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Dest
Roller-Derby Coach


Registered: 06/14/09
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Bitcoin Bubble Bursts as China Cracks Down on Digital Currency
#19296586 - 12/19/13 04:53 AM (10 years, 2 months ago) |
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http://www.wired.com/wiredenterprise/2013/12/china_crackdown
Maybe their govt saw how much money people made off the bit coin and cracked down so prices drop & they could get a piece of the action? Nah This can be moved to money matters just left it here for traffic.
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memes
Blessed



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Posts: 27,785
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Re: Bitcoin Bubble Bursts as China Cracks Down on Digital Currency [Re: Dest]
#19296601 - 12/19/13 05:03 AM (10 years, 2 months ago) |
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i had some extra cash and picked up some LTC somewhere near the to of that bubble.
worst case scenario - good story & lesson
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TrentBoyett
Aspiring Mycologist



Registered: 11/29/12
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Re: Bitcoin Bubble Bursts as China Cracks Down on Digital Currency [Re: Dest]
#19296608 - 12/19/13 05:04 AM (10 years, 2 months ago) |
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Fuck China.
It's still at $700, that's not too bad considering not to long ago at all it was under $100...
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memes
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Registered: 01/11/05
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Re: Bitcoin Bubble Bursts as China Cracks Down on Digital Currency [Re: TrentBoyett]
#19296609 - 12/19/13 05:06 AM (10 years, 2 months ago) |
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it was under 500 like.... 12 hours ago
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TrentBoyett
Aspiring Mycologist



Registered: 11/29/12
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Re: Bitcoin Bubble Bursts as China Cracks Down on Digital Currency [Re: memes]
#19296611 - 12/19/13 05:08 AM (10 years, 2 months ago) |
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It's at ~$675 right now
http://preev.com/
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Enlil
OTD God-King




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Re: Bitcoin Bubble Bursts as China Cracks Down on Digital Currency [Re: memes]
#19296613 - 12/19/13 05:09 AM (10 years, 2 months ago) |
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That currency is bound to be highly unstable. It isn't backed by anything at all.
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TrentBoyett
Aspiring Mycologist



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Re: Bitcoin Bubble Bursts as China Cracks Down on Digital Currency [Re: Enlil]
#19296616 - 12/19/13 05:11 AM (10 years, 2 months ago) |
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Quote:
Enlil said: That currency is bound to be highly unstable. It isn't backed by anything at all.
Neither is the USD anymore.
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Enlil
OTD God-King




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Re: Bitcoin Bubble Bursts as China Cracks Down on Digital Currency [Re: TrentBoyett]
#19296621 - 12/19/13 05:13 AM (10 years, 2 months ago) |
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That's not true. U.S. currency is backed by the full faith and credit of the U.S. Government...A government that has never defaulted on a debt in over 200 years.
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TrentBoyett
Aspiring Mycologist



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Re: Bitcoin Bubble Bursts as China Cracks Down on Digital Currency [Re: Enlil]
#19296628 - 12/19/13 05:16 AM (10 years, 2 months ago) |
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Quote:
Enlil said: That's not true. U.S. currency is backed by the full faith and credit of the U.S. Government...A government that has never defaulted on a debt in over 200 years.
I thought you were talking about actually backed by something, like silver/gold..
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memes
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Re: Bitcoin Bubble Bursts as China Cracks Down on Digital Currency [Re: Enlil]
#19296630 - 12/19/13 05:17 AM (10 years, 2 months ago) |
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Which is to say, it's backed on the beliefs held by those who are using it. Which is to say, it's backed by nothing tangible.
Truth of the matter is, all currencies are exercises in convenience. They provide a common medium of exchange to circumnavigate the barter market. Whether it be a shiny rock or a paper bill, we can't eat or use it - so it has no inherent value. Only in its common acceptance does it serve purpose. (seashells used to be a form of currency. if only! i live on the coast)
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Enlil
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Re: Bitcoin Bubble Bursts as China Cracks Down on Digital Currency [Re: memes]
#19296663 - 12/19/13 05:36 AM (10 years, 2 months ago) |
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Still, you're ignoring the fact that U.S. Currency is relatively stable because it is backed by the U.S. Government. Bitcoins will never be stable because they're backed by nothing.
It's not like I'm making this shit up. Bitcoin value has widely fluctuated in the 4 years they've existed.
The point of a currency is to have a stable reference for purposes of determining the value of commodities and goods. Bitcoins are not suitable because they are so unstable. At best, bitcoins are a commodity....one that could become worthless at any point and without warning.
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highc
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Re: Bitcoin Bubble Bursts as China Cracks Down on Digital Currency [Re: Enlil]
#19296705 - 12/19/13 06:02 AM (10 years, 2 months ago) |
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Quote:
Enlil said: That currency is bound to be highly unstable. It isn't backed by anything at all.
Except its demand. Digitally its as good as a credit card. The new world order calls for a single currency. Which I'm not exactly opposed to. And wouldn't be surprised if it was just digital.
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psi
TOAST N' JAM


