Bitcoin
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- Ianbolton0
Nice article...
The Bitcoin Bubble and the Future of Currency
https://medium.com/money-banking…
- zaq0
who missed the train, now is the time.
- plash0
Bitcoin value plummets, losing as much as 41% of its value in a single day.
- finally. now i can feel less shit about not buying somescarabin
- it sure went by the book didn't it http://en.wikipedia.…scarabin
- I know someone with 50 coins mined 3 years ago. They didn't sell, but if they did at $260, that would have been $12k!ETM
- ESKEMA0
Is there bitcoin cents? Does it divides itself? If its worth more than 200$ now, how do you pay for something that costs 1? Anyone care to explain?
- plash0
this is all quite healthy for an evaluation of the performance. Since bitcoin has no measurable fundamentals, technical analysis is one of the only options left to try and derive "value".
The flat line at 150 is trying to show for a 3 day period the price tried to move above 150 and then consolidated at that level. At which point we would consider 150 the "ceiling". Shortly after the price broke higher thus 150 becomes a "Floor". The other sloped red line is projected longer term performance ( still only 9 days) trend line. It shows how the prices bottomed at predictable points from April 1 - 7. If you extrapolate that line forward through today, it's basically saying the outcome of this crash will be BTC in the $150-$170 range.
- pablo280
Bitcoin Explained
- ********0
Bitcoin is so inflated!
An AeroShot Inhalable caffeine 100mg is $2.99 normally in USD but this ebay like site is selling it at .80BTC which is $154.84 USD.
https://www.bitmit.net/en/item/5…
- animatedgif0
^ Maybe that website (Which I've never even heard of) doesn't update it's values in real time or ever?
- ETM0
@omg
Has it always cost 0.80BTC? As well, as previously discussed on this thread, you are not using "inflation" correctly in the context. Inflation is the decrease in buying power of a currency. Example. last week a loaf of bread cost $2.00, now it's $3.00, next week it's $4.00. That's inflation. The currency's buying power diminishes causes dramatic price increases to obtain the same materials/products.With bitcoins, it's been the opposite. It's buying power is rising. As well, a currency's value in USD (or other currency) is not it's finite value. In theory, bitcoin does not follow standard economic models as it's a "global" currency. Not hinged to a country or standard. It's value within it's own ecosystem is simply what one charges or is willing to pay, not what it's worth against other currencies.
Within it's own context, 0.8btc may be perfectly reasonable. Or perhaps the person charging 0.8btc is simply overpriced. That's for the bitcoin market to establish. Will someone pay that or not? They're not paying in USD, they're paying in bitcoins.
But if you can only think of a bitcoin simply as it's value in USD, then like many people, are not fully understanding this new currency.
- zaq0
I just wish mtgox would disappear, so people stop comparing the value of bitcoins based on USD.
- animatedgif0
Hahaha those fucking dotcom chumps, that thing never took off.
oh...
hang...
on
- ********0
@ETM
i said inflated, not inflation... however my example product would clearly show that a $2 item went from $3 to $4 and is s currently selling for $154. I'm sure you would agree that is inflation.However animatedgif mentioned that the site could be out of date, thus it's prices skewed. So if you can show me an example of a place where i can get a good products for decent bitcoin, then it would help add some validation to the subject. In the meantime, if i convert $154USD to bitcoin for equal value, i could spend it all on an item that normally would cost me $3USD at GNC.
- Inflation would only apply if things costing bitcoins, purchased with bitcoins are being directly affected.ETM
- Why do you have to convert a bitcoin to USD to purchase something at a bitcoin value?ETM
- You don;t get the concept and you can't see past your native currency.ETM
- But for a true global currency to exist, you have to shed old thinking.ETM
- ETM0
@omg
I find Americans often can't see past a currency except what it's worth in USD. Understandable, given the greenback's status, but you don't get it. Currency exchange is a moot point unless you have to EXCHANGE it, or go outside your borders to purchase (bitcoins have no borders).
Bitcoins are worth what they're worth to those that use the currency. This constant comparison to the USD is the most grand demonstration of people unable to wrap their heads around the concept. It's not hinged on the greenback, the gold standard or a single nation's economic status. People's need to comprehend it by trying to find a value next to existing currencies is flawed. Bitcoins are a way around this general concept. And I find often that Americans and Brits, understandably, find it the hardest to understand since their currency's have been a standard for so long.
The bitcoin marketplace/economy/holders/take... will determine the value of items within that currency. No country's economic success, GDP growth or buying power is a factor in this. No precious metal is mined for these providing a boon to geographic location or nation.
However, barriers still exist based on class, while the creation of bitcoins persist, as those with more GPU power to through at creating hashes can create more wealth.
- zaq0
There are many attempts to replicate bitcoin, but one of the most interesting I've seen is Zerocoin. It's actually not a modified replica of bitcoin but rather an extension of bitcoin protocol. It allows a truly anonymous transactions. Google for whitepaper if curious
- ETM0
I have a better analogy that maybe people understand. Prison cigarettes. Did you think the dollar value of a cigarette is 1 for 1 in prison? No, they're worth what the population decides based on supply and demand. Depending what you're 'buying' a single cigarette could equal $20. It's worth what it's worth in the economy it exists. That's what bitcoins are doing now, finding that within their own system.
- zaq0
I have another analogy: art.
What do you think an art piece costs? How do you define value of a painting? Why 1 painting that an artist spent a month costs different that another painting that another artist spent a month as well?
- ********0
@ETM
So then you are proposing that the exchange rate between USD and bitcoin indicates that the USD is worthless. So a $50USD item would have to sell for $3000USD worth of bitcoin.- No, I am proposing get your head out of that space altogether.ETM
- what space?********
- i think mainly I'd have to realize what kind of value i could make in bitcoin to realize the true worth.********
- You assume true worth is simply a USD. That's your problem. And arguing is pointless until you can look beyond that.ETM
- beyond that.ETM
- You buy something in bitcoins with bitcoins. You plan on converting to and from USD constantly?ETM
- That's your problem. Do you think average people in countries around the world weigh what they are about to pay in their currency against the USD?ETM
- pay in their currency what the product equivalent exchange cost in USD is?ETM
- No. If the price is fair in their value system it is, either personally or evaluated by society, then it is.ETM
- this would all be relevant if we weren't buying bitcoins with USD. in the end we are exchanging USD for products with bitcoins as a middlemanscarabin
- and bitcoins are just an in between stepscarabin
- not really, I got my bitcoins by selling bahmi sandwiches with lemonade. I will spend them on something else without converting to dollarszaq
- converting to dollarszaq
- then we all have different value standards for themscarabin
- @scarabin - Smart people MINE bitcoins while the opportunity exists, not buy them.ETM
