I'm Touring The United States! Starting in June, I'm conducting private events in 23 American cities. Click here for full details.

Post Reply 
The Bitcoin (BTC) thread
Author Message
Tex Pro Offline
Ostrich
****
Gold Member

Posts: 2,131
Joined: Jun 2012
Reputation: 17
Post: #1201
RE: Bitcoins up 60% in less than a month


02-14-2014 04:08 PM
Find all posts by this user Like Post Quote this message in a reply
pants Offline
Banned

Posts: 681
Joined: Nov 2012
Post: #1202
RE: Bitcoins up 60% in less than a month
(02-14-2014 03:31 PM)Onto Wrote:  I'm thinking about the tecnology platform as the value of Bitcoin instead of the psychological aspect of stiking it rich.

If the value is in the platform couldn't someone buy the platform and hit the reset button or do inflate it or something else? I really don't know, the only thing I'm fairly certain about is the SEC is probably not going to step in and ensure Bitcoin holders rights.

If Goldman Sachs or Credit Suisse or a group decides to create a similar payment system with it's own crypto currency, then I think that would have a negative impact on Bitcoin.

Obviously Bitcoin was a great short term buy at $100, imagine buying 20,000 coins when it was at 50 cents. At $600 per coin I'm just not sure how safe it is when it seems like the big move already happened and too many people know about it now.

Again this is just me sitting in my armchair. I have nothing against Bitcoin and it would be great if it succedeed. There are just a lot of risk at $600-700/coin. IMHO.

The value from a technological point of view is the decentralized collective way of handling payments, with low cost among all the people on the internet to make payment with each other. This technology is unique for the crypto currencies that has popped up the last 5 years.

The code is open source, this means everyone (who understands coding) can have a look and view this invention. It´s not patented, and its fully legal to create a clone. Many have created alternative coins, for the fun of it, and some people have tried to become rich on it.

The value bitcoin has over the other crypto currencis is not on the technological side as most of them are not that different from one another.
The value is the network of people accepting and using Bitcoin. Maybe Google+ were just as good as Facebook if we just could have given it a try, but the network effect were to strong for most people to make the switch.

In other words, there is no point for big business to try and buy Bitcoin, as they might as easy create their own digital currency, their problem lies with trying to make people use their currency. So for now people who wants to capitalize on the crypto currency world, the best option seem to be providing services on the bitcoin network.
(This post was last modified: 02-14-2014 04:30 PM by pants.)
02-14-2014 04:28 PM
Find all posts by this user Like Post Quote this message in a reply
[-] The following 3 users Like pants's post:
Onto, JayJuanGee, CaptainChardonnay
brg444 Offline
Banned

Posts: 102
Joined: Nov 2012
Post: #1203
RE: Bitcoins up 60% in less than a month
(02-14-2014 03:31 PM)Onto Wrote:  I'm thinking about the tecnology platform as the value of Bitcoin instead of the psychological aspect of stiking it rich.

If the value is in the platform couldn't someone buy the platform and hit the reset button or do inflate it or something else? I really don't know, the only thing I'm fairly certain about is the SEC is probably not going to step in and ensure Bitcoin holders rights.

If Goldman Sachs or Credit Suisse or a group decides to create a similar payment system with it's own crypto currency, then I think that would have a negative impact on Bitcoin.

Obviously Bitcoin was a great short term buy at $100, imagine buying 20,000 coins when it was at 50 cents. At $600 per coin I'm just not sure how safe it is when it seems like the big move already happened and too many people know about it now.

Again this is just me sitting in my armchair. I have nothing against Bitcoin and it would be great if it succedeed. There are just a lot of risk at $600-700/coin. IMHO.

you seem to have serious fundamental misunderstanding of Bitcoin.

Bitcoin is a peer-to-peer network. Nobody can "buy" it. That's akin to saying the government could buy BitTorrent. So what you are suggesting is literally impossible

There is no RESET button that can be hit.

Bitcoin's technology is a breakthrough in cryptographic technology because of its capacity to achieve a decentralized consensus network.

Goldman Sachs cannot simply decide tomorrow to achieve what the Bitcoin network has developed in the years since its existence. There is many reasons why there is no point for Goldman Sachs to create their own cryptocurrency. One of the most important one is the lack of support. Whether you want to believe it or not, Goldman sachs cannot achieve by itself the network scale of nodes that is supporting Bitcoin.

