If you can read this, either the style sheet didn't load or you have an older browser that doesn't support style sheets. Try clearing your browser cache and refreshing the page.

(BBC)   Fake electronic currency that can only be used to purchase illicit goods and services loses more than half of its value overnight   (bbc.co.uk) divider line 140
    More: Amusing, virtual currency, panic selling, tech news, computer power, futures exchanges, mathematical problem  
•       •       •

5096 clicks; posted to Business » on 11 Apr 2013 at 2:41 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



140 Comments   (+0 »)
   
View Voting Results: Smartest and Funniest

Archived thread

First | « | 1 | 2 | 3 | » | Last | Show all
 
2013-04-11 10:52:20 AM
Wrong, wrong and right.
 
2013-04-11 11:14:54 AM
Bitcoins aren't fake. It looks like I can get all of my illegal drugs delivered right to my door from this easy to use website. They'll be delivered by Fast Boxes International. So I'm supposed to wait for the van to show up. Delivery in 20 minutes after ordering. It's great.

blog.jammer-store.com


Look how big that van is. They must make so many deliveries.
 
2013-04-11 12:05:45 PM
I'm shocked, I totally thought this was here to stay
 
2013-04-11 01:27:42 PM
Screen shot from a minute ago:
growlersoftware.com

encrypted-tbn1.gstatic.com
 
2013-04-11 01:30:02 PM
Wrong: Fake would imply they can't be used to buy something, which subby then goes on to say how you can buy things with them.
Wrong: Besides VPN access, Web hosting, Shareware, and drinks in a bar, yeah, it's used for a lot of illegal stuff.
Right: They lost a boatload of USD value last night.

Personally, I would sooner invest in postage stamps.
 
2013-04-11 01:47:28 PM
I've always been fascinated with bubbles. Especially when reading the reasoning of those that support the bubble.

This article is a hoot.
Link
 
2013-04-11 02:15:55 PM
So I'll have to spend twice as much on my much needed DMT caps?
 
2013-04-11 02:32:41 PM
Reading reddit threads about bitcoin right now.

Some people are highly delusional.
 
2013-04-11 02:47:27 PM
Here's a tool to see where the bitcoin traffic is in realtime

http://diox.github.io/bitcoin-websockets-globe/

height is approx value of transaction, but multiple transactions pile the stick higher
 
2013-04-11 02:53:56 PM
impulse101.org
 
2013-04-11 02:54:45 PM
Hate to tell you, "I told you so", but...
 
2013-04-11 02:54:51 PM
THREAD CLOSED DUE TO LACK OF INTEREST
 
2013-04-11 02:55:56 PM
It's the Capitol Hill Baby-Sitting Co-op of the 21st Century.
 
2013-04-11 03:04:08 PM
From the Canadian guy who wanted to sell his house for Bitcoins (2 weeks back) at $97 a coin to $260 yesterday to $130 today.

Yeah that's one stable 'currency' you got there Lou.
 
2013-04-11 03:06:32 PM

impaler: Screen shot from a minute ago:
[growlersoftware.com image 782x383]

[encrypted-tbn1.gstatic.com image 233x217]


What browser are you using?  It looks like Lynx but somewhat fancier.
 
2013-04-11 03:10:48 PM
What I really don't understand is how there was a run on the currency when less than a month ago, the whole system was compromised by a software update that forked the transaction chain.  It kind of displayed how inherently flawed the concept is right then and there, but some people's reaction was to BUY BUY BUY!
 
2013-04-11 03:11:20 PM
If you want some schadenfreude, read Fahrad Manjoo's bitcoin column from Tuesday over at Slate:

I was the proud owner of 7.23883 bitcoins, which I'd purchased for about $138 each. If I sold my coins now, my original $1,000 investment would be worth $1,700-not a bad return in less than a week's time.

But I'm not selling just yet. I agree with Blodget and Salmon that the bitcoin market is a bubble; at some point, as in all bubbles, prices will stop rising and they'll likely plummet, and a lot of people will lose a lot of real and imagined money. But that's pretty much all anyone can say about the market with any certainty. When the bubble will burst, at what price and for what reason, is completely unpredictable. And until then, while prices are going up, you could make a lot of real money from this digital funny money.
My own guess is that the bubble's popping isn't imminent, and I think that when prices do fall, they'll land somewhere higher than the $138 I paid for my bitcoins. I'm certain that I'll be able to double my investment, and I might even hold out to triple it. (After that I'll get shakier about keeping bitcoins.) Why do I think prices will get that high? Because at the moment, it's a logistical nightmare to turn dollars into coins.

...

That's just a theory. It could be a stupid one; bitcoin could collapse tomorrow. And remember, I've got a conflict of interest here-if this piece gets you interested in bitcoin, I get richer. Still, though, one week into my bitcoin trade, I'm very, very pleased with myself.


