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Bitcoins - Pull out on time

Discussion in 'BlackHat Lounge' started by Paranoid Android, Apr 11, 2013.

  1. Paranoid Android

    Paranoid Android Jr. VIP Jr. VIP Premium Member

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    Hey guys,

    This is just my theory, and I might be proven wrong sooner or later. BTC is just being traded as a stock lately. Everyone is talking about it and everyone is buying it. Most of us here are buying in smaller volumes, but there are big giants who are heavily investing in it, thats what makes the $50 hike in a few days possible. At a certain level.

    The rule of these giants is, pull out when everyone starts talking about it. They will pull out when they reach 100% profits maybe, but that pull out will be a downfall in the prices and I think its going to be huge.

    At that time some people are going to think that the bubble has burst, and the others are going to look at it as an opportunity to buy more. Miners will stop working if their porduction costs go above the actual market value of the coins they produce. I fear it would come to a standstill.

    All I am saying is go ahead and buy a few coins with money that you would otherwise waste maybe, if you get some profit out of it you're lucky, if you don't, well thats just money you would have wasted anyways. A few people I know have been investing all their savings into BTC. That really gives me a bad feeling.

    Play safe guys. We never know when the bubble is going to burst. This currency is a product of no real, productive work done. You can't make money by letting your computer hashing all around the clock. A currency based on that isn't currency. This just sounds like a scheme to let the early investors pull out rich.
     
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  2. artizhay

    artizhay BANNED BANNED

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    Oh look. Another thread suggesting I buy BTC. Tell me more. There's no wonder why the price goes up. Got a whole army of promoters.
     
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  3. angelas111

    angelas111 Jr. VIP Jr. VIP Premium Member

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    Funny how "haters" feel the need to troll every bitcoin thread.....lol.
     
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  4. Cratos

    Cratos Jr. VIP Jr. VIP Premium Member

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    Your theory is correct Paranoid.
     
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  5. angelas111

    angelas111 Jr. VIP Jr. VIP Premium Member

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    I pulled out a few hours ago at $174. Still banked hard......
     
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  6. Paranoid Android

    Paranoid Android Jr. VIP Jr. VIP Premium Member

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    read the post again :)

    look at the way its falling already man.

    you're lucky. its at 160 or so now.
     
  7. bk071

    bk071 Jr. Executive VIP Jr. VIP Premium Member

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    And its funny how some people believe BTC is going to hit 10k USD/BTC. LOL its hilarious.
    I'm neither a hater nor a supporter but come on people, talk real :)
    Can you even imagine how it will fuck everything up if BTC hits 10k USD? Suddenly there will be hundreds of thousands of millionaires or thousands of billionaires... The whole world's economy will just tank.

    This thread still makes more sense than all others saying pretty much "Oh buy bitcoins... just fucking buy them without a second thought".
    OP is correct about investing only what you were going to waste anyways... That is probably the most basic 'rule' of investing. Don't invest the money you can't afford to lose.

    Anyway, I just wanted to chime in on this thread as all other BTC threads are filled with trolls and newbies with little to no idea of what they're talking about :p
     
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  8. Nigel Farage

    Nigel Farage BANNED BANNED

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    One thing I've learned to do in life when confronted with unknown and unknowable situations is to try at least try to establish boundries, so that at least some sense of scale and a general idea of what's possible can be had.

    In the case of BitCoin, the first thing to consider is the "worst case scenario" which is that, at some point, BitCoin will completely collapse and anyone that owns it will have lost all of the value of their investment. Unless there is an inherent flaw in the structure of the existence of BitCoin, I don't think that is going to happen. As Swami JazzC has illustrated for us all, a thing's value is determined by what people are willing to pay. There is no "intrinsic value" for BitCoin, nor for gold, gasoline or even pussy. And, like pussy, people will always be willing to pay SOMETHING for it, for no other reason than someone always has. It (the value) exists because it exist.

    So in this respect, BitCoin is "safe". Shares in a defunct corporation that was supposed to make solar panels but instead failed after millions of dollars of taxpayer-funded "investment" can be worthless, because no one would want shares in a corporation that doesn't, cannot and will not ever make money. BitCoin on the other hand, IS money. The question isn't whether or not it has, or will continue to have value, the only question is what that value is going to be. In short, BitCoin is here to stay. It will always be around, and it will always have value.

    At the other end of the spectrum, what is BitCoin's maximum value? Answer: Pretty goddam high. Thousands? Tens of thousands? Hundreds of thousands? Millions? I can't say. Certain recent history has demonstrated that it's more than 6 dollars a coin, more than 50, and more than 100. Right now "public demand" is low, because "the public" is unaware of BitCoin. Once non-internet users become aware of it, and the fact that BitCoin can be used to anonymously purchase items on the other side of the planet, tax free, and transaction fee free, I would expect BitCoin's value to explode exponentially. Not just for drugs, guns and Ukrainian brides, but also for cars, lots of 1000 laptops and tons of steel ore.

    One way to try to evaluate BitCoin's maximum value is to first establish the value of all the currency in the entire world, then decide what percentage of that is going to be BitCoin, and then divide that value by the number of BitCoins that will eventually be mined. Billions? IDK. Then, how long until that happens. 10 years? 50 years? Another question is if there can be another kind of BitCoin. Same idea, different monetary system, etc...
     
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  9. Paranoid Android

    Paranoid Android Jr. VIP Jr. VIP Premium Member

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    We're playing poker at our office with bit coins.

    Sent from my HTC One X using Tapatalk 2
     

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  10. artizhay

    artizhay BANNED BANNED

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    I am quite literate, thanks. I happen to read before I reply. Paragraph 5, sentence 1, suggests that I buy Bitcoin at your recommendation. Perhaps read your own post again before you tell me to. Thanks, have a nice day.
     
  11. Paranoid Android

    Paranoid Android Jr. VIP Jr. VIP Premium Member

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    Play safe guys. We never know when the bubble is going to burst.

    duhhh, where do I ask you to buy more?
     
  12. lancis

    lancis Elite Member

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    IMHO Bitcoin can be compared to a startup company at this stage. The only difference - the IPO was made on a "self made stock market", so to say.

    The decision whether to buy or not to buy the stocks of this company (e.q. bitcoins) is not different from a decision to buy the stocks of any other late stage startup.
     
  13. JokerNikx

    JokerNikx BANNED BANNED

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    This is the best time to Buy BTC ;]
     
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  14. Jobless

    Jobless Junior Member

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    Ironically the Dollar takes even less work. Not that I'm for BTC, it's just funny you don't understand how fiat currencies function.
     
  15. Furious George

    Furious George Supreme Member Premium Member

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    I always pull out before it's too late.
     
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  16. Patryn

    Patryn Newbie

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    Your posts in this thread suggest otherwise.
     
  17. bertbaby

    bertbaby Elite Member

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    This is gambling, not investing and the only difference between this and Vegas being that at least in Vegas the house will comp you some drinks.
     
  18. ChaimS

    ChaimS Newbie

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    Let me put it this way. Haven't ever been owning Bitcoin, but I have to admit that in the world of fake (fiduciary) currencies it is an interesting alternative. Not enough liquidity so far, but it may come with time. And I am talking investment business, not only average Joe's cash holdings' diversification. [yes, I know about the recent market freeze]
     
  19. Jukey1992

    Jukey1992 Newbie

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    I have been reading the 'support forums' and it seems that people are having trouble cashing out. Have you cashed out your 3 bitcoins yet? Does it just come/go to/from your bitcoin wallet?
     
  20. Aaric

    Aaric Elite Member

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    Spam link included in illustrator's post. reported.