I understand that this is just you sitting in your armchair but it is apparent you lack knowledge or information in your critique.
(This post was last modified: 02-14-2014 10:11 PM by brg444.)
02-14-2014 10:11 PM
Find all posts by this user Like Post Quote this message in a reply
[-] The following 3 users Like brg444's post:
JayJuanGee, perspective, CaptainChardonnay
brg444 Offline
Banned

Posts: 102
Joined: Nov 2012
Post: #1204
RE: Bitcoins up 60% in less than a month
(02-14-2014 02:24 PM)Onto Wrote:  Stocks: Founded on the "assets" of a company whether it's real estate, intellectual property, equipment, branding, etc.

Real Estate: Founded on the legal precedence of land ownership and usefullness as shelter.

Fiat Currency: Founded on a Nation of Laws by its citizens with the abilitly to make it's citizens subscribe to and adhere to those laws. Tax reciepts.

Bitcoin: ? The only foundation appears to be the desire for someone else to see it also as valuable. I don't see how the foundation of many computer systems networked together makes it's worth $14+ billion dollars.

I understand you have something invested and a lot of intricate knowledge on the subject. I can only suggest that an "outsiders" opinion can be valuable for the very reason he has nothing invested in it either way.

And to this I say :

Internet domains.

A parallel can easily be drawn between Bitcoins and Internet domains. It is a very shortsighted one but can easily explain the exponential potential of Bitcoins' value.

In a way, Internet domains are a share of the Internet itself. You could have purchased some domain names at the dawn of the Internet for pennies that are now worth upward of $100,000

In buying Bitcoins, you are purchasing a share of the network/protocol onto which many technological layers, tools & services can be built.
(This post was last modified: 02-14-2014 10:24 PM by brg444.)
02-14-2014 10:23 PM
Find all posts by this user Like Post Quote this message in a reply
[-] The following 1 user Likes brg444's post:
JayJuanGee
brg444 Offline
Banned

Posts: 102
Joined: Nov 2012
Post: #1205
RE: Bitcoins up 60% in less than a month
(02-13-2014 11:08 PM)Onto Wrote:  How well tested is there software and exchanges? Do they really have the IT resources that the financial industry has to ensure the highest quality software and security that's been developing for the past 40+ years? It's looking like they don't and they are flying by the seat of their pants and they haven't done much testing before rolling things out.

The Bitcoin protocol itself is some of the most robust piece of technology in the world.

It would take a concerted attack by more than 51% of the nodes running it to even try to compromise it.

You concern is justified. Security of the infrastructures supporting the Bitcoin network is one of the main challenges of Bitcoin at the moment.

You are wrong to think they could have tested and prevented any issues that they encounter as this is a very young technology.

Should I remind you as well that the financial industry systems are regularly compromised

Soon, with project such as OpenNetwork, the infrastructures will be built within Bitcoin's technology meaning the exchanges servers will be peer-to-peer as well and therefore unlikely to be ever compromised.

The Bitcoin "currency" and store of value is only the first application of the Bitcoin technology. Like email was for the internet. There are many more promises and potential for this technology. It is still very much in its infancy. I recommend you read about it as it is an immensely captivating subject
(This post was last modified: 02-14-2014 10:36 PM by brg444.)
02-14-2014 10:35 PM
Find all posts by this user Like Post Quote this message in a reply
[-] The following 1 user Likes brg444's post:
JayJuanGee
Onto Offline
Ostrich
****
Gold Member

Posts: 2,009
Joined: Jul 2013
Reputation: 91
Post: #1206
RE: Bitcoins up 60% in less than a month
Software development is my profession. To say they couldn't have thoroughly tested their software because it's too young shows you don't know much about the software biz.
02-14-2014 10:42 PM
Find all posts by this user Like Post Quote this message in a reply
brg444 Offline
Banned

Posts: 102
Joined: Nov 2012
Post: #1207
RE: Bitcoins up 60% in less than a month
(02-14-2014 10:42 PM)Onto Wrote:  Software development is my profession. To say they couldn't have thoroughly tested their software because it's too young shows you don't know much about the software biz.

Well then I suggest you start reading up on Bitcoin. If software development is your profession I'm sure you will be able to appreciate the genius of the underlying technology

What you are saying is similar to suggesting early internet developers should have eradicated the possiblity of DDOS attacks.
02-14-2014 10:46 PM
Find all posts by this user Like Post Quote this message in a reply
Onto Offline
Ostrich
****
Gold Member

Posts: 2,009
Joined: Jul 2013
Reputation: 91
Post: #1208
RE: Bitcoins up 60% in less than a month
If MtGox went down because of a DDOS attack, something that's been in existence for awhile, how are they off the hook for not testing their ability to handle that?

