Main Area and Open Discussion > Living Room

Does anyone here use Bitcoins?

<< < (25/200) > >>

f0dder:
But you know who are and will continue to really make out like bandits with this? The guys with the botnets, distributing malware with bitcoin miner software, getting unsuspecting users to generate BTC for them when their computers are idle.-app103 (March 27, 2013, 12:03 PM)
--- End quote ---
Indeed - hence why I think the currency should be renamed "botcoin". The whole thing has always seemed extremely shady to me - like, the original author using a pseudonym, the guy who came to #doco and wanted *us* to write articles about it, et cetera. But I guess I wouldn't want to reveal my real name if I had conjured up a Get Rich From Botnets plan :)

On top of that, I'm pretty much with 40hz. Enjoy the bubble before it bursts.

Renegade:
On top of that, I'm pretty much with 40hz. Enjoy the bubble before it bursts.
-f0dder (March 29, 2013, 02:19 PM)
--- End quote ---


I intend to! ;D

What are some other bubbles? Tech in 2000. Housing in 2008. The Asian currency crisis in 1997.

Here's (a bit of a dated) article on 10 bubbles:

http://www.dailyfinance.com/2010/11/09/10-market-bubbles-that-could-soon-burst/

It includes the USD. :D

The question is which bubble will burst first. The fiat monetary system? Or a crypto-currency that provides the possibility of anonymous transactions and the ability to skirt around heavy and burdensome taxes, and which also offers security against "haircuts" (a wonderfully Orwellian Newspeak term for "theft"), and that is outperforming every other currency on the market?

The problem here is that long term fundamentals always catch up to short term analysis in markets. Short term analysis relies on market behaviour, however, there are limits to what markets can do as reality steps in and "corrects" grossly distorted perceptions (i.e. bubbles) with a fury to rival a woman's scorn.

The questions to ask are how long the bubbles can grow before they burst, and do those time-frames fit your purposes?

Other questions to ask are about how fundamentals fit into your plans, and whether you are better off going with short term technical analysis of the markets.

Here, for bitcoin, the skepticism over it (calling it a bubble) is addressing how fundamentally it has no value. However, in some ways this is a bit of a double standard to apply these criteria to BTC but not fiat currencies, e.g. USD, AUD, CAN, GBP, EUR, KRW, etc.

So, if we apply the same standards to currencies that are issued with the stroke of a pen (or typing on a keyboard) to conjure funds out of thin air, well, what can we say about them? They have no backing. And no, a "future promise" isn't a backing. That's called debt, and it's not a backing.

We have a very bizarre system in place. Is it better to have all instruments of trade tightly controlled, taxed, and continually devalued, or to have free and open instruments of trade with no central authority?

BTC is no more of a sham than the USD, but there are many cases to show that it is less of a sham.

We'll see what happens. I've got my bets in place. I'd place more if I could. ;) :D

Renegade:
Ok, this is for the GAMERS out there. ;)  :Thmbsup:

If you like playing games, this could be very fun for you!

And no, I don't mean Satoshi Dice! :) (I play that a tiny bit, but only like 1 spin every few days or so.)

Trading BTC for other currencies is very much like FOREX. But, it just seems a heck of a lot more fun! The volatility in BTC right now is radical, but still doable for anyone that applies themselves.

My last set of trades I opened a position (cash that is) as I watched the charts. I could see it topping out and that there would be an immediate correction, though I didn't see the correction being by very much.

I opened the position at $93.99 and it maxed at $94.00. There was a bit of volatility around there, and the market eventually came down to about $90.10, but I'd already put in an order to close out at $90.50.

I didn't get nauseous or dizzy, though it really does get your blood pumping! You can feel the excitement because it's not just any old video game that you're playing... You're playing with real money for real stakes, there is no reset button, and you only have 1 life.

So, yeah... A pretty darn exciting game to play!

And man... does it every feel good to nail a couple trades like that! Especially when you shave the high & low so darn close like that. ;D  :Thmbsup:

So, for anyone looking for an absolutely THRILLING new game to play, a bitcoin exchange is really a fantastic ride! ;D

             

Renegade:
Just had a BSOD from a hot CPU! :P Guess I need to quit mining until it cools down a bit. (Mining LTC with CPU.)

For anyone interested, I've been watching support and resistance and they're still creeping up, slowly but surely. There is a new support at $94. Spreads are very thin as well at $94.57 and $94.64 - less than a dime there. The interesting part will come shortly when the North American east coast wakes up.

40hz:
For anybody still following this thread, there's an article over at Business Insider that has a copy of an interesting presentation on what Bitcoin is (Surprise!!! - it's a protocol.) and how it works.

It probably won't answer every question you may have. And it glosses just a little too quickly over some important economic concepts IMO. (Note: the presentation was put together by a programmer so I guess that's to be expected) But it's still very informative. And also quite funny in several places  

Well worth the look. Check it out here.  :Thmbsup:

Navigation

[0] Message Index

[#] Next page

[*] Previous page