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Author Topic: Bitcoin hits $500  (Read 951 times)

Offline Midway

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Bitcoin hits $500
« on: November 17, 2013, 06:47:29 AM »
Should I buy one?   http://bitcoin.clarkmoody.com

Cost $35 in March.  

This article says could go to $5 or a million or somewhere in between:
 http://www.businessinsider.com/bitcoin-bubble-2013-11

Was $350 a week ago.

Better than a Lottery ticket? :headscratch:
« Last Edit: November 17, 2013, 07:11:19 AM by Midway »
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Offline Karnak

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Re: Bitcoin hits $500
« Reply #1 on: November 17, 2013, 09:14:39 AM »
Highly unstable, but have fun if you have the cash to lose.
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Offline Maverick

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Re: Bitcoin hits $500
« Reply #2 on: November 17, 2013, 10:45:59 AM »
Think about it. You are going to spend good money on an item that really doesn't exist, has no intrinsic value and is artificial in every way. What could possibly go wrong?
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Offline rpm

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Re: Bitcoin hits $500
« Reply #3 on: November 17, 2013, 10:54:26 AM »
Quote from: Maverick on November 17, 2013, 10:45:59 AM
Think about it. You are going to spend good money on an item that really doesn't exist, has no intrinsic value and is artificial in every way. What could possibly go wrong?
Sounds easy to counterfeit. Like Burt Bucks.
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Offline Shamus

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Re: Bitcoin hits $500
« Reply #4 on: November 17, 2013, 11:18:15 AM »
Quote from: Maverick on November 17, 2013, 10:45:59 AM
Think about it. You are going to spend good money on an item that really doesn't exist, has no intrinsic value and is artificial in every way. What could possibly go wrong?

US dollar gains its value from the ability to tax, bit coin from the ability to mine, don't see much difference other than scale.

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Offline Midway

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Re: Bitcoin hits $500
« Reply #5 on: November 17, 2013, 11:49:50 AM »
Quote from: Maverick on November 17, 2013, 10:45:59 AM
Think about it. You are going to spend good money on an item that really doesn't exist, has no intrinsic value and is artificial in every way. What could possibly go wrong?

Think about it.  Paper money is just a piece of paper.  Paper has some uses, that is true.  Paper towels, napkins, etc...

Paper is easily printed, Gov does it daily, and fairly easy to counterfeit.. lots of people already caught doing just that.  Bitcoins are virtually impossible to counterfeit and extremely difficult to create/mine.

You can sell your Bitcoin instantly, I showed you the link with current prices... trades just like currency.

A lottery ticket has virtually no value, but a bitcoin is tradable immediately.

Better than a lottery ticket?  Of course. :aok
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Offline pembquist

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Re: Bitcoin hits $500
« Reply #6 on: November 17, 2013, 12:01:59 PM »
tulips
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Offline Midway

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Re: Bitcoin hits $500
« Reply #7 on: November 17, 2013, 12:07:55 PM »
Quote from: pembquist on November 17, 2013, 12:01:59 PM
tulips

Easily created, a flood of tulips did them in.
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Offline Karnak

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Re: Bitcoin hits $500
« Reply #8 on: November 17, 2013, 04:30:11 PM »
Quote from: Midway on November 17, 2013, 11:49:50 AM
Think about it.  Paper money is just a piece of paper.
No, US dollars have value, as stated above, because they are able to pay tax debts.  That creates value.

Bitcoin is entirely reliant on people agreeing that it has value and if they decide it doesn't then it has nothing to reinforce that it does have value.


As I said, if you have the money to lose and want to play, go for it.  I am not saying you'll lose money, you might make money, but don't assume you'll not lose it.
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Offline MrRiplEy[H]

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Re: Bitcoin hits $500
« Reply #9 on: November 17, 2013, 05:14:03 PM »
A Japanese hacker created bitcoin. One can only wonder what 'mining' actually does. My guess it's distributed computing with people hacking encryptions for bitcoins in return :)
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Offline pembquist

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Re: Bitcoin hits $500
« Reply #10 on: November 17, 2013, 07:08:11 PM »
Quote from: Midway on November 17, 2013, 12:07:55 PM
Easily created, a flood of tulips did them in.

I disagree. They did themselves in by falling prey to human nature, it wasn't the supply of tulips but the supply of "greater fools" that caused that historical gem to pop.

 If you are going to speculate in bit coins your hoping someone is going to buy them for more than you payed because they are scarce and demand is growing. The question is why is demand growing? Is it people who want to use bitcoin as a means of exchange for criminal or paranoid reasons or is it people who are hoping to sell them for more than they paid for them.

If you want to make money off bitcoin than set up a bitcoin bucket shop.

What is the attraction of bitcoin speculating over the usual Wall Street b.s.?
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Offline Gman

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Re: Bitcoin hits $500
« Reply #11 on: November 17, 2013, 10:37:53 PM »
Agree with previous poster.  I always felt that Bitcoins went hand in hand with the "Silk Road" website, and the Tor browser.  Supposedly "secure" - Hah, that turned out to be another laugher for the code breakers at NSA.  The days after they took down the man in charge, and closed the website, Bitcoins went through incredible swings and instability.  I wouldn't advise anyone to mess with them, unless, as Karnak said, you money to literally burn.
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Offline zack1234

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Re: Bitcoin hits $500
« Reply #12 on: November 18, 2013, 01:50:03 AM »
Give me your money i will invest it and will treble your investment :old:

Your investment may go up or down :rofl

They even tell you they are rubbish :rofl

When they whine when some suit spends it in Vegas is awesome :old:

You owe me $5000 Midway, and you never answer your phone :cry

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Offline pembquist

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Re: Bitcoin hits $500
« Reply #13 on: November 19, 2013, 02:38:18 AM »
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Offline Midway

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Re: Bitcoin hits $500
« Reply #14 on: November 22, 2013, 08:06:41 AM »
$750 now

Ranged between roughly $350 and $900 in the last two weeks.  Ben Bernanke in a letter to Congress appears to support it and Richard Branson just said he'll accept Bitcoins.

Worth watching.  http://bitcoin.clarkmoody.com

http://www.ft.com/cms/s/0/6c5b941c-5052-11e3-9f0d-00144feabdc0.html#axzz2lNpbbFlK
« Last Edit: November 22, 2013, 08:12:41 AM by Midway »
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