10K: Bitcoin implodes... GG to those that fluffed it up.
 

http://static.arstechnica.net/assets...auto-26683.png

http://arstechnica.com/tech-policy/n...-june-peak.ars

:1orglaugh:1orglaugh

http://realtalkmedia2k.files.wordpre...dle_finger.jpg

Another right-wing libertarian success story

oh, so you mean video cards are going to be in-stock again now?

wow who could have seen this happen?

Where are the bitcoin boys now, lol.

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From $1 to $30?, then it was $5-$8 for a long time then $3-$4 and now $2.5. Buy!

Bitcoin value crashes below cost of production .....

The value of Bitcoins, the "cryptocurrency" that some had thought would take over from more traditional currencies, has plummeted across exchanges – to a level where it costs more to "mine" them than they are worth.

http://www.guardian.co.uk/technology...?newsfeed=true

I dont see the issue, its more volatile then ever so great for speculating and its still the cheapest and quickest form of money transfer yet invented

shake up =)

Only if you can turn it into money which is sort of questionable at the moment.

Bitcoins ... jesus i told what is going to happen!

https://gfy.com/showthread.php?t=1030546

Decent scam.

Congrats to the winners.

About time ...

QFT :thumbsup

If you've been holding them for a while it's an issue. :winkwink:

I have about 9BTC which I never cashed out, because it's somewhat difficult to get AUD without a bunch of fees. Not worth panicking and trying to sell them now, the value will either diminish to near zero, or increase again in time.

If I'd been able to sell my first 1BTC immediately it would have been worth almost as much as my 9BTC now!

Congrats on the 10k :pimp

adapt or die

the great part of bitcoins value collapsing to zero it gives everyone a chance to get in on the ground floor again!

bitcoins for the win!

it's not dead and won't be for a long time if ever, bitcoin = $0 is not going to happen, i would say it's impossible without some major fundamental vulnerability uncovered in its core.

Now is the time to buy large. Sell every asset and then borrow if you have to.

I'd just like to say :1orglaugh

I'm just kidding, if enough people believe in the currency then all will soon be well again, it's not as if the fiat currencies are safe right now

The fools that laugh at this are probably the same that thought internet was a fad.

I have seen many high times with the run of Bitcoin......But who am I, just another fad believer getting mine in a down economy. To those that have learned to make free trade work on many levels, I salute you!:cool-as-a

Wow... a currency based on absolutely nothing is floundering. Shocker

nice analogy bitard.

Lol... do you think a fiat is based on something more than that?

based on belief that it won't go down tomorrow? )))

Bitard....:1orglaugh
Love it or hate it, I have found something that works where every other vehicle has failed. This thing is not me sitting back buying vid cards and fans working in the mine.....this another form trading currency, nothing more, nothing less :thumbsup

OP>I just saw he 10k reference.......hope that the time spent pays you back dividend...and you wasted it on Bitcoin, such a landmark achievement? Oh well I guess we pick are spats! Congrats to your........waste of time? Or your future invested post count, either way we all lose, eventually

Yeah, it is. Its a tangible piece of property, the value of which is based on more than the hopes and dreams of a bunch of anti-social nerds who think they're changing the world.

Money is based on faith. Money is religion, nothing more. It is based on the faith that someone else is willing to accept your 20.00 bill at a 20.00 value. A new phony religion is always going to have a hard time against accepted religions. Just because you believe in your faith, doesn't mean everyone else is going to. Unfortunately, for a new currency, everyone needs to or it fails.

:2 cents:

[QUOTE=TheSquealer;18499964 the value of which is based on more than the hopes and dreams of a bunch of anti-social nerds who think they're changing the world.

Money is based on faith. Money is religion, nothing more.

:2 cents:[/QUOTE]

Really?.....my cash had better have more than that backing it up.

You are missing the point here, tangible item for said amount. Period.....

Personal portfolio heavy on nerd cash huh?

.

Agreed, but with like any religion, there is no guarantees. There is no guarantee that what you can purchase with a 20 bill today you will be able to do with the same bill tomorrow, next year a decade from now... With someone controlling the stream with ability to inflate or deflate currency there are more chances for mistakes to happen or for corruption to occur, all at the expense of faithful bag holders . Why do we need this risk?
Currency independent from everything else only serving purpose of trade exchange and ledger keeper with greatly reduced risk of counterfeiting - pure money =)

one thing i don't get is that most bitards were gold bugs previously and rallied against a currency backed by nothing, but for bitcoin to be backed by nothing is somehow ok now?

