discuss The bitcoin thread

[JudgeMind]

Updated: The Bitcoin crash is over...Here comes 2014!!


The rise and fall of the bitcoin.... The price of bitcoin is plummeting as i write this.

 

[xrvel]

I see bitcoin dropped to below $1000 again (second time on last 7 days). Any idea why it happens?

 

[GravityEleven]

The misunderstanding of this announcement is what caused the drop in the last hour, i am pretty sure it will stabilize around 1000 USD again soon once the panic sellers have disappeared and all others have relaxed

 

[Traveler]

Wild swings going on today with this news.

Should be an interesting weekend for the cryptos.

 

[GravityEleven]

the chineses are selling and the americans & europeans buying right now..
completely opposite from the last days..

right now it's not a good time to invest in Bitcoins seeing how volatile the market is..

 

[JudgeMind]

Bitcoin Crash: Bitcoin prices fell from a high of $1,240 to a low of $870 this morning. That $370 drop can by characterized as a 30% crash. I may consider a hedge if we hit another $1200 + high

 

[Theo Goodman]

may consider a hedge if we hit another $1200 + high

what kind of "hedge"?

imo if you are going to buy bitcoin as an investement then it makes sense to guy some of the other coins too, they normaly dont all go down together.

 

[domainmisc]

I don't see anything to worry about, as long as people keep investing in BTC, the price will go back up at some time. As explained on bitcointalk, its a natural process that occurs. As long as there is no split in the blockchain, or attack on the blockchain, I see no reason to worry.

 

[johname]

I don't see anything to worry about, as long as people keep investing in BTC.

Thats what kept Bernard Madoff out of jail so long

 

[Theo Goodman]

Thats what kept Bernard Madoff out of jail so long

however with a ponzi scheme you need a ponzi, there is no central authority and therefore no ponzi.

I see no reason to worry.

There are SO many things that can happen. I would worry but I wouldnt panic. To worry a little is healthy while investing in anything, inho.

 

[Traveler]

Looks like the correction may be ongoing. Seems like the prices always slump on the weekend and this is just Friday. MtGox is at its low for the day right now $877.

 

[urlurl]

some Chinese retailers are pulling out of bitcoin - most likely because of the volatility

http://www.businessinsider.com/bitcoin-falls-below-900-2013-12

 

[Paul]

Bitcoin will always have some degree of volatility, like any currency. I don't think we'll see the bubble actually "burst" in the same fashion that makes bubbles infamous, though. It'll just drop, recover, drop, recover, and eventually sizzle out altogether when people move on. Technology gets old, and Bitcoin is technology.

 

[johname]

Somebody come up with a better bit coin and people switch to it in mass, you will see an epic crash.

On the other hand if the world decides bit coins are the one and only for decades, then the pioneer years bitcoin buyers will be fine.

You just have to decide which is the most likely road.

 

[urlurl]

my guess, someone will come up with a better, safer and more user friendly alternative... maybe it will be me,

 

[Keith]

my guess, someone will come up with a better, safer and more user friendly alternative...

By someone you must mean a powerful government. Without that support, coin whatever will be treading on thin ice :imho:

 

[urlurl]

if a government backed a cybercoin then the value of it would be based on that country, same as fiat money.

 

[Keith]

if a government backed a cybercoin then the value of it would be based on that country, same as fiat money.

Sure and it would be their coin!

Why not ban any competition to their coin? This is assuming cyber money becomes a normal exchange.

 

[urlurl]

crypto work when gov't doesn't get involved, but on the other hand without control it leaves room for fraud and corruption.

 

[johname]

Someone bought a $100,000 Tesla with Bitcoins

http://money.cnn.com/2013/12/06/autos/tesla-bitcoin/

 

[forge]

Someone bought a $100,000 Tesla with Bitcoins

http://money.cnn.com/2013/12/06/autos/tesla-bitcoin/

And the glove box was filled with bitcoke.

Oddly, bitcoke dot com was registered 12/03/13 :notme:

 

[urlurl]

Someone bought a $100,000 Tesla with Bitcoins

http://money.cnn.com/2013/12/06/autos/tesla-bitcoin/

the risk there; is tesla took the bitcoins at lets say $1,100 value (or 90.91 BTC) at time of sale.
now today BTC dropped to $900 a coin... so if tesla exchanged the coins today they would have received $81,818

or a loss on the sale of $18,181.

im not sure what the profit spread on a tesla is, but a 18% hit on a sale in most cases a loss.

oops!

---------- Post added at 09:28 PM ---------- Previous post was at 09:22 PM ----------

maybe we should recalculate that again - bitcoins just dropped to $700/btc

 

[xrvel]

the risk there; is tesla took the bitcoins at lets say $1,100 value (or 90.91 BTC) at time of sale.
now today BTC dropped to $900 a coin... so if tesla exchanged the coins today they would have received $81,818

or a loss on the sale of $18,181.

im not sure what the profit spread on a tesla is, but a 18% hit on a sale in most cases a loss.

oops!

If BTC price fluctuates that much often, i think more companies will stop accepting BTC as payment.

 

[urlurl]

that's exactly what I was getting at, tooooo risky

in 24hrs it has gone from $1,100 to $700 - that's a huge haircut if you ask me, lol

---------- Post added at 02:12 AM ---------- Previous post was at 01:10 AM ----------

now its below $675 - whats going on

 

[xrvel]

that's exactly what I was getting at, tooooo risky

in 24hrs it has gone from $1,100 to $700 - that's a huge haircut if you ask me, lol

---------- Post added at 02:12 AM ---------- Previous post was at 01:10 AM ----------

now its below $675 - whats going on

i read on BTT, someone said it will be around $400 because it's weekend and no money is coming out.
Personally, i think it won't come below 600 now.

 

[JudgeMind]

Lots of Chinese Bitcoin investors backing out