truestatic
Member
You mine or buy them. Mining is hard to get into now I think though, so... you buy them. On an exchange like Coinbase.
How so? Because of the introduction of new coins?
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Bitcoin prices hit new record high of over $2200 (10/13 Update: peaked at $5,829)
- Thread starter XiaNaphryz
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You mine or buy them. Mining is hard to get into now I think though, so... you buy them. On an exchange like Coinbase.
How so? Because of the introduction of new coins?
ExitPotato
Neo Member
Google claims that's worth $33,700. At what point is it enough money?
If it's something you can just sit on top of and forget about, great. But I could never deal with handling this kind of training. It's just a new form of gambling and the numbers are getting way too big to not get too greedy.
LocknessMobster
Member
Imagine if you were that guy who was first to sell bitcoins for real world goods. Dude bought a pizza for 10,000 bitcoins...
truestatic
Member
He probably kept mining bitcoin, and hopefully had more where that came from.
Not really, cashing out a few million is easy with the liquidity right now. Daily trading volume is over a billion dollars.
If we're talking like $10 million + then you'd have issues dumping it on an exchange, but still fairly easy if you sell in chunks...
There's a big difference between bitcoin being worth X and actually converting it into X. And as the stupid depreciation model dictates, the transfer of bitcoins will slow down and become more expensive as people try to hoard to not spend so they can be worth more later.
It's already costing you fees that are much higher than any card to make your transaction actually be processed than waiting days, so just like the gold rush, everyone that is selling the mechanisms to get at the resource are making more money than those holding it.
this only works if not everyone else has the same idea. the reason sell offs happen is because not everyone is dumb and tend to see all the trends at the same time.
It's already costing you fees that are much higher than any card to make your transaction actually be processed than waiting days, so just like the gold rush, everyone that is selling the mechanisms to get at the resource are making more money than those holding it.
this only works if not everyone else has the same idea. the reason sell offs happen is because not everyone is dumb and tend to see all the trends at the same time.
Fenderputty
Banned
You have it backwards. Inflation is when the currency is worth less than the price of goods comparatively over time. If money is worth less tomorrow than it is today people don't save ... they spend. Which is the point of a currency.
Bitcoin has a max amount of coins built in. Fractioning coins is an effort to slow the effect some. Essentially though, of the coin is worth more tomorrow than it is today people save. Which is what we see with bitcoin. People buy and sell based on speculation.
As more people want coins, more coins should be able to be made and that's not the case. If tomorrow another 100k people wanted in, the prices would explode because there's not enough coins to go around, nor will there ever be
Trying to get in on this, but its taking forever to get my account verified.
Conor_Fool
Banned
I bought $10 worth last time we had a thread in November or December, lmao.
Dat 100% profit
Dat 100% profit
I don't know how it is now, but back when it hit $1000 for the first time, selling Bitcoin and actually getting cash involved a lot of shady services (Bitcoin exchanges and financial services). I still remember Mt. Gox going belly up and taking millions of dollars in Bitcoin with it. Likewise, buying Bitcoin was a pain because credit card companies didn't want to deal with it - you either had to wire money to an exchange, or you had to do transactions involving pre-paid debit cards.
Bitcoins clearly have value for those who recognize it as a means to trade anonymously like cash but with hyper efficiency since it is digital but its obviously a problem that they aren't injecting new coins into the market.
They can't have the value of new coins going up because that will eventually stifle growth because certain people are hoarding. Bitcoin creation needs to counteract that tendency.
Cosmo Clock 21
Banned
Whatever happened to BitcoinXL or whatever the hell that bitcoin civil war thing was all about
Fenderputty
Banned
He should cash out. Thid shit wouldn't crash harder than Madoffs Ponzi scheme
Its only value now is speculative value. When it comes to legitimate transactions, credit cards are far easier, the exchange rate of the currency used is stable, and I don't have to worry about some neckbeard hacker somewhere trying to steal my wallet (and thus, my bitcoins) with no recourse of any kind.
Of course, if I wanted to buy drugs or extort money from people who've installed malware that I've written on their PCs, then Bitcoin is perfect for that.
If he sold even 0.1% of that, the Bitcoin market would crash overnight.
uncelestial
Member
Wondering if I should short BTC via Metatrader @ btc-e. It's a pretty classic bubble but how big is it going to get?
