00t]

Okay, name a legitimate use for a bitcoin lol. I'm sure wal-mart will take em right?

[r00t]

Seen this "omg become early investor wait until they become mainstream you'll be millionaires" parade over and over since these things came out. They always fluctuate, spike, crash and burn. It'll be back to $10 within a year, as it always goes. No one will ever use them to replace USD, which is why their prices are primarily measured in USD.

Tangible goods such as beans and bullets will always be worth more than a digital currency that will be unavailable during the apocalypse. Even today in relative normalcy they can't buy you anything at a supermarket or gun show.

[r00t]

Bitcoin only good for buying 2 things: a real currency, or drugs

[r00t]

I use "real" currency tongue in cheek. We all know the USD is a fiat currency for a fake economy.

[Daldolma]

bitcoins gon be good for buying 3d weaponry when obama nationalizes outlet stores and outlaws ammo

[Orruar]

Okay, name a legitimate use for a bitcoin lol. I'm sure wal-mart will take em right?

Quick, easy, and nearly transaction cost free. There are plenty of uses. One person used it to transfer several million $ worth of money for like $20 in transaction fees. Many donation-based services accept bitcoin.

[r00t]

I guess adding bitcoin transactions to a money laundering scheme would be good way to trip up the feds.

[Kraftwerk]

Broke 600USD this morning. Also there is a real estate company in China accepting Bitcoin as payment at fixed rated of 1000CNY : 1BC. So not just black market, but mostly still that and easy money transfers. Can't wait to watch this shit pop later.

[feanan]

Shopify has starting accepting bitcoins. But hey, only a billion dollars in business went through them last year...

[r00t]

I prefer my investments to be less volatile than fire in a meth lab

[r00t]

I wish I had some bitcoins to sell you. And some swampland. And a 1982 Chrysler LeBaron.

[r00t]

Also can't wait for the meltdown that occurs when the first sha-256 hash collision occurs in this ponzi scheme

[radditsu]

I sometimes think you give advice you dont believe.

[Kraftwerk]

High of $675 today, glad I dumped my life savings into this. Going to sell at 1000USD. This has been fun to watch, I can't wait to see where it ends up after Senate hearing today.

[moklianne]

Slysoft accepts them if you're into archiving your DVD's and Blurays:
http://www.slysoft.com/en/bitcoin.html

The companies that accept them are growing, just very slowly. There are random legit small businesses all over that accept them. They rarely advertise because they don't want to be included in with companies like Silk Road since they're all over the news.

Bitcoins in the end are no different than a hard currency like gold or silver. The main difference is in their volatility. Probably due to how nervous everyone is about this new currency. Governments and banks hate any currency that they can't directly control, tax, have complete visibility on, etc. Its a loss of control they don't like.

I mined them for a while a couple of years ago, its really not worth mining them anymore. But that's already been said. Its funny so many are slamming bitcoins and then complain about the government and banks that use regulated currency to control you.

[r00t]

Not worth mining anymore? I noticed more than half of the maximum bitcoins have already been discovered and that it slows down the closer you get to the cap.

What do you think about mining litecoins?

[Kergan]

Not worth mining anymore? I noticed more than half of the maximum bitcoins have already been discovered and that it slows down the closer you get to the cap.

What do you think about mining litecoins?

I'm making about half a litecoin per day right now with a single 7970 setup. LTC prices went from $2.10 two weeks ago and peaked to about $8.50 today. Get in while the gettin' is good or you'll be kicking yourself in a year when they hit $50/coin. I'm waiting for $20/coin so I can cash out 10-15 of them and buy a second mining card. I'm hoping in a year to have about 200 or more coins banked, see them hit $50+ and be sitting on 10 grand for doing jack shit.

[r00t]

Are you in a pool or solo?

[r00t]

Gotta be a pool DUh what one?

[Kergan]

Gotta be a pool DUh what one?

I use coinotron.com as my pool for LTC. They don't have a BTC pool anymore. Unless you're running a TON of gear you're going to be pool mining.

BTC mining not worth it unless you invested in one of those $20k butterfly lab machines.

[Kraftwerk]

Lolol this shit is great

http://www.zerohedge.com/news/2013-11-18/bitcoin-trades-over-1000-btc-china-exchange-crashes-promptly-thereafter

[Orruar]

Jesus, this dude's investment advice is to sell an asset just before it spikes in price by over 1000%.

Shanna, don't let him anywhere near your house finances. This is a case where the woman of the house actually has more financial sense than the man.

