Bitcoin $1K 7

[L.B.D.D]

Re: Bitcoin $1K 7

How about we get everyone to sell, so when it drops, I can buy a lot, then everyone can buy them back and inflate things again okay??

[PaperclipGames]

Re: Bitcoin $1K 7

inb4 LTC

[Spenner]

Re: Bitcoin $1K 7

Boom. It's goin down. Apparently it licked the bottom of $650

So yeah my master plan will be happening pretty soon now

[Guest15937]

Re: Bitcoin $1K 7

Bubble popped, Bitcoin value going the way of the 2k0-2k1 market

[Arkuski]

Re: Bitcoin $1K 7

Bubble popped, Bitcoin value going the way of the 2k0-2k1 market

I saw that your post was the most recent in this thread and I was like oh great more spambots

[PaperclipGames]

Re: Bitcoin $1K 7

It dropped because China's central bank announced that they will "regulate" bitcoin transactions. Many interpreted this as a flat out ban. While this is true in the sense that direct bankwire to bitcoin transfers are no longer supported, it is very easy still to exchange currency for bitcoin, and the Chinese market is far from dead. I expect things to settle down and climb back up after a few days when people realize shit hasn't truly hit the fan just yet.

[popsicle_3000]

Re: Bitcoin $1K 7

Can you elaborate on what you mean by this?

no he can't because he's objectively wrong

bitcoin's value comes from what people think they can sell it for, making a profit in the meantime. Bitcoin doesn't have any intrinsic value, nor does it have the potential to make money on its own. It isn't a product nor does it make a product with value.
The value it has is purely from what people think its potential value in the future is.

this sort of bubble market can't sustain itself in the long run...

[PaperclipGames]

Re: Bitcoin $1K 7

Pop, you do realize that literally every currency has no intrinsic value on its own, right?

A $100 bill is really just a little piece of paper in reality that probably cost less than five cents to make.

[PaperclipGames]

Re: Bitcoin $1K 7

The main differences between Bitcoin and other currencies are that there does not exist a physical form of it, and, most importantly, that there is no bank or government that is under control of it (e.g. they cannot turn on a printing machine to pump more of it into the market).

[popsicle_3000]

Re: Bitcoin $1K 7

Pop, you do realize that literally every currency has no intrinsic value on its own, right?

ok, government currency is an area that I don't fully understand, but I know that it reflects to an extent the economic power/health of that country: something tangible. Even tho the piece of money in and of itself is worthless, it represents an actual 'thing' at the end. great wording is great

what does bitcoin reflect?

[Pseudo Enigma]

Re: Bitcoin $1K 7

A $100 bill is really just a little piece of paper in reality that probably cost less than five cents to make.

pretty sure that's not true but I'm just going to keep quiet.

[choof]

Re: Bitcoin $1K 7

what does bitcoin reflect?

the ability to exchange monetary value for services completely anonymously

is there not an inherent value in security and anonymity?

[Charlo]

Re: Bitcoin $1K 7

ok, government currency is an area that I don't fully understand, but I know that it reflects to an extent the economic power/health of that country: something tangible. Even tho the piece of money in and of itself is worthless, it represents an actual 'thing' at the end. great wording is great

what does bitcoin reflect?

This is true. The US dollar is backed by the US government. Bitcoin is not backed by anything and only has the value that people give it. One could also say Bitcoin is not a currency since the vast majority of buying/selling it is for speculative reasons. Is anybody out there buying their Bitcoins with the intent of spending them on real-life goods?

[Litodude]

Re: Bitcoin $1K 7

Pop, you do realize that literally every currency has no intrinsic value on its own, right?

A $100 bill is really just a little piece of paper in reality that probably cost less than five cents to make.

this is the wrong way to use the term intrinsic value to defend your position. money has no intrinsic value, but as a "piece of paper" that is the national medium devoted to trading/buying/selling goods, services, assets, commodities (something that also doesn't have intrinsic value), bonds, and other forms of "pieces of paper", it has fundamental value. bitcoins have a "fundamental value" for buying and selling goods and services. the magnetically coded information in your debit card representing your bank information has no "intrinsic value." an apple does, a banana does, a bed does.

you (nor I) can adequately determine the fundamental value of BTC, because it's a brand new currency that works ONLY in a decentralized/unregulated-by-means-of-government-intervention type of system. what's been happening is china WANTS to put 'restrictions' on BTC and in someway "control" the currency and be able to manipulate the rates as their own ForEx. they certainly could try; i'm sure they have adequate manpower and processing power to create enough BTC for themselves, but if it comes to that, then we CAN speculate that BTC will not last for long after that. either more govt's will try to regulate BTC the same way, or abandon it all together.

[Litodude]

Re: Bitcoin $1K 7

jesus do u guys even read the wiki http://bitcoin.org/en/faq#what-is-bitcoin