Bitcoins soar to over $1000 for the first time.

#55
#55
Rasputin_Vol said:
What about silver?
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Silver is more practical due to its electrical and thermal conductivity. There are still others more useful.

It's all a sham; useful sham, but a sham nonetheless. It works as long as everyone buys in. Doesn't matter what "it" is.
 
#63
#63
Obsessed said:
China did this to prolong the crap they call an economy. Their debt is 200% higher than their GDP. They are on borrowed time. The bit coin would have made it collapses that much sooner.
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So if we're borrowing money from China, and China is 200% in debt, then who are we actually borrowing money from?
 
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#64
#64
VOLatile said:
So if we're borrowing money from China, and China is 200% in debt, then who are we actually borrowing money from?
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We owe more money to ourselves than china. Don't worry. The USA isn't far behind them China has already started trading in their own currency.

Bit coins is a threat to china,USA etc.
 
#65
#65
VOLatile said:
So if we're borrowing money from China, and China is 200% in debt, then who are we actually borrowing money from?
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Whoever says that the money we're borrowing is worth something?

So basically government issued currency is as valuable as bitcoin, or baseball cards.
 
#66
#66
Toujours Pret said:
Whoever says that the money we're borrowing is worth something?

So basically government issued currency is as valuable as bitcoin, or baseball cards.
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That's the idea. The problem is that as of now no one knows what the market may do. It was down to $450 last night before I went to bed, so sold a coin hoping to have at least some money out of it. I woke up this morning and the price was at $715.

This is what's hurting bitcoin the most.
 
#67
#67
burntorangeVOLffle said:
Read a story a few weeks ago about a guy who purchased $25 worth back in '09 while doing a thesis on electronic currency for his Master's. He said he did it on a lark and actually forgot about. Then while reading about the rise in value he remembered he had purchased some and went to see how much it was worth. Turned out he has sitting on over $875k.
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A nickel aint worth a bitcoin anymore.
 
#69
#69
I read an article this morning from a financial dude who apparently makes financial predictions every year...and he predicted the Bitcoin will disappear in 2014.
 
#70
#70
salutethehill said:
I read an article this morning from a financial dude who apparently makes financial predictions every year...and he predicted the Bitcoin will disappear in 2014.
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It's is one of two extremes.

A contributor for the Washington Post said that bitcoin would lose 99% of its value by February, and most likely disappear soon thereafter.

Meanwhile, coinbase.com, a bitcoin startup, has raised over 65 million in the past two weeks from major Wall Street players.

Thus, it's hard to guess which way this is gonna go. I have a hard time believing it's going to disappear altogether, simply because of the amount of money I see Wall Street investing. These guys are super smart; I don't see them pursuing this if there is a chance it disappears in 2014.

In the mean time, I'm gonna keep investing and riding these upswings to a good profit (most of the time). : )
 
#71
#71
I think one of the problems with bitcoin is the amount of memory (data set) the block chains take. Right now they are up to about 13GB but in three years they'll be at a terabyte. The financial system will have difficult time processing those transactions.

P.S.-But it is open source code so somebody might come up with a solution by then. It's going to drop substantially but it will never go back to 6 cents like it was.

P.S.P.S.-It can't go to zero or disappear because there is always a last transaction.
 
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