Bitcoin’s price is irrelevant if you are considering buying. The only reason to buy bitcoin is the upward momentum. There is absolutely no other reason. If you buy then you also buy a stop loss (that hopefully gets filled if/when this thing drops like a rock).
Bitcoin’s price is irrelevant if you are considering buying. The only reason to buy bitcoin is the upward momentum. There is absolutely no other reason. If you buy then you also buy a stop loss (that hopefully gets filled if/when this thing drops like a rock).[/quote]
So this is not at all like stocks. I’ll get back into this discussion after researching what this bitcoin is so as to not make myself look like a fool.
I considered buying it today in particular, because I saw a report this morning about how the U.S government is actually looking into it’s feasibility.
Brb, making sense of it all time 
Oh man, when I last considered buying bitcoin they were only $230 ish.
Need someone to hack the system to push the price down so we can all buy up before it recovers…
What is your stance on bitcoin? Do you think it’s just a bubble waiting to burst? I was talking to a coworker about it yesterday and it’s great if you don’t trust your governments or your banks but all it really needs is another alternative to come along and it could fall very fast. I think the idea of an entirely digital currency that is moderated by users won’t go away but it’s just whether or not bitcoin will be it or whether a newer incarnation will take the cake.
Bitcoin’s price is irrelevant if you are considering buying. The only reason to buy bitcoin is the upward momentum. There is absolutely no other reason. If you buy then you also buy a stop loss (that hopefully gets filled if/when this thing drops like a rock).[/quote]
So this is not at all like stocks. I’ll get back into this discussion after researching what this bitcoin is so as to not make myself look like a fool.
I considered buying it today in particular, because I saw a report this morning about how the U.S government is actually looking into it’s feasibility.
Brb, making sense of it all time [/quote]
It’s not like a stock at all. Stocks have assets and earnings to base a stock price on. Bitcoins is a ponzi scheme where something (bitcoins) were created from nothing.
People talk about bubbles all the time, whether it’s stocks, gold, real estate, whatever. Those aren’t really bubbles because people buy and sell all the time. Supply and demand still dictates it’s price, even at the most outrageous valuations. The problem with Bit Coin is people who have them don’t dare let them go for fear that tomorrow the price will double. Stability is the farthest thing from describing Bit Coin and that’s why it’s dangerous.
This applies to all investing, but it goes doubly for Bit Coin. Don’t invest an amount of money that if it disappeared tomorrow you would be in trouble ( because at any moment Bit Coin could lose 90% of it’s value ) If you want to dabble, fine there is nothing wrong with speculating every now and then. But don’t lose sight of the fact that buying Bit Coin is NOT investing. 
It’s more like currency trading, but without a sovereign backup.
Bitcoin is far too unstable and unpredictable for my liking.
Yes, the same rules apply here as it does for any other investments really. Don’t invest what you can’t afford to lose.
I’m interested in the future of Bit Coins because right now the book keeping is essentially done by users (every 10 days the transactions are released as a math formula and the community figure out the math and log the transactions) the reward for figuring out the formula first is bitcoins, but every year the amount rewarded is halved. take the law of diminishing returns, soon the reward will not be enough to counter all costs involved with crunching these numbers (think huge electricity and computer costs), I want to know what will happen to Bitcoin after it reaches that point, when essentially all the BitCoins are in circulation (I think that’ll be like 22,000 or 22 - something).
Yeah talk of bubbles is the worst. You don’t know it’s a bubble until it’s already popped.
But actually speculation about what the Bitcoins will do is what causes these huge fluctuations or drops in value. And the door opens both ways. There was that example that one year (2010 I think) where the Bitcoins rose from 20c to $30, and then it suddenly dropped to $2 before slowly recovering. But none the less, if I had money to invest I would probably do it in Bitcoins. It actually seems like a pretty solid way to transfer money from country to country without paying exponential conversion charges too.