Ouch.  To be fair, he's not really bragging, he's kind of just along for the ride as a writer.  Still, I can't wait for the followup.  I predict bitcoin's creator goes the "flash crash" route and tries to prop it up.  Considering currency is all about faith, that could be even better.

http://www.slate.com/articles/technology/technology/2013/04/how_to_b uy _bitcoins_a_dispatch_from_inside_the_digital_currency_bubble.html
 
2013-04-11 03:17:41 PM

impaler: I've always been fascinated with bubbles. Especially when reading the reasoning of those that support the bubble.

This article is a hoot.
Link



The most you can lose if Bitcoins go to zero is 100% of your money.

The most you can make, meanwhile ...

Well, no one knows exactly how much you can make.

But it's probably a lot more than 100%.


OMG I never realized that.  SHUT UP AND TAKE MY MONEY!
 
2013-04-11 03:20:26 PM
As I understand it, Europeans are buying BitCoins as a portable currency that their governments can't steal out of their bank accounts (like Cyprus and Greece). That's rasing the price.

This probably isn't a bad idea for them... I don't see the value crashing-crashing, and the value will probably bounce back up soon enough. Some money is better than no money.

That said, I really, really wish I had spent $50 on bitcoins three years ago when they were like $0.04 each. I'd be a millionaire today (well, multimillionaire if sold yesterday).

For tea partiers looking as a hedge against Obama's plans for hyperinflation, probably not a good investment.
 
2013-04-11 03:26:56 PM
Schrutebucks still steadily holding their value.
 
2013-04-11 03:34:59 PM
This is a great history lesson on what world currency markets looked and operated like (albeit on a larger scale) during the days of gold and silver standards.
 
2013-04-11 03:38:20 PM
Whoa. It crashed all the way down to $120.

Come on, it shot up over $200 for like a couple of days.

Remember these things started out being worth $Zero.
 
2013-04-11 03:45:58 PM

Lost Thought 00: This is a great history lesson on what world currency markets looked and operated like (albeit on a larger scale) during the days of gold and silver standards.


There were Russian hackers running DDoS attacks on banks holding large quantities of gold and silver?

That's really the key here, solving the DDoS attacks. I'm sure it can be done, especially with the money involved now. Hopefully these exchanges aren't still running their servers with overclocked 450mhz Celerons with 32MB of RAM.
 
2013-04-11 03:51:07 PM

Lost Thought 00: This is a great history lesson on what world currency markets looked and operated like (albeit on a larger scale) during the days of gold and silver standards.


No currency on a metal standard ever doubled in value one day or halved in value in one day.
 
2013-04-11 03:53:19 PM

jigger: Lost Thought 00: This is a great history lesson on what world currency markets looked and operated like (albeit on a larger scale) during the days of gold and silver standards.

No currency on a metal standard ever doubled in value one day or halved in value in one day.


No, due to their scale they value swings were over a few years. Still incredibly unstable for a modern currency.
 
2013-04-11 03:54:28 PM

LesserEvil: Lost Thought 00: This is a great history lesson on what world currency markets looked and operated like (albeit on a larger scale) during the days of gold and silver standards.

There were Russian hackers running DDoS attacks on banks holding large quantities of gold and silver?

That's really the key here, solving the DDoS attacks. I'm sure it can be done, especially with the money involved now. Hopefully these exchanges aren't still running their servers with overclocked 450mhz Celerons with 32MB of RAM.


A DDoS attack caused the currency value to spike?
 
2013-04-11 03:57:48 PM

jigger: Lost Thought 00: This is a great history lesson on what world currency markets looked and operated like (albeit on a larger scale) during the days of gold and silver standards.

No currency on a metal standard ever doubled in value one day or halved in value in one day.


It got pretty close in 1869.  Gold went from $143 to $162 to $133 in a day due to manipulation by speculators and counter-manipulation by the U.S. Treasury.
 
2013-04-11 04:00:25 PM

Lost Thought 00: LesserEvil: Lost Thought 00: This is a great history lesson on what world currency markets looked and operated like (albeit on a larger scale) during the days of gold and silver standards.

There were Russian hackers running DDoS attacks on banks holding large quantities of gold and silver?

That's really the key here, solving the DDoS attacks. I'm sure it can be done, especially with the money involved now. Hopefully these exchanges aren't still running their servers with overclocked 450mhz Celerons with 32MB of RAM.

A DDoS attack caused the currency value to spike?


That's the reason given by bitcoin enthusiasts.  The exchanges are blaming volume.

