BITCON... WHY its totally FLAWED

BTC make me SICK, became aware of it at around the 7 stage from memory. I did not know about it earlier. Would i have held them to this dayif i got them at 0.6c? Who am I kidding- but far............ canal it hurts. I dont want to know what they are worth but I cant look away. Best of luck to you all who are on it, maybe a once in a lifetime op. Sorry for the rant, im just devo'd.
 
All the people rushing to get into bit coins are not doing it because they want to buy stuff with them
 
pro$pector said:
1for1 said:
not to mention one of the highest yeilding in history.

Buying LTC is almost impossible to purchase, Mining youll get 2 a day on your average rig lol.. ones anyguess how much that is going to increase in price.
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I spent a good portion of today trying to find something that has ever risen by more than BTC percentage wise (using the figures of roughly 0.6c to $190 US), it's not easy!

Buying LTC isn't very hard at all, you just need to buy BTC first to convert.

LTC won't really take off until it starts being accepted as a currency more widely, so far it has minimal takeup as BTC is still in an infancy / trust stage. There isn't room for a competiting cryptocurrency for the exchange of goods and services until BTC becomes more established IMO.
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The only people that can get LTC are those that have BTC, making it more exclusive to those that either mine it or already have BTC skin in the game, anything else about LTC is speculation right now including if it will float on MT.Gox in the short term.

1for1
 
trew said:
All the people rushing to get into bit coins are not doing it because they want to buy stuff with them
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Not true at all.

Buying/selling volumes on this rise haven't been overly large (especially of late), someone cashes out every fews days and you get a decent drop as can be seen on the big red bars if you look at a chart, but then slow and steady buying resumes the climb - 2013 has panned out exactly like this so far.

The BTC goods and services economy isn't as small as you might think, and most people who buy goods and services with BTC don't care whether the price is $1 USD, or $1000 USD, they buy regardless -as they buy the goods the same day they acquire the BTC usually. Nearly all BTC accepting retailers peg their BTC price to the USD, so it floats in BTC and still costs $20 in fiat whether the BTC price is $1 or $1000.

I hope that make sense...
 
trew said:
pro$pector said:
I spent a good portion of today trying to find something that has ever risen by more than BTC percentage wise (using the figures of roughly 0.6c to $190 US), it's not easy!.
Click to expand...

Here ya go:

Poseidon Nickel in 1970

35,000 %

http://www.businessinsider.com/most...=T#the-vietnam-war-induced-poseidon-bubble-10
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Poseiden went from 80c to $280 according to Wiki (which was that articles only source), or 35,000%.

Bitcoin has gone from 0.6c (roughly) to $190ish, you do the maths...its kind of insane.
 
190 / .006 *100

= 3,166,666%

Greatest bull market in history.

G&S will never match it. And the amazing thing is it's likely to go much further. In fact, more and more I think the PM's were the wrong bet. I think they'll do OK, but god I wish I'd swapped more silver for bitcoins last year.
 
pro$pector said:
trew said:
All the people rushing to get into bit coins are not doing it because they want to buy stuff with them
Click to expand...

The BTC goods and services economy isn't as small as you might think, and most people who buy goods and services with BTC don't care whether the price is $1 USD, or $1000 USD, they buy regardless -as they buy the goods the same day they acquire the BTC usually. Nearly all BTC accepting retailers peg their BTC price to the USD, so it floats in BTC and still costs $20 in fiat whether the BTC price is $1 or $1000.

I hope that make sense...
Click to expand...

What you are saying does make sense in relation to working as a currency. Just trying to get my head around the valuation part.
If there can only ever be 21 million bitcoins then in order for bitcoins to be widely used by a large percentage of the population, a single bitcoin will need to be worth many thousands of dollars so there would be enough bitcoins (or fractions thereof) available for everybody to trade with.

