I have a couple friends on Facebook who think they'll be millionaires. As a currency, BTC sucks to use, it can take hours for transactions to confirm! It is fundamentally useless as a currency. If BTC worked as good as my Amex, I would be riding the wave to the future, but it's only good for speculation or buying drugs.
I made about $1000 mining cryptocurrency before speculation madness, but don't see it as the future of online currency. The only reason people care about BTC is because it can be converted into real money. I have no doubt there's loads of money to be made during the circus though. I wish you all the best of luck
What is everyone using for wallets? Are you guys using hard wallets like the nano? Or are you sticking with places like coinbase? I'm curious to see what the majority is being used.
I first heard about Bitcoin in 2009(10)? or so when myself and a few co-workers were sitting around talking about the guy who bought two pizzas for 10,000 BTC. We all thought it was dumb and would never take off, and now look at it. I had looked at mining it back then, but could never justify spending the money on a good rig to do it. Like others have mentioned, if I had gotten in at the beginning, I would have probably dumped it when it hit $100 and been happy though, so it's not like I lost out on any money.
Man, pretty wild to have read the short discussion on IOTA here on Dec 1 and then to see how completely bonkers it has gone in the 4 days since then. Around $1.30 at the start of December, and its now about $4.50. I just happened to be looking at coinmarketcap.com two says ago and saw that it had gained 40+ percent and was at $2.46 or something, and I am just floored seeing how it has kept that kind of crazy "growth"
Seems the growth is a reaction to news about partnerships with brands like Microsoft and Samsung, and then with that news more people have become aware of it and have poured money in out of some kind of "fear of missing out" perhaps
I first heard about Bitcoin in 2009(10)? or so when myself and a few co-workers were sitting around talking about the guy who bought two pizzas for 10,000 BTC. We all thought it was dumb and would never take off, and now look at it. I had looked at mining it back then, but could never justify spending the money on a good rig to do it. Like others have mentioned, if I had gotten in at the beginning, I would have probably dumped it when it hit $100 and been happy though, so it's not like I lost out on any money.
I first heard about Bitcoin in 2009(10)? or so when myself and a few co-workers were sitting around talking about the guy who bought two pizzas for 10,000 BTC. We all thought it was dumb and would never take off, and now look at it. I had looked at mining it back then, but could never justify spending the money on a good rig to do it. Like others have mentioned, if I had gotten in at the beginning, I would have probably dumped it when it hit $100 and been happy though, so it's not like I lost out on any money.
I've always thought BTC was interesting but I couldn't quite wrap my head around the economics of it. I thought about playing around with it, even got an account, but decided against doing it. Probably not a good idea if I don't understand what's going on.
I'd say I'll stick to investing in baseball cards but... that's a pretty spectacular dumpster fire.
Man I wish I had money to spare and the ability to short bitcoins. Seems like everyone is panic buying before the futures market opens up. We're also approaching record levels of unconfirmed transactions and extremely high transaction fees which from my understanding of bitcoin is a breach of the fundamental function of bitcoin. Adding the delusional comments I'm reading in bitcoin communities saying things like "Bitcoin isn't currency, it's a store of wealth!".
This all seems to me seems like large investors are buying up any and all available coins, then plan on betting low when the futures open up.
Simple pump and dump.
Or, it could just be legitimately a new paradigm in technology and ill look like a fool again in terms of pricing
Still, if the futures market were here right now, And I had the cash to spare...Id bet on it going to where it was about 9 months ago in price.
I learned my lesson from Rhodium in 2008-2009 and Silver/Gold in 2011-2012. I don't buy when prices go up. I'm usually the bag holder in these kind of things.
So if a guy like me wants to buy, then that means bad news is coming
My brother has been sick to his stomach though. He sold 15 coins about two years ago. He's not a technology enthusiast and thought bitcoins were stupid and just cashed out. His 15 coins are now worth about a quarter million dollars and he cashed out for (his words) $8000.
^^^^ WOW! There are tons of stories like your brother's. People have sold off when Bitcoin finally reached the $500 mark. Those who held out longer for this huge increase are surely seeing benefits, now. I've never seen anything like this before.
Can someone explain to me in the most basic way possible how something that doesnt exist can be worth so much money? This whole thing is baffling to me.
