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Bitcoin market... Don't miss out

82K views 670 replies 97 participants last post by  Jrgunn5150 
#1 · (Edited)
http://bitcoincharts.com/charts/mtgoxUSD#rg60ztgSzm1g10zm2g25zv


So far, it's been pretty f'n profitable for all. $62/coin. I'm thinking everybody should dive in deep as hell right now...


Not sure if it's too late to jump on board, or if it's just the beginning of countless millionaires who got in at ground level...
 
#579 ·
My wife hit on a great analogy when I tried to explain bitcoin to her. I told her it has value because those possessing it agree it has value.

She replied "sounds like the S&H green stamps my mom collected. She had almost enough to cash in for a TV and then they just went away and were worth nothing."

After thinking about it, she's absolutely right.
 
#588 ·
That's exactly the thing, it was created to be a currency independent of government manipulation. It can't fold, no one controls it, there is no central bank for it. There is a limited supply of it, no one to continually issue more and more driving the value down (inflation).

Afterall, the only thing that gives any currency value is that you value it, and enough other people value it. Given the current hype, people value it.

I'm not a bitcoin fanboi, I just wanted to learn some about it and make sense of it.
 
#583 ·
Please explain. Hopefully it's a joke and you were just a mug club member or something:sonicjay:
 
#584 ·
Big Buck Brewery started in Gaylord 20 - 30 years ago. Then they opened one in Pontiac by the Silverdome. Then one in the Grand Rapids area and I think at least one more out of state. I bought $500 @ $3 per share hoping it might be the next Outback Steak House. They grew too fast, the Lions left the Silverdome and they died.

This is a prime example of taking the risk of getting in early.
 
#593 ·
Ah gotcha. It sounded more ominous to me than a simple failed investment. I remember the Pontiac location and when it closed, and I've passed the Gaylord one many times. I ate there a few times and was never impressed.

That's exactly the thing, it was created to be a currency independent of government manipulation. It can't fold, no one controls it, there is no central bank for it. There is a limited supply of it, no one to continually issue more and more driving the value down (inflation).

Afterall, the only thing that gives any currency value is that you value it, and enough other people value it. Given the current hype, people value it.

I'm not a bitcoin fanboi, I just wanted to learn some about it and make sense of it.
There's a limited supply of it and no one to issue more? How so? I know admittedly little about this stuff, so correct my if I'm wrong. I've got a friend of a friend who just built a computer/server strictly to farm Bitcoin. He spent about $3k on it and it's going to sit in a closet 24/7 farming Bitcoin. His payback was something like 9 months, and is probably even less now that value continues to rise. After that it's basically printing money.
So if he can farm Bitcoin, how is there a finite amount of it? I get that there's probably more demand than there is supply, but it seems no different than printing currency. Difference being that anyone with the know how can farm Bitcoin, where only the government can legally print traditional currency.
 
#595 ·
They call it mining

Have a customer,who we installed 20 tons of a/c just to cool the computers,(in his basement)his elf bill is north of $4500 a month.and he doesn't even care so how much do these computers make a month?????? I can't believe the Feds won't put the brakes ,or tax it some how,and soon
 
#597 ·
Bitcoin seems like something you need to make them buy something right away, I don't see the long term point of stockpiling it. It seems like it would be too fluctuating, today it's worth a lot, but what about tomorrow?

I'd rather mine couple thousand, then spend it and have the capital investment...basically launder it.

How do you mine it anyway? never got that far into looking at it
 
#602 ·
As far as fluctuating, maybe in the beginning, but the overall trend since I bought in has been up. It has had daily and weekly fluctuations like the stock market, but every time I sit and think "I'll buy in when it drops" it hasn't dropped much at all, and it comes right back.


As far as taxing, I thought it currently falls under the capital gains tax?
 
#598 ·
The code for bitcoin only allows for a finite amount of them. As we get closer to that amount it takes more computing power to run the calculations to "mine" the coins. At first you could use a basic computer but now you need something close to a super computer to run the code. With the bitcoin price continuing to rise the cost of the hardware and electricity it is still profitable to mine.
 
#610 ·
Then there's the Satoshi Bitcoins, supposedly a million or so bitcoins mined by the founder that are not in circulation. If one million bitcoins were dumped in the market all at once it would essentially destroy bitcoin.

Really, that's the biggest danger- hoarders dumping at a trigger point.
 
#612 ·
So, has anyone actually made any REAL money on this? Because the more I look at it, the more it's "pretend" money, as in "person A has X amount of bitcoin [worth Xamount]", how is it worth that, is that person actually able to sell it for that amount?

If the whole point of bitcoin is to get more to make money off of, how are you able to sell it for "what it's worth" if no one is going to pay what it's worth because that wouldn't make them money?

So, is this like the posi-traction in the rear end of plymouth, and it works just because it works, or is there a real way to go about selling it to make money
 
#613 ·
I have mine in a wallet serviced by coindesk. On my phone app, there is a 'sell' button that when I press it, I get whatever bitcoin is at right then, minus the service fee. I can sell it all, or just a portion. It takes about 3 days to show up in my bank account, but I get whatever it was when I pressed the button- whether the value goes up or down.
 
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