The real gains are in the smaller cryptocurrencies
I put only about $30 in ripple,and it went from .09$0 to .35$ in a few days, 5x increase
Ive got my real money riding on eth, playing with house money at this point, stuck 1k$ into it at 45 a pop, its now at 170ish and rising fast
I put only about $30 in ripple,and it went from .09$0 to .35$ in a few days, 5x increase
Ive got my real money riding on eth, playing with house money at this point, stuck 1k$ into it at 45 a pop, its now at 170ish and rising fast
But how do you even use them? Wasn't the only reliable one mt. knox and that got hacked and everyone lost everything who worked with them? Who even accepts it?*
*Not bait, I genuinely don't know
Twilight Princess
Member
i know what ima buy when i travel back in time
Cosmo Clock 21
Banned
please don't besmirch the name of the magic the gathering online exchange
John Dunbar
correct about everything
i think the market cap is well over 30 billion at this point. if he has been unloading small amounts at a time while it has been going up like crazy, i don't think it would matter much.
Ray Wonder
Founder of the Wounded Tagless Children
You can go on egifter.com and buy giftcards with bitcoins I know that much.
For that little it wouldn't crash.
Also you neglect to acknowledge that Bitcoin has a lot of value in countries where people need to get around gov't regulations (or in some cases outright theft by their gov't) like China and Venezuela.
tbh if anyone saw ANY of the Satoshi coins start to be sold, it'd trigger a crash.
To be fair, the same can be said of ANY currency.
US Dollars are only worth anything because folks are willing to trade for them. Their value used to be backed by gold, but that is no longer the case.
It's either currency or tangible goods. I'll trade you 2 sheep for 1 ore...
Fenderputty
Banned
This is funny because he clearly would want the value of his coins to stay intact. He risks blowing that though if he starts to cash out on the money made. Interesting catch 22.
No one knows. $200 is a relatively small sum, but you could throw $200 at it today and the price for bitcoin could drop 30% tomorrow. It is pretty risky buying in when it seemingly peaks. Then again I feel like an idiot now for not buying in when I thought bitcoined peaked at $600 a few years ago.
Conor_Fool
Banned
Risky. I can almost guarantee Bitcoin will be under $2k within a few weeks. Once it drops below $1,800 I'm gonna transfer my $200 Venmo wallet to my bank account and invest, but even that is a questionable investment. Up to you though, man, and for all we know it could hit $3k before dipping under $2k again
Very interesting point. I imagine he would find a few people for extremely large scale sales and give them a solid ~10-15% off market price?
Fenderputty
Banned
This is grossly inaccurate.
The US dollar has value because we are taxed by the US government in dollars and there's the threat of the US government seizing your assists if you don't. The value of the dollar has a ton of factors in play beyond what we find gives it intrinsic value. The value of a bitcoin is entirely based on speculative trading. That's it. There is no government backing it.
Can you take out loans and use bitcoin as an asset to take money out against? If so I would imagine he just leaves everything there.
Yeah pretty much. Closest I ever came was right after the first bust after it his 1k. I actually really tried to figure out how to start getting them, but it seemed too complicated and then the mt gox thing happened and I was like, nah.
I can't imagine how many millionaires this stupid thing made so quickly.
I remember in 2008 or 2007 when they were worthless, i spent $5 on bitcoin on a mastercard giftcard or w/e, lost the wallet. probably worth millions now.
I suspect there are a lot of lost wallets out there, impossible to recover (unless the encryption becomes cracked/obsolete I guess). Over time the number of bitcoins is going to shrink once the generation of new coins stops.
truestatic
Member
You said depreciation, not deflation. I'm confused. Are you saying it appreciates by design?
Just_myles
Member
Yeah, this is so true. A lot of people got taken. I'm sure a lot of those people sure are upset.
Brawndo Addict
Banned
I might buy some ethereum just to shut up the retroactive regret. But even that train has seemingly left the station too.
Fenderputty
Banned
I could have bought them at 2. Then at 5. Then at 40. The at 200. Then at 800. We are now at 2400 and I feel like the moment I buy some of it the price will skyrocket to the wrong direction.
unomas could be the richest man on GAF by now but we'll never know whether or not he followed through with his plan
Fried Food
Banned
Next time a meme currency pops up I'm going all in
That's not a horrible idea(not all in obviously)
I was big in bitcoin during the first big run, keep telling myself to get back in
chromatic9
Member
Those ethererum coins have gone up a lot in a short time but I've never heard or read anything about them in regular media. I'm guessing the battle for a valid second coin is still going?
thoseAREmySHOES
Member
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