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.

 

[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

 

[Traveler]

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.

Already did on Coinbase. $570 at the moment.

 

[JudgeMind]

Any hope for another $1200 bitcoin value? Good time to buy or Good time to stay away.....

 

[xrvel]

Already did on Coinbase. $570 at the moment.

thank you. i was looking at mtgox price. i will watch coinbase too now

 

[urlurl]

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.

it already dropped below $540 a little while ago.

how low will it go, how low will it go

---------- Post added at 03:51 AM ---------- Previous post was at 03:49 AM ----------

bitstamp is live trading - fun to watch

 

[Theo Goodman]

how low will it go, how low will it go

looks like this is the bottom for now, weekend should be interesting.

Check out http://bitcoinwisdom.com for some serious charts.