Look, software is a business and the business wants to get the product out as fast as possible. I ASSURE you that adequate testing is NEVER done for most applications with the exception where lives directly depend on it.

To suggest that the technology is to new and cutting edge to test thoroughly is absurd. They wanted to get it up and running as fast as possible.

I will say nothing more on this thread. Onto out.
(This post was last modified: 02-14-2014 11:00 PM by Onto.)
02-14-2014 10:58 PM
Find all posts by this user Like Post Quote this message in a reply
brg444 Offline
Banned

Posts: 102
Joined: Nov 2012
Post: #1209
RE: Bitcoins up 60% in less than a month
(02-14-2014 10:58 PM)Onto Wrote:  If MtGox went down because of a DDOS attack, something that's been in existence for awhile, how are they off the hook for not testing their ability to handle that?

Look, software is a business and the business wants to get the product out as fast as possible. I ASSURE you that adequate testing is NEVER done for most applications with the exception where lives directly depend on it.

To suggest that the technology is to new and cutting edge to test thoroughly is absurd. They wanted to get it up and running as fast as possible.

I will say nothing more on this thread. Onto out.

it is not a regular DDOS attack per say. and they are not "off the hook" as the whole Bitcoin community is starting to distance itself from Gox. The exchange may very well just die.

they were running an inadequate version of Bitcoin wallet which rendered them vulnerable to transaction malleability issues.

I'm not sure where your "im not saying nothing more" reaction stems from but great job conveniently dismissing the other information I presented to you
02-14-2014 11:09 PM
Find all posts by this user Like Post Quote this message in a reply
[-] The following 1 user Likes brg444's post:
JayJuanGee
Satoshi Offline
Banned

Posts: 885
Joined: Nov 2013
Post: #1210
RE: Bitcoins up 60% in less than a month
(02-13-2014 09:22 PM)JayJuanGee Wrote:  Anyone worried about BTC prices/values, yet?

First::::: As I write, we are in the lower $580s on Bitstamp, and in the upper $550s on BTC e. The current price reflects about a 10% drop on today's average prices... or maybe even close to a 15% drop on the highest BTC price of the day and about a 35% drop of the BTC price from about 10 days ago... which was in the lower $800s.

Personally, I am NOT worried yet, and I am continuing to buy... hoping that BTC prices will spring back up. Surely, there is a little bit more of a worry, if the BTC price were to stay at these levels or even go lower. The main problem that seems to always exist is that we do NOT know for sure that the BTC price is going to go lower, even during a "crash" or a "flash crash" as Pants had called it.

Second:::: Any guys watching the news...??? and the latest and greatest news is that supposedly through the devious means of a hacker, all of the Bitcoins (nearly 4474 BTC, valued at about $2.7 million) were stolen off of Silkroad 2 - though I am NOT sure whether the details are confirmed yet, though that seems to be the story of Silkroad 2's administrator.

Any thoughts, guys?
The fact that MtGox and Bitstamp have stopped Bitcoins withdrawals might effect the price, don't you think? There was some problem with transactions so they stopped it until it's fixed. Mtgox has done a lot for Bitcoins and were the first exchange. Of course they will have problems.

Look at the big picture:
http://www.coindesk.com/

(02-11-2014 12:26 PM)pants Wrote:  Every time Andreas Antonopoulos is interviewed he brings something new to the table I haven´t heard about before. I consider him one of the sharpest people within the crypto world. If he thinks Ethereum is a good idea, so do I. I don´t think I have the ability to judge it by myself as I am not a huge coder.



Ethereum is very hyped right now. Will be interesting to see how many BTC they will collect in the IPO.
02-15-2014 01:59 AM
Find all posts by this user Like Post Quote this message in a reply
strengthstudent Offline
Robin
*

Posts: 192
Joined: Sep 2013
Reputation: 3
Post: #1211
RE: Bitcoins up 60% in less than a month
(02-14-2014 03:31 PM)Onto Wrote:  Obviously Bitcoin was a great short term buy at $100, imagine buying 20,000 coins when it was at 50 cents. At $600 per coin I'm just not sure how safe it is when it seems like the big move already happened and too many people know about it now.

Many think the price won't be going up much anymore because it is already 'so high'. People say bitcoins are expensive but expensive in what way and how? People are constantly comparing the price on one bitcoin to their standard of living and are making assumptions based on that. We are only using the 1.000 bitcoin market price because it is convenient, but in reality the bitcoin algorithm doesn't think has no idea what is 'expensive' and what is not. The price of one bitcoin could very easily be 10 000$ and it would just reflect the adoption of bitcoin.

