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re: Anyone see the bitcoin crash today?
Posted on 4/11/13 at 9:10 am to ThaBigFella
Posted on 4/11/13 at 9:10 am to ThaBigFella
I bought in @ $136.
Looks like I may lose some money.
Looks like I may lose some money.
1
Posted on 4/11/13 at 9:10 am to ThaBigFella
quote:
why does a rush of new investors cause a crash? Last I checked a flood of people buying a stock pushed it higher?
LINK
Posted on 4/11/13 at 9:49 am to bpfergu
Is bitcoin the perfect commodity to employ Taleb's black swan strategy? I'm guessing if there was a way to do it, deep out of the money options would still be relatively expensive due to Bitcoin's volatility.
This post was edited on 4/11/13 at 9:51 am
Posted on 4/11/13 at 9:58 am to WikiTiger
quote:
Most businesses that offer goods and services for bitcoin are priced in USD (or local fiat) and converted in real time via an API call to a major exchange, so the exchange rate is somewhat irrelevant to those merchants, especially if they use a service like BitPay that processes the transaction in bitcoin but gives them USD if they choose.
Interesting. Is this true for the black market sellers as well, or just the websites and whatnot that accept them (wordpress, etc).
I find the concept of bitcoin fascinating (but over my head technologically), but fail to see the utility for using bitcoins unless one is purchasing something such as guns/drugs on the black market.
Posted on 4/11/13 at 10:03 am to Anfield Road
quote:
Is bitcoin the perfect commodity to employ Taleb's black swan strategy?
I think that most people (including myself) see this as a bubble that is bound to burst, so I wouldn't call it a black swan. I don't think there's any legitimate place to buy options or sell bitcoins short.
Posted on 4/11/13 at 10:04 am to Ric Flair
quote:
Is this true for the black market sellers as well, or just the websites and whatnot that accept them (wordpress, etc).
I would imagine black markets sellers do the same, but I don't know for certain.
Right now bitcoin is not mature enough for products and services to be priced in it. It's too volatile. Maybe years down the road that won't be the case.
quote:
but fail to see the utility for using bitcoins unless one is purchasing something such as guns/drugs on the black market.
Do you think there is a utility in being able to send money directly to another individual anywhere in the world safely, securely and cheaply?
Remember, bitcoin is not just a currency, it is also a transaction network.
Beyond that, do you think there is utility in being able to secure your money yourself without having to rely on a bank?
Do you think there is utility in being able to transact anonymously if one chooses?
Do you think there is utility in not having to provide personal information in order to transact (for instance, if you wanted to purchase a porn site subscription, would you rather give your credit card number, name, billing address, etc. or just simply send a bitcoin transaction that contains no personal info to the porn company's bitcoin address?)
This post was edited on 4/11/13 at 10:06 am
Posted on 4/11/13 at 10:27 am to ThaBigFella
quote:
Spiked at $266 and then hit $101.50 on the way down!!!
I think its a time to go long again!!!!
I hope you didn't go long again yesterday. It's now down to $65 on one exchange. You can buy it at $70 on several exchanges. (ETA: it traded at $59 a few minutes ago on the btceUSD exchange. That means the price of BC has dropped almost 80% in the last 24 hours.)
MtGox is not one of them. It ceased trading an hour and 24 minutes ago according to bitcoincharts.com.
This post was edited on 4/11/13 at 10:39 am
Posted on 11/21/13 at 11:33 pm to Asgard Device
quote:
I bought in @ $136.
Looks like I may lose some money.
Congrats, sir.
That April "crash" turned out to be just a hiccup
Posted on 11/22/13 at 3:17 am to gizmoflak
I was wondering when someone would bump this.
Posted on 11/22/13 at 7:17 am to gizmoflak
quote:
gizmoflak
Posted on 11/22/13 at 7:51 am to OnTheBrink
Bitcoin is the stink bait/golden lure of the money board.
This post was edited on 11/22/13 at 7:52 am
Posted on 11/22/13 at 11:25 am to BennyAndTheInkJets
Russian is kicking himself right now. He'll just never admit to it.
