Select Page
Poker Forum
Over 1,282,000 Posts!
Poker ForumFTR Community

The BITCOIN thread

Page 1 of 2 12 LastLast
Results 1 to 75 of 132
  1. #1
    pocketfours's Avatar
    Join Date
    Mar 2007
    Posts
    2,765
    Location
    Lighting sweet moneys on fire.

    Default The BITCOIN thread

    Ok let's talk bitcoin, thoughts?

    I feel like this currency will receive enormous support from China and isn't going anywhere anytime soon. On the other hand there's a huge amount hurdles to overcome still and then there's the competition with potentially superior algorithms...

    I feel like it's probably a wise gamble to own at least a small amount of BTC.


  2. #2
    its value seems very tied to the silk road at the moment, so you're gambling on people's love of illegal drugs which is probably a good bet!

    I was under the impression that mining bitcoins with CPU was pretty much dead at this point and that the boom is pretty much over. Are you refering to potentially better algorithms to mine them? Won't that decrease their value?
  3. #3
    I'm pretty excited about Bitcoin myself. It's the future. Now it's catching on in China and the feds have recognized it's legitimate value and don't appear to be an obstacle. I just saw a story a few hours ago that BTC had over a billion dollars (in USD value) being transferred in the last 24 hours

    I actually sold my first couple coins yesterday. I hated doing it, but had to get some bills paid before xmas.

    Daven -
    Silk Road was shut down a month or so ago (it was a pretty big story when they caught the guy), but the value of BTC has gone up incredibly since then. I think this actually was the cause for more confidence in BTC. Part of that is that DPRs (the guy who ran Silk Road) money could not be seized, and also that when it was shut down, and there was still demand and usage of BTC, it did away with your thought, which was common, that the currency was kept afloat by the site.

    As far as mining (the algorithms) is concerned, yes, we are well past being able to mine with a CPU. We are also well past being able to mine with GPUs. Now people are using ASICs, chips designed with the one purpose of working on this problem. The system is designed to increase the difficulty of solving the "mining problem" as the total computing power on the network increases. With all the ASICs out there, the mining difficulty has gone way up and if you buy a mining rig now, you probably won't profit. For most people that want to get involved in BTC, it's best to buy or trade for some.
  4. #4
  5. #5
    Now how did I miss that? I knew there were a few alternatives popping up, but I didn't see the same people were getting SR back up again.

    I always meant to try that place out, maybe now I'll still have a chance
  6. #6
    Remember when people thought the shuttering of Napster was the end of file sharing?

    luls.
  7. #7
    spoonitnow's Avatar
    Join Date
    Sep 2005
    Posts
    14,499
    Location
    North Carolina
    #shitcoins
  8. #8
    a500lbgorilla's Avatar
    Join Date
    Sep 2004
    Posts
    28,133
    Location
    himself fucker.
    Something tells me you don't want to buy right this second. A lot of the value of bitcoin is tied up with trends of increased value in privacy, anonymity, and anti-central bank fiscal policy, which are all at something of a local maximum these days.

    It's definitely a good idea to familiarize yourself with bitcoins, how to use them, how to securely hold them, and how they work at each technical level if for no other reason than that they are cool as all hell.
    <a href=http://i.imgur.com/kWiMIMW.png target=_blank>http://i.imgur.com/kWiMIMW.png</a>
  9. #9
    Quote Originally Posted by a500lbgorilla View Post
    Something tells me you don't want to buy right this second. A lot of the value of bitcoin is tied up with trends of increased value in privacy, anonymity, and anti-central bank fiscal policy, which are all at something of a local maximum these days.

    It's definitely a good idea to familiarize yourself with bitcoins, how to use them, how to securely hold them, and how they work at each technical level if for no other reason than that they are cool as all hell.
    But China.
  10. #10
    Quote Originally Posted by boost View Post
    But China.
    All faith given to our new Chinese overlords.
  11. #11
    Fuck it, I'll ride that gravy train, even if it's ingredients are water, corn starch, and MSG.
  12. #12
    Now this is interesting stuff.
  13. #13
    pocketfours's Avatar
    Join Date
    Mar 2007
    Posts
    2,765
    Location
    Lighting sweet moneys on fire.
    Quote Originally Posted by a500lbgorilla View Post
    Something tells me you don't want to buy right this second.
    I've long ago given up trying to time the market of something I believe has potential. No reason to go all-in in one day, but if I'd want to invest X, then I could go with a strategy to invest X/52 every week for a year or something similar.