I think that bitcoin only started to take off by the end of last year, and only now in 2014 the adoption for e-commerce has started. I think we have a long way to go.
02-15-2014 09:57 AM
Find all posts by this user Like Post Quote this message in a reply
JayJuanGee Offline
Crow
*****
Gold Member

Posts: 6,205
Joined: Aug 2013
Reputation: 79
Post: #1212
RE: Bitcoins up 60% in less than a month
(02-14-2014 11:09 PM)brg444 Wrote:  
(02-14-2014 10:58 PM)Onto Wrote:  If MtGox went down because of a DDOS attack, something that's been in existence for awhile, how are they off the hook for not testing their ability to handle that?

Look, software is a business and the business wants to get the product out as fast as possible. I ASSURE you that adequate testing is NEVER done for most applications with the exception where lives directly depend on it.

To suggest that the technology is to new and cutting edge to test thoroughly is absurd. They wanted to get it up and running as fast as possible.

I will say nothing more on this thread. Onto out.

it is not a regular DDOS attack per say. and they are not "off the hook" as the whole Bitcoin community is starting to distance itself from Gox. The exchange may very well just die.

they were running an inadequate version of Bitcoin wallet which rendered them vulnerable to transaction malleability issues.

I'm not sure where your "im not saying nothing more" reaction stems from but great job conveniently dismissing the other information I presented to you



BRG444:

I appreciate your several points, and surely it seems correct that if Onto is into software development, there should be some ability to appreciate the outright genius of Bitcoin.

However, even though something, such as bitcoin, is genius, does NOT necessarily mean that it will win the long term battle for value or adoption (even though, currently it seems to be developing in a very strong and expansive direction). There are likely going to be continued challenges ahead for BTC - and even ambiguity concerning its value and public perceptions of such.

Regarding Mt Gox, surely, it seems that we are getting bits and pieces of information from them.. and whether they are telling the truth, I do NOT know. You may know more based on your description of their supposed story of how the DDOS attack played into their older versions of software and even their creating their own custom version. It seems so incompetent, since they had troubles in the past, that they should have taken various corrective actions.

To me, it just seems really stupid that an exchange running that much BTC had NOT adequately fixed its security. Maybe it really is true? I have heard some speculation that they had a hot wallet that may have held 10 to 40% of Mt. Gox's BTC capital, which may have been lost to the DDOS attack. Lot's of speculation remains, b/c they are still NOT speaking too much.

There has been a certain level of loss of confidence in Mt. Gox and BTC in general... and as I write the Mt. Gox price has hovered into the lower $300s... which reflects nearly a 50% lower BTC value than other exchanges.

So that news seems to be dragging down BTC prices...

Also... the Silkroad 2 story, in which more that 4400 BTC were supposedly lost... I just have a hard time buying those kinds of stories that people are going to be that dumb or incompetent to leave their systems so vulnerable... and I am suspicious of some kind of insider job with either silkroad 2 or Mt. Gox. even though I am truly speculating... b/c besides circumstances and inferences, we do NOT really have any direct evidence that would conclude inside jobs.. NOT yet, anyhow (if that is possible to find out).

In the coming weeks, we may find out more about what happened and what the fall out is going to be.


(02-15-2014 09:57 AM)strengthstudent Wrote:  Many think the price won't be going up much anymore because it is already 'so high'. People say bitcoins are expensive but expensive in what way and how? People are constantly comparing the price on one bitcoin to their standard of living and are making assumptions based on that. We are only using the 1.000 bitcoin market price because it is convenient, but in reality the bitcoin algorithm doesn't think has no idea what is 'expensive' and what is not. The price of one bitcoin could very easily be 10 000$ and it would just reflect the adoption of bitcoin.

I thought that sometime in the near future... it may have even been March 1, 2014, there was going to be a BTC campaign of the BTC foundation (including core developers) to move BTC over to the milibit (not the microbit... b/c that is different, I think?).... ... So if this movement were to take place, then pricing would be in milibits, which is one thousandths of a bit - which likely in the near future will be worth more than a dollar... but currently would be worth around 65 cents.

But NO matter what, if BTC continues to have large increases in price, then there will be needs to price in smaller fragments of a bitcoin to be used in day to day transactions... b/c one BTC will be too high of a unit for regular transactions.

