Bitcoin sellers remorse.... how many people are kicking themselves for cashing out>?

[Ns1]

What idiot would pay $1000 for a computer when the same hardware will be worth $600 or so in a couple years, because faster better chips are made?

depreciation: do you understand it?

 

[Doppel]

Dell doesn't take bitcoin yet

Yet? HAHAHA

 

[Chiropteran]

depreciation: do you understand it?

Do you? The point is, computers and high tech gadgets and devices depreciate quickly.

The argument being made is that if bitcoin is gaining value, nobody would ever spend it, because if you save it will buy more in a few months to a year.

The point I am making is this is true even with USD cash, when it comes to computer or gadget purchases. If you save instead of buying, you will get more for your money in a few months or a year.

Obviously this doesn't stop people from buying computers, or cellphones, or anything else. The fact is if you or I needs something we will actually go ahead and buy it, because waiting for it to get cheaper is a never-ending waiting game. There is always something better or cheaper coming along. It would be no different with a deflationary currency. Yes, you could wait and save and maybe get more for your money, but this will always be true, and if you need something the only way to get it is to buy it.

 

[Ns1]

n/m fuck it.

 

[Chiropteran]

Except you know, I get use out of my depreciating tech gadgets.

Are you trying to imply that the things bought with bitcoin can't be used? I don't get your analogy.

 

[Doppel]

n/m fuck it.

It's ok. He has no idea what a deflationary spiral is and as I noted a day or two ago, he is not one to listen to wisdom. Despite claiming two days ago that Bitcons were a "better investment than cash", despite stating that he has, antithetically-to-this-statement "Cashed out" (to real money), and despite the fact that Bitcoin has shed 75% of its value in two days he still thinks it has a future as a currency.

In the end, the fact he has made some money on this has clouded him such that he's lost absolutely all objectivity and he can't be reasoned with. I'm only debating his points now just for lols, not because there is any evidence whatsoever he will take any of the advice in this thread from anybody.

 

[ultimatebob]

Heh... I saw a story on CNBC that the Winklevoss twins are buying Bitcoin. Now I KNOW that it's screwed! Those guys are like the patron saints of bad technology decisions

 

[FelixDeCat]

HALTED! mt gox stops all trading for 12 hours to help bring stabilization. My prediction?

Opens up at $80.00 or lower.

 

[LegendKiller]

Do you? The point is, computers and high tech gadgets and devices depreciate quickly.

The argument being made is that if bitcoin is gaining value, nobody would ever spend it, because if you save it will buy more in a few months to a year.

The point I am making is this is true even with USD cash, when it comes to computer or gadget purchases. If you save instead of buying, you will get more for your money in a few months or a year.

Obviously this doesn't stop people from buying computers, or cellphones, or anything else. The fact is if you or I needs something we will actually go ahead and buy it, because waiting for it to get cheaper is a never-ending waiting game. There is always something better or cheaper coming along. It would be no different with a deflationary currency. Yes, you could wait and save and maybe get more for your money, but this will always be true, and if you need something the only way to get it is to buy it.

The problem with a deflating currency in your scenario is that the economy would grind to a halt. Monetary velocity would plummet and the economy would contract significantly. This is a deflationary spiral and you obviously have no clue what it means, just like you cannot even tell the difference between monetary and non-monetary inflation.

Try strategic planning in a scenario where you don't want to hire somebody because they will be cheaper tomorrow or you don't want to order goods because it will be cheaper tomorrow.

This is why low and consistent inflation is much more desirable, it is predictable and you can strategically plan for it.

Bitcoins is the laughing stock of the world right now, even Zero Hedge is laughing its ass off at how stupid you people are.

And no, I don't care if you made yours. You interjecting that at every opportunity only proves this is all going over your head.

 

[LegendKiller]

It's ok. He has no idea what a deflationary spiral is and as I noted a day or two ago, he is not one to listen to wisdom. Despite claiming two days ago that Bitcons were a "better investment than cash", despite stating that he has, antithetically-to-this-statement "Cashed out" (to real money), and despite the fact that Bitcoin has shed 75% of its value in two days he still thinks it has a future as a currency.

In the end, the fact he has made some money on this has clouded him such that he's lost absolutely all objectivity and he can't be reasoned with. I'm only debating his points now just for lols, not because there is any evidence whatsoever he will take any of the advice in this thread from anybody.

It is laughable that these people really think that Bitcoins are a great currency when they are only speculating on the wild swings. They cannot see that it has absolutely no store value and only relies on the Greater Fool theory to be worth anything.

At least with the dollar it is ultimately worth what the government says they will pay and that is backed by the largest economy and strongest military on the planet. Bitcoins has a bunch of pimply faced fools trading 1s and 0s thinking that this is a better "investment" than raw currency when they don't even see that you might as well be be betting on gold. At least that has marginal intrinsic value for industrial and jewelry purposes.

