Adam_Roman
Member
I've been sitting on almost 120,000 dogecoin since it first came around. I'm gonna try and exchange them for cash because of this spike, then once BTC falls back down I'll put some of that money into it.
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Bitcoin prices hit new record high of over $2200 (10/13 Update: peaked at $5,829)
- Thread starter XiaNaphryz
- Start date
Fenderputty
Banned
I think you and I agree, but we're hung up on semantics. Intrinsic value bs true value
CarpeDeezNutz
Member
When was the time to buy?
Jzero
Member
Years ago
PdotMichael
Banned
The only purpose of bitcoins is speculation. It's just sad how much computing power gets wasted for it.
Unknown Soldier
Member
I can't argue with this. I do wonder how world economies and commerce would change if currencies which were not tied to national governments gained widespread use. People should be supporting cryptocurrencies just for this reason alone, I want to see what happens.
mingoguaya
Member
So shall I get, say, $300 in Ethereum and just leave it there for a cool year or two?
2009.
Are the alt coins worth much?
Fenderputty
Banned
I would just hope it evolves more and doesn't stick around as a speculation bubble that occasionally facilitates child trafficking. The "currency" part if what interests me though
not sure why you'd want this. the reason people want US dollars is because it's backed by the US government. trying to view currency and money as something with a "finite amount" walked out the door a long time ago. all deflationary currencies do is benefit the first wave of persons with it.
Fenderputty
Banned
Not all cryptos are deflationary. See dogecoin
Unknown Soldier
Member
Bitcoin was kind of the first one out there and so some of it's design isn't as good as the cryptocurrencies which came along afterwards. Ethereum for example is much more robust in design and it's possible that Ethereum might eventually surpass Bitcoin in value and have a place as an actual worldwide currency in wide usage for more than ransomware and such things.
and nobody will want to be on that because they want to be able to mine coins and then sit and watch it grow and never spend them.
which is why they fight against new forks so hard, it resets the 'first mover' status at their spot
Fenderputty
Banned
It's definitely a catch 22. If nobody is interested in your currency, then it's not really a currency. If a speculation bubble is needed to drive interest in your currency, it becomes more like a volitile asset that an actual currency.
Later Alligator
Member
im in a little eth, litecoin and ripple. nothing serious, i've put in under a grand and its currently worth about 1500
really, it's like gambling. those 3 are all low enough that you can get a decent amount of coins without dropping too much $$
really, it's like gambling. those 3 are all low enough that you can get a decent amount of coins without dropping too much $$
RageWaffles
Member
I bought a couple "physical" bitcoins back a while backabout $13 for the pairjust because they looked cool, and $13 for brass coins with a neat holographic sticker seemed fair.
...Sometime I should get around to figuring out how to cash them out.
...Sometime I should get around to figuring out how to cash them out.
Link1110
Member
I'm trying to set up the Ethereum wallet, but it can't connect to a node and doesn't give me any error number or anything. Any ideas? Wanna try and get in on this.
Heres my error message http://imgur.com/a/388zY
Heres my error message http://imgur.com/a/388zY
Vigilant Gambit
Member
I planned on buying around $300 worth of bitcoin around 3/26/11 (it was about 89 cents apiece back then).
I regretted it the first time it hit $1100, and I regret it now.
I regretted it the first time it hit $1100, and I regret it now.
DonMigs85
Member
Would you buy me a Steam game?
DonMigs85
Member
There's a number of sites where you can exchange them for cash then move it to your bank account, but they have a daily encashment/withdrawal limit. So it'll take some time.
miller.skippins
Banned
about 2,251.61 times.
Lagspike_exe
Member
Bitcoin is not a safe asset Jesus Christ. It's ultra volatile asset based on thin air.
miller.skippins
Banned
the concept of bitcoin is the same concept behind real-world currencies and other precious commodities though....
of course the value of real-world currencies are tied to more 'tangible' matters like a country stability, GDP, export, etc..........but ultimately it's still based on supply and demand.
you cannot create more bitcoin out of thin air without farming it.........similar to something like gold.
Yeah like I wrote before, you can and it's still worthy, they have calculator to tell you ROI of your card and how much you can make per day.
https://www.nicehash.com/?p=calc
I'm in the "I didn't take the coins when they were handing them out by the hundreds for free" boat of perpetual regret. But chances are I'd have cashed out way earlier.
johancruijff
Banned
there's an OT for cryptocurrencies?
I wonder how far this bubble will pump this time. Japan is almost at $2600 USD, which is like a $500 premium compared to the US market. $3000 doesn't seem completely crazy. If somebody could arb that, they would be making some nice profits to say the least.
That Wii U I bought back in the day with BTC would be like $2000 bucks now instead lol.
That Wii U I bought back in the day with BTC would be like $2000 bucks now instead lol.
PastorOfMuppets
Banned
Cryptocurrencies are here to stay regardless of whether it's gonna be Bitcoin or not. I also think that Bitcoin has largely failed as a currency.
Until there comes a day when I can walk into a store and buy a chocolate bar from a 50 year old Asian lady with Bitcoin, it will not be a currency to me.
Its more like a store of value like gold. Currencies are meant to be spent, moved, loaned out, borrowed, repaid etc. Bitcoin has not achieved that yet. People buy them and horde. Why would anyone here want to spend $1 Bitcoin on a new computer at Newegg when you can just spend $2200 instead? That one Bitcoin in a few years could be worth $4000. The opportunity costs of Bitcoin is too great right now to be throwing it away on consumer goods.