I continue to think that the market cap is the more appropriate framing of the potential of BTC to increase in value and to suggest that BTC is way undervalued- rather than over valued... I mean as a reflection of its market price. In spite of these various problems with BTC, I am suspecting that we should fairly easily get to $1500 per BTC by the end of 2014 - though I doubt the price will become stable during this year.
02-15-2014 01:17 PM
Find all posts by this user Like Post Quote this message in a reply
brg444 Offline
Banned

Posts: 102
Joined: Nov 2012
Post: #1213
RE: Bitcoins up 60% in less than a month
(02-15-2014 01:17 PM)JayJuanGee Wrote:  BRG444:

I appreciate your several points, and surely it seems correct that if Onto is into software development, there should be some ability to appreciate the outright genius of Bitcoin.

However, even though something, such as bitcoin, is genius, does NOT necessarily mean that it will win the long term battle for value or adoption (even though, currently it seems to be developing in a very strong and expansive direction). There are likely going to be continued challenges ahead for BTC - and even ambiguity concerning its value and public perceptions of such.

Regarding Mt Gox, surely, it seems that we are getting bits and pieces of information from them.. and whether they are telling the truth, I do NOT know. You may know more based on your description of their supposed story of how the DDOS attack played into their older versions of software and even their creating their own custom version. It seems so incompetent, since they had troubles in the past, that they should have taken various corrective actions.

To me, it just seems really stupid that an exchange running that much BTC had NOT adequately fixed its security. Maybe it really is true? I have heard some speculation that they had a hot wallet that may have held 10 to 40% of Mt. Gox's BTC capital, which may have been lost to the DDOS attack. Lot's of speculation remains, b/c they are still NOT speaking too much.

There has been a certain level of loss of confidence in Mt. Gox and BTC in general... and as I write the Mt. Gox price has hovered into the lower $300s... which reflects nearly a 50% lower BTC value than other exchanges.

So that news seems to be dragging down BTC prices...

Also... the Silkroad 2 story, in which more that 4400 BTC were supposedly lost... I just have a hard time buying those kinds of stories that people are going to be that dumb or incompetent to leave their systems so vulnerable... and I am suspicious of some kind of insider job with either silkroad 2 or Mt. Gox. even though I am truly speculating... b/c besides circumstances and inferences, we do NOT really have any direct evidence that would conclude inside jobs.. NOT yet, anyhow (if that is possible to find out).

In the coming weeks, we may find out more about what happened and what the fall out is going to be.

I thought that sometime in the near future... it may have even been March 1, 2014, there was going to be a BTC campaign of the BTC foundation (including core developers) to move BTC over to the milibit (not the microbit... b/c that is different, I think?).... ... So if this movement were to take place, then pricing would be in milibits, which is one thousandths of a bit - which likely in the near future will be worth more than a dollar... but currently would be worth around 65 cents.

But NO matter what, if BTC continues to have large increases in price, then there will be needs to price in smaller fragments of a bitcoin to be used in day to day transactions... b/c one BTC will be too high of a unit for regular transactions.

I continue to think that the market cap is the more appropriate framing of the potential of BTC to increase in value and to suggest that BTC is way undervalued- rather than over valued... I mean as a reflection of its market price. In spite of these various problems with BTC, I am suspecting that we should fairly easily get to $1500 per BTC by the end of 2014 - though I doubt the price will become stable during this year.

as for the challenges ahead for XBT and its long term success. this is all up for debates.

In my opinion the idea behind Bitcoin has already won the value battle. And there will eventually be general enlightenment regarding its purpose and reason of existence.

Andreas Antonopoulous like to say this technology is not there to challenge, absorb or replace other economies. It will build within itself its own economy akin to the internet.

I truly believe that.

Considering this, I was never concerned about other alternative coins because I don't foresee them ever having the extreme variations and bubble in price that Bitcoin has had. I don't feel I am losing an opportunity as I am not chasing riches anyway but looking to make the safest and smartest investement. Because I do not have an opportunity to invest in the infrastructure around it, Bitcoin is the 2nd safest investement into this technology in my opinion.

I believe Bitcoin, as a cryptocurrency and store of value, has already built such a strong adoption amongst the community it resembles the general consensus granted to similar internet protocols (TCP/IP, HTML). That means if something better comes along, the adoption rate could not replicate Bitcoin's own. It would make more of a transition than an adoption.

