Interesting new money

[uncle money bags]

One of my friends said I should get in on this because they are doing really well (yesterday). I said I just dont think now is a good time. He told me that today their value plummeted.

Here you go been.

http://www.businessinsider.com/bitcoin-plunges-2013-4

 

[Hobbes]

Here you go been.

http://www.businessinsider.com/bitcoin-plunges-2013-4

LOL, that's a 2 day chart that shows 1 bitcoin costs about $160 (even after the crash).
A couple of weeks ago a bitcoin cost only about $90 USD.

 

[been]

LOL, that's a 2 day chart that shows 1 bitcoin costs about $160 (even after the crash).
A couple of weeks ago a bitcoin cost only about $90 USD.

But id say it shows the overall insecurity of the investment.

 

[Hobbes]

It's not supposed to be an "investment".

It's designed to be a currency that can't be inflated, confiscated, taxed, or tracked.

If that subtle difference eludes you then by all means, avoid it as long as you can.

 

[uncle money bags]

It's not supposed to be an "investment".

It's designed to be a currency that can't be inflated, confiscated, taxed, or tracked.

If that subtle difference eludes you then by all means, avoid it as long as you can.

go on...

 

[Hobbes]

go on...

No, you go back. Back and read this thread again.
If you're really interested I'll send you some links that explains more but suffice it to say that bitcoin has become VERY popular in Cyprus lately and that is why bitcoin rates have gone up lately.


BTW, here is a 2 month chart of exchange rates between the USD and bitcoin:

Dark red on the right is "the crash".

 

[uncle money bags]

No, you go back. Back and read this thread again.
If you're really interested I'll send you some links that explains more but suffice it to say that bitcoin has become VERY popular in Cyprus lately and that is why bitcoin rates have gone up lately.


BTW, here is a 2 month chart of exchange rates between the USD and bitcoin:

Dark red on the right is "the crash".

say please first.

 

[Hobbes]

Here is a simple introduction.

[video]http://vimeo.com/duncanelms/bitcoinexplained[/video]


About 3/4 of the way through they mention the silk road and illicit drug trade.
The Silk Road involves much much more than just illicit drug trade though.
It also involves paid assasinations, prostitution and more.

And bitcoin is the currency of choice on The Silk Road because ?????

 

[uncle money bags]

I hear you, and I was just funnin you. I saw that vid earlier today.

Look, Im intrigued, but have a hard time trusting something I cant hold in my hand. Im willing to bet a lot of people feel this way but wont say it because they would have to admit they just dont understand it. well, I dont understand it. Not well enough to trust it anyway.

 

[Hobbes]

Bitcoin, a digital, peer-to-peer currency that operates independent of central banks and international borders, has been all over the financial and technology headlines this month -- mostly having to do with its drastically gyrating price. Bitcoin surpassed the $200 mark for the first time on Tuesday, eventually reaching $240 just five days after it was worth $150, and only two months after it was worth $20.

The Bitcoin hit $266 Wednesday, but suddenly took a dive, crashing down to as low as $156. At the time of writing, the value has climbed back up to $190.

Why the massive fluctuation? Erik Vorhees, a Bitcoin enthusiast that has worked with a Bitcoin-based startup since 2011, took to Reddit – where he is a well-known contributor – to offer an explanation

Not only are online merchants now accepting Bitcoin, but venture capital is moving into it. The economic crises in Cyprus and Spain have fed interest in an independent currency, and libertarians in America see it as an option for “hard money.” Three weeks ago, a ruling clarified that Bitcoin is legal, assuaging fears that the U.S. government will shut it down. There are also people buying bitcoins with the hope that the price will continue to rise and they can get rich quick.

Vorhees says all of these factors together – not to mention the press attention they have received – are contributing to the meteoric rise of Bitcoin. However, Vorhees warns that even a Bitcoin insider like himself cannot predict how the value will change.

http://www.ibtimes.com/bitcoin-bubble-burst-insiders-explanation-currencys-fluctuating-value-1184481
"Guessing short-term price movements is a fool’s game,” Vorhees wrote on Reddit. “My advce … don’t obsess over the fluctuating price on any given day. The market will figure out the value of these conis, and there ain’t a damn thing anyone can do to prevent this from playing out.”