  14. #14
    Quote Originally Posted by pocketfours View Post
    I've long ago given up trying to time the market of something I believe has potential. No reason to go all-in in one day, but if I'd want to invest X, then I could go with a strategy to invest X/52 every week for a year or something similar.
    What can be expected from this strategy? What are the benefits, and what are the drawbacks?
  15. #15
    pocketfours's Avatar
    Join Date
    Mar 2007
    Posts
    2,765
    Location
    Lighting sweet moneys on fire.
    Quote Originally Posted by boost View Post
    What can be expected from this strategy? What are the benefits, and what are the drawbacks?
    Benefits:
    - I don't need to know everything about what I'm investing in immediately
    - Investing a small piece at first usually increases my apetite for information
    - Prevents me from making a bad decision with a lot of money
    - I can change my plan at any time
    - I can create a strategy where I can win a very large amount of money, but only lose a very small amount of money, assuming that crashes are slow enough that I've got time to stay with my plan (risky assumption with btc obv).

    Drawbacks:
    - I suppose lower risk usually means less EV in case I feel like it's a good bet. Variance kills though.

    I never did this with stocks though. When I find a stock I want to buy I always buy it immediately.


  16. #16
    Thank you.
  17. #17
    Better buy some tulip bulbs too, just in case
    Some days it feels like I've been standing forever, waiting for the bank teller to return so I can cash in all these Sklansky Bucks.
  18. #18
    spoonitnow's Avatar
    Join Date
    Sep 2005
    Posts
    14,499
    Location
    North Carolina
    ^ lol
  19. #19
    pocketfours's Avatar
    Join Date
    Mar 2007
    Posts
    2,765
    Location
    Lighting sweet moneys on fire.
    I don't like btc as an investment as much as I like it as a gamble, by which I mean I'm putting a value on the fun I will have watching the coins go bananas...


  20. #20
    a500lbgorilla's Avatar
    Join Date
    Sep 2004
    Posts
    28,133
    Location
    himself fucker.
    Quote Originally Posted by pocketfours View Post
    I don't like btc as an investment as much as I like it as a gamble, by which I mean I'm putting a value on the fun I will have watching the coins go bananas...
    It does that a lot. You can't really get into the bitcoin game without having some level of dedication to seeing it work as a currency.

    When people talk about how someone once paid 200 million dollars in current bitcoin worth for a pizza in 2011, they don't understand that bitcoin is only worth it if people actually use the damn currency for some current trading.

    Too many people sitting on bitcoin because they feel like it's going places will ruin the pot. And though you could skate by, you're not the only one out there trying.
    <a href=http://i.imgur.com/kWiMIMW.png target=_blank>http://i.imgur.com/kWiMIMW.png</a>
  21. #21
    That must have been one heck of a pizza!
  22. #22
    a500lbgorilla's Avatar
    Join Date
    Sep 2004
    Posts
    28,133
    Location
    himself fucker.
    The real details are more mundane, but I don't care about such things like 'accuracy'.
    <a href=http://i.imgur.com/kWiMIMW.png target=_blank>http://i.imgur.com/kWiMIMW.png</a>
  23. #23
  24. #24
    a500lbgorilla's Avatar
    Join Date
    Sep 2004
    Posts
    28,133
    Location
    himself fucker.
    Virgin Galactic puts customers in space. I'd wager the fair-haired billionaire is willing to risk no one ever taking him up on this offer against his shining smile being associated with this hot bit of people's innovation.
    <a href=http://i.imgur.com/kWiMIMW.png target=_blank>http://i.imgur.com/kWiMIMW.png</a>
  25. #25
    They have at least one customer so far, but yeah the story is basically about the attention for him and BTC.