When that happens I hope I will be able to transfer, with equal value, my coins into whatever new crypto improves onto the current Bitcoin protocol
(This post was last modified: 02-15-2014 02:57 PM by brg444.)
02-15-2014 02:53 PM
Find all posts by this user Like Post Quote this message in a reply
JayJuanGee Offline
Crow
*****
Gold Member

Posts: 6,205
Joined: Aug 2013
Reputation: 79
Post: #1214
RE: Bitcoins up 60% in less than a month
(02-15-2014 02:53 PM)brg444 Wrote:  Because I do not have an opportunity to invest in the infrastructure around it, Bitcoin is the 2nd safest investement into this technology in my opinion.

Likely, there is a lot of variation to attempt to invest in the BTC infrastructure... so investing in BTC seems to be an indirect mechanism of accomplishing the same... I am thinking that the higher the price of BTC, the more incentive there would be for the development of BTC infrastructure....

And, I suppose in day to day life, a guy may stumble across some start up BTC - related company - whether safe or NOT will likely depend upon whose steering the ship...
02-15-2014 03:22 PM
Find all posts by this user Like Post Quote this message in a reply
brg444 Offline
Banned

Posts: 102
Joined: Nov 2012
Post: #1215
RE: Bitcoins up 60% in less than a month
(02-15-2014 03:22 PM)JayJuanGee Wrote:  
(02-15-2014 02:53 PM)brg444 Wrote:  Because I do not have an opportunity to invest in the infrastructure around it, Bitcoin is the 2nd safest investement into this technology in my opinion.

Likely, there is a lot of variation to attempt to invest in the BTC infrastructure... so investing in BTC seems to be an indirect mechanism of accomplishing the same... I am thinking that the higher the price of BTC, the more incentive there would be for the development of BTC infrastructure....

And, I suppose in day to day life, a guy may stumble across some start up BTC - related company - whether safe or NOT will likely depend upon whose steering the ship...

correct.

I was thinking for example that investing in Blockchain.info MAY be a "safer" investment in the sense that they can survive without the Bitcoin (XBT) currency
(This post was last modified: 02-15-2014 03:47 PM by brg444.)
02-15-2014 03:46 PM
Find all posts by this user Like Post Quote this message in a reply
[-] The following 1 user Likes brg444's post:
JayJuanGee
el mechanico Offline
Owl
******
Gold Member

Posts: 11,055
Joined: Mar 2011
Reputation: 153
Post: #1216
RE: Bitcoins up 60% in less than a month
Can anyone explain what would make GOX customers sell at such low prices? If they can't take money out while they are waiting why not keep the price high?
02-16-2014 08:45 AM
Find all posts by this user Like Post Quote this message in a reply
Maciano Offline
Kingfisher
***

Posts: 674
Joined: Feb 2012
Reputation: 10
Post: #1217
RE: Bitcoins up 60% in less than a month
Supply + demand, who buys coins if there's significant chance you can't get them out? Few people -> price down. Some ppl think: chance of cheap coins, that's why it's not zero.

Also, as soon as Gox makes withdrawal possible, they'll collapse. That might cause bankruptcy, w/ all bad stuff related to that. Gox users are not coldly logical traders, but paranoids who loaded up on gold in '08 & '10,
02-16-2014 10:13 AM
Find all posts by this user Like Post Quote this message in a reply
CaroQuintero Offline
Banned

Posts: 11
Joined: Feb 2014
Post: #1218
RE: Bitcoins up 60% in less than a month
I wonder how much of the bitcoin currency is owned by underworld-type figures with its connections to Silkroad, Cyprus and the current shadowy Chinese transactions.
02-16-2014 01:23 PM
Find all posts by this user Like Post Quote this message in a reply
Tex Pro Offline
Ostrich
****
Gold Member

Posts: 2,131
Joined: Jun 2012
Reputation: 17
Post: #1219
RE: Bitcoins up 60% in less than a month
I wish Mt. Gox would just die already. It has been a tumor on the bitcoin community for too long.

As for why people seem to be selling like crazy on Gox, my guess is that people think Gox doesn't have the coins to pay people out, so they are cashing to fiat and hoping to sue Gox to get at least some of their investment back.
(This post was last modified: 02-16-2014 03:03 PM by Tex Pro.)
02-16-2014 03:02 PM
Find all posts by this user Like Post Quote this message in a reply
JayJuanGee Offline
Crow
*****
Gold Member

Posts: 6,205
Joined: Aug 2013
Reputation: 79
Post: #1220
RE: Bitcoins up 60% in less than a month
(02-16-2014 08:45 AM)el mechanico Wrote:  Can anyone explain what would make GOX customers sell at such low prices? If they can't take money out while they are waiting why not keep the price high?

