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

[airdata]

Come on people... where you at...

Gather round and let me know you're in the same situation.

~$75 per bitcoin.... if I hadn't cashed out when I did could have payed off my house... bought a car....

Who else is in the same boat?

 

[gorcorps]

I still don't get the whole bitcoin thing. I went through some guide to install mining software but couldn't actually tell what was happening, so I just got rid of it all. Seemed shady.

 

[SunnyD]

Wow, $75 now? Wasn't it just like $36 last week?

It's going up way too fast at this rate - there's going to be a huge crash here sooner rather than later. Someone is most definitely manipulating the market.

 

[Mixolydian]

what is this i don't even....

 

[darkxshade]

I never got into the bitcoin thing but doesn't strike me as any different from someone who did or didn't cash in or out of apple stock for example.

 

[airdata]

Wow, $75 now? Wasn't it just like $36 last week?

It's going up way too fast at this rate - there's going to be a huge crash here sooner rather than later. Someone is most definitely manipulating the market.

Yeah, 75 is insane... I dumped a bunch @$4-5 and even less after they'd dipped from the high of $30.

I'm guessing there's a few bitcoin millionaires on the board though.

 

[HydroSqueegee]

sold out at $20 and $43.

 

[Anubis]

never was into it because i never could figure out how i got real money from it eaisily

 

[NikolaeVarius]

Bitcoin will suffer the fate of every other alternative currency that seemed like a great idea.

It's going to crash. Economics dictates it.

 

[IceBergSLiM]

I wanted to buy in but I dont know whats going on with it now. Up like $20 in 2 weeks?

 

[Greenman]

I always thought it was a scam.

 

[airdata]

I wanted to buy in but I dont know whats going on with it now. Up like $20 in 2 weeks?

it was 30 a couple weeks ago... so up $45 in a week or 2

 

[Train]

I never got into the bitcoin thing but doesn't strike me as any different from someone who did or didn't cash in or out of apple stock for example.

Yep.

I was telling m boss how I "only" made a 30% gain on some apple stock back in the iPod days. I sold at the then all time high price for Apple, thinking it was a peak. Then they released the iPhone. Had I kept it a few more years, I'd be looking at a nearly 1,000% gain.

oh well

 

[Train]

Bitcoin will suffer the fate of every other alternative currency that seemed like a great idea.

It's going to crash. Economics dictates it.

Dictates it how? It's not like anyone can print it.

 

[Juddog]

Bitcoin will probably crash when the US starts to outlaw it / restrict it (which they are already working on doing).

I do wish I had gotten into bitcoin data mining earlier though; maybe it's time to join a pool and let my GPU's do some work for me.

 

[Zeze]

wtf is this bitcoin thing? I hear this word 'bitcoin' quite often.

Is it a game? or a game currency? Or a digital currency backed by real money?

 

[Possessed Freak]

Bitcoin will suffer the fate of every other alternative currency that seemed like a great idea.

It's going to crash. Economics dictates it.

Not just that but similar to people who have tried using alternative currency, the government frowns on it. While it is a virtual currency, I predict the laws will be updated and this will be ended sometime in the future.

 

[Mixolydian]

Just read up a little bit about it, still don't understand how it works - especially the "mining" part.

 

[lxskllr]

Bitcoin will suffer the fate of every other alternative currency that seemed like a great idea.

It's going to crash. Economics dictates it.

Nonsense. It could crash for numerous reasons, but "economics" doesn't dictate any of it. It would come down to the whim of the fates. It's worth what people say it's worth, and it has numerous intrinsic benefits. The biggest downside is it's a PITA to work with. It's a solid system, and while it may not ever be a primary trade currency, it should live on as an alternative method.

 

[Train]

Just read up a little bit about it, still don't understand how it works - especially the "mining" part.

arstechnica has some pretty in depth articles on it, explaining mining, among other things.

 

[JTsyo]

Dictates it how? It's not like anyone can print it.

Is amount mined proportional to how many are mining?

 

[airdata]

Originally Posted by Mixolydian
Just read up a little bit about it, still don't understand how it works - especially the "mining" part.

Basically you use mining programs to harness your video cards processing power to contribute to "finding a block " of bitcoins which i believe is now 25btc per block ( used to be 50 ).

You join a pool which is a group of other people like yourself mining and increases your chance of finding a block and you get a percentage of the payout each time a block is found.

When I was into mining and coins were going for around $30 each I'd check peridoically and be like... there's andother $30... another $30. Downside was that I had a couple horrendous electric bills from all the power the video cards ate up.

 

[lxskllr]

Is amount mined proportional to how many are mining?

No. Mining gets harder as time goes on, and it's capped at 21 million if I recall correctly. The number that can exist is firm by design.

 

[halik]

Ha that has nothing to do with bitcoin hitting mass media, right? I'd sell everything before there's no more people to buy your tulips.

 

[Train]

Is amount mined proportional to how many are mining?

Sorta. You have to expend a shit ton of CPU/CPU power to find a new coin. The problem is each new coin is harder to compute than the previous. It's sorta built in that it expects computing speed to get faster, and more people to try doing it.

Read a while back that the cost of finding a new coin (the electric bill) passed the value of a coin, therefore all the miners unplugged their machines. With the recent price spike it might be profitable again, but as each coin becomes harder, (IIRC, exponentially harder) the cost still outpaces price gains, with the exception of maybe short term spikes.