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InvisibleMisterMuscaria
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Bitcoin speculation
    #14580319 - 06/08/11 03:09 PM (12 years, 7 months ago)

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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Offlinesaxx
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Re: Bitcoin speculation [Re: MisterMuscaria]
    #14580726 - 06/08/11 04:39 PM (12 years, 7 months ago)

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.


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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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Invisiblememes
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Re: Bitcoin speculation [Re: saxx] * 1
    #14581336 - 06/08/11 07:00 PM (12 years, 7 months ago)

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.



:shrug:  we'll see how it petters out.


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Offlinesaxx
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Re: Bitcoin speculation [Re: memes]
    #14581364 - 06/08/11 07:08 PM (12 years, 7 months ago)

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.



:shrug:  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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Invisiblememes
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Re: Bitcoin speculation [Re: saxx]
    #14582516 - 06/08/11 10:44 PM (12 years, 7 months ago)

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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InvisibleDoc_T
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Re: Bitcoin speculation [Re: memes]
    #14582541 - 06/08/11 10:50 PM (12 years, 7 months ago)

Too late for new players to get in I think.


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Invisiblememes
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Re: Bitcoin speculation [Re: Doc_T]
    #14582603 - 06/08/11 11:01 PM (12 years, 7 months ago)

Quote:

Doc_T said:
Too late for new players to get in I think.




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InvisibleMisterMuscaria
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Re: Bitcoin speculation [Re: memes]
    #14582928 - 06/09/11 12:23 AM (12 years, 7 months ago)

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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Invisiblememes
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Re: Bitcoin speculation [Re: MisterMuscaria]
    #14582948 - 06/09/11 12:31 AM (12 years, 7 months ago)

glhf w/ taht


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InvisibleMisterMuscaria
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Re: Bitcoin speculation [Re: memes]
    #14582952 - 06/09/11 12:33 AM (12 years, 7 months ago)

No worse than a bad day at the casino if I dont.
:shrug:


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Invisiblethe human abstract
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Re: Bitcoin speculation [Re: MisterMuscaria]
    #14583059 - 06/09/11 01:02 AM (12 years, 7 months ago)

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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Invisiblememes
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Re: Bitcoin speculation [Re: MisterMuscaria]
    #14583089 - 06/09/11 01:16 AM (12 years, 7 months ago)

Quote:

MisterMuscaria said:
No worse than a bad day at the casino if I dont.
:shrug:



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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InvisibleShins
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Re: Bitcoin speculation [Re: memes]
    #14583324 - 06/09/11 03:28 AM (12 years, 7 months ago)

looks bubbly,  Bit coins are an easy market to corner too.

Beware the pump & dump.


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InvisibleShins
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Re: Bitcoin speculation [Re: the human abstract]
    #14583341 - 06/09/11 03:34 AM (12 years, 7 months ago)

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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Invisiblethe human abstract
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Re: Bitcoin speculation [Re: Shins]
    #14583344 - 06/09/11 03:36 AM (12 years, 7 months ago)

:stonedjerk:


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InvisibleDoc_T
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Re: Bitcoin speculation [Re: MisterMuscaria]
    #14583567 - 06/09/11 06:06 AM (12 years, 7 months ago)

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. :sadyes:


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InvisibleMisterMuscaria
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Re: Bitcoin speculation [Re: Doc_T]
    #14583573 - 06/09/11 06:08 AM (12 years, 7 months ago)

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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InvisibleDoc_T
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Re: Bitcoin speculation [Re: MisterMuscaria]
    #14583578 - 06/09/11 06:14 AM (12 years, 7 months ago)

Forex is all short-term. For good investing, land is where it's at.


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InvisibleMisterMuscaria
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Re: Bitcoin speculation [Re: Doc_T]
    #14583592 - 06/09/11 06:17 AM (12 years, 7 months ago)

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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InvisibleMisterMuscaria
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Re: Bitcoin speculation [Re: MisterMuscaria]
    #14615357 - 06/15/11 12:44 AM (12 years, 7 months ago)

I think theyve topped out and settled at 20 bucks.


