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nezbit
nezbit
Joined: Apr 1, 2013
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April 4th, 2013 at 9:54:23 PM permalink
this will crash... its a matter of when. Good luck if you are diving into it.
24Bingo
24Bingo
Joined: Jul 4, 2012
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April 4th, 2013 at 9:55:47 PM permalink
Oy. And here I was thinking of putting some money into Bitcoin just a few weeks ago, when they were about $25. Dammit. No, I'm going to wait for the bubble to burst.
The trick to poker is learning not to beat yourself up for your mistakes too much, and certainly not too little, but just the right amount.
coilman
coilman
Joined: Jan 29, 2012
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April 4th, 2013 at 10:43:07 PM permalink
reminds me of a tech stock I owned shares in..... one day it jumps $43 a share... made no sense to me the trading price so I told all the people I knew that had jumped on board with me that I was cashing out and suggested that do that to...... stock was in the $145 range with NO EARNINGS to speak of.

As far as I know all took my advice like my sister from NJ who for the next 10 or so trading days called me up around dinner time to let me know how the stock did that day ( over those 10 days it went up another $100 a share) to the $240 range..... not bad considering we started buying at $12 or so

A few days later no call from sister....so I check and well well look what happened ....dropped in the range of $100 in a day..... over the next while (months it dropped more and more) to the point they had a reverse stock split of 10 for 1 or something to bring the stock up out of a penny stock status

RISK TO REWARDS ?




oh the stock CERTICOM on the Toronto stock exchange year 1999 or so


Another that I was in on was BRE-X research that one if you want..... I got off before the one mining expert in the company fell ( or was pushed) from the helicopter TRUE STORY in mid flight

Theres danger out there everywhere folks be very very careful
MangoJ
MangoJ
Joined: Mar 12, 2011
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April 4th, 2013 at 10:53:14 PM permalink
Quote: nezbit

this will crash... its a matter of when. Good luck if you are diving into it.



I'm not that much into the inner workings of Bitcoins, but I think it will eventually crash for the simple reason that the global rate of transactions is limited by the peer-to-peer infrastructure.

I mean, each and every transaction of any fraction of any bitcoin has to be synchronized from Timbuktu to Tajikistan to be "canon". What's a typical bandwidth that could be permanently reserved for any node available ? Even generous 100Mbit/sec would be 25k global transactions per second (each transaction is 500 byte in size) - which is ridiculous low to be of any serious use.
Ahigh
Ahigh
Joined: May 19, 2010
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April 5th, 2013 at 3:46:03 AM permalink
Quote: MangoJ

I'm not that much into the inner workings of Bitcoins, but I think it will eventually crash for the simple reason that the global rate of transactions is limited by the peer-to-peer infrastructure.

I mean, each and every transaction of any fraction of any bitcoin has to be synchronized from Timbuktu to Tajikistan to be "canon". What's a typical bandwidth that could be permanently reserved for any node available ? Even generous 100Mbit/sec would be 25k global transactions per second (each transaction is 500 byte in size) - which is ridiculous low to be of any serious use.



This link provides some data on transaction rates. I'm not sure I agree, but curious if you still feel the same way after looking at this data:

http://bitcoincharts.com/bitcoin/
Ahigh
Ahigh
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April 5th, 2013 at 3:52:01 AM permalink
Quote: nezbit

this will crash... its a matter of when. Good luck if you are diving into it.



Put your money where your mouth is! If you're sure it's going to crash, you probably also have a way to leverage your knowledge into profit!

Keep us updated on your riches as you realize your gains.

Or was that just a guess stated as a fact?
Ahigh
Ahigh
Joined: May 19, 2010
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April 5th, 2013 at 5:02:03 AM permalink
Quote: article

In this regard, people at Business Insider who compare the bitcoin trade and its current price spike with the bubble around Beanie Babies in the early century come across as dangerously shortsighted and ignorant.



http://falkvinge.net/2013/04/03/why-bitcoin-is-poised-to-change-society-much-more-than-the-internet-did
treetopbuddy
treetopbuddy
Joined: Jan 12, 2013
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April 5th, 2013 at 5:11:47 AM permalink
Quote: Ahigh

http://falkvinge.net/2013/04/03/why-bitcoin-is-poised-to-change-society-much-more-than-the-internet-did

too much talk about the Bitcoin crash which means the the thing probably has legs for awhile.
Each day is better than the next
pacomartin
pacomartin
Joined: Jan 14, 2010
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April 5th, 2013 at 6:51:52 AM permalink
Quote: terapined

This is some weird stuff and I am uncomfortable with it. The value seems to tied to a permanently fixed supply. I think its a bubble. If investing short term, why not. Long term, no way, I'll keep mine in gold. How permanent is that fixed supply?


A fixed supply of an infinitely divisible virtual currency means there is essentially no fixed supply. If they go to $10,000 per bit coin people will buy and sell them in increments of 1%per bitcoin.

Walmart has split 11 times since it's IPO in 1970. So a share bought during the IPO is now 2^11=2048 shares. Bitcoins don't have to be split as they are simply divisible.

Almost everyone knows that money is a shared delusion. Bitcoins were the result of a graduate school course in the essential characteristics of "money".

AlanMendelson
AlanMendelson 
Joined: Oct 5, 2011
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April 5th, 2013 at 7:05:15 AM permalink
Who or what guarantees my bitcoin account/stash/balance?

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