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(IT World)   Bitcoins, you blockhead   ( divider line 8
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6404 clicks; posted to Geek » on 20 Dec 2013 at 10:09 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»

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2013-12-20 09:47:23 PM  
2 votes:

ModernPrimitive01: can someone explain bit coins to me in 5 sentences or less? I want to know what all the fuss is about but too lazy to read financial articles
2013-12-20 02:05:52 PM  
2 votes:
I don't want anything to do with a currency that is used for illegal activity or can be inflated by the whim of a select few technocrats!!!
2013-12-20 02:19:45 PM  
1 votes:

rustypouch: I was judging based on , and how many threads there are about people selling coins and getting nothing.

It depends where you live. Last Saturday I took my smartphone to the Bitcoin ATM and walked away a few minutes later with $400 cash. If the bubble doesn't pop for a while you will probably see more of these machines in other cities.
2013-12-20 01:22:55 PM  
1 votes:
I don't know about you but I'm going to convert all my buttcoins to CosbyCoins! Backed by delicious Jell-O Puddin' Pops. Which are way more valuable than buttcoins -c osbycoins%E2%84%A2-to-all-the-members-breaking
2013-12-20 12:50:02 PM  
1 votes:

Swampmaster: So on to another solid digi coinage like DogeCoin!

many value. such ROI. very market caps.
2013-12-20 12:18:39 PM  
1 votes:
I got a rock
2013-12-20 11:59:30 AM  
1 votes:
In case you missed this epic post at Reddit:

I discovered Bitcoin a few years ago. I today greatly regret that the moment I liquidated the inheritance I didn't place the entirety of it into Bitcoin. With Bitcoin on the verge of making it very, very big I began performing arbitrage six months ago. The rising adoption has created volatility which makes it very good for arbitrage. I know of people that have made A LOT of money doing this, but I have now lost A LOT of money.

I am consistently misjudging the movement of the markets. I buy in and sell, not holding any long term positions. On the 19th, I bought 250 coins at $800; it was quickly rising and I was worried I would not be able to buy in at that price ever again. Immediately after my purchase it began tanking. I tried to hold my position hoping it was just temporary and would return to $800 and increase from there. After hitting around $600 it began to increase again, I viewed this as reaffirming my projection. It rose again to around $700. I held my position into the 20th, it dropped to $500 and that was my sell point hoping to minimize my losses. I lost $75,000 in an almost 24/hr period. This was my fastest and almost largest single trade loss. If I had continued to hold I would be able to sell right now with minimal losses.

I have "made" money on trades, but overall the losses have kept me in the red. As of today, over the past 7 months I have lost a total of $410,000. The inheritance was supposed to be split between my younger sister and I, giving us each $375,00 + half of the house (not worth much, rural area, etc).

However, I don't have a legal obligation to provide her with half of the money, that was a verbal contract between my father and I, the in-writing legal stuff allocates it all to me. I made the mistake of telling her that I invested the money in Bitcoin; she has read the news etc on it, so she is under the assumption that there is a lot more money than there actually is. Regardless, I have already paid her first year of college tuition in cash anyway, this was around $30,000. I also bought her a used car to take to college ($5,000). We later found out they don't want freshman to have cars?? So we might sell it and I can give her that money. Ultimately, in addition to other living expenses, bills, car, etc I have around $280,000 left which is currently all liquid.
2013-12-20 10:22:51 AM  
1 votes:
Turns out that top chart already needed an update....
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