Bitcoin

Anybody following BTC closely? I've been busy and now I'm surprised and sad (missed opportunity) of the recent spike on the rates.

https://www.google.com/finance?chdnp=1&chdd=1&chds=1&chdv=1&chvs=Linear&chdeh=0&chfdeh=0&chdet=1446566455811&chddm=148641&q=CURRENCY:BTCPHP&ntsp=0&ei=K9o4VqmhNsST0AS80azABw

Maybe Darkshrine is involved? :D

Wish I traded my paper money for BTC before this spike.

Note: Noob on BTC here, would appreciate any advise

Bitcoin has been getting fresh media hype for the past couple of weeks, not sure why though. It explains the increase in its price.

I've been told the U.S. Gov will be selling bitcoins this month? That would lower the ratio?

BTC is a crypto-currency based on... Pretty much nothing. Plenty of folks have lost BIG on it, and the only thing sustaining it is the bigger sucker mechanism: "I'll buy it now, and some bigger sucker will pay me more for it."

That'll only work until it doesn't, and then the ones left holding the bag at the end will have some lovely electronic souvenirs to show for it. ='[.]'=

BTC is the residual output of a massively distributed transactional ledger.
The worth of such a ledger is certainly non-zero but it's also not infinite.

Speculators in the system have added a ton of volatility. They come and go in waves thinking that they can get some free money and then get out. Some do okay, most get burned.

The only real problem with BTC is the 51% attack, and the realization that a single state-level actor could trounce the ledger. If you can't trust the veracity of the ledger, then the worth really is zero.

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Raycheetah wrote:

BTC is a crypto-currency based on... Pretty much nothing. Plenty of folks have lost BIG on it, and the only thing sustaining it is the bigger sucker mechanism: "I'll buy it now, and some bigger sucker will pay me more for it."

That'll only work until it doesn't, and then the ones left holding the bag at the end will have some lovely electronic souvenirs to show for it. ='[.]'=

Very true.

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Raycheetah wrote:

BTC is a crypto-currency based on... Pretty much nothing. Plenty of folks have lost BIG on it, and the only thing sustaining it is the bigger sucker mechanism: "I'll buy it now, and some bigger sucker will pay me more for it."

That'll only work until it doesn't, and then the ones left holding the bag at the end will have some lovely electronic souvenirs to show for it. ='[.]'=

I find it funny how this description perfectly fits fiat money too :)

I've gained 400php (about 9 US dollars) based off on that little money I have on my btc wallet.

Not sure why most people have lost. But I guess those who bought they're BTC back in July 2014. But looking at the graph, it's not that spikey.

So long as this is money you would've spent away in gambling. Looking at the graph, you shouldn't be losing in BTC that much so long as you keep an eye on the rates. As in all investment, there is risk.

Ain't it the same deal with folks who do FOREX? They buy U.S. dollars and wait for the good chaos:ex ratio right?

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Xavderion wrote:

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Raycheetah wrote:

BTC is a crypto-currency based on... Pretty much nothing. Plenty of folks have lost BIG on it, and the only thing sustaining it is the bigger sucker mechanism: "I'll buy it now, and some bigger sucker will pay me more for it."

That'll only work until it doesn't, and then the ones left holding the bag at the end will have some lovely electronic souvenirs to show for it. ='[.]'=

I find it funny how this description perfectly fits fiat money too :)

'Zactly! =^[.]^=

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ManicCompression wrote:

Anybody following BTC closely? I've been busy and now I'm surprised and sad (missed opportunity) of the recent spike on the rates.

I had a staff member who insisted on being paid his entire salary in bitcoin when it was 20 cents per BTC. He had over a year's salary of it saved up when he went to prison for 4 years. He had the shock of his life when he got released last month...... And yes, I do feel like a total tit for not getting in myself when he told me to.