Posted on 11/22/13 at 6:34 pm to gizmoflak
quote:
Russian is kicking himself right now. He'll just never admit to it.
I can't speak for him but I'm not kicking myself. I've passed up on bigger high risk/high return investments than this. For example, I seriously considered plunging most of my savings into AOL ... in 1992. I didn't have much at the time, so why not? In the end I talked myself out of what would have been a seven-figure gain (if I had held onto it to the peak, but that's another matter).
For me the question of the value of bitcoin is not as a store of value, there are many perfectly good alternatives that don't fluctuate nearly as wildly. More interesting to me is how widely accepted it will be as a medium of exchange.
Posted on 11/22/13 at 6:55 pm to foshizzle
This is so true. It makes no sense for an investor to kick himself. Your return is based on risk, looking back it looks like a sure thing but it's just a situation that worked out.
Posted on 11/22/13 at 7:23 pm to barry
Its still risky. Could still fold up anyday.
I saw a post earlier that they were trading on different exchanges doe different prices. Is there an arbitrage opportunity there?
I saw a post earlier that they were trading on different exchanges doe different prices. Is there an arbitrage opportunity there?
Posted on 11/22/13 at 7:23 pm to ThaBigFella
Just wondering.... any parallels between 1) the Bitcoin evolution and 2) creating the new National currency system after the American Revolution? The Founding Fathers started from scratch...
This post was edited on 11/22/13 at 7:24 pm
Posted on 11/22/13 at 7:27 pm to gizmoflak
I'm not kicking myself for not buying Enron, LehmanBrothers, WorldCom or bitcoin.
But I appreciate your obsession with me.
But I appreciate your obsession with me.
Posted on 11/24/13 at 8:43 pm to barry
quote:
Your return is based on risk, looking back it looks like a sure thing but it's just a situation that worked out.
Obviously, it's a situation that has worked out well for those who plunged in when things didn't look so good. Nothing wrong with that, but there have been far more widely-adopted currencies that didn't work out so well. National currencies, even.
Return isn't quite based on risk - it is simply correlated with it. High risk doesn't mean you get a high return. It just means that sober investors will expect to lose the entire investment most of the time, but hope to hit double zero often enough to make it worthwhile. Nonsober investors will simply lose all their money based on a hope.
I have no clue what will happen with bitcoin. I do believe that its value depends crucially on how widely it is accepted for payment and not merely from capital appreciation (or depreciation). This picture is improving for now but it is still not mainstream, I could trade online penny stocks and get a similar risk profile.
Posted on 11/25/13 at 10:43 am to foshizzle
LINK
I don't know if any of this matters.
I don't know if any of this matters.
quote:
In October, the FBI arrested San Francisco resident Ross Ulbricht, accusing him of being Dread Pirate Roberts, the hacker handle of the guy who ran Silk Road. They seized his laptop, shuttered Silk Road, and after considerable effort — 25 days — they took control of all 144,336 of Ulbricht's Bitcoins, which would now be worth more than $115 million, and transferred them into FBI-controlled accounts.
Upon doing so, the agency gave anyone a way to trace the history of Ulbricht's Bitcoin wealth. Although both parties in a Bitcoin transaction are anonymous, the details of all transactions — the address of the buyer and seller, the quantity, and the date — are publicly known, chronicled in a master ledger which can be found here or here (the researchers used the former). So if you can match a given amount with a given personality, it's possible to excavate the entirety of that person's Bitcoin banking records. Given the quantities seized, it was immediately obvious which Bitcoins had belonged to Ulbricht, though the FBI publicly released the address of the seized funds account anyway
"The short path we found (which is depicted in Figure 6) suggests (but does not prove) the existence of a surprising link between the two mysterious figures of the Bitcoin community, Satoshi Nakamoto and DPR. It is reasonable to assume that all the accounts described along the top of Figure 6 belong to the same person, but to be on the safe side we refer to him as a “Founder” rather than as Satoshi Nakamoto. We are sure that analyzing this figure will start a very vigorous debate in the Bitcoin community."
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