Discussion in 'BlackHat Lounge' started by ReALeST, Apr 2, 2013.
Your thoughts on this guys
If only I kept my bitcoins....
OMG..... I remember 2 years ago when it was 18 and people were complaining coz a year before that it was like 5-8.
I´m seriously considering getting into this. It makes sense that the world needs an alternative currency that is backed up by peoples trust and not easily corrupted governments.
Commerce is increasingly going online so having a digital currency makes sense. Given that the worlds money supply is approx. $75 trillion (!) and that Bitcoins total worth is now approx. $1 billion there is a huge possible upside. If Bitcoins in 5-10 years account for just 1% of the worlds money supply, your $100 invested in 1 Bitcoin today will be worth $100.000. That is 1000 x your investment.
With risk/reward in mind, this looks very appealing. Crazy to think that a mere $1000 today can make you a millionaire in a few years.
i'm in for a good amount of bitcoins. I bought in like a week ago so I already have a handsome profit.
Before anyone thinks of buying it for making easy/quick cash, read this:
What caused the spike from March 17th onwards? Before bitcoins were normally fairly consistent with highs/lows and no spikes... but going up $50 in half a month?
For those who missed the btc opportunity, there are many other opportunities out there. Just look beyond the btc onto other types of coins. *hint hint*
They will fall and get back to normal anyway soon.
As i predict, its all bluff, Wallstreet made it up to get more people into it, and when its good , they could drop the price and get huge money, i think they are the one who control market.
But im not sure, just still learning more and more about this whole thing
The raise on the price is due to the complications and the requirements now days to actually mine a single coin. You need have serious computer calculation power is no joke, is not even worth it. It's worth it for those who been in there since the begging and now using the "sensation" to attract hungry peeps they can feed off to actually use their computer power as after a while the hungry peep will go back home to do something else since he can't get nothing.
People try to call this the next gold fever ... actually this going to crash very hard. Good luck to those who have an investment, I mined mines and bought a few software like HonorBuddy and call it a profit.
@Evliclown - There is saying : "When people dig for gold, you should sell shovels"
I think some people will bank hard, if they bid against bitcoin and after crash, they will bank really hard.
I'm making my own mining machine.
If you mine a block which I think is a 250BC reward, that would be worth $25k. The chance of you doing it is slim without lots of power so you would need to use 7990s or titans. Both cost $1k/card. You'll also need lots of motherboards to support the cards at x16. You would need to mine 2 blocks to become profitable.
News agencies claim that the increased value can be attributed to the situation in Europe. People look for an alternative to Euro and banks. Even Asian companies sell euro. Read today that the amount of euro in Asian banks has decreased by 30%.
In spite that I believe that as long as there is no platform to buy real goods (worldwide) it will fluctuate heavily, because the only option now is speculation.
True, but as it gets more volume (i.e. becomes mainstream) merchants will follow fast.
Thanks BlackSeng. I always appreciate it when someone posts something of serious educational value. I get a better education from people like you than what I ever got in school.
However, consider this excerpt from the wiki article referenced:
What is the "intrinsic value" of a computer generated code of 1's & 0's, a form of "currency that has never existed before? It is as likely to have an intrinsic value of $10,000,000 as it is of having an intrinsic value of $0.01. It is not possible to do a "fundamental analysis" on this "currency". (I have problems calling it currency as it is even less substantial than government-created fiat-currency.
However, having said that, I also believe in the unlimited capacity of people to engage in pure folly. I dated a woman, years ago, that "invested" thousands of dollars in "beanie babies", and so I have seen 1st-hand how extraordinarily foolish people can be. And because of this, there is money to be made.
I intend to wait until the next crash of BitCoin, and then buy as much as I possibly can.
Yup, spot on Ferma. The market is controlled. They bank off the masses. Just like with FB stock lol
There 's no such thing as intrinsic value, this common misunderstanding is what causes the faults in your analysis.
To see why there is no value other than the value by demand and supply, just think of what value is - it 's what people are willing to exchange for it. In other words, what 's the value of a kilo of gold hidden in a forgotten cave? None. It only gets value once it is found by humans.
Also, what people usually imply in intrinsic value is really again market value. For example, suppose a company own a building. Well, buildings are more or less on demand, so you can sell it for some prices, so people call this intrinsic value because the risk of owning a building is relatively low. But still, it 's a market value. If that same building is in the hills of an active volcano, well... shit
So the conclusion is?..
Do I need to invest or just forget it??
The wiki says this:
Which, the more I read it, makes no sense at all. How do you "calculate" the "future income generated" by something whose "intrinsic value" you are trying to determine? This definition says that you find the intrinsic value by "summing the future income generated", yet I would think you would need to know it's "intrinsic value" in order to do this.
Is all economic theory bullshit? Is that why the world is in it's current state of economic crisis? Would we all be better off if we simply rounded all these economists up, chained them together, handed them sledgehammers and put them to doing some real work for the rest of their lives? They could sing "Swing Low, Sweet Charrr-i-o-ot"...
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