BITCON... WHY its totally FLAWED

Discussion in 'Digital Currencies' started by 1for1, Aug 6, 2012.

  1. rbaggio

    rbaggio Active Member Silver Stacker

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    Difficulty creeping up on litecoins too, I'm guessing as miners move from BTC and others into it.
     
  2. Noppy

    Noppy New Member

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    Creeping the bloody thing has shot through the roof. Wish it had stayed lower till about next month :p
     
  3. RetardedMonkey

    RetardedMonkey Active Member Silver Stacker

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    It will only go up a set amount every couple of days. Depending on the amount of blocks being found and how quick etc.

    At moment, it's only 234. When I started it was closer to 100 lol.
     
  4. rbaggio

    rbaggio Active Member Silver Stacker

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    I am seeing a lot of parallels with physical mining.

    If it becomes unprofitable to do so (your power costs exceed the potential selling costs of what you are 'mining', 'difficulty' keeps increasing as all of the easy stuff has already been dug up), then people will move into mining something else.

    EDIT: Intrinsic value is another topic :)
     
  5. hawkeye

    hawkeye New Member Silver Stacker

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    You could as easily ask the same question about physical silver. Btc is a fledgling currency. You can buy more things all the time but it's not there yet as a viable currency.

    Those are all just broad collectivisations and don't mean much in reality. Despite many stackers claim to some high moral ground, imo most are speculators. And there is nothing wrong with that.

    Ultimately, when it comes to an alternative to the current banking system, this is the only game in town atm. I don't know why there are so many people opposed to it. We aren't going back to gold and silver as currency. That was the past, not the future.
     
  6. hiho

    hiho Active Member Silver Stacker

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    waiting for the "back up the wallet" moment
     
  7. RetardedMonkey

    RetardedMonkey Active Member Silver Stacker

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    So this is News.com.au today:
    [​IMG]

    Is this the "media" part of this chart? Or are we past that?
    [​IMG]
     
  8. pro$pector

    pro$pector New Member

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    I've stated many times over the past few days that we have just entered the media attention part of that chart, the parabolic rise is yet to come!
     
  9. Marsi

    Marsi Member Silver Stacker

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    Wondering how the carbon footprint of mining cryptos compares with the carbon footprint of mining PM's?
     
  10. gcsun

    gcsun New Member Silver Stacker

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    Good to see main stream media getting on, can only increase its demand and strength.
     
  11. Cind3r

    Cind3r Active Member Silver Stacker

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    just love it how the main stream media always links it to TOR and Silk Road for drugs.
    I bet the silk road will have a huge influx in customers....maybe thats what they want? :)

    Push the price for me media!!!!!! go go go go
     
  12. trew

    trew Active Member Silver Stacker

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    For those riding this train it is an interesting mental exercise isn't it ?

    You may feel deep down that it is not sustainable but you see how much the value of your coins has multiplied in just a month.
    And prices are moving faster every day.
    If only you had done X or Y just a few months ago you'd now be rich!

    But you probably realise you have to cash out at some point to keep your winnings.
    The tussle between the fear of losing your gains and the fear of missing out on any more upside is getting more intense.

    You find more and more reasons to justify the current prices to yourself - even though just over a month ago the price was only a fraction of today's price.
    What has really changed in the past month ?

    We could be in the media phase, the greed phase or the delusion phase - nobody really knows
    Good luck all with your timing - it will not be easy to pick the top.
     
  13. RetardedMonkey

    RetardedMonkey Active Member Silver Stacker

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    If I was holding just Bitcoin's, I'd be looking at cashing out soon IMO.

    The fact it's now at the top of News.com.au irks me, that's a GTFO signal if I ever saw one.
     
  14. pro$pector

    pro$pector New Member

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    Selling is starting to build around $230, first time this has been seen since around $140 or so.

    Could be time for a pullback.
     
  15. pro$pector

    pro$pector New Member

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    ...I see it as "we are able to enter the parabolic rise" signal, but the selling time is definately getting very near.
     
  16. RetardedMonkey

    RetardedMonkey Active Member Silver Stacker

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    Oh, I see it as that too.

    But I don't like parabolic rises, I'd rather get out just before they happen.

    Else, you might get caught with your pants down.
     
  17. pro$pector

    pro$pector New Member

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    Constant market depth and volume monitoring gives you a big edge in getting out in time.

    Please note I'm not saying its possible to pick the top by any means.
     
  18. Asylum

    Asylum New Member

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    You had me until the last bit :)
     
  19. Asylum

    Asylum New Member

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    Agreed. Once it hits mainstream media you know it's going one way or the other.
     
  20. hawkeye

    hawkeye New Member Silver Stacker

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    The thing is, even a correction down to 100, which would be more than 50% now (more than silver's fall) would not be too painful to someone who bought in lower than 20. Even at 50 they would still be ahead.

    The question for people like that is, would this be a permanent fall or is it more likely to be a correction in a longer uptrend? If you think the latter it would be very hard to pick the spot where to get out so that you know you can get back in cheaper. No guarantees.

    I'm holding, I basically took almost 100% profits when I cashed out a fraction of my position the other day. There's no way for me to lose on this one now, it's only a question of how much will I win. I think the fundamentals are good, but I agree it's more than likely a speculative bubble atm likely to collapse. I may do another small cashout depending on how high it goes. But selling them makes me nervous.
     

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