Virtual currencies recovering!

[Rakehellion]

Your trolling is starting to fail. You claim no business could run on bitcoin. sorry to break it to you dude, but hundreds of businesses already accept bitcoin. Including reddit, okcupid, wordpress, namecheap, if you want some big ones. Proven wrong, nice try.

Here is a bar in New York that accepts bitcoin, and the owner explains exactly why your points are irrelevant: http://www.youtube.com/watch?v=hm6aM8mIQSs

Hey idiot, if you bothered to look, ALL of those businesses list prices in UNITED STATES DOLLARS and convert to Bitcoin at checkout because it's a wildly unstable currency.

 

[Doppel]

If you spend 10 bitcoins to buy a laptop on Monday, and by Wednesday you could have bought two laptops for the same number of bitcoins, you're gonna get pissed off.

I truly don't understand why TF people can't understand this. Why price deflation ensures that people hoard their money. Every economist on the planet knows this, what is it about Bitcon-faithful that they can't understand it?

If I buy a Bitcoin right now for $95 and I believe as some people seem to that it will continue to quickly rise in value--say $200 in a month--I would have to be clinically retarded to use it to buy anything I don't need until I absolutely need it because the bitcoin keeps rising in value.

I love that a certain individual here feels his strongest argument for bitcoin is that it's better than putting your deposits into the bank of a country that, until a month ago, he'd never even heard of and nobody cared about.

but hundreds of businesses already accept bitcoin

Which they immediately turn into a real currency.

Here is a bar in New York that accepts bitcoin, and the owner explains exactly why your points are irrelevant: NYC Bar Owner Explains Why It's Risk Free To Accept Bitcoins As Payment

He turns his bitcoins immediately into real money. You fail.

Unless you are some kind of mathematics retard, you should be able to realize those are good odds- buy bitcoin and 98% of the time you increase your investment by about 1000% on average, the other 1% of the time you merely increase your investment by less than 400%, but yes there is a tiny 0.5% chance if you buy at the worst possible time in the middle of a huge run up you may lose money when it corrects.

HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA You remind me of a guy who once told me he had "figured out" how to consistently make money playing Black Jack.

 

[zCypher]

I think it has come a long way. It's definitely interesting! So far I've seen Bitcoin and Litecoin, I wonder how many others are out there/being developed? It seems mining takes an absurd amount of resources now, hardly seems worth it to mine on a single computer. I'm surprised businesses are actually using it, that is pretty awesome (even if they're converting to other currency immediately after).

One thing that is worrisome is that exchanges can go down for extended amount of time. You could get stuck not being able to trade it into another currency, and by the time you can, the value has changed quite a bit? Kinda scary.

 

[PrototypeZ]

I am fascinated by the whole craze, but am really interested in seeing how markets react to include governments and regulatory agencies. Will governments intervene and attempt to curtail virtual currencies? What happens if zerocoin like technology is implemented and the transactions become truly untraceable? The implications of a zerocoin type system are astounding.

 

[ultimatebob]

Sadly, both Bitcoin and Litecoin have become difficult to mine. Unless you want to build a server farm of PC's with fast AMD video cards or get on the waiting list for an ASIC, you're not going to make a lot of money at this.

What we need to do is create our own virtual currency and get in on the ground floor while mining them is easy. I think that we should call this ATOT currency "nefcoin"... what do you think?

 

[xeemzor]

I'm 99.9% sure Chiropteran is trolling at this point. No one can possibly be that stupid.

 

[zCypher]

Sadly, both Bitcoin and Litecoin have become difficult to mine. Unless you want to build a server farm of PC's with fast AMD video cards or get on the waiting list for an ASIC, you're not going to make a lot of money at this.

What we need to do is create our own virtual currency and get in on the ground floor while mining them is easy. I think that we should call this ATOT currency "nefcoin"... what do you think?

Where do I sign up? Gotta put my 7970 to good use.

 

[surfsatwerk]

I'm 99.9% sure Chiropteran is trolling at this point. No one can possibly be that stupid.

You should hear his thoughts on irrigation.

 

[Chiropteran]

You should hear his thoughts on irrigation.

Rofl. Thanks for the reminder. You and the other trolls were convinced food prices were going to skyrocket because corn crops were dying in the drought. Here we are a year later and food costs pretty much the exact same as it did back then. Epic fail.

Chiropteran 1
Trolls 0

 

[Chiropteran]

Hey idiot, if you bothered to look, ALL of those businesses list prices in UNITED STATES DOLLARS and convert to Bitcoin at checkout because it's a wildly unstable currency.

I'm sorry you are so angry. Did your wife leave you, did you get fired from your job, or did your puppy get run over? You are getting extremely mad over something I never said.

hundreds of businesses already accept bitcoin

I'm not sure what makes you think a business can't accept bitcoin while showing prices in USD. It's extremely easy, and hundreds of businesses do it already. I have also never claimed bitcoin isn't unstable, although I have pointed out USD is similiarly unstable, historically.

I'm 99.9% sure Chiropteran is trolling at this point. No one can possibly be that stupid.

What is hilarious is how history repeats. I started the bitcoin mining thread in 2011, back when 1 BTC was $5.

Trolls were active back then as well:
http://forums.anandtech.com/showpost.php?p=31759450&postcount=13

But hey, turns out I was right and they were wrong. BTC value is about 20x higher today than it was back then, and I've made a very tidy personal profit, entirely low risk due to video card mining.

But hey, I'm probably totally wrong this time around, and any day now bitcoin is going to plunge down to $1, right?

It sucks being so stupid that I've made tens of thousands of dollars by running a program on my computer I wish I was smart enough to reject methods of making easy money, like you guys.

 

[chimaxi83]

Lol @ the dumbass wannabe financial experts that are so angry over bitcoins. Mad that you didn't make money too?