[Kagatob]

a case where the woman of the house actually has more financial sense than the man.

So the civilized world then.

[r00t]

The original post was over a month and a half ago.

If you want to invest in an "asset" (read: it's not even an asset) more volatile than fire in a meth lab, go ahead.

[r00t]

Theyre at $700 now. Like I said, the thing bounces around because no one really knows why they are worth anything

[Kraftwerk]

Theyre at $700 now. Like I said, the thing bounces around because no one really knows why they are worth anything

Yep, and its hilarious to watch. Modern day tulips.

[heartbrand]

+1 for intelligent tulip reference that went over 95% of people's heads

[r00t]

of course the jew would know about the tulip crash

[Orruar]

+1 for intelligent tulip reference that went over 95% of people's heads

Whee, look at me. I know about the 17th century Dutch tulip bubble, and that makes me feel superior to other people.

[Ahldagor]

bitcoins showing how stupid people are when money is the focus?

[r00t]

I use coinotron.com as my pool for LTC. They don't have a BTC pool anymore. Unless you're running a TON of gear you're going to be pool mining.

BTC mining not worth it unless you invested in one of those $20k butterfly lab machines.

got shannas computer as part of my botnet mining litecoins now

I think its time I get some liberry cards

[Ahldagor]

got shannas computer as part of my botnet mining litecoins now

I think its time I get some liberry cards

feds watch that shit. tax dollars and all. i work in one.

[Orruar]

got shannas computer as part of my botnet mining litecoins now

How do you ensure that the coins you're mining are more valuable than the electricity used to mine them?

[Shannacore]

so when do we buy a hot tub...?

[feanan]

so when do we buy a hot tub...?

never, because your boyfriend would have sold all your bitcoins for $10

[r00t]

feds watch that shit. tax dollars and all. i work in one.

Is it illegal to install my botnet on the public libraries systems? I was going to create startup daemons.

How do you ensure that the coins you're mining are more valuable than the electricity used to mine them?

I used a calculator for the watts her CPU and GFX card use to the hash rate and it comes out ahead. Plus she was dormant in high performance mode 24/7 anyway, so any additional overhead is negligible.

[r00t]

We're running

cgminer 3.7.2 on
ati radeon 9000
nvidia gtx420

cpuminer 2.3.2 on
i7-9000
i5-9000M
i3-9000M

[r00t]

need freebie webhosts with jailed ssh

[moklianne]

You need a couple of these:

http://www.newegg.com/Product/Product.aspx?Item=N82E16814105004

[moklianne]

It'll help with bruteforcing hashes/files nicely too.

[Skittlez]

Just invested in some bitcoins so I can buy drugs online instead of a Homeland parking lot. Win.

[moklianne]

[QUOTE=r00t;1192817]Is it illegal to install my botnet on the public libraries systems? I was going to create startup daemons.


There are Silent Miners that are FUD (Fully Undetectable) that you can use nsayn.

The proper term is 'currently' FUD. Once IT admins and AV writers realize something is using up cycles on their boxes, they'll be detected...

Nothing is fully undetectable.

[r00t]

Im going to write droid apps and put silent miners in them that deposit to a pool with my wallet info

[r00t]

I have a web service that I will sell premium access to for 0.00001 btc

[r00t]

minin' feathercoin and peercoins now too

got my hand in like 10 ponzi schemes now

[aborted]

People give me bitcoins for pics

[Skittlez]

I'll give you bitcoins for drugs

[Reiker000]

I think bit coins approx. tripled in value since Naez posted this thread? I'm glad some things never change on P99 (like Naez being wrong about everything).

[Swish]

Still an unstable currency, it will tank :p

[Orruar]

I think bit coins approx. tripled in value since Naez posted this thread? I'm glad some things never change on P99 (like Naez being wrong about everything).

The latest price is $868. He called to dump at around $100. That's a 768% increase. Solid investment advice on the P99 forums.

[r00t]

I have come to the conclusion this is still a fiat currency, since it's only value comes in ways that have regards to itself. In addition to being fiat, it will serve no purpose in the coming apocalypse. Therefore it is only good for speculation. Also a lot can change in a month with a volatile "investment" (read: gambling chip), so my OP is not inherently wrong (I don't follow bitcoin news to know when it will spike and dip; it will crash again)

Still an unstable currency, it will tank :p

[Orruar]

I have come to the conclusion this is still a fiat currency, since it's only value comes in ways that have regards to itself. In addition to being fiat, it will serve no purpose in the coming apocalypse. Therefore it is only good for speculation. Also a lot can change in a month with a volatile "investment" (read: gambling chip), so my OP is not inherently wrong (I don't follow bitcoin news to know when it will spike and dip; it will crash again)

Except that the "fiat" in "fiat currency" usually means it is given value by a government declaring it legal tender. Until our government accepts bitcoin as payment for taxes, it's not being granted artificial value by government.