    Virgin Airlines or other more "everyday" type businesses accepting it would do more to show faith in the currency.
  26. #26
    a500lbgorilla's Avatar
    Join Date
    Sep 2004
    Posts
    28,133
    Location
    himself fucker.
    One bitcoin customer?
    <a href=http://i.imgur.com/kWiMIMW.png target=_blank>http://i.imgur.com/kWiMIMW.png</a>
  27. #27
    With the news of $1000/bc coming out...

    http://www.bbc.co.uk/news/uk-wales-s...wales-25134289
  28. #28
    Some dude in South Wales threw out a harddrive with 7,500 bitcoins on it, worth £4m apparently. He's been looking for it at a local landfill site. He's been warned it could be buried 5 or 6 foot deep.

    Be fucking funny if it's Pascal.

    I'm tempted to get the train to Newport tomorrow and join him in the hunt.
    Quote Originally Posted by wufwugy View Post
    ongies gonna ong
  29. #29
    Galapogos's Avatar
    Join Date
    Jun 2005
    Posts
    6,894
    Location
    The Loser's Lounge
    Quote Originally Posted by OngBonga View Post
    Some dude in South Wales threw out a harddrive with 7,500 bitcoins on it, worth £4m apparently. He's been looking for it at a local landfill site. He's been warned it could be buried 5 or 6 foot deep.
    Yeah, I totally heard about that before somewhere. I can't remember where though. Oh wait! It was the post right above yours!


    Quote Originally Posted by sauce123
    I don't get why you insist on stacking off with like jack high all the time.
  30. #30
    pocketfours's Avatar
    Join Date
    Mar 2007
    Posts
    2,765
    Location
    Lighting sweet moneys on fire.
    So are you all just going watch from aside while the coins go boom?


  31. #31
    I wouldn't touch them with a 10 foot pole right now. If I were ever to speculate on them, I'd wait until after the current boom+bust and everyone hating them before dipping my toe in.

    Bitcoins really are the digital version of a tulip bulb. They have virtually no intrinsic value, the only market for them is to sell to other speculators. Once the mass exodus sell off starts, it will run them all the way back down to nearly nothing, as there will be tons of sellers and no more speculation buyers.
    Some days it feels like I've been standing forever, waiting for the bank teller to return so I can cash in all these Sklansky Bucks.
  32. #32
    That, or they become an actual currency supported by companies and really take off. Or something inbetween. I can see it continue to grow but probably a lot will depend on how governments will reacts if it really starts to take off. It can very easily be legally killed if they want.
  33. #33
    Quote Originally Posted by KoRnholio View Post
    I wouldn't touch them with a 10 foot pole right now. If I were ever to speculate on them, I'd wait until after the current boom+bust and everyone hating them before dipping my toe in.
    That's what I said at 100, and then 700
  34. #34
    Quote Originally Posted by d0zer View Post
    That's what I said at 100, and then 700
    I forget exactly who it was (some famous historical figure) who bought into tulip bulbs, then sold out early on. He made a very nice amount of money. Then prices continued to rise. He bought back in, then lost everything when it crashed.
    Some days it feels like I've been standing forever, waiting for the bank teller to return so I can cash in all these Sklansky Bucks.
  35. #35
    Quote Originally Posted by KoRnholio View Post
    I forget exactly who it was (some famous historical figure) who bought into tulip bulbs, then sold out early on. He made a very nice amount of money. Then prices continued to rise. He bought back in, then lost everything when it crashed.
    Did nobody tell him that you are supposed to buy when the prices are low and then sell when they are high?
  36. #36
    Quote Originally Posted by Galapogos View Post
    Yeah, I totally heard about that before somewhere. I can't remember where though. Oh wait! It was the post right above yours!
    lol you don't think I take links provided to us from that sketchy jackvance do you?
    Quote Originally Posted by wufwugy View Post
    ongies gonna ong
  37. #37
    Galapogos's Avatar
    Join Date
    Jun 2005
    Posts
    6,894
    Location
    The Loser's Lounge
    Quote Originally Posted by OngBonga View Post
    lol you don't think I take links provided to us from that sketchy jackvance do you?
    My bad, thought it was his much more trustworthy alter ego Jack Sawyer.