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OfflineCrackingTheCode
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Re: Bitcoin speculation [Re: MisterMuscaria]
    #24665606 - 09/27/17 09:19 PM (6 years, 3 months ago)

And 6 years later, Bitcoin has seen $5000 and is heading to $6K...

Congrats anyone who bought and HODL from this thread - you're likely a millionaire today.


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OnlinegeokillsA
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Re: Bitcoin speculation [Re: CrackingTheCode]
    #24671631 - 09/29/17 10:36 PM (6 years, 3 months ago)

Nice bump, this thread is sweet and brings a stupid grin to my face.  A rather similar discussion with respect to how people and pundits are evaluating bitcoin and crypto in general, present day.  I remember becoming familiar with Bitcoin sometime around the space of this thread, when BTC was $6-$10 or so.

I also remember MisterMuscaria and hope he was fortunate enough to have stashed away some of those coins he was thinking could double, let alone go up what like ~50,000%?!  Although I didn't totally miss the train, I haven't banked seven figures off it... yet! :tongue2:


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InvisibleStonehenge
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Re: Bitcoin speculation [Re: geokills] * 1
    #24675848 - 10/01/17 03:57 PM (6 years, 3 months ago)

Yeah, I don't think any of us totally cashed in on the opportunity. Imagine if when btc was around 25 cents you had decided to buy a lot, maybe 1000 coins. It would have only set you back $250 but today you would be a multi millionaire.

The 100k I lost in the crash has mostly returned plus I bought a bunch more while it was down. Have not made a million just off btc but have made a nice piece of change both on paper and in cash.


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InvisiblebodhisattaMDiscordReddit
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Re: Bitcoin speculation [Re: MisterMuscaria]
    #27275287 - 03/30/21 04:49 AM (2 years, 9 months ago)

This thread could use another bump.


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OnlinegeokillsA
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Re: Bitcoin speculation [Re: bodhisatta]
    #27275453 - 03/30/21 07:50 AM (2 years, 9 months ago)

Hah, yeah, I'll never get tired of these jaunts through the way back machine. :hehehe:

Would still love to hear from MisterMuscaria, looks like he popped in after the last bump.  I can only assume he's rolling in so much filthy crypto wealth that he's afraid to say anything more for fear of extortion.

:excellent:


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OfflineHikeadellic
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Re: Bitcoin speculation [Re: geokills]
    #27275762 - 03/30/21 01:07 PM (2 years, 9 months ago)

I love how you can tell how long someone has been involved in crypto based on whether or not they call it bitcoin or bitcoins


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OfflineskOsH
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Re: Bitcoin speculation [Re: Hikeadellic]
    #27276573 - 03/31/21 01:50 AM (2 years, 9 months ago)

I don't see bitcoin dropping below $37,000 ever....because that was around the level that Elon Musk for Tesla invested $1.5b, micro systems I think is also another company that will handle all its assets in btc

I mean, I'll keep tossing money into it. I think for those who don't have much money, buy like 1/10,000th of a coin every day and skip the expensive cup of coffee. :smile:

So when more companies join tesla and micro systems in terms of converting their assets to btc, then we will see much less volatility in the markets and bitcoin can serve as basically "earning interest" on your money. Very soon, it will be perfectly viable to throw basically all your money into it, and it will just keep increasing. Once enough companies get in on it

I just hope there isn't inflation of prices of goods that can be bought with bitcoin...I mean, that really wouldn't make sense since btc has finite number of digital tokens

I wish I had bought an entire coin last year, I'm dumb, but I can keep tossing tiny amounts of money into it and then withdrawing a small amount to pay for things that require regular fiat to pay

I expect btc to hit 100,000 this year and probably 500,000 by 2024, 1mil by 2026, based on past positions and it's decreased volatility and increased viability


Edited by skOsH (03/31/21 01:52 AM)


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