Now I understand those holding bitcoins would be salivating at this point, but it would mean that those people that got in very early and still hold would suddenly become multi-billionaires in the real world.
And I just can't see that happening. Not when the whole thing is dreamed up out of nothing and can be copied freely.

Something else will have to rise up to replace bitcoin.
The built in limit of 21 million may be both the driver of the bubble but also the eventual downfall of bitcoin.
 
trew said:
What you are saying does make sense in relation to working as a currency. Just trying to get my head around the valuation part.
If there can only ever be 21 million bitcoins then in order for bitcoins to be widely used by a large percentage of the population, a single bitcoin will need to be worth many thousands of dollars so there would be enough bitcoins (or fractions thereof) available for everybody to trade with.

Something else will have to rise up to replace bitcoin.
The built in limit of 21 million may be both the driver of the bubble but also the eventual downfall of bitcoin.
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1 BTC is divisible to 8 decimal places, this issue was thought of before hand and addressed when the system was created.
 
trew said:
And I just can't see that happening. Not when the whole thing is dreamed up out of nothing and can be copied freely.
Click to expand...

trew said:
The built in limit of 21 million may be both the driver of the bubble but also the eventual downfall of bitcoin.
Click to expand...

See the contradiction?

trew said:
Something else will have to rise up to replace bitcoin.
Click to expand...

Why?
 
pro$pector said:
1 BTC is divisible to 8 decimal places, this issue was thought of before hand and address when the system was created.
Click to expand...

Yes I understand it is divisible - that is the point I am trying to figure out.

If I wanted to use bitcoins to buy an Iphone from Apple ($500), I would currently need 3 bitcoins.
If another 100 million people wanted to buy something similar using bitcoins at the same, there would need to be 300 million bitcoins available - not currently possible.
Only way that could work is if bitcoins were worth $10,000 each so I only needed 0.05 of a bitcoin

So which do you think is more likely ?
- everybody ends up using bitcoins and there are nerds/hackers/drug dealers walking around worth more than Bill Gates and many small countries
- changes are made to bitcoin to increase the maximum number and dilute everybody holding
- a new system arises out of the ashes of bitcoin
 
I doubt many holders will hold on until they are worth a billion or more. They will either cash out or spend them or a combination of both. I know I'll never make it to a billion. If my stash gets to a few million, which doesn't seem as outlandish an idea now as it did to me a few months ago, I will likely say I've had enough. There will be a few things I'll want to buy. :)
 
Well the way its going you might get there sooner than you think.

Just had a look at Mt Gox 30day Price Range. $36.65 - $210.00.

Now thats a pretty amazing percentage in a matter of a month.

Goodluck if you hold.

Hope you are converting some of it into PM's while the opportunity is there.

Cheers markcoinoz
 
I just don't get it. It is a fictional currency created by someone on the internet out of absolutely nothing. Not so different to our current currency I guess.
However, at least with our traditional currency it is recognised, known by all and is in your hand and readily accepted by others.

Some are comparing Bitcoin to gold. You are kidding right. One is a figment of yours and others imaginations and the other is a real, tangible thing.

I wonder what will happen to all the Bitcoin or other mystical coins millionaires if/when a solar storm wipes out the internet.

Maybe I am missing something in all of this?

Reminds me of the great tulip bubble. At least the tulip really existed...
 
@ Dbp , it's actually no more surreal than the current state of affairs in the so called real world really. Every measure of the economy is fubar'd but still the Dow and S&P heads higher despite anybody that has an inkling of understanding knowing it is all smoke and mirror's.... but still it lives.

Cognisant Dissonance to the inth degree despite reality, Bitcoin actually fits right in there with everything else at the moment. I've decided to do nothing, except for to fire up my still, set up my camping chair and esky, prepare some nice munchy's and sit back and watch.

The next month or two is going to be the greatest show on earth I reckon. My only regret is not filling my Mt.Gox account with bitcoins when I got it..... I coulda been a contender.....coulda woulda, shoulda.
 
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