    Quote Originally Posted by sauce123
    I don't get why you insist on stacking off with like jack high all the time.
  38. #38
    Just admit it ong, you're one of them horrible people who only reads titles and never clicks links or reads articles. Aren'tcha?
  39. #39
    rong's Avatar
    Join Date
    Nov 2008
    Posts
    9,086
    Location
    behind you with an axe
    Surely a bank or rich individual would pay for equipment and a team of say 20 people to excavate the dump in exchange for 50% or w/e.
    I'm the king of bongo, baby I'm the king of bongo bong.
  40. #40
    moar like shitcoin thread
    Congratulations, you've won your dick's weight in sweets! Decode the message in the above post to find out how to claim your tic-tac
  41. #41
    a500lbgorilla's Avatar
    Join Date
    Sep 2004
    Posts
    28,133
    Location
    himself fucker.
    Quote Originally Posted by jackvance View Post
    Just admit it ong, you're one of them horrible people who only reads titles and never clicks links or reads articles. Aren'tcha?
    Quote Originally Posted by Luco View Post
    moar like shitcoin thread
    lol nice
    <a href=http://i.imgur.com/kWiMIMW.png target=_blank>http://i.imgur.com/kWiMIMW.png</a>
  42. #42
    thread makes me sad.

    had a chance to get in when they were at like $4 per coin. one of my friends did. i did not. he is happy. i am not.

    although, hindsight yadda yadda, this n that. i don't really have the funds to buy a bunch at their current price, i'll "wait for them to fall again and buy because $1k is too high" - which (like others have said) is what i've been saying since about $100 per coin.

    SUCH IS LIFE.
  43. #43
    also, same friend introduced me to other "lite coins" which are basically other versions of digital currency that have been created. i had no idea more than one existed, but i guess since bitcoin has taken off, other smaller ones are getting attention now and "taking off" as well. some crazy shit is happening and people at the start are making a ridiculous amount of money. https://btc-e.com/ shows them.

    right now NMC (name coins) are around $9.50 per coin and just a couple weeks ago were around 30 cents per. same with LTC (lite coin), 1 month ago they were around $2 per and now are around $40.

    So whoever was hoarding thousands of those is enjoying life atm.
  44. #44
    pocketfours's Avatar
    Join Date
    Mar 2007
    Posts
    2,765
    Location
    Lighting sweet moneys on fire.
    I can't believe you guys are arguing that at 1k it's expensive but at 200 it's a bargain, wtf? It's a pure speculation gamble, now get on your bikes to the bitcoin store.


  45. #45
    fuck that, i'm buying all the namecoins!
  46. #46
    I'm confused, you're all at least reasonably smart people. The whole point of investing is because you have worked out that there is a very good chance the price of your stock will rise. If you're all saying how at x amount you didn't buy because you thought they were too expensive you clearly have absolutely no idea about the market so you made the right move not investing. Whether they went up or down is irrelevant really.
  47. #47
    Quote Originally Posted by pocketfours View Post
    I can't believe you guys are arguing that at 1k it's expensive but at 200 it's a bargain, wtf? It's a pure speculation gamble, now get on your bikes to the bitcoin store.
    right, yeah, i was alluding to the idea that it's a stupid thought. i am not a smart man.
  48. #48
    Quote Originally Posted by givememyleg View Post
    thread makes me sad.

    had a chance to get in when they were at like $4 per coin. one of my friends did. i did not. he is happy. i am not.

    although, hindsight yadda yadda, this n that. i don't really have the funds to buy a bunch at their current price, i'll "wait for them to fall again and buy because $1k is too high" - which (like others have said) is what i've been saying since about $100 per coin.

    SUCH IS LIFE.
    Same here. I read about them when I could have easily mined them myself, but I never got past "wow, that sounds interesting if it actually took off."