And your OP is most certainly wrong. The title of the thread is "dump your bitcoins". As was pointed out earlier with a nice graph, you made the recommendation to sell at pretty much the exact low point. Anyone who followed your advice lost money.

[r00t]

The fiat does not necessarily have to come from government, in this case it is the Bitcoin foundation decreeing it a currency. The fact that the price rose (and let's face it, not that much) shortly after I made this thread should be a red flag to anyone, as it is the sign of computer programs snaking the market and pump and dumping.

Anyone investing in Bitcoins besides very short term speculation has already lost money well before I made this thread. The United States is $20 trillion in debt. The largest debt in the entirety of human history, entrenched in never-ending wars, with an economic collapse virtually inevitable and in the near future.

Once the dollar run happens and the power grid goes out, Bitcoins will have lost any and all "value". They already have very little value besides trading into another fiat currency like the USD (which will also have no intrinsic apocalyptic use after the collapse). You literally cannot do anything besides donate (read: lose) to people/companies or buy anything besides drugs with Bitcoins. This is its only use, which you may argue is a solid investment in the future, but I would argue only in trade for beans and bullets.

[r00t]

As to my last point there, there is no way most merchants will begin accepting Bitcoins, at least any time in the near future. Bitcoins are so volatile their value never stabilizes at any price point, and they crash regularly. In order for a merchant to accept a Bitcoin, they would have to adjust prices virtually every 20 minutes and sell coins as soon as they get them. This is way too much effort, some of which cannot be necessarily accurately automated and audited by analysts of a larger company. Why waste effort when stable currencies already exist?

[Ahldagor]

As to my last point there, there is no way most merchants will begin accepting Bitcoins, at least any time in the near future. Bitcoins are so volatile their value never stabilizes at any price point, and they crash regularly. In order for a merchant to accept a Bitcoin, they would have to adjust prices virtually every 20 minutes and sell coins as soon as they get them. This is way too much effort, some of which cannot be necessarily accurately automated and audited by analysts of a larger company. Why waste effort when stable currencies already exist?

not to mention that they are a limited thing like gold.

[Orruar]

Bitcoin tops $1000

http://www.wired.com/business/2013/11/bitcoin-one-thousand/

[r00t]

It did that a week ago too before halving back in value again. Which is why I said it can't be used for anything than nerd's circle jerking and druggies

[Kraftwerk]

Beat me to it, but you were right on LC. Tapped $26 today from $4 a week ago:

http://www.zerohedge.com/news/2013-11-27/bitcoin-tops-1000

[Orruar]

It did that a week ago too before halving back in value again. Which is why I said it can't be used for anything than nerd's circle jerking and druggies

Actually, today is the first day it has reached over $1000 on an American exchange. And it didn't come anywhere near a 50% drop after breaking $900. But keep it coming with your misinformation. I'm sure you actually do believe these things you say, as it's about the only way you can maintain the last shred of self esteem.

[Swish]

Too volatile to be a long term investment, if you've made $100s or $1000s since buying them - get out before it tanks and invest in physical gold/silver when you think the time is right.

[r00t]

Actually, today is the first day it has reached over $1000 on an American exchange. And it didn't come anywhere near a 50% drop after breaking $900. But keep it coming with your misinformation. I'm sure you actually do believe these things you say, as it's about the only way you can maintain the last shred of self esteem.

actually you're wrong, as always, and projecting. heres 9 days ago moran

http://www.zerohedge.com/news/2013-11-18/bitcoin-trades-over-1000-btc-china-exchange-crashes-promptly-thereafter

[r00t]

oh lol I like how you say only on an american exchange, how arrogant. big fukn woop it was still like $960 american and dropped to $500

[r00t]

hhaha from the article

"BitCoin touched $900 on Mt Gox... and promptly tanked to just under $600, entering a bear market in the span of seconds on what appears to be about 10,000 trades"

It tanked in seconds lol good job computer trading

[Orruar]

actually you're wrong, as always, and projecting. heres 9 days ago moran

http://www.zerohedge.com/news/2013-11-18/bitcoin-trades-over-1000-btc-china-exchange-crashes-promptly-thereafter

Your reading skills are only rivaled by your math skills. I specifically said American exchanges since nobody reading these forums buys shit on Chinese markets. And a 30% drop is not a halving in value, unless you're using some form of mathematics unknown to me.