When was the last time you saw somebody wearing a bitcoin?

 

[3chordcharlie]

No it doesn't. In fact, on average 3600 new bitcoin are added to the system daily in miner rewards. You shouldn't speak about things which you don't know.



I get it, you don't. It doesn't matter what "state" controls which currency- in any case, it's not YOU and it's not ME. You are trusting someone else with your money, namely a government that has proven it can't even keep it's own spending under control. Does that really make any sense? Euro, USD, Zimbabwe Reserve Notes, it's all the same- they can print it at will, they can steal it out of your savings. It's not yours, you have zero control over it.

Bitcoin, you also have no control over, but the beauty of it is that nobody else does either.

>even more deflation-prone than gold.

You keep saying that like it's a bad thing. Oh no, my bitcoin gain more value over time than gold, this is horrible!

Everything you said here. EVERYTHING, is the opposite of useful.

Since you've been getting nailed to the wall on this for days now, and still think you are right, there's no point trying to help you anymore.

Enjoy your gambling; I really do hope it works out for you.

 

[OverVolt]

It is laughable that these people really think that Bitcoins are a great currency when they are only speculating on the wild swings. They cannot see that it has absolutely no store value and only relies on the Greater Fool theory to be worth anything.

At least with the dollar it is ultimately worth what the government says they will pay and that is backed by the largest economy and strongest military on the planet. Bitcoins has a bunch of pimply faced fools trading 1s and 0s thinking that this is a better "investment" than raw currency when they don't even see that you might as well be be betting on gold. At least that has marginal intrinsic value for industrial and jewelry purposes.

When was the last time you saw somebody wearing a bitcoin?

whose bread I eat his song I sing!

http://books.google.com/books?id=fg...e bread i eat his song i sing meaning&f=false

 

[MontyAC]

Another Ponzi scheme. People will go broke.

 

[OverVolt]

The problem with a deflating currency in your scenario is that the economy would grind to a halt. Monetary velocity would plummet and the economy would contract significantly. This is a deflationary spiral and you obviously have no clue what it means, just like you cannot even tell the difference between monetary and non-monetary inflation.

Try strategic planning in a scenario where you don't want to hire somebody because they will be cheaper tomorrow or you don't want to order goods because it will be cheaper tomorrow.

This is why low and consistent inflation is much more desirable, it is predictable and you can strategically plan for it.

Bitcoins is the laughing stock of the world right now, even Zero Hedge is laughing its ass off at how stupid you people are.

And no, I don't care if you made yours. You interjecting that at every opportunity only proves this is all going over your head.

Do I have to post the Japanese money velocity again? :awe:

money supply/GDP

You expand the money supply and GDP doesn't grow = ??? to money supply.

Fill in the ???

:awe:

 

[ultimatebob]

Wow... Bitcoin really needs to get some better currency exchange services. Isn't this at least the fourth time that MtGox has crashed in the past few years, causing the value of Bitcoin to tank?

I was actually thinking of getting back into Bitcoin if it gets really cheap, but I'm not crazy enough to let Mt Gox hold my money hostage.

Litecoin doesn't seem to have this problem... BTC-E seems to be it's primary exchange, and it's been fairly stable.

 

[Wreckem]

Wow... Bitcoin really needs to get some better currency exchange services. Isn't this at least the fourth time that MtGox has crashed in the past few years, causing the value of Bitcoin to tank?

I was actually thinking of getting back into Bitcoin if it gets really cheap, but I'm not crazy enough to let Mt Gox hold my money hostage.

Litecoin doesn't seem to have this problem... BTC-E seems to be it's primary exchange, and it's been fairly stable.

Litecoin has lost 50% of its value in the last day. I wouldnt really call that stable.

All the digital currencies have been fluctuating wildly.

 

[ultimatebob]

Litecoin has lost 50% of its value in the last day. I wouldnt really call that stable.

All the digital currencies have been fluctuating wildly.

True, but at least the primary LTC exchange didn't crash under the trading load. Apparently the Russian mobsters at BTC-E are better at running servers than the Japanese mobsters at MtGox

I still think that Litecoin fixes some serious problems with Bitcoin, like the silly 21 million coin limit and how long it takes to confirm a transaction. Yet, Bitcoin gets all the press because it was there first.

 

[darkewaffle]

It's funny, I heard the exact same things in 2011 when it crashed from $31.90 down. It's a hiccup, nothing more.

So it's going to spike into "normalcy" once every two years and then all the time in between is "out of the ordinary"?

He was saying if I kept my money in bitcoin and it went to 0 I had nothing.

Nobody cares if you made money or not. Whether you won or lost is irrelevant and unimportant. It's not about making money, it's basically behaving like an uber volatile stock; obviously there will be some winners and losers, both big and small. That's beside the point.

