It seem like it was only yesterday that Bitcoin crossed $200 for the first time. Oh wait, it was. It is now 24 hours later, and as parabolic rises imply, it is only "fair" that the price of the electronic currency (expressed in the same currency that incidentally can be created out of thin air and is used to transact for BTC) is some 25% higher, or well over $250.... In one day.
As before we will merely continue to watch in quiet amazement as the parabolic chart gets parabolic-er, but we will suggest this: those who absolutely must chase this runaway chart should not "invest" one penny more than they are comfortable losing, and as we said before, "This leaves us with the question, which line item on the Fed's Balance Sheet is 'Virtual Currency Transactions'... what better way to destroy an up and coming currency competitor than to blow a bubble in it and explode it?"
I have Tulips for sale
Don't fall for the groupthink. Think for yourself.
quote:hey Wiki, can you answer my question I posed earlier? What would happen if governments (U.S. and others) have been mining bitcoins and just mined as many as possible as fast as possible and then did nothing with their bitcoins?
quote:i'm talking about the government holding a large number of bitcoins and not doing anything with them. Just mining them and then not using them, not committing any transactions.
If they started mining at the beginning then they possibly made a large sum of money. If they are just starting to mine now they will make very little.
What would happen if governments (U.S. and others) have been mining bitcoins and just mined as many as possible as fast as possible and then did nothing with their bitcoins?