DUMP YOUR BITCOINS

[Orruar]

Originally Posted by r00t [You must be logged in to view images. Log in or Register.]

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.

[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.

[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.

[Orruar]

Originally Posted by runlvlzero [You must be logged in to view images. Log in or Register.]

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]

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

[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.