    As far as not having enough to start now because of them costing $1000, that's just really a mental thing. There is nothing more special about buying exactly 1 than buying 0.3473 bitcoins (or whatever else you can afford to start with).
  49. #49
    Quote Originally Posted by ImSavy View Post
    I'm confused, you're all at least reasonably smart people. The whole point of investing is because you have worked out that there is a very good chance the price of your stock will rise. If you're all saying how at x amount you didn't buy because you thought they were too expensive you clearly have absolutely no idea about the market so you made the right move not investing. Whether they went up or down is irrelevant really.
    But I only had to pay a BB to play my 52o and now it's a FULL HOUSE!!!! How could you possibly argue it wasn't a good idea to limp preflop?!
  50. #50
    those who have bitcoin, where did you buy yours from? i setup an account at coinbase.com a long time ago, but just got around to verifying it a few days ago, but still waiting on the verification to link my bank account.
  51. #51
    Coinbase. Once you go through all of their verifications, it'll let you buy them instantly.
  52. #52
    I want to speculate a little and see what happens. There's like 80 digital currencies though, not sure where to start
    Congratulations, you've won your dick's weight in sweets! Decode the message in the above post to find out how to claim your tic-tac
  53. #53
    I have been reading up on this bitcoin malarky, and I'm certainly left with the impression that even now it's a very good investment. The two biggest concerns are - loss of confidence, and a superior currency replacing it. But bitcoin has emerged from the silkroad seizure stronger, people are MORE confident that it is secure. And while another currency might emerge, there's no reason it can't work alongside bitcoin. Bitcoin only collapses if people stop accepting it as payment, and I don't see why that will happen any time soon, so its value will continue to increase. How much by? Is if worth buying a single bitcoin? I doubt it's a very good short term investment, I'm not interested in making $1k a year through currency speculation. But it certainly might be worth offering a legit service that people can pay for by means of bitcoin.
    Quote Originally Posted by wufwugy View Post
    ongies gonna ong
  54. #54
    Jfc it's hard to buy bitcoin in the UK
    Congratulations, you've won your dick's weight in sweets! Decode the message in the above post to find out how to claim your tic-tac
  55. #55
    It is? Great. I haven't tried yet. I've talked with a friend about mining, he's more clued up than me and he says it's a waste of time, that we *might* make a couple of grand in a two year period if we're lucky.
    Quote Originally Posted by wufwugy View Post
    ongies gonna ong
  56. #56
    pocketfours's Avatar
    Join Date
    Mar 2007
    Posts
    2,765
    Location
    Lighting sweet moneys on fire.
    Quote Originally Posted by OngBonga View Post
    It is? Great. I haven't tried yet. I've talked with a friend about mining, he's more clued up than me and he says it's a waste of time, that we *might* make a couple of grand in a two year period if we're lucky.


    Optimally you will need dedicated machines to improve your efficiency W/btc and/or do it somewhere where energy is cheap. Or you can use the rigs to heat your house, but that's a hassle prob. Just let the chinese do the mining imo.


  57. #57
    If you don't want to mine yourself, you can trade mining capacity by the gigahash at https://cex.io/

    I personally have just dipped a toe in the mining water with a 30GH miner I got from butterflylabs before the prices went up. Looks like, if the BTC price maintains these levels, it'll be pretty profitable. Would have been much more marginal if I'd paid the new prices. The new monarch cards look good, but again, with butterflylabs you never know when stuff will get delivered - the backlog on the first gen ASICs like mine was terrible - I waited about 9 months for delivery to the UK.
  58. #58
    Quote Originally Posted by KoRnholio View Post
    Bitcoins really are the digital version of a tulip bulb. They have virtually no intrinsic value, the only market for them is to sell to other speculators. Once the mass exodus sell off starts, it will run them all the way back down to nearly nothing, as there will be tons of sellers and no more speculation buyers.
    IMO this is incorrect. No currency has intrinsic value, even when what are now fiat currencies were gold backed, you can't eat gold. The value of a currency is entirely in it's usability as a store of value and medium of exchange. Bitcoin has a deflationary bias, which reduces it's utility as a medium of exchange and tends to encourage hoarding - who knows exactly what that'll mean for the future price, but it certainly has more "intrinsic" value than the dollars/pounds/whatever in your savings account that can be printed at will.
  59. #59
    a500lbgorilla's Avatar
    Join Date
    Sep 2004
    Posts
    28,133
    Location
    himself fucker.
    Quote Originally Posted by pocketfours View Post
    I can't believe you guys are arguing that at 1k it's expensive but at 200 it's a bargain, wtf? It's a pure speculation gamble, now get on your bikes to the bitcoin store.
    +100

    I hadn't realized it until you said it and you are right. Who cares if you're buying 1 BTC in 2009 or .005 in 2013? 5 years on from each purchase is just a speculative as the other.

    But that said, http://bitcoincharts.com/charts/mtgo...zm1g10zm2g25zv the bitcoin is seeing a bit of a surge these days and the only way to justify such a surge is to see a usefulness in the currency itself. If you're going to buy bitcoin, it's got to be with an eye to actually using the damn things, even if you don't intend to. You want to piggyback off of those who act in our enlightened self-interest.