FTFA:

Instead, said MTGox, the "rather astonishing" number of new accounts that had been opened in the past few days caused a bump in trading volumes that it was unprepared for. In one day, the number of trades in Bitcoins had tripled, it said.
This caused "lag" or delay, which meant that Bitcoins were not swapped between people as fast as needed.
"As expected in such situation people started to panic, started to sell Bitcoin in mass (panic sale) resulting in an increase of trade that ultimately froze the trade engine," it said. About 80% of all the trade in Bitcoins goes through MTGox.


Whether it's beanie babies, bitcoins, or tulip bulbs,  bubbles happen when demand reaches a frenzy and it always does when everyone wants to get rich quick on a sure thing.

Everyone always wants to get rich quick on a sure thing.  This week it was bitcoins.
 
2013-04-11 04:00:32 PM

ArkPanda: jigger: Lost Thought 00: This is a great history lesson on what world currency markets looked and operated like (albeit on a larger scale) during the days of gold and silver standards.

No currency on a metal standard ever doubled in value one day or halved in value in one day.

It got pretty close in 1869.  Gold went from $143 to $162 to $133 in a day due to manipulation by speculators and counter-manipulation by the U.S. Treasury.


I wouldn't exactly call that "close".
 
2013-04-11 04:02:53 PM
Down under $70 now
 
2013-04-11 04:05:33 PM

Rapmaster2000: If you want some schadenfreude, read Fahrad Manjoo's bitcoin column from Tuesday over at Slate:

I was the proud owner of 7.23883 bitcoins, which I'd purchased for about $138 each. If I sold my coins now, my original $1,000 investment would be worth $1,700-not a bad return in less than a week's time.

But I'm not selling just yet. I agree with Blodget and Salmon...


Blodget?... Henry Blodget?
Son of a whore...

I don't trust anything with that Farker's name attached. Even if he's dogging it, I'm out. If Blodget's involved, it is a bubble. Did you know that Farker has a lifetime ban by the FCC?
 
2013-04-11 04:07:00 PM

Treygreen13: ArkPanda: jigger: Lost Thought 00: This is a great history lesson on what world currency markets looked and operated like (albeit on a larger scale) during the days of gold and silver standards.

No currency on a metal standard ever doubled in value one day or halved in value in one day.

It got pretty close in 1869.  Gold went from $143 to $162 to $133 in a day due to manipulation by speculators and counter-manipulation by the U.S. Treasury.

I wouldn't exactly call that "close".


Imagine if Fartbama's magic money printing press made dollars lose their value 18% in a day instead of 2% a year.
 
2013-04-11 04:08:37 PM

Rapmaster2000: Treygreen13: ArkPanda: jigger: Lost Thought 00: This is a great history lesson on what world currency markets looked and operated like (albeit on a larger scale) during the days of gold and silver standards.

No currency on a metal standard ever doubled in value one day or halved in value in one day.

It got pretty close in 1869.  Gold went from $143 to $162 to $133 in a day due to manipulation by speculators and counter-manipulation by the U.S. Treasury.

I wouldn't exactly call that "close".

Imagine if Fartbama's magic money printing press made dollars lose their value 18% in a day instead of 2% a year.


Losing 18% of your value isn't "close" to doubling or halving, though. That's all I'm trying to say.
 
2013-04-11 04:08:43 PM

Gunny Walker: Blodget?... Henry Blodget?
Son of a whore...

I don't trust anything with that Farker's name attached. Even if he's dogging it, I'm out. If Blodget's involved, it is a bubble. Did you know that Farker has a lifetime ban by the FCC?


He's done good work as a journalist since the 2000 debacle. Can't say the same for the other infamous names from that era. (Mary Meeker, please answer the white courtesy phone ... Mary Meeker, please answer the white courtesy phone.)
 
2013-04-11 04:09:22 PM
Wait a minute.  Maybe we're focusing on the wrong fake currency here.  Instead of the intrinsically fake electronic currency declining in value, maybe the value of the intrinsically fake paper currency has skyrocketed overnight!   Whoa.

I have a good portion of the paper currency.  I'm not selling yet, though. It might be a bubble but I think the bubble still has a ways to run.  I'll wait until it reaches $10 each before I convert my paper money into bitcoins.
 
2013-04-11 04:10:58 PM

Rapmaster2000: Whether it's beanie babies, bitcoins, or tulip bulbs, bubbles happen when demand reaches a frenzy and it always does when everyone wants to get rich quick on a sure thing.

Everyone always wants to get rich quick on a sure thing. This week it was bitcoins.


I would like money for carrying on an undertaking of great advantage; but nobody to know what it is
 
2013-04-11 04:13:37 PM

Treygreen13: Rapmaster2000: Treygreen13: ArkPanda: jigger: Lost Thought 00: This is a great history lesson on what world currency markets looked and operated like (albeit on a larger scale) during the days of gold and silver standards.