I watched philly d like 2 weeks ago and he was talking about it being 8500 or something and today it was at like 16000 before dropping to 14000
it is valuable because people believe its valuable. similar to paper fiat currency or tinkerbell.
EDIT: it is better than paper money tho due to it being finite, but i dont want to over complicate the response. just adding this because the way this forum goes a hundred people will bump this comment and say "Actually..."
it is valuable because people believe its valuable. similar to paper fiat currency or tinkerbell.
EDIT: it is better than paper money tho due to it being finite, but i dont want to over complicate the response. just adding this because the way this forum goes a hundred people will bump this comment and say "Actually..."
Actually...
But yeah, it has an artificial scarcity, giving it a perceived value. I think we're all familiar with that concept.
it is valuable because people believe its valuable. similar to paper fiat currency or tinkerbell.
EDIT: it is better than paper money tho due to it being finite, but i dont want to over complicate the response. just adding this because the way this forum goes a hundred people will bump this comment and say "Actually..."
Actually...
But yeah, it has an artificial scarcity, giving it a perceived value. I think we're all familiar with that concept.
The scarcity of Bitcoin isn't artifical. It's factual and reality. There is only a certain amount. EVER. More isn't just gonna be printed out like US Currency is (and causing its value to go down (inflation)).
US Currency is Fiat. It is worthless fiber ("paper") that has value only because Joe Blow and Joe Sixpack agree $20 is $20.
it is valuable because people believe its valuable. similar to paper fiat currency or tinkerbell.
EDIT: it is better than paper money tho due to it being finite, but i dont want to over complicate the response. just adding this because the way this forum goes a hundred people will bump this comment and say "Actually..."
Actually...
But yeah, it has an artificial scarcity, giving it a perceived value. I think we're all familiar with that concept.
The scarcity of Bitcoin isn't artifical. It's factual and reality.
I mean artificial as in someone set it to be 21 million bitcoins ever. This is the very definition of artificial scarcity.
Comments
I made about $1000 mining cryptocurrency before speculation madness, but don't see it as the future of online currency. The only reason people care about BTC is because it can be converted into real money. I have no doubt there's loads of money to be made during the circus though. I wish you all the best of luck
I wanted to know more so I was looking around.
If this is to be believed then this chart is interesting.
It shows the volume of sales history for bitcoin. Not the price but the volume that was bought and sold.
In 2016 it was at an all time high and then in 2017 it dropped levels not seen since 2014.
https://data.bitcoinity.org/marke...
If you remove "btcchina", "huobi", and "okcoin" from the chart, it is basically steady from 2014 to today.
https://www.theverge.com/2017/12/4/16732952/winklevoss-twins-bitcoin-billionaires-surge
Well....
https://www.theverge.com/2017/12/...
Which they probably can't liquidate for anywhere near that amount, given the hit will take on their way out the door...
I hear a lot of buzz around Ripple, but have yet to see anything.
What coins are you all investing in?
Think it would be better to invest in Litecoin or buy a % of Bitcoin?
Well....
https://www.theverge.com/2017/12/4/16732952/winklevoss-twins...
Which they probably can't liquidate for anywhere near that amount, given the hit will take on their way out the door...
Well....
https://www.theverge.com/2017/12/4/16732952/winklevoss-twins...
Which they probably can't liquidate for anywhere near that amount, given the hit will take on their way out the door...
Seems the growth is a reaction to news about partnerships with brands like Microsoft and Samsung, and then with that news more people have become aware of it and have poured money in out of some kind of "fear of missing out" perhaps
Well....
https://www.theverge.com/2017/12/4/16732952/winklevoss-twins...
Which they probably can't liquidate for anywhere near that amount, given the hit will take on their way out the door...
more people have become aware of it and have poured money in out of some kind of "fear of missing out" perhaps
This is exactly why I don't want to get involved with any of these things as an investment, at this stage.
Well....
https://www.theverge.com/2017/12/4/16732952/winklevoss-twins...
Which they probably can't liquidate for anywhere near that amount, given the hit will take on their way out the door...