What many consider a strength, I see as it’s Achilles heel. If the financial industry wanted free transfer of money they would make it a reality over night. The fact is, once Bit Coin interfered enough with the accepted workings of the industry it will be strangled.
[quote=“Staceycolleena”]Yes, the same rules apply here as it does for any other investments really. Don’t invest what you can’t afford to lose.
I’m interested in the future of Bit Coins because right now the book keeping is essentially done by users (every 10 days the transactions are released as a math formula and the community figure out the math and log the transactions) the reward for figuring out the formula first is bitcoins, but every year the amount rewarded is halved. take the law of diminishing returns, soon the reward will not be enough to counter all costs involved with crunching these numbers (think huge electricity and computer costs), I want to know what will happen to Bitcoin after it reaches that point, when essentially all the BitCoins are in circulation (I think that’ll be like 22,000 or 22 - something).
Yeah talk of bubbles is the worst. You don’t know it’s a bubble until it’s already popped.
But actually speculation about what the Bitcoins will do is what causes these huge fluctuations or drops in value. And the door opens both ways. There was that example that one year (2010 I think) where the Bitcoins rose from 20c to $30, and then it suddenly dropped to $2 before slowly recovering. But none the less, if I had money to invest I would probably do it in Bitcoins. It actually seems like a pretty solid way to transfer money from country to country without paying exponential conversion charges too.[/quote]
I wouldn’t consider bitcoins to be investing unless you also consider Vegas to be investing.
Well it’s recovered from trouble before, but man that’s a big ugly red bar of volume… 
Good, very soon the new header should be ‘bitcoin is nose diving’ …
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It’s kind of like a million people playing the craps all at once!
“Buy when no one is looking, sell when the man on the street is talking about it.”
[quote=“BrentGolf”]
Well it’s recovered from trouble before, but man that’s a big ugly red bar of volume… [/quote]
Looks remarkably like the gold chart circa 1980.
Bitcoin: the new gold.
I predict bitcoin $50, 000.
The Chinese got involved. They need to launder and move large amounts of cash easily and stealthily. They have loads of cash and very few investment opportunities(pretty much like everyone else).
I’d say if you have 30-90 grand NT, then take a ride, but do know that you could lose a lot.
Dont know a whole lot bout it, but read that each coin has its whole history on it. Who had it and then who had it and all that.
Sounds like an easy way for a govt to track who did what? Paid what to who/when ,etc.
Everything is traceable and linked to bank accounts. Which are likely to be in a person or entities real name.
Not incognito like cash cash is.
The silk road incident got the police real police work for the next few years, tracking down all those who bought and sold on that site.
[quote=“tommy525”]Dont know a whole lot bout it, but read that each coin has its whole history on it. Who had it and then who had it and all that.
Sounds like an easy way for a govt to track who did what? Paid what to who/when ,etc.
Everything is traceable and linked to bank accounts. Which are likely to be in a person or entities real name.
Not incognito like cash cash is.
The silk road incident got the police real police work for the next few years, tracking down all those who bought and sold on that site.
en.wikipedia.org/wiki/Silk_Road_(marketplace
economist.com/blogs/economis … tcoin-work[/quote]
That’s sort of true, but not entirely. There are bitcoin-laundering services that take in bitcoins, redivide them into new bitcoins, and issue out the new ones. The flows could theoretically be traced by governments, but at some point it becomes not worth trying. One of my own personal goals in life is never to become of such interest to a major government that they would want to trace down every last cent I ever had or made and confiscate it.
[quote=“Okami”]The Chinese got involved. They need to launder and move large amounts of cash easily and stealthily. They have loads of cash and very few investment opportunities(pretty much like everyone else).
I’d say if you have 30-90 grand NT, then take a ride, but do know that you could lose a lot.[/quote]
The Chinese go mad for anything like this that can move money across state borders and that doesn’t have a transaction tax …and you can gamble with it. They’ll be pissed for not thinking of it themselves! Actually I’m sure there’ll be a Great Wall Coin coming soon…