No currency on a metal standard ever doubled in value one day or halved in value in one day.

It got pretty close in 1869.  Gold went from $143 to $162 to $133 in a day due to manipulation by speculators and counter-manipulation by the U.S. Treasury.

I wouldn't exactly call that "close".

Imagine if Fartbama's magic money printing press made dollars lose their value 18% in a day instead of 2% a year.

Losing 18% of your value isn't "close" to doubling or halving, though. That's all I'm trying to say.


True true.  You are correct.  I wasn't trying to snark you.
 
2013-04-11 04:17:32 PM
BTCE has for the past 24h  high:184.00      low:53.00.  Currently 68.59.

Ouch.
 
2013-04-11 04:17:56 PM

ArkPanda: jigger: Lost Thought 00: This is a great history lesson on what world currency markets looked and operated like (albeit on a larger scale) during the days of gold and silver standards.

No currency on a metal standard ever doubled in value one day or halved in value in one day.

It got pretty close in 1869.  Gold went from $143 to $162 to $133 in a day due to manipulation by speculators and counter-manipulation by the U.S. Treasury.


What about the silver market in January, 1980?

upload.wikimedia.org
 
2013-04-11 04:24:09 PM

tricycleracer: BTCE has for the past 24h  high:184.00      low:53.00.  Currently 68.59.

Ouch.


That's a pretty exciting market if you've got the stomach for it.  I thought natural gas was volatile.

I think I'd rather play craps.  At least they give you free drinks.
 
2013-04-11 04:25:06 PM
www.yourprops.com
 
2013-04-11 04:25:58 PM

tricycleracer: OMG I never realized that.  SHUT UP AND TAKE MY MONEY!


The logical conclusion of that argument is that you should never sell.
 
2013-04-11 04:26:39 PM
My Ameros value still holding!  Next Im gonna invest in unicorn farts as currency
 
2013-04-11 04:27:10 PM

jigger: Whoa. It crashed all the way down to $120.

Come on, it shot up over $200 for like a couple of days.

Remember these things started out being worth $Zero.


And remember, they can go right back there. Meanwhile Chuckles McFarley who dropped his life savings of $10 grand on the things when they were $250 each yesterday has already been kicked out of the house by his wife.
 
2013-04-11 04:30:31 PM

Mikey1969: jigger: Whoa. It crashed all the way down to $120.

Come on, it shot up over $200 for like a couple of days.

Remember these things started out being worth $Zero.

And remember, they can go right back there. Meanwhile Chuckles McFarley who dropped his life savings of $10 grand on the things when they were $250 each yesterday has already been kicked out of the house by his wife.

tvjunior.files.wordpress.com
Please, baby, you gotta take Ol' Gill back!
 
2013-04-11 04:31:14 PM

SVenus: Here's a tool to see where the bitcoin traffic is in realtime

http://diox.github.io/bitcoin-websockets-globe/

height is approx value of transaction, but multiple transactions pile the stick higher


That's pretty cool, actually...
 
2013-04-11 04:31:23 PM

Debeo Summa Credo: Instead of the intrinsically fake electronic currency declining in value, maybe the value of the intrinsically fake paper currency has skyrocketed overnight!   Whoa.


encrypted-tbn1.gstatic.com
 
2013-04-11 04:34:43 PM

Rapmaster2000: Whether it's beanie babies, bitcoins, or tulip bulbs,  bubbles happen when demand reaches a frenzy and it always does when everyone wants to get rich quick on a sure thing.

Everyone always wants to get rich quick on a sure thing.  This week it was bitcoins.


Yep, the difference here is that beannie babies and tulips are actually worth something. They will never hit a zero. Bitcoins could simply cease to exist tomorrow because they have no use and don't represent anything that is real. Regular currency is backed by governments that have assets and can do things. Bitcoins are just imaginary.
 
2013-04-11 04:35:40 PM

Geotpf: What about the silver market in January, 1980?


I was thinking about that too. The Hunt brothers made and lost a pretty large fortune.
 
2013-04-11 04:39:52 PM

impaler: I've always been fascinated with bubbles. Especially when reading the reasoning of those that support the bubble.

This article is a hoot.
Link


I love this logic from your link:
If Bitcoins go to $2,350, then that would be a 10X return.

So that's one possible betting scenario:

If you lose your bet, you lose 100%.

If you win your bet, you make 1000%.

That's a good bet.



Guess what guys, placing all of your money on a single number in roulette pays off 37 to 1. That's 3700% That's an even better bet then, I suppose? Let's all just blow our money in Vegas.
 
Displayed 50 of 140 comments

First | « | 1 | 2 | 3 | » | Last | Show all

View Voting Results: Smartest and Funniest


This thread is archived, and closed to new comments.

Continue Farking
Submit a Link »






Report