[r00t]

I already addressed the absurdity of those points

[Orruar]

If it's absurd to state that 30 is less than 50, then call me absurd.

[feanan]

Sounds like someone is a bit jealous that they missed the boat on bitcoin. :)

[Kraftwerk]

http://www.zerohedge.com/news/2013-11-28/bitcoin-parabola-continues-10-12-hours-hits-1170

Haha lite coin almost $50.

[radditsu]

Why wouldn't people just setup hundreds of different "coin" exchanges and saturate and dilute the market?

[Orruar]

Why wouldn't people just setup hundreds of different "coin" exchanges and saturate and dilute the market?

Because people are going to trust bitcoin, as volitile as it is, over some no-name clone. It at least some limited history of being accepted as payment for goods.

[radditsu]

Mainstream dont know shit yet.

[Swish]

Get out before it tanks massively...

http://www.e4africa.co.za/wp-content/end_is_nigh.jpg

[Langrisserx]

like that guy who said he threw out a laptop with a 4m lb wallet .... bro just wait a year shit will be less than zero once regulators have it it... and they will

[Smedy]

hauheahahueh

naez calls "dump your bitcoins"

read paper 10 days later

"bitcoin hits 1000$"

naez <-> the loop

[r00t]

Actually 1.5 months later. Bitcoins aren't a stable long term investment that is guaranteed to increase, you gotta cherrypick the news to know when to gamble, which is something I wasn't actively keeping up with.

It's like me saying "Don't invest in microsoft bill gates just dropped out of college" then a month later he buys dos and starts licensing talks with IBM but by then I'm not following the news.

And just where were all of you armchair prophets on this one? lol

[Kraftwerk]

And just where were all of you armchair prophets on this one? lol

Not wanting to get involved in something just as likely to have dumped back to $5 as it was to go parabolic up to 1:1 gold ratio like it did today. I agree with you, too volatile, used primarily for drugs, etc. Just fun to watch parabolic herd mentality movements like this.

[Orruar]

Actually 1.5 months later. Bitcoins aren't a stable long term investment that is guaranteed to increase, you gotta cherrypick the news to know when to gamble, which is something I wasn't actively keeping up with.

Umm, isn't that exactly what you were doing in your OP? Trying to cherry pick the news to know when to gamble? You said nothing about the long term stability until your original recommendation turned out to be so monstrously wrong.

[r00t]

It's not like I was giving daily advice. The primary (and quite literally, only) purpose of the coin, an illegal black market, got busted by the feds. So I made thread and stopped caring.

[Orruar]

It's not like I was giving daily advice. The primary (and quite literally, only) purpose of the coin, an illegal black market, got busted by the feds. So I made thread and stopped caring.

And yet the price went up, despite the news. So what conclusion to draw? That your own understanding of bitcoin and markets in general is sorely lacking? Nah, just pretend like the world is just a crazy place that is beyond human understanding.

[r00t]

It was clearly computer algorithms capitalizing on the drop in the stock. That should worry you more.

[r00t]

You seem pretty bithurt, dog

[Langrisserx]

LOL ROOT CONFIRMED OVER. GAME OVER.

[Orruar]

You seem pretty bithurt, dog

Ah shit, he went to the "umadbro" argument. I must concede defeat. I was clearly wrong about everything I said, both in this thread and in my entire life. Well played, well played.

[Langrisserx]

if only i wasnt poor id be rich

[radditsu]

Yall *****s love the smell of your own farts.

[Langrisserx]

SMUG ALERT ... hey blue go back to sitting in EC in third person admiring your pixels... dont even have to login just sit and stare

[radditsu]

I used to buttfuck bobbarker with my spear of fate.

[Descent]

Well, the only thing I can say is I sold my 80 bitcoins at 1100 a pop, for a whopping total of $88,000, and once again in US dollars. So deny this all you want, but I literally payed off my house and can gladly say I can retire 20 years early. I still have some coins left aswell, that I am going to hold on to and wait until the price goes up. Best investment I have ever done, and I only invested 300.00 in the beginning lmao.

And BTW, subway now accepts bitcoins by my house so it seems it will become a legit currency in due time.

The ones complaining now are just jealous as hell.

