RIP Bitcoin
 

it's not dead yet .... but is on life support ...

from $32 USD down to $6.48 (today) ...

It was a cool experiment ... but I don't think the party's gonna last much longer. :Oh crap

http://bitcoincharts.com/charts/char...itButton=Draw&

bitcoin is fucking stupid


http://www.bitcoinsextoys.com/

buy sex toys with your remaining bitcoins because you are fucked

or maybe it will and now's a good time to buy. IDK.

Have you seen the stock market today? What makes you think bitcoin or any other market would be different?

:1orglaugh:1orglaugh

O jesus bitcoins, where are BT protectors now to explain it all...

This just proves that BT are big shit, and nobody can use it when you can go down for so many %

the main problem with bitcoin ... is that it's based on NOTHING!

people have backed currencies with GOLD and SILVER for thousands of years ... but a currency backed by absolutely NOTHING has no ability to instill trust in people to take it as a viable alternative to physical currencies.

1,000,000% increase of NOTHING .... is still NOTHING.

But bitcoin was supposed to protect against all of this ... bitcoin was supposed to be recession proof, and not evaluated by the market ...

It seems that it was a lot of smoke and mirrors ...

I purchased $25 worth .... and sold it at $173.50

I'm glad I got out when I did ..

I was really hoping to see big things from this "experiment" ... but it looks like not much wind left in it's sail ... :(

difference is bitcoin is not a stock.

value of bitcoin doesn't affect it's usefulness and functionality all the way to it's complete fail as you may be thinking, it works just as well costing $100 or $1 . I highly doubt it will ever reach $0, unless something radical happens with blockchain or sha-256 gets cracked, which are very unlikely scenarios; even if sha-256 gets cracked, higher security standard will be applied.

Until the day that I can pay my mortgage with BTC ... or buy groceries with it ... it's value in the real world is VERY RELEVANT ... sorry to say. :Oh crap

Still don't understand how a monetary value is created by letting your computer do calculations in the background.

The computing is only a means of gradually releasing more Bitcoins into the wild, but has absoutely no effect on it's value ..

The ONLY reason why bitcoins have any value, is because the people using them agree that they hold the value that they do ... kinda like a gentleman's bet.

Very few, if any countries, back their currency with gold or silver.

The United States most CERTAINLY do not back the Dollar with any gold, what so ever.

just admit you don't understand what is bitcoin and how it works. because i think if you knew what is and how it worked you would not stay it's based on nothing. bitcoin's value lays in providing cost effective and secure means to exchange value. this technology is priceless.

all 3rd party bullshit that is in the news right now about bitcoin - theft, hacks etc this isn't exactly proving faulty of bitcoin. these are simply security issues with parties holding bitcoins. People didn't realize how valuable bitcoins maybe and how negligible they were/are about security of their digital wealth.

bitcoin exchanges like any other exchanges, meaning they are market driven, will have their ups and downs and will balance out to a more concrete and reasonable rate.

your stupid if you thought this was going to amount to anything :1orglaugh

i hope you didn't expect for a new currency, completely different from traditional means overtake the world overnight, that would be naive. It will be tried out and tested and if it's any usable to people, more people will adopt it, if not then it will be done. right now it's far form done

You are 100% correct ... but if you are smart ... YOU back your own savings in gold or silver ...

The government soon is going to pull off the largest robbery in history ...

Anybody who is invested in a fiat currency, deserves to lose every cent, for being so stupid. Fiat currency's are backed by a country's debt ... if you think that makes a wise investment, then ...... I have no words to describe such stupidity!!

:Oh crap :Oh crap

17 post later and BT protectors dont explain what is so good about BT when it drops so much in a few days, jez people fucked hard by this, loosing their money they spent on buying or Electricity... why? who can explain it?

the computing also secures your transactions and then whole network gradually verifies it and then checks so there won't be any double spending.

obviously more people are using bitcoin, more valuable bitcoin and its network will be

Now would be a great time to buy bitcoin :2 cents:

The idea of bitcoin won't die based on a person's stupidity to protect it properly or a hacker's genius to get at it. It'll simply evolve. Not saying that means it's going to succeed, but that will depend on people's drive to continue using it. That drive is affected by it's security issues, but it doesn't mean the current security issues will completely stomp out bitcoin.

you're loosing money only if you bought high and sold low.

right now market looks like is in correction, last 48 hours we dipped as low as $5+/BTC and you know what? miners didn't shut their rigs off, network continues to function, nothing ending bitcoin happened. yes we expirienced some panic selloff, but world didn't end. btw if you look at stock markets, they are down, can you explain what so good about those markets and company's stocks and why their indexes down?

