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MisterMuscaria



Registered: 05/13/08
Posts: 27,646
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Bitcoin speculation
#14580319 - 06/08/11 03:09 PM (12 years, 7 months ago) |
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I was astonished to see that between getting my bank account verified and my funds transfered over the price of bitcoins has DOUBLED.
http://bitcoincharts.com/markets/
How high will they go?
$50? $100? $400?
How long do you expect this to last?
Once the bubble pops what do you think the price will settle on? $1? $5? $20?
I imagine people are BANKING right now...especially those who placed big orders at a low value.
Edited by MisterMuscaria (06/08/11 03:20 PM)
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saxx
Stranger

Registered: 02/08/10
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I've talked to many people, they think it's a bubble about to burst.
I think it's been a temporary spike in the last week. If you look at the economic model of bitcoins, it's meant to inflate as popularity increases. Well, i see 2 threads about it on the shroomery, there has been a large surge of press lately.
I mean, it's set up so currency is generated at a set rate, with the number of people interested inflating, the price is going to deflate.
It's going to be a long ride or a very, very short one. Try buying bitcoins at market price, damn near impossible right now.
-------------------- sucking dick for drink tickets at the free bar at my cousin's bat mitzvah zappateer said: I'm not wasting time at school. I'm gaining hella knowledge and life experience, not trying to use my degree for financial gain.
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memes
Blessed



Registered: 01/11/05
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Re: Bitcoin speculation [Re: saxx] 1
#14581336 - 06/08/11 07:00 PM (12 years, 7 months ago) |
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Quote:
saxx said: I mean, it's set up so currency is generated at a set rate, with the number of people interested inflating, the price is going to deflate.
You have that backwards. Set rate increase of supply mixed with an exponential increase in demand means inflation of prices ---- which is exactly what this thread is about.
I was under the impression that the rate at which bitcoins could be mined was entirely dependent upon the amount of resources being put into mining (on-the-whole, not on any specific level). SO, the more people miing, the harder it was to mine a coin, etc.
Which would mean that this spike in price is entirely speculative.
we'll see how it petters out.
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saxx
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Re: Bitcoin speculation [Re: memes]
#14581364 - 06/08/11 07:08 PM (12 years, 7 months ago) |
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Quote:
meams said:
Quote:
saxx said: I mean, it's set up so currency is generated at a set rate, with the number of people interested inflating, the price is going to deflate.
You have that backwards. Set rate increase of supply mixed with an exponential increase in demand means inflation of prices ---- which is exactly what this thread is about.
I was under the impression that the rate at which bitcoins could be mined was entirely dependent upon the amount of resources being put into mining (on-the-whole, not on any specific level). SO, the more people miing, the harder it was to mine a coin, etc.
Which would mean that this spike in price is entirely speculative.
we'll see how it petters out.
I meant that the value was going to inflate. Sorry.
Quote:
I was under the impression that the rate at which bitcoins could be mined was entirely dependent upon the amount of resources being put into mining
They can only be generated at a set rate. Per individual you would be correct, but if you're referring to the whole network. Even if one person was mining bitcoins, the rate at which they were generated would be roughly the same.
-------------------- sucking dick for drink tickets at the free bar at my cousin's bat mitzvah zappateer said: I'm not wasting time at school. I'm gaining hella knowledge and life experience, not trying to use my degree for financial gain.
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memes
Blessed



Registered: 01/11/05
Posts: 27,785
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Re: Bitcoin speculation [Re: saxx]
#14582516 - 06/08/11 10:44 PM (12 years, 7 months ago) |
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Quote:
saxx said: Even if one person was mining bitcoins, the rate at which they were generated would be roughly the same.
Right, so if one person was mining bitcoins, and was getting 25 coins/day....
then 100,000 people mining bitcoins wouldonly mine 25/day.
am I wrongon this? or is more mined from additional resources being devoted to it?
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Doc_T
Random Dude




Registered: 03/06/09
Posts: 42,395
Loc: Colorado
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Re: Bitcoin speculation [Re: memes]
#14582541 - 06/08/11 10:50 PM (12 years, 7 months ago) |
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Too late for new players to get in I think.
-------------------- You make it all possible. Doesn't it feel good?
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memes
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Re: Bitcoin speculation [Re: Doc_T]
#14582603 - 06/08/11 11:01 PM (12 years, 7 months ago) |
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Quote:
Doc_T said: Too late for new players to get in I think.
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MisterMuscaria



