|
http://www.washingtonpost.com/blogs/the-switch/wp/2013/11/27/bitcoin-soars-to-1000-on-popular-exchange/[^]
Here's a link.
I think this is just a silly craze like the beanie baby craze, except this time it's about imaginary digital items rather than tangible ones. The article mentions that someone bought thousands of bitcoins for $50 years ago that are worth millions today, but if he tried to sell them all at once, the exchange rate would drop like a stone; I don't think anyone really has millions of dollars worth of bitcoins no matter how many they own.
|
|
|
|
|
|
Be mindful of what you "think".
For, if BitCoins go up another $38, I know of 2 people that will then have "millions" in BitCoins.
|
|
|
|
|
My point was that maybe you can sell one bitcoin for $1000, but that doesn't mean you can sell a thousand bitcoins for $1,000,000. The act of selling lots of bitcoins could conceivably make the price drop by half in a day (or worse).
In other words, the people with lots of bitcoins might, on paper, have millions of dollars, but if they can't truly turn the bitcoins into dollars, then they aren't really that rich.
|
|
|
|
|
jesarg wrote: My point was that maybe you can sell one bitcoin for $1000, but that doesn't mean you can sell a thousand bitcoins for $1,000,000.
You can. It's not that a small market that such a transaction would impact it's value that much.
jesarg wrote: if they can't truly turn the bitcoins into dollars, then they aren't really that rich.
You're thinking of a bitcoin as an asset that needs be converted to a currency. It is a currency, which makes it an asset. You don't need to convert them to dollars to be able to buy stuff.
Ever heard of the idea that "good money drives out bad money"? 
Bastard Programmer from Hell 
If you can't read my code, try converting it here[^]
|
|
|
|
|
On Bitstamp you can monitor trades. Some people are selling lots for $250.000.
As there are currently 10,5 million Bitcoins in circulation, the total market value is about $11 billion at the moment. That's nothing for a 'currency', but there's still a high demand for people to invest more as well as people who want to sell their coins right now so they'll have something extra to spend during the holiday season.
.
|
|
|
|
|
They've spiked before. Too volatile.
Also, it is a 'currency' based on nothing, except consumption of electricty (or computer algorithms if you prefer) which will become more massive as time continues. Shouldn't currency have some real backing to be an asset? I know there is no 'gold standard' in the USA, but each dollor <kind of=""> represents a small portion of the GDP.
Company stock is valued based on the company, real estate value is based on possession of a finite resource... what is bit coin's basis?
|
|
|
|
|
Bitcoins are a finite resource.
The value of a bitcoin, like any other currency, is the fact that you can use them to trade goods.
There's a huge interest in BTC, just because the economic power of the US on the world is becoming less certain in the future.
.
|
|
|
|
|
Let's be honest: there's a huge interest because it is trending and people are afraid on missing out. Also they do not fully realise it drawbacks yet, that no central authority means no buyer's protections, and the irreversibility of transactions is open to scamming. They are susceptible to attacks[^]. Oh, and you can literally lose it[^], which is quite ironic for a digital currency. BTC suits the post-depression era well but doesn't seem like a long-time investment*. Make the best of it while you can.
*Or maybe I'm just frustrated because I wanted to buy some back then at $60 but ultimately didn't 
EDIT: BTW I meant the missing out part literally: http://webcache.googleusercontent.com/search?q=cache:kptEidtggwsJ:bitcoindifficulty.com/+&cd=1&hl=en&ct=clnk&gl=hu[^] (main site is slow as hell).
modified 27-Nov-13 12:00pm.
|
|
|
|
|
They aren't really finite... just limited release due to processing power.
And they are not as liquid as cash for trading goods, just another place to diversify your cash assets... kind of like futures, stocks, bonds, etc. I see it as a risky investment with the dangers of having to time the market. But to each his own 
|
|
|
|
|
No they are actually finite. They are designed to be capped to about 22 million; the rules of mining a bitcoin makes it impossible for more than 22 million to exist.
Anyway, I agree with what you say about the risks and impracticality/security issues.
.
|
|
|
|
|
..and LiteCoins from $4 to $26 in a week. Not very surprising, as more people are looking for alternatives for their electronically deposited fiat-currencies. Larger demand (with equal supply) implies a higher price value per object. The question is whether when gold will follow.
Bastard Programmer from Hell
If you can't read my code, try converting it here[^]
|
|
|
|
|
In theory 1 LTC will be worth about 1/4 BTC if both coins are equally successful into being an established, secure and easy to use currency. If only I knew whether that would really happen...
.
|
|
|
|
|
Determined lawyers—and the father of modern crypto—couldn't stop TQP patent. "When you go into court you are putting your fate into the hands of twelve people who weren't smart enough to get out of jury duty."
|
|
|
|
|
Worse; no one goes to jury duty with the intent to acquit.
|
|
|
|
|
If I could've I'd've convicted the county DA of wasting about 30 people's time when he didn't have anything approaching a case.
Did you ever see history portrayed as an old man with a wise brow and pulseless heart, waging all things in the balance of reason?
Is not rather the genius of history like an eternal, imploring maiden, full of fire, with a burning heart and flaming soul, humanly warm and humanly beautiful?
--Zachris Topelius
Training a telescope on one’s own belly button will only reveal lint. You like that? You go right on staring at it. I prefer looking at galaxies.
-- Sarah Hoyt
|
|
|
|
|
Can coders become business leaders? Cornell University is betting they can. "I've got the brains, you've got the looks. Let's make lots of money"
|
|
|
|
|
If all you knew about me was my email address, what could you say about me? Put on your Sherlock Holmes stalker hat. Does an address by itself tell you anything at all? "Not only do millions of folks in the US continue to pay for and use AOL dial-up, but they continue to actually browse the web with AOL’s browser."
|
|
|
|
|
Very interesting and insightful!
|
|
|
|
|
Today, arguably, no industry is innovating more rapidly than software development. As a result, artistic expression based in coding and programming is experiencing something of a quiet renaissance. Given the vast selection of constantly changing programs, programming languages and processes for artists to work with, no piece of artwork or artistic style is exactly the same.
Quite the trippy pieces of art. I would say more of a modern art age than renaissance.
|
|
|
|
|
|
"Quite the trippy pieces of art."
Man, I wouldn't want to take what you were taking. That stuff is just awful.
"If you don't fail at least 90 percent of the time, you're not aiming high enough."
Alan Kay.
|
|
|
|
|
I had fun creating fire and plasma effects in highschool never played with anything like it since then. 
Did you ever see history portrayed as an old man with a wise brow and pulseless heart, waging all things in the balance of reason?
Is not rather the genius of history like an eternal, imploring maiden, full of fire, with a burning heart and flaming soul, humanly warm and humanly beautiful?
--Zachris Topelius
Training a telescope on one’s own belly button will only reveal lint. You like that? You go right on staring at it. I prefer looking at galaxies.
-- Sarah Hoyt
|
|
|
|
|
My thoughts exactly - that stuff was old a decade ago, why is it suddenly acclaimed as art?
"If you don't fail at least 90 percent of the time, you're not aiming high enough."
Alan Kay.
|
|
|
|
|
Can you imagine your company having a chief electricity officer? Seems ridiculous doesn’t it, but many large businesses did when electricity first started to power the industrial economy. After all, with just a good book, *anyone* can do what we do, right? 
|
|
|
|
General 
News 
Suggestion 
Question 
Bug 
Answer 
Joke 
Praise 
Rant 
Admin 
Submit an article or tip
