Bitcoins in 2014?

[Edwin]

Volume is low so I would not expect prices to fall immediately. Plus news takes a while to go around all time-zones.

The default view of the chart means nothing since it shows a whole year. If you look at the last 5 days, the price has dropped about 20%. If we were talking about the stockmarket, that kind of correction would push all other news off the front page and deep into the body of the newspaper, and we'd be seeing articles with "great depression" all over them.

 

[disruptive]

I'm gonna guess it won't drop below $250 at any point and it'll be back above $500 within a few months.

Headed to the floor. It's worthless.

Technology: FAIL.
Implementation: FAIL.
Human Greed: FAIL.

 

[disruptive]

I should qualify that for BC 20% is nothing. Hugely volatile "currency". I think we'll get to swings in the high xx%. Yeah if this was the NYSE, traders would be chucking themselves off the roof.

The default view of the chart means nothing since it shows a whole year. If you look at the last 5 days, the price has dropped about 20%. If we were talking about the stockmarket, that kind of correction would push all other news off the front page and deep into the body of the newspaper, and we'd be seeing articles with "great depression" all over them.

 

[Edwin]

If you look at...
http://bitcoincharts.com/markets/currency/USD.html

MtGox is doing about a quarter of all trades. There are only 2 other Bitcoin markets of any relevance at all, the others are fleas on an elephant in terms of volume.

Now look at this statement by the largest of the exchanges
https://www.bitstamp.net/aml-policy/

Everyone can form their own opinion of it, but you have to ask yourself whether a careful read of the above is really reassuring enough given everything that's transpiring right now.

 

[Edwin]

BTW, this is the Google snippet for each of the 2 largest exchanges:

Bitstamp - buy and sell bitcoins
An exchange based in Slovenia, where users can trade between Bitcoins and US Dollars.

BTC-e
A cryptocurrency exchange based in Bulgaria where users can trade Bitcoins, Litecoins, and Namecoins, for Dollars, Euros and Rubles

Again, does that make you feel all warm and fuzzy? It's all down to personal opinion, but...

 

[Retired_Member38]

The default view of the chart means nothing since it shows a whole year. If you look at the last 5 days, the price has dropped about 20%. If we were talking about the stockmarket, that kind of correction would push all other news off the front page and deep into the body of the newspaper, and we'd be seeing articles with "great depression" all over them.

No relevance whatsoever. You can't just ignore the massive rise up till this week and then point to a mere 20% drop. Look how much people have made (on paper at least) that were invested from only 6 months ago.

 

[Edwin]

No relevance whatsoever. You can't just ignore the massive rise up till this week and then point to a mere 20% drop. Look how much people have made (on paper at least) that were invested from only 6 months ago.

The "massive rise" is a classic bubble indicator. Paper profits are literally worthless, unless they can be withdrawn/spent.

In the case of Bitcoin, the market is so thin that it will take a very small fraction of all "investors" trying to cash out to completely destroy the value of the currency.

 

[Retired_Member38]

I'm not saying its not a bubble - it very well could be.

If it goes as low as $100 I'm going to buy in on a massive scale.

 

[Edwin]

I'm not saying its not a bubble - it very well could be.

If it goes as low as $100 I'm going to buy in on a massive scale.

I just wish it was like the .com crash, got some really cool looking stock certificates from the defunct .com I co-founded. No such souvenirs when it comes to Bitcoin

 

[Jamie101]

mtgox has been going down the toilet for months - there is nothing new there.

Its a bit foolish to say bitcoin is finished because one exchange went down. The price has hardly crashed badly either... look how much up it still is compared to a year or two ago.

As much as you hate it... bitcoin is here to stay.

About time someone that actually knows what they are talking about has replied.

I've known for months that there was a high chance of gox going down the toilet. Wasn't one bit surprised to hear about it this morning.

Mtgox have been damaging bitcoin for ages now, and I'm delighted they are gone for now. Time to move on from the disaster that was Mtgox.

