Bitcoin

JockVSJock

lsud00d wrote: »

I'm not sure if anyone has been watching this WILD ride but I watched tickers and graphs show the crash yesterday from a high of 266 to a low of 55 today...the bubble has burst for the second time and I wouldn't be surprised if it was a coordinated DDoS attack to sell of in droves and buy super low.

Classic "pump and ****" scheme...

Read more about it here

Bitcoin crashes over 50% just one day after bold public prediction by Mike Adams of Natural News

Asif Dasl

I wouldn't hold any bitcoin for a few years (assuming it lasts that long) the risk of losing it all is too great. It's like some banana republic currency at the moment any bad news sees it falling and good news sets it soaring.

It's susceptible to currency manipulation of the pros (like George Soros wannabes) by hackers creating bad news which sets the currency tumbling. It's on a small scale nothing like the dollar or euro which makes me think it won't be around too long - speculators will hammer it out of existence. I would like a world currency though.

the_Grinch

I tend to go with the side of it is a risk and up to you to decide if you want to be involved. Anyone heavily involved in the community would say it could be $1000 usd for a Bitcoin tomorrow or it could be gone. I error on the side that it will definitely last, though how popular it becomes/remains is another thing entirely. For now I will definitely continue to watch and see where it goes. As I said, I truly like the philosophy behind it and honestly the time is ripe for something like this.

lsud00d

JockVSJock wrote: »

Classic "pump and ****" scheme...

Read more about it here

Bitcoin crashes over 50% just one day after bold public prediction by Mike Adams of Natural News

I read his original article predicting this, but him saying

Wednesday's wild ride came as someone gave away thousands of dollars worth of Bitcoins on Reddit, the social news site. News blog Business Insider calculated a Reddit user under the name "Bitcoinbillionaire" had given away $13,627.69896 worth of Bitcoins to Reddit users over the day.

This giveaway is what apparently caused the bitcoin crash.

is a joke. At the time that would have been ~51 BTC, and giving away 51 BTC is such a small sliver of every day transactions that I can't believe this guy would even entertain the idea. He's smart, yes, but pretty dug into the tinfoil hat scheme...I don't think it was hard to see the bubble burst coming even with a small understanding of economics.

It will stabilize, go up, and crash again (like all currencies) but the markets will adjust and learn from mistakes. I plan on investing in a few BTC's to hold onto. True, it's too late to become an instant millionaire (and several were created this month), but you will make a return on investment in the long term.

RobertKaucher

If you have never heard of what the Brazilians did in the early 90s, this is an interesting story of how a virtual currency saved the Brazilian economy:

Plano Real - Wikipedia, the free encyclopedia
How Fake Money Saved Brazil : Planet Money : NPR

Keep in mind that "real" means both royal and real (as in reality) in Portuguese and has been used as a name for currencies in Portuguese speaking countries. So naming the currency "real" was kind of ironic as the "real" was in fact virtual in the beginning.

This is the Pope effect from when George Carlin said, "I have just as much authority as the Pope, I just don't have as many people who believe it."

Asif Dasl

Nice links Robert. They esentially pegged the virtual currency to the dollar and then un-pegged it when inflation was in check. They did a similar thing in Zimbabwe but just ended up using the dollar and sterling instead - for xmas everyone in my family became a 100 trillionaire, it was a stocking filler!