Man, you really need to look deeper into this. Free trade AT ITS BEST....or make fun and miss. Either way it wont be any skin off either one of us.

As we concluded above in the thread, any currency is backed by trust and or faith. As long people are willing to trade with it, it exists as a form of money. There is nothing else backing currencies other than people using it. No guaranties that the value you get for a dollar or anything else will be the same in the future (with Bitcoin it maybe possible after most of bitcoins have been produced, the value may start to inflate)

If you are looking for a secure dollar, back your current resident idiot. If you choose to trade in a free market then take a deeper look. Fuckit, either way we xcan all try to make whatever makes the bills, but I believe in something the current admin cannot track or trace and with that, it feels good to not play in their sandbox

http://img854.imageshack.us/img854/8...forsecondp.jpg

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no my point is that since 99% of the bitcoin cult members were goldbugs previously their rationality is suspect.

Did anyone ever figure out what their computers were being used for when mining?

Seems we are the only ones wasting our breath to save face on a board called GoFuckyourself? However the chips fall, it has been a pleasure to try and show the others a way around the tax fucking hungry and the main line of information.

Good luck my friend and be sure to close the door on the way out of this close minded conversation.

To all the sheep, ........BAAAAAAAAAA
Peace

that is assuming that bitcoins weren't created by some government in order to track illegal money movements and subversives.

Keep digging........

au contraire my friend, you are the sheep who is getting fleeced. too bad, winter is coming and you could use some wool.

I heat with wood, no worries there. Depending on your current governmental control, with this one option that is in place, you could simply save yourself the tax you are paying for making your last post. This shit is for real, and someone is going to figure it out.

My post form 6/22
 

you might spend time reading Confusions and Delusions: Tulipmania, the South Sea Bubble and the Madness of Crowds and a few hundred books written since then about scams and overhyped markets. Tupliamania made many rich, but they kept reinvesting, only to lose it all,when the tulip bubble burst. One of the few winners of Tupliamania, was a hunchback who, for a few Guilders, let people, buying & selling tulips to use his back, as a desk for the signing of the bill of sale.

MY post from 4/4/11
In the Depression, many small towns created Wooden Nickles, as the townsfolk needed to buy & sell, but there was no cash.
In the 70's & 80's somebody (we'll call X), in a major city would start a barter currency. You agreed with someone to trade a service or goods. The advertising business was the model for this trading ads for restaurant meals. As with most transactions, you might have a trade imbalance, i.e. a car for x number of haircuts. If you didn't want haircuts, you took trade dollars. Transactions went through X for a 2% fee. You could also buy trade dollars. X always seem to print money for himself and counterfeiting was also a problem. These barter services usually folded in a year or two.
Then somebody had Real Dollars, that usually were in tourist or college towns. The idea was to show the money was helping to show money circulating in the town rather than hoarding or being spent out of town. But like Disney Money, people saved them for the pretty pictures on them. Real Dollars are gone, just like so many topless bars that printed their own currency.
As for BitCoins, I looked yesterday at a site that severely limited how many you could buy a month (probably they had a small supply). This makes it difficult if you need some to make a major purchase now. Other problem, since you really don't know who you're dealing with, opposed to PayPal or a postal address, they burn you, there's no recourse.
Lastly, the claim of there will be only 21,000,000 created. If BitCoin takes off, they will go up in value as more people need them. At some point they will become so valuable, most people can't afford them and the market will collapse or suddenly more will be created causing deflation.

There are fractional BitCoins.

> Lastly, the claim of there will be only 21,000,000 created. If BitCoin takes off, they will go up in value as more people need them. At some point they will become so valuable, most people can't afford them and the market will collapse or suddenly more will be created causing deflation.

Bitcoin's internal accounting is done in 0.00000001 base units of Bitcoin, so in case of huge demand each bitcoin can account for 100,000,000 smallest units called Satoshi's, times 21million

If that won't be enough, then community could decide to move decimal point even further, making in reality nearly unlimited amount to supply all demand