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Old 02-15-2013, 11:41 AM  
ChiefRocka ChiefRocka is offline
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Bitcoin Take?

Always love to bounce this kind of stuff off the Planet. Have any of you done any research into Bitcoin, and if you hold any opinions on the concept I'd love to hear what you think.





Last edited by ChiefRocka; 07-16-2017 at 05:12 PM..
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Old 01-03-2017, 06:02 PM   #151
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I've made like 2 thousand dollars by not doing anything in the last few weeks. This has been fantastic.
You haven't "made" anything unless you sell it.
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Old 01-03-2017, 06:07 PM   #152
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The problem with the dollar is that it's not backed by anything, ie gold.

The bitcoin has the same problem.
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Old 01-03-2017, 06:36 PM   #153
ChiefRocka ChiefRocka is offline
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The problem with the dollar is that it's not backed by anything, ie gold.

The bitcoin has the same problem.
One is a ponzi scheme, but which.
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Old 01-03-2017, 06:58 PM   #154
LoneWolf LoneWolf is offline
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Originally Posted by BWillie View Post
I've made like 2 thousand dollars by not doing anything in the last few weeks. This has been fantastic.
Nope.

Quote:
Originally Posted by lewdog View Post
You haven't "made" anything unless you sell it.
This guy gets it.
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Old 01-03-2017, 07:29 PM   #155
BWillie BWillie is offline
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Originally Posted by lewdog View Post
You haven't "made" anything unless you sell it.
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Originally Posted by LoneWolf View Post
Nope.

I have to keep a decent amount on file to pay my gaming customers their monthly payments, but I sell bitcoin monthly via coinbase or https://localbitcoins.com/

But what I have existing could just as easy plummet tomorrow. I sold a bunch a week ago, I guess I should have waited even longer.
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Old 01-05-2017, 12:59 PM   #156
scho63 scho63 is offline
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Bitcoin plummets over 23 percent after nearing all-time high as 'volatile little bubble' bursts

Bitcoin tanked as much as 23 percent Thursday afternoon after nearing an all-time high earlier in the trading day.
The world's largest cryptocurrency by market cap traded as low as $887.47, down from the day's high of $1,153.02, according to CoinDesk data. The high for the day was just shy of $1,165.89 set on November 30, 2013. The price has recovered somewhat from the day's low to about $973.89 at the time of publication.

A stack of bitcoins stand on top of U.S. one dollar bills.
Chris Ratcliffe | Bloomberg | Getty Images
However, bitcoin beat its high on some other cryptocurrency exchanges. Whereas CoinDesk's price index takes into account many different bitcoin exchanges – individual exchanges, where users can trade bitcoin, noted their own highest prices were exceeded. Among these were one of China's biggest and most liquid exchanges, BTC China.

Industry experts said the rapid rally in bitcoin created a little bubble which is now bursting but the long-term prospects are still positive.

"Once we broke through the nominal all-time high, liquidity dried up – no shorts, no sellers, which means a volatile little bubble formed quickly," Peter Smith, chief executive of bitcoin wallet Blockchain, told CNBC by email.

"We are seeing the effects of that now. It's still fairly thin trading volume though. I expect the market will find a floor and stabilize somewhere in the $850 to $1,000 range, but we'll see."

Wild swings in bitcoin's price are not unusual and volatility is a characteristic of the virtual currency.

Yuan rise behind bitcoin fall?

CNBC recently outlined the reason behind the latest rally in bitcoin. One key reason has been the recent devaluation of the yuan as well as the threat of capital controls across many countries. The majority of bitcoin trade comes out of China so it has a big influence.

But on Thursday, the yuan rose against the dollar. The reason behind this was a sell-off in the dollar due to uncertainty around the future of U.S. Federal Reserve rate hikes, as well as state intervention by China in its currency. The rise in the yuan led to a fall in bitcoin.

"It is absolutely tied to China. If the yuan goes up, bitcoin goes down," Dan Collins, CEO of technology consultancy firm CCO Global, told CNBC in an interview on Thursday.
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Old 02-23-2017, 05:35 PM   #157
BWillie BWillie is offline
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Bitcoin price today: $1188

If you bought $100 worth of bitcoin in 2009, and kept it until today, you would have $21.2 million dollars.

Food for thought.

If anybody needs any, let me know as well. I'm always selling at least a little.
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Old 02-23-2017, 10:35 PM   #158
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My buddy is an electrician. For months now he has been working wiring up a warehouse with bitcoin mining computers. The company he is doing this for is now looking for more warehouses. They must be making bank.
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Old 02-24-2017, 02:26 AM   #159
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My buddy is an electrician. For months now he has been working wiring up a warehouse with bitcoin mining computers. The company he is doing this for is now looking for more warehouses. They must be making bank.
Depends mainly on electricity cost plus efficiency of mining rig.

I got in at 200 and just sold at 1050 to restart, kicking myself for only affording 10 at the time. Life is fun that way.

It should come back down, hoping anyway.
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Old 02-24-2017, 07:20 AM   #160
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You know what makes me sick? I was in on bitcoins when they first came out. I almost bought 100$ of them but I was a broke college student and couldn't afford to do it at the time. I could be rich right now if I just pulled that trigger.
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Old 02-24-2017, 10:02 AM   #161
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This seems like the great Dutch tulip bulb ponzi scam of the 1600's

Greater fool theory. Maybe I'm wrong but something doesn't seem kosher
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Old 02-24-2017, 10:33 AM   #162
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You know what makes me sick? I was in on bitcoins when they first came out. I almost bought 100$ of them but I was a broke college student and couldn't afford to do it at the time. I could be rich right now if I just pulled that trigger.
You know how many HD's are at the bottom of landfills right now with millions of bitcoin on em? Get to diggin.
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Old 02-25-2017, 03:43 PM   #163
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Originally Posted by scho63 View Post
This seems like the great Dutch tulip bulb ponzi scam of the 1600's

Greater fool theory. Maybe I'm wrong but something doesn't seem kosher
Obligatory "I cant comprehend it so it must be bullshit line"
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Old 02-25-2017, 08:07 PM   #164
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Obligatory "I cant comprehend it so it must be bullshit line"
Agreed. There are only a finite amount of Bitcoins. In theory, if the popularity and use of bitcoin increases, it's value should also continue to follow. I don't see it slowing down any time soon until US government does something. Even China trying to cockblock bitcoin didn't slow it down for long.
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Old 02-25-2017, 08:09 PM   #165
BWillie BWillie is offline
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You know what makes me sick? I was in on bitcoins when they first came out. I almost bought 100$ of them but I was a broke college student and couldn't afford to do it at the time. I could be rich right now if I just pulled that trigger.
Puke.

I'm in the same boat. This guy was ranting about how it's going to change the world of online currency back in 2010. He was telling me to buy as much as I could and hold onto it for a while. I didn't.

F***** our lives. We should be Mark Zuckerbergs
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