    And for those who want to possess bitcoin to trade bitcoin for good and service, these are their options https://en.bitcoin.it/wiki/Trade would you shop at these shops?
    <a href=http://i.imgur.com/kWiMIMW.png target=_blank>http://i.imgur.com/kWiMIMW.png</a>
  60. #60
    a500lbgorilla's Avatar
    Join Date
    Sep 2004
    Posts
    28,133
    Location
    himself fucker.
    Boris,

    Boris,

    Your avatar, Boris.

    It's amazing.
    <a href=http://i.imgur.com/kWiMIMW.png target=_blank>http://i.imgur.com/kWiMIMW.png</a>
  61. #61
    Quote Originally Posted by a500lbgorilla View Post
    Boris,

    Boris,

    Your avatar, Boris.

    It's amazing.
    Thankyou. It sums up my inner experience and thought process whilst playing (or thinking about) poker. The sheer impossibility of reaching the banana puzzles me, and I am endlessly pondering the possibility that there may be some way to obtain it, but how to do that continues to elude me.
    Last edited by BorisTheSpider; 11-30-2013 at 08:39 PM.
  62. #62
    yeah Boris u seem to crave for that big banana. I'm willy to help you out
    Last edited by TheLongGrind; 12-01-2013 at 01:01 AM.
  63. #63
    Join Date
    Jun 2013
    Posts
    93
    Location
    New York State
    Interesting thread. I was just reading about bitcoins today actually.

    Do you think it would be worth it for a US player to grind Seals w/ Clubs for bitcoins? Or would I just be better off moving up the stakes on normal currency games? I've held off getting involved with that poker site for a long time but the more I hear about bitcoins the more I think about playing a few hands over there.
    Last edited by Nostalgia; 12-01-2013 at 01:07 AM.
  64. #64
    Quote Originally Posted by pocketfours View Post
    Optimally you will need dedicated machines to improve your efficiency W/btc and/or do it somewhere where energy is cheap. Or you can use the rigs to heat your house, but that's a hassle prob. Just let the chinese do the mining imo.
    Yeah energy is kind of a deal breaker here, it's expensive enough to have the heating on for two hours a day.

    I think I'm with rilla, I've been kind of thinking that myself. If I can spend $100 on bitcoins, and have 0.1 or whatever, well if in five years that's worth $2k, that's a free holiday to see my friends in NZ. I think the only people who get ridiculous returns are those who mined early when it was easy and are letting them go now. I suspect the majority of us will have to settle for more modest returns.
    Quote Originally Posted by wufwugy View Post
    ongies gonna ong
  65. #65
    Quote Originally Posted by a500lbgorilla View Post
    But that said, http://bitcoincharts.com/charts/mtgo...zm1g10zm2g25zv the bitcoin is seeing a bit of a surge these days and the only way to justify such a surge is to see a usefulness in the currency itself. If you're going to buy bitcoin, it's got to be with an eye to actually using the damn things, even if you don't intend to. You want to piggyback off of those who act in our enlightened self-interest.
    The problem is, the vast majority of people buying bitcoins are in it because they see it as a get-rich-quick idea. See below.

    Quote Originally Posted by OngBonga
    If I can spend $100 on bitcoins, and have 0.1 or whatever, well if in five years that's worth $2k, that's a free holiday to see my friends in NZ. I think the only people who get ridiculous returns are those who mined early when it was easy and are letting them go now. I suspect the majority of us will have to settle for more modest returns.
    A 2000% gain over 5 years is not a ridiculous return?

    I'd strongly suggest anyone who wants to get involved in Bitcoin read up on the history of the tulip bulb bubble.