[Sadre Spinegnawer]

And yet the price went up, despite the news. So what conclusion to draw? That your own understanding of bitcoin and markets in general is sorely lacking? Nah, just pretend like the world is just a crazy place that is beyond human understanding.

hehe. world.

[Descent]

As soon as bitcoins hit $2000, I am going to buy me a lamborghini gallardo in all bitcoins.

[Orruar]

Well, the only thing I can say is I sold my 80 bitcoins at 1100 a pop, for a whopping total of $88,000, and once again in US dollars. So deny this all you want, but I literally payed off my house and can gladly say I can retire 20 years early. I still have some coins left aswell, that I am going to hold on to and wait until the price goes up. Best investment I have ever done, and I only invested 300.00 in the beginning lmao.

And BTW, subway now accepts bitcoins by my house so it seems it will become a legit currency in due time.

The ones complaining now are just jealous as hell.

Wait, so $88,000 is allowing you to retire 20 years early? This would imply you only make $4,400 a year.

[Descent]

Wait, so $88,000 is allowing you to retire 20 years early? This would imply you only make $4,400 a year.

$88,000 payed off the remainder of my house, this excludes my current savings, retirement funds + assets, not to mention the remainder of my bitcoins, and if bitcoining keeps going up. Hot dam, I can "live" good. I fucking love bitcoining. Its like winning the lottery that keeps going up in value lmao.

[baalzy]

$88,000 payed off the remainder of my house, this excludes my current savings, retirement funds + assets, not to mention the remainder of my bitcoins, and if bitcoining keeps going up. Hot dam, I can "live" good. I fucking love bitcoining. Its like winning the lottery that keeps going up in value lmao.

I hope you socked some of that 88k away to pay the IRS on that income. 90% certain bitcoins dont count as an investment and even if they did I don't think you had them long enough to qualify for capital gains rates.

[baalzy]

$88,000 payed off the remainder of my house, this excludes my current savings, retirement funds + assets, not to mention the remainder of my bitcoins, and if bitcoining keeps going up. Hot dam, I can "live" good. I fucking love bitcoining. Its like winning the lottery that keeps going up in value lmao.

Don't forget the fact that you have X (whatever your mortage was) a month available to put into roth/traditional IRAs if you're not already capping contributions, and other investment options if you are capping. Compound interest is a powerful beast.

[Orruar]

$88,000 payed off the remainder of my house, this excludes my current savings, retirement funds + assets, not to mention the remainder of my bitcoins, and if bitcoining keeps going up. Hot dam, I can "live" good. I fucking love bitcoining. Its like winning the lottery that keeps going up in value lmao.

Ah, you made it sound like the $88k was the reason you could retire 20 years early.

[Barkingturtle]

Dump your bitcoins here. (http://www.businessinsider.com/tesla-purchased-with-bitcoin-2013-12)

[Visual]

I knew I shouldn't have made Naez my lead financial advisor

[Turp_SmokinPurp]

I knew I shouldn't have made Naez my lead financial advisor

lol

[Swish]

Well, the only thing I can say is I sold my 80 bitcoins at 1100 a pop, for a whopping total of $88,000, and once again in US dollars. So deny this all you want, but I literally payed off my house and can gladly say I can retire 20 years early. I still have some coins left aswell, that I am going to hold on to and wait until the price goes up. Best investment I have ever done, and I only invested 300.00 in the beginning lmao.

And BTW, subway now accepts bitcoins by my house so it seems it will become a legit currency in due time.

The ones complaining now are just jealous as hell.

http://www.bbc.co.uk/news/technology-25428866

Now they crashed hard, who still has them?

[Langrisserx]

http://yro.slashdot.org/story/13/12/18/2319205/the-fbis-giant-bitcoin-wallet

"In September, the FBI shut down the Silk Road online drug marketplace, and it started seizing bitcoins belonging to the Dread Pirate Roberts — the operator of the illicit online marketplace, who they say is an American man named Ross Ulbricht. The seizure sparked an ongoing public discussion about the future of Bitcoin, the world's most popular digital currency, but it had an unforeseen side-effect: It made the FBI the holder of the world's biggest Bitcoin wallet. The FBI now controls more than 144,000 bitcoins that reside at a bitcoin address that consolidates much of the seized Silk Road bitcoins. Those 144,000 bitcoins are worth close to $100 million at Tuesday's exchange rates. Another address, containing Silk Road funds seized earlier by the FBI, contains nearly 30,000 bitcoins ($20 million)."

------

lul.