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Originally posted by ChaoticOrder
reply to post by Ameilia
I can't help but feel sorry for those that got in on Bitcoins. Hopefully some of them were slick enough to realize the price was inflated and exit their positions in time.
lol... the price is still sitting around $180 per BTC right now, you don't need to feel sorry for anyone.
There was no reason it should have shot up to $260, the so called "crash" was simply a predictable correction to counter that sharp rise and bring it back to where it wanted to be.edit on 11/4/2013 by ChaoticOrder because: (no reason given)
So what is the point, if its only there to be used so that you can trade it around as a commodity or something then that makes no sense.
Good point. Let's say a car dealer took bitcoins for the sale of a $40,000 car at btc 220 and the next day the btc value dropped to btc 110 - that would be like selling the car for $20,000!
Originally posted by CosmicCitizen
reply to post by ChaoticOrder
The speed up (unsupported) is one reason that prices "crash" so quickly vs a controlled correction and return to the point of initiation of the hyperbolic rise.
Current Elliott Wave assessment: A wave down to 105~; a:B back to 200~ and now nearing completion of b:B in the low 100s...this should be followed by another attempt at the upper 100s for c:B (completing the B wave counter trend move) where it should fail and then drop to lower lows for the move in the C wave (these waves are often the worst)....The downside target is 70 +/-20.
edit on 11-4-2013 by CosmicCitizen because: (no reason given)
unless the algorithms are written completely different, maybe to benefit the few owners or original investors in bitcoin itself.....nah...wouldn't happen in a million years, right?...right?
The gold supply cannot be incrementally increased, there is a finite amount of gold on the planet. To increase the gold supply we must mine more gold, and the more we mine the harder it gets to find. This is the exact same thing with bitcoin, it even gets harder and harder to "mine" new bitcoins as time goes by. And the gold supply is not "much larger", in reality there are 2.1 quadrillion units within the bitcoin system because each bitcoin is divisible up to 8 decimal places. There are really 100 million single units that make up each bitcoin. This ensures sufficient granularity of the money supply.
much like the gold standard was altho the gold supply can be incrementally increased annually and is much greater to begin with
Being consistent in the way it sucks doesn't make it desirable or good as a currency.
Yes the US Dollar has lost 97% of its value since 1900 (95% since 1913) but that has been orderly
Baloney. Commodity prices rise nearly every week now yet I don't see my wages rising at the same rate, that's the entire scam of inflation. The Federal Reserve is now printing 85 billion dollars per month in their ridiculous infinite QE scheme, there's no way wages will keep up with the inflation that causes.
Wages and salaries have also gone up by a commensurate amount.
Originally posted by Ameilia
reply to post by CosmicCitizen
But, but, but....Bitcoin was supposed to be immune to problems like this as such an extraordinary alternative to the dollar.
Originally posted by MystikMushroom
There is speculation circulating that TPTB orchestrated this by buying up tons of Bitcoins with money fresh of their printing presses.
Bitcoin is a direct threat to the hegemony that the central banks have over currency.