I agree that it is a crazy phenomenon b/c Mt Gox customers tend to be selling at a much lower price than the market rate.... and NO matter if their money is in BTC or in Fiat, they have the same liquidity problem (b/c Mt. Gox seems to NOT be allowing withdrawals in either).

Thus, the Mt. Gox sell phenomena seems to be driven by pure panic and loss of confidence in the BTC maintaining its value by the time customers are permitted to make withdrawals from Mt. Gox..

Accordingly, they want to be in fiat rather than BTC... b/c they have lost too much confidence in BTC... b/c of Mt. Gox's shenanigans and in spite of what other exchange prices are telling them about BTC prices being greater than what they can get on Mt. Gox.

As I type, price per BTC is:
Bitstamp= $606.00
BTC-e = $578.61
Mt. Gox =$243.60
02-16-2014 04:37 PM
Find all posts by this user Like Post Quote this message in a reply
brg444 Offline
Banned

Posts: 102
Joined: Nov 2012
Post: #1221
RE: Bitcoins up 60% in less than a month
(02-16-2014 10:13 AM)Maciano Wrote:  Supply + demand, who buys coins if there's significant chance you can't get them out? Few people -> price down. Some ppl think: chance of cheap coins, that's why it's not zero.

Also, as soon as Gox makes withdrawal possible, they'll collapse. That might cause bankruptcy, w/ all bad stuff related to that. Gox users are not coldly logical traders, but paranoids who loaded up on gold in '08 & '10,

I wanna buy these goxcoins. I do not believe for a second that Gox is insolvent and I expect them to allow BTC withdrawal again at one point.

They're just ran by a gang of incompetent people who are in way over their head.

I don't understand what makes you think Gox will collapse once they allow withdrawal
02-16-2014 05:08 PM
Find all posts by this user Like Post Quote this message in a reply
JayJuanGee Offline
Crow
*****
Gold Member

Posts: 6,205
Joined: Aug 2013
Reputation: 79
Post: #1222
RE: Bitcoins up 60% in less than a month
(02-16-2014 05:08 PM)brg444 Wrote:  
(02-16-2014 10:13 AM)Maciano Wrote:  Supply + demand, who buys coins if there's significant chance you can't get them out? Few people -> price down. Some ppl think: chance of cheap coins, that's why it's not zero.

Also, as soon as Gox makes withdrawal possible, they'll collapse. That might cause bankruptcy, w/ all bad stuff related to that. Gox users are not coldly logical traders, but paranoids who loaded up on gold in '08 & '10,

I wanna buy these goxcoins. I do not believe for a second that Gox is insolvent and I expect them to allow BTC withdrawal again at one point.

They're just ran by a gang of incompetent people who are in way over their head.

I don't understand what makes you think Gox will collapse once they allow withdrawal


I think it was Warren Buffet who said that the time to buy was when there is blood on the streets... or something like that... so the Mt. Gox BTC may be a great value, at the moment.... surely risky, but that is why they appear to be so attractively priced.
02-16-2014 05:24 PM
Find all posts by this user Like Post Quote this message in a reply
Grit Offline
Kingfisher
***

Posts: 532
Joined: Aug 2012
Reputation: 7
Post: #1223
RE: Bitcoins up 60% in less than a month
(02-14-2014 08:18 AM)Onto Wrote:  I can definitely see Bitcoin becoming a payment system in the future, but it's backing doesn't come from the ability to tax citizens and businesses so I don't think it can ever be a real currency. I could certainly be wrong about that though.

Onto Wrote:Stocks: Founded on the "assets" of a company whether it's real estate, intellectual property, equipment, branding, etc.

Real Estate: Founded on the legal precedence of land ownership and usefullness as shelter.

Fiat Currency: Founded on a Nation of Laws by its citizens with the abilitly to make it's citizens subscribe to and adhere to those laws. Tax reciepts.

Bitcoin: ? The only foundation appears to be the desire for someone else to see it also as valuable. I don't see how the foundation of many computer systems networked together makes it's worth $14+ billion dollars.

I understand you have something invested and a lot of intricate knowledge on the subject. I can only suggest that an "outsiders" opinion can be valuable for the very reason he has nothing invested in it either way.

Spoken like a fascist.

For the readers of Rooshv, go read Satoshi Nakamoto's essay. Anyone who tries to explain or question the value of Bitcoin proves their ignorance to the concepts contained in the essay. You should immediately doubt the credibility of anyone who tries to give you BTC advice without having read the essay. If you haven't read it yet and are in this thread, read the essay.