The point is the activity it presents undermines Bitcoin's [alleged] true goal: to be a useful currency. Wild fluctuations, daytrading, instability; these are not "features" but rather roadblocks to it ever reaching that point. And so long as people daytrade them, buy low and sell high them, buy high and get out low with them; they're all part of the problem.

 

[Chiropteran]

Nobody cares if you made money or not. Whether you won or lost is irrelevant and unimportant. It's not about making money,

You are under a delusion. Read the thread title. *This* thread is about making money. If you want to make another thread called "why bitcoin can't become a stable currency" go for it. This one is about who cashed out too early or too low and gave away a lot of potential earnings they could have had by sticking in.

 

[Subyman]

You are under a delusion. Read the thread title. *This* thread is about making money. If you want to make another thread called "why bitcoin can't become a stable currency" go for it. This one is about who cashed out too early or too low and gave away a lot of potential earnings they could have had by sticking in.

That is a much less interesting discussion than what the thread has evolved into. I'm enjoying the economic potential in cryptocurrency, but as long as kids day trade the stuff, its going to be useless. To get a taste of the type of people that are speculating, just go to btc-e's chat feed. All you see are troll faces and calls to pump 'n dump. Its like everyone watched the movie Boiler Room and now wants to be a millionaire on bit coins.

 

[Arkaign]

It's hard finding directly comparable statistics but Arlington VA average per capita income is $60k and Allen TX seems to be $35k. You get your cheaper houses because people are paid less on average, there is no free lunch.

Arlington VA
Per capita money income in the past 12 months (2011 dollars), 2007-2011 $60,223

Allen TX
Estimated per capita income in 2009: $35,484

Also, Allen TX is on some "best places to live" lists, it's not exactly an average scenario. I'm sure if you search through every local and select for low housing and high income you could come up with some cherry-picked examples, but overall I'm betting that if houses are cheap somewhere it's because the economy sucks.

I understand what you're saying, and overall big picture it's probably mostly true. In my case I'm not cherry picking, it's just the reality in DFW. The high paying jobs are almost all in the Plano/Richardson/Addison/North Dallas area. Those $200k+ homes aren't for the $35k/year folks (those are mostly the people who both live and work in Allen, which doesn't have much other than retail/gov't jobs), those are for the people with better jobs nearby (mostly in the huge number of corporate HQs in Plano), who get a great combo. 10 minutes from work, make $250k/year, live in giant new house in safe neighborhood for a tiny fraction of an equally nice house in places like Philly/Chicago/NY/SoCal/etc. No state income tax, it's just a great place for people to live if they have something to offer the local high paying corps. And if you make a lot of money, you can really make bank without pouring ridiculous % into housing. One of my clients is the owner of one of the largest corporate law firms in the southwest, and he only has something like a $1.2M home, but it would easily be 10x that price in most major areas. Something around or at least 6000 square feet, indoor/outdoor pool, private basketball court, 6 car garage, the works.
He does have 5 kids, hahah. But I know for a fact he makes more than that yearly (a
LOT more, so he's in pretty good shape.

So yes, a special case here in DFW perhaps, but not cherry picking for me personally It's my hood!

 

[Arkaign]

This is the same neighborhood as the guy I'm talking about : http://www.zillow.com/homedetails/500-Bristol-Dr-Allen-TX-75013/79973813_zpid/

How much would that cost in or 10 minutes from Arlington, VA?

 

[IHateMyJob2004]

The USA dollar used to be backed by gold.
Today it is backed by the US government.
The USA dollar has been and is the world's most respected currency.

What the hell backs a bitcoin?

The greater fool theory (also called survivor investing) is the belief held by one who makes a questionable investment, with the assumption that they will be able to sell it later to "a greater fool"; in other words, buying something not because you believe that it is worth the price, but rather because you believe that you will be able to sell it to someone else at an even higher price.[1] In the end, you will eventually find the greatest fool.

 

[Chiropteran]

This is the same neighborhood as the guy I'm talking about : http://www.zillow.com/homedetails/500-Bristol-Dr-Allen-TX-75013/79973813_zpid/

How much would that cost in or 10 minutes from Arlington, VA?

You can't buy that in Arlington

A very nice house with similar quality could be bought for that money, but the plot of land attached would be much smaller. I don't think you can find anything with that much land, as Arlington is nearly all city.

Something like this.
http://www.redfin.com/VA/Arlington/2727-N-Westmoreland-St-22213/home/11225448

However, if you want to you can certainly spend a lot more:
http://www.redfin.com/VA/Arlington/2923-N-Glebe-Rd-22207/home/18968670

 

[Arcadio]

Wow.. I usually don't bump threads but this entire thread was very entertaining.