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Bitcoins

Discussion in 'Making Money' started by that.guy, Apr 21, 2013.

  1. that.guy

    that.guy Newbie

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    In 2011 bitcoins crashed from $30 to $2, now my good friend desperately needing cash and had invested quite a bit of money in a new currency that (at the time), no one was interested. I felt sorry for him and offered to buy his 1,000 bitcoins for $4 which would at least give him enough money to pay off his debt, since I knew what it was like being down on luck.

    So a few months back, I get a call and he's offering me $30 a bitcoin, he knew I never checked my wallet and I didn't keep up with the price as far as I was concerned, that money was long gone. However, it was quite the contrary, the bitcoin was trading at just over $100 and so I sold them. I was kind of guttered that they kept going up, then I saw them reach $200 and then $266 and then crashed at just under $60 which to my relief, had I been greedy probably would of lost a lot of money. Bitcoins like most crypto currency, are more like a commodity similar to gold, silver and other precious metals. Me being the foolish VC that I am decided to buy another 1,000 for $50 from another good friend of mine who has been reluctant to sell until now as he thought they would keep going up and got greedy, he too purchased them from my other friend for $4,000.

    My question, too the more experienced coders and math wiz's out there is based on the fact that there are a limit of 20,000,000 that will ever exist or something like that, and that it's being more accepted via more online stores and such -what are the chances that they will keep going up, with in mind that the US government might regulate it and so forth?

    Thanks in advanced!

    That.Guy
     
  2. Narrator

    Narrator Power Member

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  3. ItsWhiteHat

    ItsWhiteHat Registered Member

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    I made a truck load buying 200 when it was $2 then selling them for $200 each. I think it's starting to stabilise, as the only reason it shot up was the speculative bubble. Even so, it's climbing way too slow for my interest. I like short term investments..

    This doesn't make sense. It fell down to $60. The guy made a loss selling to you?
     
    Last edited: Apr 21, 2013