Also: see above, the Euro being cut by up to 80% in some Cyprus accounts. I guess we can add the euro to your list of volatile currency. Where does that leave the world economy?
And how will you know this exactly? I'm sure a lot of people said that too before this crash. It's easy to say "oh there will be more ups and down and I just need to sell it before it tanks", but actually timing it right is damn near impossible.
Heck it may not even be a bad idea to buy some now. The bitcon-faithful are still spamming the internet about it and there is a good chance it can go up.To be fair, I bought a dozen bitcoins for novelty not long ago for a little over $20 ea. I don't follow the price at all or anything bitcoin in general but a little over a week ago I saw some article or blog that had something to do with bitcoins and I remembered the ones I had. Checked the price and immediately sold out at around $140 ea. It was a very good thing that I didn't check the price in between because I would have sold for way lower to lock in the profits.
I guess my point is, while it definitely shows that its an absurdly volatile "currency" it is (at least currently) well above what it was at the beginning of the year when I originally bought those few. People actually day trading them who lost a ton of actual money, well thats the risk of day trading anything. If I would have held on to mine they would still be worth over double what I paid.
It's absolutely not ever going to be a valid currency, but the pyramid probably hasn't crumbled yet.
A good, rational summary of the situation, mostly in laymen's terms, that seems to cut through the bullshit the internet has been spewing: http://business.time.com/2013/04/12/the-real-significance-of-the-bitcoin-boom-and-bust/
Oh god, just look at the comments on that article. Bitcoin pushers are so scammy.
Phokus posted a number of articles debunking this as a currency. They echo what most of us have been saying. It is a pyramid, of course.There is no pyramid. Because people use tools inappropriately doesn't invalidate the tool. Chainsaws, guns, and cars are all useful tools despite the dumbasses that fuck themselves up with them, and so is bitcoin.
They are the equivalent of Paulbots. I guaran-damn-tee you that Bitcoin owners are, as a whole, more likely to support Ron Paul than the average person. Like Paulbots they spam the net to represent themselves as bigger than they really are. And via this spam they pull new acolytes into the fold. It's effective, we have some of them here. I think there is probably still money to be made from suckers running this up, though I won't personally risk it. I doubt the pyramid is built yet, though. Lots of suckers still to come in and max out their credit cards buying bitcoins.Oh god, just look at the comments on that article. Bitcoin pushers are so scammy.
Well, when you look at the charts, try to get out before the line graph hits a 60 degree angle.
Chainsaws, guns, and cars are all useful tools despite the dumbasses that fuck themselves up with them, and so is bitcoin.
I think it must be one of the purest pyramid schemes ever created. Even more than tulips, as they have innate value.Chainsaws, guns and cars are useful tools because you can actually do something useful with them.
Near as I can tell, the only thing that ever gave bitcoins value was the Greater Fool Theory.
They are the equivalent of Paulbots. I guaran-damn-tee you that Bitcoin owners are, as a whole, more likely to support Ron Paul than the average person. Like Paulbots they spam the net to represent themselves as bigger than they really are. And via this spam they pull new acolytes into the fold. It's effective, we have some of them here. I think there is probably still money to be made from suckers running this up, though I won't personally risk it. I doubt the pyramid is built yet, though. Lots of suckers still to come in and max out their credit cards buying bitcoins.
I think it must be one of the purest pyramid schemes ever created. Even more than tulips, as they have innate value.
Anyway! Enough of this bitcoin stuff, who's in with litecoins? Get in early, folks!
A pyramid scheme is a non-sustainable business model that involves promising participants payment or services, primarily for enrolling other people into the scheme, rather than supplying any real investment or sale of products or services to the public.
Phokus posted a number of articles debunking this as a currency. They echo what most of us have been saying. It is a pyramid, of course.
Chainsaws, guns and cars are useful tools because you can actually do something useful with them.
Near as I can tell, the only thing that ever gave bitcoins value was the Greater Fool Theory.
There's tons of useful things that can be done with bitcoin. You don't hear about them because it takes too much thought, with deeper concepts 'gimme MORE money'. It also isn't especially exciting, so websites don't get the button clicks for the almighty ad dollars. You get the circus show as you do with all news these days. Sensationalist news for the tl;dr crowd.
No conspiracy. It was a choice of words. I don't think the pyramid building is over. Eventually it will be and the suckers left on the bottom will do what suckers do, which is suck.Oh look, a conspiracy theorist.
There is no bitcoin pyramid. Could someone conduct a pyramid scheme with bitcoins? Of course, but I'm pretty sure a lot of commission-based "insurance sales companies" operate in US dollars.
I can guarantee no one but me is making money off of my bitcoin mining, but then again I'm not stupid enough to treat bitcoins as a commodity.
I think what's happening to bitcoin right now could actually be good. Scare off the "investors" so bitcoin can relatively stabilize and get back to being a currency.
Generally, those in early win by the inclusion of more people. And at some point everybody figures out hey this sucks, and if you got in on the bottom you get screwed. That's bitcoins. People with bitcoins tell others how great it is, those in early see the value of their bitcoins rise.And that describes bitcoin... how?
No conspiracy. It was a choice of words. I don't think the pyramid building is over. Eventually it will be and the suckers left on the bottom will do what suckers do, which is suck.
I know you're smart so it makes me sad to read that potentially you see bitcoin as a viable currency (?)...despite multiple articles posted just today on some econ sights laughing outwardly at the notion. See Phokus' links from this afternoon.Generally, those in early win by the inclusion of more people. And at some point everybody figures out hey this sucks, and if you got in on the bottom you get screwed. That's bitcoins. People with bitcoins tell others how great it is, those in early see the value of their bitcoins rise.
It's no more different than debt holders (which is what a depositor effectively is) being mostly wiped out and having the rest of their money turned into equity above 100k.
Cyprus has the population of San Jose, California. This fiasco did not significantly change the value of the Euro or the world economy anymore than some nerd whining about the value of Bitcoin will drag it out of this slump.
So do you get paid in 1900 dollars?