Sent from my GT-I9300 using Tapatalk 2

 

[disruptive]

Just look at all the virtual currencies that came and went before bitcoin.

Now look Bit Coin and it's ilk of copy-cat currencies. There really is nothing defend-able about bC vs LiteCoin vs. any of the myriad "alt" currencies.

Just look at the Troll box on BTC-e for example - full of people just speculating on the currency. My opinion is that it has become a tool for speculation rather than currency which will lead it into troubled water.

BC is not a store of wealth - it has no intrinsic value and is *not* backed by anyone or anything...unlike fiat currencies. Might as well as be bloody tulips - at least I can plant them!

I just wish it was like the .com crash, got some really cool looking stock certificates from the defunct .com I co-founded. No such souvenirs when it comes to Bitcoin

 

[jasman]

It may also mean more governments take a strong stance in overseeing, regulating or banning Bitcoin transactions.

I fear certain elements in the Western governments may seek to take political advantage of the recent bitcoin scandals, and use them as an excuse to try and ban alternative currencies as a whole, at the request of their real masters in the banking sector. Alternative currencies are the biggest threat to the national monopolies the central banks have. It is possible that the establishment even have had something to do with what has been going on with bitcoins, being masters of controlled opposition.

 

[jasman]

BC is not a store of wealth - it has no intrinsic value and is *not* backed by anyone or anything...unlike fiat currencies. Might as well as be bloody tulips - at least I can plant them!

Unlike fiat currencies? What do you mean? Fiat currencies aren't backed by anything either.

 

[websaway]

I fear certain elements in the Western governments may seek to take political advantage of the recent bitcoin scandals, and use them as an excuse to try and ban alternative currencies as a whole, at the request of their real masters in the banking sector. Alternative currencies are the biggest threat to the national monopolies the central banks have. It is possible that the establishment even have had something to do with what has been going on with bitcoins, being masters of controlled opposition.

You talk like regulation is a monopoly.
These types of currencies cannot be allowed to flourish because they are unsecured and widely open to abuse . I know you are going to say so are traditional currencies but even if you do have a point, another unregulated method of exchange does not help. It's like a pyramid scheme with exactly the same risk to unsuspecting investors who have to be protected, even though you term that to be a monopoly as opposed to a system which protects the interests of the people as best it can.

 

[disruptive]

Unlike fiat currencies? What do you mean? Fiat currencies aren't backed by anything either.

Not exactly - but they at least are Promissory note.

 

[websaway]

About time someone that actually knows what they are talking about has replied.

I've known for months that there was a high chance of gox going down the toilet. Wasn't one bit surprised to here about it this morning.

Mtgox have been damaging bitcoin for ages now, and I'm delighted they are gone for now. Time to move on from the disaster that was Mtgox.

Sent from my GT-I9300 using Tapatalk 2

Most of us don't no what we are talking about and that is why we have to be protected.
Like pyramid schemes the people who stand to lose will always look to encourage growth, and as people have said, those who got in early are still sitting on substantial gains.
It's the last in that will lose.

 

[anthony]

And just how many Bitcoin's did the inventor of Bitcoin stash away before its general release, me thinks!

 

[Retired_Member38]

And just how many Bitcoin's did the inventor of Bitcoin stash away before its general release, me thinks!

None. He mined them at the same time me, you or anyone else could have.

I don't own a single bitcoin, and never have. But (and this isn't directed at you) I can't help but feel that a lot of the negative posts and general negativity is just jealousy that they didn't get involved to begin with. A lot of people now are sitting on a million or two worth of coins, basically through sheer luck / good timing :lol:

 

[retired_member33]

A lot of people now are sitting on a million or two worth of coins, basically through sheer luck / good timing :lol:

A bit like domains :lol:

 

[disruptive]

Well the end is here. I think this is the final nail in the coffin and we can castigate BitCoin into the realm of eGold, Digicash, ecash etc etc....