Regarding outside advice: nice thought, but your advice is not necessary. Read the essay.

The beauty of reading the essay is that it forces you to believe in the value of logic, cryptography, distributed network, and more which I hate to spoil. By doing that, you indirectly agree to the uselessness of rhetoric and emotion.

One last thought, and a teaser to understanding the entire concept of bitcoin: would you rather the emotion of security, or the logic of security?

Read the essay already!
02-16-2014 05:25 PM
Find all posts by this user Like Post Quote this message in a reply
[-] The following 1 user Likes Grit's post:
CaptainChardonnay
brg444 Offline
Banned

Posts: 102
Joined: Nov 2012
Post: #1224
RE: Bitcoins up 60% in less than a month
(02-16-2014 05:25 PM)Grit Wrote:  
(02-14-2014 08:18 AM)Onto Wrote:  I can definitely see Bitcoin becoming a payment system in the future, but it's backing doesn't come from the ability to tax citizens and businesses so I don't think it can ever be a real currency. I could certainly be wrong about that though.

Onto Wrote:Stocks: Founded on the "assets" of a company whether it's real estate, intellectual property, equipment, branding, etc.

Real Estate: Founded on the legal precedence of land ownership and usefullness as shelter.

Fiat Currency: Founded on a Nation of Laws by its citizens with the abilitly to make it's citizens subscribe to and adhere to those laws. Tax reciepts.

Bitcoin: ? The only foundation appears to be the desire for someone else to see it also as valuable. I don't see how the foundation of many computer systems networked together makes it's worth $14+ billion dollars.

I understand you have something invested and a lot of intricate knowledge on the subject. I can only suggest that an "outsiders" opinion can be valuable for the very reason he has nothing invested in it either way.

Spoken like a fascist.

For the readers of Rooshv, go read Satoshi Nakamoto's essay. Anyone who tries to explain or question the value of Bitcoin proves their ignorance to the concepts contained in the essay. You should immediately doubt the credibility of anyone who tries to give you BTC advice without having read the essay. If you haven't read it yet and are in this thread, read the essay.

Regarding outside advice: nice thought, but your advice is not necessary. Read the essay.

The beauty of reading the essay is that it forces you to believe in the value of logic, cryptography, distributed network, and more which I hate to spoil. By doing that, you indirectly agree to the uselessness of rhetoric and emotion.

One last thought, and a teaser to understanding the entire concept of bitcoin: would you rather the emotion of security, or the logic of security?

Read the essay already!

totally agree, there was a time were I would dismiss it because of my fear not to understand all the technical mumbo jumbo. I have since read it multiple time and come away more convinced after every reading.
02-16-2014 05:35 PM
Find all posts by this user Like Post Quote this message in a reply
Maciano Offline
Kingfisher
***

Posts: 674
Joined: Feb 2012
Reputation: 10
Post: #1225
RE: Bitcoins up 60% in less than a month
(02-16-2014 05:24 PM)JayJuanGee Wrote:  [quote='brg444' pid='655796' dateline='1392588483'

I wanna buy these goxcoins. I do not believe for a second that Gox is insolvent and I expect them to allow BTC withdrawal again at one point.

They're just ran by a gang of incompetent people who are in way over their head.

I don't understand what makes you think Gox will collapse once they allow withdrawal

1) You can buy goxbtc here: https://www.bitcoinbuilder.com/

I haven't used it, don't know the owner, so be careful. It's just a link I found somewhere.

2) I think Gox will collapse bc as soon as they reinstall withdrawal most users will take their coins off the exchange, making them irrelevant.

I also think prices will swing up after the Gox-stuff goes away.
02-16-2014 06:09 PM
Find all posts by this user Like Post Quote this message in a reply
Post Reply 


Possibly Related Threads...
Thread: Author Replies: Views: Last Post
  IRS: Bitcoin is not currency assman 23 7,808 07-06-2019 08:37 PM
Last Post: Deepdiver
  Bitcoin & Cryptocurrency Profit & Loss Trackers & Capital Gains Calculators jamaicabound 2 4,810 06-01-2019 09:03 AM
Last Post: Dr. Howard
  DACing for Cryptodummies: Hassle-Free and Easy Bitcoin Investing SamuelBRoberts 108 33,502 12-26-2018 08:27 PM
Last Post: redbeard

Forum Jump:


User(s) browsing this thread: 1 Guest(s)

Contact Us | RooshV.com | Return to Top | Return to Content | Mobile Version | RSS Syndication