It is the currency of the nation of Bit?
Where is that?

The idea was cute but there is no substance.
Bitcoin is just script its value what it will be bartered for.
Wait, that describes fiat currency too ... The difference is that there is no government to hold liable for its worth.

I liked your post time :thumbsup
....As for buying tangible items, go check the merchants accepting Bitcoin, you will be surprised what is available.
I think the whole concept is brilliant! And do believe like the market, they will level out.

Like the USD then?

I'm going on record that Bitcoin will bounce.

If anything, it should be backed in gold, then it really would take off. Gold has been the unit of value for all of civilization. To change that would be an idea on the order of the wheel.

Only if you could store energy in a way that had a halflife as long as gold and was just as accessible, or if oxygen suddenly got rare.

in fact gold is nearly useless.
This is the real money:


http://www.justice.gov/dea/images_cocaine.html
http://www.justice.gov/dea/images_heroin.html
http://www.marijuana-seeds-cannabis.com/images/hash.jpg

uhmmmm.. thats true of all currency.

:2 cents:

Sounds like you are describing the stock market.

:1orglaugh and if everything goes to shit and fiat currency is worth nothing what do you think you are going to do with gold and silver?

Picture you, leaving your secured area and trying to haul some gold or silver to another area to exchange it for food? water? then bringing that shit back...

you will be sitting on some worthless metal you should melt down and make bullets with:2 cents:

seriously what makes you think that gold has a value even close to 1700 dollars/oz?
answer: it doesn't! nowhere near it, so if shit hits the fan you may trade one oz of gold for one gallon of water.

Funny how people just show half the chart and not the part where it rose from .005 to 32 bucks in like a years time. Of course there will be a huge correction. I mine bitcoins and the price would have to go down to 3 dollars for me to start losing money.

Yes but gold never rusts and is real. Bitcoin is ALL virtual.

Fuck Bitcoin!
Fuck Facebook!
Fuck Google!!!

if shit hits the fan you may trade one oz of gold for one gallon of water

just read again a few posts above. Bitcoin is just an idea, nothing more (probably shitty idea) and ... it's not rusts as well.

Gold is not the only "currency". The most common currency worldwide are little rectangle pieces of paper which we all simply accept have value and will be accepted by others at that value.

Bitcoin is like a retarded game being played by children who have no concept of what a monetary system even is. The only way it can have value is if people believe it has value. There is nothing dependent on bitcoins. Not rent, car payments, salaries, mortgage payments, bank loans, investment markets and so on. The value of bitcoins right now is being set by the demand of retards who hate the "man". Their value can evaporate at any moment. Even a simple hacking / news story can make that happen as people learned.

and fuck twitter:2 cents:

If you would have invested in bitcoins when this thead was made you would have already doubled your money. :)

but you can't pay rent with it! it must be useless, i tell ya! :winkwink:

the climb back up is going to continue at least for a while btw

I don't see any signs it's getting any less popular?

The services associated with it should slowly improve, similar to what happens around any new technology. Yes, P2P currency is a new technology.

It's what's protecting the currency from inflation. Whether you like it or not Bitcoin is a working currency right now. People are using it.

It looks like it's back to $11.5 so I wouldn't call it dead. :winkwink:

How does Bitcoin the company make money?

There is no company.

If you want to buy and sell Bitcoin you have to trade with users on exchanges or directly with exchanges.

i predict in a year or so bitcoin will be just a memory.

Just to remind people about bitcoins, they are now on 4.9$, where are now all bitcoin protectors? You lost 25$ out of 30$ in such small period, can you say its ok?

Seeandsee, do you think everyone bought at the top?

thanks for saying so, saves me doing it :winkwink:

I bought at $5

purely "what if" speculation

~Ray

$32 was a bitcoin bubble. It's much healthier now than it was at $32.

Gold is a internet bubble.
Will be the next thing to crash and stun our simple little minds
Banks loaned gold to each other to cover for the loans, if you ask me, gold is overvalued cause of the banks, again.

fitty R I Bits