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Re: Bitcoin Bubble Bursts as China Cracks Down on Digital Currency [Re: Enlil]
#19296734 - 12/19/13 06:21 AM (10 years, 2 months ago) |
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Quote:
Enlil said: That's not true. U.S. currency is backed by the full faith and credit of the U.S. Government...A government that has never defaulted on a debt in over 200 years.
But they are not bound to repay their debts in anything other than printed paper dollars (any more at least.) It's faith in the US economy that backs the dollar, not faith in the government so much (although the two are related.) With Bitcoin it's also a case of faith in an economy, but that economy is much smaller and more unstable.
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fapjack
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Re: Bitcoin Bubble Bursts as China Cracks Down on Digital Currency [Re: Enlil] 1
#19296774 - 12/19/13 06:37 AM (10 years, 2 months ago) |
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Quote:
Enlil said: That currency is bound to be highly unstable. It isn't backed by anything at all.
It's backed by an endless supply of illict drugs that can't be bought with anything but BTC.
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Into The Woods
Quarantine King


Registered: 04/20/13
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Re: Bitcoin Bubble Bursts as China Cracks Down on Digital Currency [Re: fapjack]
#19296775 - 12/19/13 06:39 AM (10 years, 2 months ago) |
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muistrue
Inspired by the mystery


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Re: Bitcoin Bubble Bursts as China Cracks Down on Digital Currency [Re: Into The Woods]
#19297427 - 12/19/13 10:29 AM (10 years, 2 months ago) |
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I love bitcoins. I bought 5 grand worth at around $400 each and sold them all at around $900 each. Easy money. I bought a bunch more yesterday for super cheap and have already made some money overnight but I'll hold on to them for a minute and see what happens.
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shivas.wisdom
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Re: Bitcoin Bubble Bursts as China Cracks Down on Digital Currency [Re: Enlil]
#19297498 - 12/19/13 10:48 AM (10 years, 2 months ago) |
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Quote:
Enlil said: Still, you're ignoring the fact that U.S. Currency is relatively stable because it is backed by the U.S. Government. Bitcoins will never be stable because they're backed by nothing.
The backing of the US government has nothing to do with the stability of the dollar--rather, it is the regulation by central banks that achieves this.
In order to maintain a stable currency you need to be able to regulate it by doing two things. 1, create new copies of the currency in order to keep the value from rising too much, and 2, destroy copies of the currency in order to keep the value from dropping too much. The creation of new copies of digital currencies is decided entirely by the greed of people buying up ASICs or GPUs and setting up miners. There is no way to destroy a mined crypto currency, period.
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subliciouscompost
Friend/Musician/Composter


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Re: Bitcoin Bubble Bursts as China Cracks Down on Digital Currency [Re: shivas.wisdom]
#19297663 - 12/19/13 11:48 AM (10 years, 2 months ago) |
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We have no doubts! 25% off all orders paid by bitcoin. Use coupon code Bitcoin.
-------------------- Sublicious Compost - Grow your own mushrooms at home! Now offering FREE SHIPPING with orders over $50! Sublicious Compost is proud to offer mushroom kits, spawn jars and spawn bags! Check out SubFarms.com. 25% off all orders using Bitcoin! Use coupon code Bitcoin!
Edited by subliciouscompost (12/19/13 11:50 AM)
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Into The Woods
Quarantine King


Registered: 04/20/13
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Re: Bitcoin Bubble Bursts as China Cracks Down on Digital Currency [Re: subliciouscompost]
#19297684 - 12/19/13 11:53 AM (10 years, 2 months ago) |
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This guy knows what's going on.
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DieCommie

Registered: 12/11/03
Posts: 29,258
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Re: Bitcoin Bubble Bursts as China Cracks Down on Digital Currency [Re: Dest] 3
#19297695 - 12/19/13 11:57 AM (10 years, 2 months ago) |
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Bubble bursts? Give me a break... They are still worth hundreds a piece. If/when a bitcoin is worth pennies , then the bubble has burst.
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