Registered: 05/13/08
Posts: 27,646
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Re: Bitcoin speculation [Re: memes]
#14582928 - 06/09/11 12:23 AM (12 years, 7 months ago) |
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It may be too late for any massive gains but Im still of the opinion that one could double their money and gtfo before it all crashes down.
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memes
Blessed



Registered: 01/11/05
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glhf w/ taht
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MisterMuscaria



Registered: 05/13/08
Posts: 27,646
Loc:
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Re: Bitcoin speculation [Re: memes]
#14582952 - 06/09/11 12:33 AM (12 years, 7 months ago) |
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No worse than a bad day at the casino if I dont.
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the human abstract
malaka the werewolf



Registered: 11/30/09
Posts: 8,817
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how many bitcoins can one make in 24 hours..
i may have to get 5 computers all running 10 seperate virtualbox machines and call in sick tomorrow
--------------------
★ ★★ ★
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memes
Blessed



Registered: 01/11/05
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Quote:
MisterMuscaria said: No worse than a bad day at the casino if I dont.

where u live at? i love casino! fuck that bitcoin shit and let's rage some roulette.
WV, PA, DE, NJ take yer pic of casino. dover is closest for me
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Shins
Fun guy



Registered: 09/15/04
Posts: 16,337
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Re: Bitcoin speculation [Re: memes]
#14583324 - 06/09/11 03:28 AM (12 years, 7 months ago) |
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looks bubbly, Bit coins are an easy market to corner too.
Beware the pump & dump.
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Shins
Fun guy



Registered: 09/15/04
Posts: 16,337
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Here's a good article someone sent me earlier today;
http://globalguerrillas.typepad.com/globalguerrillas/2011/06/the-bitcoin-bubble.html
Quote:
...As a store of value or an asset it's shady. Here's why: since the supply of bitcoin is limited and knowledge/use of it is growing (potentially virally) it's the perfect breeding ground for a speculative bubble. In a world awash with scams and financial speculation (a defining characteristic of our time), it was only a matter of time before the pump and dump mobsters moved in. Spamming message boards everywhere. Generating buzz. Taking speculative positions. The rapid rise in bitcoin's value relative to the dollar can be seen below (on thin trading) demonstrates that this is already going on:

So, for those of you with the stomach to take bets with eastern european mobsters and US financial boiler rooms or if your willing to bet on the fickleness of viral adoption, you might be interested in taking a look at bitcoin as an asset...
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the human abstract
malaka the werewolf



Registered: 11/30/09
Posts: 8,817
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Re: Bitcoin speculation [Re: Shins]
#14583344 - 06/09/11 03:36 AM (12 years, 7 months ago) |
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--------------------
★ ★★ ★
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Doc_T
Random Dude




Registered: 03/06/09
Posts: 42,395
Loc: Colorado
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Quote:
MisterMuscaria said: It may be too late for any massive gains but Im still of the opinion that one could double their money and gtfo before it all crashes down.
One could.
And if you were the savvy investor who could pull that off, you wouldn't be where you are.
-------------------- You make it all possible. Doesn't it feel good?
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MisterMuscaria



Registered: 05/13/08
Posts: 27,646
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Re: Bitcoin speculation [Re: Doc_T]
#14583573 - 06/09/11 06:08 AM (12 years, 7 months ago) |
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if I was the savvy investor I doubt Id be investing in bitcoins at all and would instead be investing in forex.
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Doc_T
Random Dude




Registered: 03/06/09
Posts: 42,395
Loc: Colorado
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Forex is all short-term. For good investing, land is where it's at.
-------------------- You make it all possible. Doesn't it feel good?
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MisterMuscaria



Registered: 05/13/08
Posts: 27,646
Loc:
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Re: Bitcoin speculation [Re: Doc_T]
#14583592 - 06/09/11 06:17 AM (12 years, 7 months ago) |
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and Id love to invest in land but it requires some of the most initial capital. I need to do short term investments to come up with enough money to do the long term ones.
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MisterMuscaria



Registered: 05/13/08
Posts: 27,646
Loc:
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I think theyve topped out and settled at 20 bucks.
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