I do think there are many Cryptocurrencies that can step in and actually be currencies however, just not Bitcoin.
Also, I think they promise of Bitcoin being a decentralized currency has failed as well. The early adopters have horded the majority of bitcoins and the new ones are coming out of large centralized mining operations in China and Iceland.
Until there comes a day when I can walk into a store and buy a chocolate bar from a 50 year old Asian lady with Bitcoin, it will not be a currency to me.
Its more like a store of value like gold. Currencies are meant to be spent, moved, loaned out, borrowed, repaid etc. Bitcoin has not achieved that yet. People buy them and horde. Why would anyone here want to spend $1 Bitcoin on a new computer at Newegg when you can just spend $2200 instead? That one Bitcoin in a few years could be worth $4000. The opportunity costs of Bitcoin is too great right now to be throwing it away on consumer goods.
I do think there are many Cryptocurrencies that can step in and actually be currencies however, just not Bitcoin.
Also, I think they promise of Bitcoin being a decentralized currency has failed as well. The early adopters have horded the majority of bitcoins and the new ones are coming out of large centralized mining operations in China and Iceland.
Have you heard of Bitpay? It's a Visa branded card which you can top up with cryptocurrency. So yeah, you can buy stuff in physical stores with bitcoins etc.
PastorOfMuppets
Banned
Yeah you can but why would you? The price of 1 Bitcoin in January of this year was $900 or something in that range.
The price of one Bitcoin now four months later, is double that. Everytime you spend Bitcoin, you throw away future potential value. That'd be like buying a car with Apple stock. In exchange for an appreciating asset, you get a depreciating one.
I actually hold quite a bit of Cryptocurrency as well. I have no desire to spend a single one of them. These things are more assets than currency to me.
The price of one Bitcoin now four months later, is double that. Everytime you spend Bitcoin, you throw away future potential value. That'd be like buying a car with Apple stock. In exchange for an appreciating asset, you get a depreciating one.
I actually hold quite a bit of Cryptocurrency as well. I have no desire to spend a single one of them. These things are more assets than currency to me.
TVexperto
Member
I dont think it was even possible for a "regular" internet user to buy bitcoins back then as easy as it is now
Also where can I buy bitcoins? I thought its anonymous but everywhere I look they want personal information and my id info
Lagspike_exe
Member
There's a multi-pronged approach here in play. Gold, FX etc.has several aspects of "value" that add up. Gold can be used as a material, as a transaction facilitator and as store of value. FX can be used as a store of value and for transactions. Gold is, in addition to what BTC does, backed by its value as material. FX is backed by sovereign countries. BTC is backed by... blockchain.
Raonak
Banned
Its weird that people shit on bitcoin for being fake money, when currency doesnt hold intrinisc value. The world revolves around precieved value. If people are willing to pay X for a bitcoin, thats how much its worth.
Cryptocurrencies arent going to go away. Theres a few countries with official digital currencies.
Cryptocurrencies arent going to go away. Theres a few countries with official digital currencies.
D
Deleted member 231381
Unconfirmed Member
No, bitcoin is not based on the same concept as real-world currencies. At the moment, the demand for bitcoin is rocketing. The supply is only increasing very slowly. Accordingly, the price of bitcoin is rising. The point of a currency is to facilitate expenditure, but right now, if you give me bitcoins, I have no incentive to spend them. It's far more profitable for me to save them, and wait for their price to appreciate earlier, before selling them for an actual, real-life currency. That means them a speculative asset. If you're buying them, you're either gullible, or are taking a bet you can ride the asset just long enough before the gullible catch on.
Fiat currencies are carefully controlled by central banks to ensure that they are a neutral asset - $2 now can buy you the same amount of stuff as it could in 1980, or 2020. In practice, we tolerate small amounts of inflation for technical reasons, but that's what a functioning currency looks like. Bitcoin is wildly deflationary, at -85.5% a year average since 2010.
I would like to know this also. Hypothetically, if you bought those 100$ worth of coins in 2010, where would one go to cash in their 75 millions today? Is it even possible?
I still remember when the price crashed hard in 2015, the sticky'd topic on the Bitcoin reddit was the suicide hotline.
I'm still waiting for someone to iron out the usability issues and the fact that no one accepts bitcoin within 100kms of me.
Ron Mexico
Member
Trying to cash out that much would be impossible as it could (would?) crash the price, just like any other commodity.
It's the same bubble creating the same fallacy as the '08 housing mess and countless others. It's human nature to assume that prices on the rise will continue to rise and prices falling will continue to fall.
For simplicity's sake-- by that logic, cashing out a substantial number of BTC will send the value down, which in turn will induce panic, which in turn will induce further sell-offs and now you have a bursting bubble.
J
JoJo UK
Unconfirmed Member
So what you guys are saying is to go out and buy dump truck loads of this stuff? Done!
Vermillion
Banned
Tell me about it. Even when it dipped to $900 recently I considered it but didn't. Sigh.
I Big JG I
Banned
This is very fascinating, to bad I didn't buy back then but oh well. Anyway I have a question, is crypto currency treated like the stock market income? Do you get taxed on it? I'm looking into some etherium but what is the safest way to purchase and keep crypto?
Personally been using GDAX to sell off some recently. It's Coinbase's exchange, but without the Coinbase fees.
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