I first heard about Bitcoin in 2009(10)? or so when myself and a few co-workers were sitting around talking about the guy who bought two pizzas for 10,000 BTC. We all thought it was dumb and would never take off, and now look at it. I had looked at mining it back then, but could never justify spending the money on a good rig to do it. Like others have mentioned, if I had gotten in at the beginning, I would have probably dumped it when it hit $100 and been happy though, so it's not like I lost out on any money.
most expensive pizzas ever?
Well....
https://www.theverge.com/2017/12/4/16732952/winklevoss-twins...
Which they probably can't liquidate for anywhere near that amount, given the hit will take on their way out the door...
I first heard about Bitcoin in 2009(10)? or so when myself and a few co-workers were sitting around talking about the guy who bought two pizzas for 10,000 BTC. We all thought it was dumb and would never take off, and now look at it. I had looked at mining it back then, but could never justify spending the money on a good rig to do it. Like others have mentioned, if I had gotten in at the beginning, I would have probably dumped it when it hit $100 and been happy though, so it's not like I lost out on any money.
most expensive pizzas ever?
hahaha! Exactly what I was thinking.
I'd say I'll stick to investing in baseball cards but... that's a pretty spectacular dumpster fire.
Funny looking back at my "Bitcoin crashing" thread I made back when it was measured in the hundreds of dollar price mark
Get rich quick schemes always suck for the last one to cash out. Consider cashing out when you can put a down payment on a home with just one coin.
This all seems to me seems like large investors are buying up any and all available coins, then plan on betting low when the futures open up.
Simple pump and dump.
Or, it could just be legitimately a new paradigm in technology and ill look like a fool again in terms of pricing
Still, if the futures market were here right now, And I had the cash to spare...Id bet on it going to where it was about 9 months ago in price.
Man I wish I had money to spare and the ability to short bitcoins.
Always remember, the market can stay irrational longer that you can stay solvent!
So if a guy like me wants to buy, then that means bad news is coming
My brother has been sick to his stomach though. He sold 15 coins about two years ago. He's not a technology enthusiast and thought bitcoins were stupid and just cashed out. His 15 coins are now worth about a quarter million dollars and he cashed out for (his words) $8000.
So if a guy like me wants to buy, then that means bad news is coming
My mom emailed me about bitcoin today, lol. I had to give her a stern talking to not to squander my precious inheritance.
It looks like Steam gave up on bitcoin as a currency too and stopped accepting. Too slow, volatile, and expensive for now.
I watched philly d like 2 weeks ago and he was talking about it being 8500 or something and today it was at like 16000 before dropping to 14000
EDIT: it is better than paper money tho due to it being finite, but i dont want to over complicate the response. just adding this because the way this forum goes a hundred people will bump this comment and say "Actually..."
it is valuable because people believe its valuable. similar to paper fiat currency or tinkerbell.
EDIT: it is better than paper money tho due to it being finite, but i dont want to over complicate the response. just adding this because the way this forum goes a hundred people will bump this comment and say "Actually..."
Actually...
But yeah, it has an artificial scarcity, giving it a perceived value. I think we're all familiar with that concept.
it is valuable because people believe its valuable. similar to paper fiat currency or tinkerbell.
EDIT: it is better than paper money tho due to it being finite, but i dont want to over complicate the response. just adding this because the way this forum goes a hundred people will bump this comment and say "Actually..."
Actually...
But yeah, it has an artificial scarcity, giving it a perceived value. I think we're all familiar with that concept.
The scarcity of Bitcoin isn't artifical. It's factual and reality. There is only a certain amount. EVER. More isn't just gonna be printed out like US Currency is (and causing its value to go down (inflation)).
US Currency is Fiat. It is worthless fiber ("paper") that has value only because Joe Blow and Joe Sixpack agree $20 is $20.
it is valuable because people believe its valuable. similar to paper fiat currency or tinkerbell.
EDIT: it is better than paper money tho due to it being finite, but i dont want to over complicate the response. just adding this because the way this forum goes a hundred people will bump this comment and say "Actually..."
Actually...
But yeah, it has an artificial scarcity, giving it a perceived value. I think we're all familiar with that concept.
The scarcity of Bitcoin isn't artifical. It's factual and reality.
I mean artificial as in someone set it to be 21 million bitcoins ever. This is the very definition of artificial scarcity.