Sadly, both Bitcoin and Litecoin have become difficult to mine. Unless you want to build a server farm of PC's with fast AMD video cards or get on the waiting list for an ASIC, you're not going to make a lot of money at this.

What we need to do is create our own virtual currency and get in on the ground floor while mining them is easy. I think that we should call this ATOT currency "nefcoin"... what do you think?

True, it's becoming more and more difficult, but at current value, I'm still making free money with just 3 cards. They don't mine 24/7 either.

Sign me up for Nefcoin mining!

 

[Doppel]

It sucks being so stupid that I've made tens of thousands of dollars by running a program on my computer

What you don't get is that you made money in spite of yourself, not because of yourself.

 

[ultimatebob]

What you don't get is that you made money in spite of yourself, not because of yourself.

Yeah... I think that these cryptocoins are pretty silly as well. But, hey... if people are crazy enough to pay for them, I'll be glad to increase the supply until this fad goes away.

 

[xeemzor]

What you don't get is that you made money in spite of yourself, not because of yourself.

Hey, I hear this guy named Madoff has a great mutal fund. Want to invest a few million?

 

[Doppel]

Yeah... I think that these cryptocoins are pretty silly as well. But, hey... if people are crazy enough to pay for them, I'll be glad to increase the supply until this fad goes away.

No shame in taking advantage of newbs and being in early, pumping it up to find a greater fool. The thing is, you need to realize what it is. Chiropteran doesn't. He thinks it is something other than a big charade, and that is his failing. I said a few days ago I doubted this thing was up yet. There is still money to be made from newbs in the center of that venn diagram posted earlier, but a person really shouldn't delude themselves into thinking it's anything other than a gamble.

Hey, I hear this guy named Madoff has a great mutal fund. Want to invest a few million?

Exactly, and a lot of people made money on Madoff. Just because something is a big joke (hi, Bitcoins) doesn't mean nobody can make money. That's really part of what makes it a big scam. It is laughable that people who are actively involved don't understand what they are getting into, though. If they hang on until the bitter end they're caught holding the bag.

 

[Chiropteran]

 

[dighn]

are you trying to make a point? cuz BTC is pretty much a riskier version of gold.

 

[Chiropteran]

are you trying to make a point? cuz BTC is pretty much a riskier version of gold.

I thought this must have been the virtual currency the op spoke of, my bad.

 

[FelixDeCat]

$58.30

Im a quasi supporter of VCs. I dont have a Mt. Gox account but I think I might set one up and consider a buy in the $30-$40 range. Maybe just a few coins.

 

[Doppel]

In the last day Bitcon went up to nearly a hundred and now down under $60. Nothing says future currency like a 40% loss in a day.

If you want a good laugh go to btc-e.com and read the comments from the self-proclaimed moguls of Wall street as they opine on bitcon. Examples:

9ke9's wisdom:

9ke9: sailingboat: are you an experience trader? becasue if it gets to 110 its probably going to 150 160 on spike.

sailingboat: 9ke9, no i am not experienced trader, just a boared meth head uni student

Frogmanx's insight-fully worthless comment:

Frogmanx: The key is to identify what strategy to employ at the current state in the market. Need to adjust strategies on the fly or you'll get caught out

Chriropteran alt. account

bry0n969: how many times has your fiat been taxed? keep your inflated shitty government controlled curriencies and bitcoin will not crash and will not sit low enough for you weak asses

Keep the faith:

Rob2285: only a drop like any other financial market and will go back up

And now we know where Chiropteran got his image from above, it was a top thread on reddit's bitcoin, which is a great forum for lawls:
http://www.reddit.com/r/Bitcoin/comments/1ceu8j/gold_tanks_more_than_10_in_12_hours_gold_is/

A big trend on reddit bitcoin is people posting threads about some new business now accepting bitcoin, as if to proclaim: "See it is a currency!", this despite the fact lost on most people, including Chropteran above when pointed out to him, that these businesses immediately convert those bitcons into a real currency.

More chumps playing at day trading: http://www.reddit.com/r/Bitcoin/comments/1cg6dk/every_few_hours_i_kick_myself_in_the_ass_over_the/

 

[Doppel]

Chiropteran last week you said that there was support for Bitcoin at $150 and right now it's about $60. That's pretty funny, right?

 

[Possessed Freak]

Ah I love scaled graphs. Looks so drastic when you can arbitrarily set the y axis.

 

[ultimatebob]

There is a guy at Forbes named Tim Lee that constantly writes about how great Bitcoin is:

http://www.forbes.com/sites/timothylee/

Actually, it seems that's the only thing he writes about. I find it amusing that they let this one freelance writer attempt to pump up his personal Bitcoin stash on such a popular financial site.

Of course, this is Forbes... They'll post anything for page views and ad impressions. I still remember the crap they posted about the merits of SCO's pathetic Linux patent infringement case against IBM back in the day, mostly because they loved the negative attention from the Microsoft and Linux fanboys.

 

[Chiropteran]

Ah I love scaled graphs. Looks so drastic when you can arbitrarily set the y axis.

You mean like the one in the first post of this thread? Oh wait, that one was *against* bitcoin, so it's okay. I see

$58.30
Im a quasi supporter of VCs. I dont have a Mt. Gox account but I think I might set one up and consider a buy in the $30-$40 range. Maybe just a few coins.

It's been as low as $50 twice since the $266 ATH, but it has bounced off both times. It *could* go lower, but I think it is more likely that $50 is as cheap as it will get. $67 currently.

 

[Charles Kozierok]

I thought this must have been the virtual currency the op spoke of, my bad.

I hope this was a bit of trolling on your part. The alternative is that you think gold bullion is a "virtual currency" in any way comparable to bitcoins, which would be... scary.