    Cliffs: When it is only speculators buying because they think the price will continue to rise, it will rise amazingly fast. But once there are no more buyers at a certain price level, the speculators all try to sell at once into zero demand. Massive crash.
    Some days it feels like I've been standing forever, waiting for the bank teller to return so I can cash in all these Sklansky Bucks.
  66. #66
    rong's Avatar
    Join Date
    Nov 2008
    Posts
    9,086
    Location
    behind you with an axe
    Is there a way to short 'em?
    I'm the king of bongo, baby I'm the king of bongo bong.
  67. #67
    A 2000% gain over 5 years is not a ridiculous return?
    It is if you invest a lot of money, and I'll readily admit I'm plucking numbers out of thin air, which is not the basis of an investment. If I invest $100 in bitcoins, I'm prepared to lose it. If I invest, it will be a gamble, not a calculated investment.
    Quote Originally Posted by wufwugy View Post
    ongies gonna ong
  68. #68
    ^ Fair enough.

    I came here to post this interesting article and interesting charts:
    100 largest bitcoin accounts combined hold 20% of all existing bitcoins
    Some days it feels like I've been standing forever, waiting for the bank teller to return so I can cash in all these Sklansky Bucks.
  69. #69
    a500lbgorilla's Avatar
    Join Date
    Sep 2004
    Posts
    28,133
    Location
    himself fucker.
    Quote Originally Posted by KoRnholio View Post
    ^ Fair enough.

    I came here to post this interesting article and interesting charts:
    100 largest bitcoin accounts combined hold 20% of all existing bitcoins
    This kind of cryptic transparency is a plus for bitcoin.
    Last edited by a500lbgorilla; 12-01-2013 at 06:42 PM. Reason: for words and other eidts
    <a href=http://i.imgur.com/kWiMIMW.png target=_blank>http://i.imgur.com/kWiMIMW.png</a>
  70. #70
    pocketfours's Avatar
    Join Date
    Mar 2007
    Posts
    2,765
    Location
    Lighting sweet moneys on fire.
    Quote Originally Posted by KoRnholio View Post
    I'd strongly suggest anyone who wants to get involved in Bitcoin read up on the history of the tulip bulb bubble.

    The tulip bubble is exactly why we want to put money in bitcoin isn't it? At $10B the valuation is hardly tulip-absurd yet, but I'm betting real dollars on the hopes that it will be one day. I'll do my best to sell (at least some coins) before the big crash, which is why this is clearly a gamble and not an investment.


  71. #71
    Quote Originally Posted by pocketfours View Post
    The tulip bubble is exactly why we want to put money in bitcoin isn't it? At $10B the valuation is hardly tulip-absurd yet, but I'm betting real dollars on the hopes that it will be one day. I'll do my best to sell (at least some coins) before the big crash, which is why this is clearly a gamble and not an investment.
    Only if you're lucky enough to sell near the mystery top number. Won't do you any good to buy at $1,000, miss the top of $?,???/$??,??? and then end up selling at <$200.

    Given that everyone is already talking about bitcoins, the top will probably come in a lot sooner than even us bubble-seers can predict.

    Take a look at the charts. Can you tell where we are at on the prototypical bubble chart roadmap? Maybe the first sell off, if you ignore the April-May dip. Maybe this recent small drop is noise and we're in the the Enthusiasm and/or Greed phase. Or maybe this is the Bull trap forming as we speak.

    Bitcoin 1 year chart
    Image seems fail, here is the link:
    http://www.bitcoincharts.com/charts/...zm1g10zm2g25zv


    Some days it feels like I've been standing forever, waiting for the bank teller to return so I can cash in all these Sklansky Bucks.
  72. #72
    pocketfours's Avatar
    Join Date
    Mar 2007
    Posts
    2,765
    Location
    Lighting sweet moneys on fire.
    wait, are you trying to stereotype bubbles? Good luck with that. I see greed, but I don't see too much delusion. Since the valuation of bitcoin had to start from zero, it's obvious that some people are going to cry bubble. In any case it's clear that the value will be way higher than current levels if it becomes mainstream. The arguments should be about whether that is going to happen, the valuation is not a bubble. I think the most likely value for bitcoin in say five years is be zero, but that doesn't mean buying it is a bad play.


  73. #73
    rong's Avatar
    Join Date
    Nov 2008
    Posts
    9,086
    Location
    behind you with an axe
    Not looking so good today. Buy buy buy!
    I'm the king of bongo, baby I'm the king of bongo bong.
  74. #74
    35% loss in 3 days... down about 20% in the last 12 hours. Also don't listen to rong and try to catch a falling knife.
  75. #75
    and on kornholio's chart, are we are fear, or at we at capitulation?

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •