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Bitcoins! (Read 3825 times)
Bil Phrady
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Bitcoins!
04/09/13 at 12:44:58
 
Were at $30 in January, now up to $220 high  Shocked...I remember when they were under $1 †cry  
 
le sigh
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« Last Edit: 04/09/13 at 12:45:24 by Bil Phrady »  
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Calvin Hairstyle
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Re: Bitcoins!
Reply #1 - 04/09/13 at 13:04:47
 
Damn. What the next bitcoin?!!!
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hat
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Re: Bitcoins!
Reply #2 - 04/09/13 at 13:21:10
 
Wish I would have got in on the Neckbeard Millionaires Club too †cry
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« Last Edit: 04/09/13 at 13:21:19 by hat »  

N‹BR
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Odra Noel
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Re: Bitcoins!
Reply #3 - 04/09/13 at 13:54:58
 
it's a bubble
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Self-riotous ego-stroker and self-glorication bathr.

"Radiohead sucks! Your band is worse!"

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Kareem Albini
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still putting the
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Re: Bitcoins!
Reply #4 - 04/09/13 at 15:07:20
 
Apparently, a small investment in Bitcoins when they first launched is worth over a million dollars at present...of course, it wont last.  Right now it's all the media attention, most of it circulating about Cyprus and Bitcoins potentially playing a role in those with bank accounts their avoiding the taxes the EU is asking on all account holders over $100,000.  
 
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"...Good sit."
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"Dudes are all Michael Cera and shit."
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Bil Phrady
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Re: Bitcoins!
Reply #5 - 04/09/13 at 15:26:02
 
It IS a bubble of some sort but it's possible it will get up to $1,000USD/1BTC before it pops and deflates to whatever unknown rate...
 
The hype is blowing it up but it's also getting legit VC backing so money is actually being pumped into it and it is getting stronger, considering it's a $1b+ economy.  
 
Next BTC is LTC, or Litecoin.  It is a compliment to bitcoin and I will be dropping $100 in it soon to let it sit and ride these crazy waves...also everyone watch for the BTC bubble because it will come back in a big way so buybuybuy
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Kareem Albini
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Re: Bitcoins!
Reply #6 - 04/09/13 at 18:38:17
 
Quote from Phil Brady on 04/09/13 at 15:26:02:
It IS a bubble of some sort but it's possible it will get up to $1,000USD/1BTC before it pops and deflates to whatever unknown rate...

The hype is blowing it up but it's also getting legit VC backing so money is actually being pumped into it and it is getting stronger, considering it's a $1b+ economy. †

Next BTC is LTC, or Litecoin. †It is a compliment to bitcoin and I will be dropping $100 in it soon to let it sit and ride these crazy waves...also everyone watch for the BTC bubble because it will come back in a big way so buybuybuy

 
how many bitcoins you own, Phil?
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"...Good sit."
-- Shelby --

"It was pretty cool. Not a bad sit."
-- Kevin --

"Dudes are all Michael Cera and shit."
-- Lee --
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Bil Phrady
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Re: Bitcoins!
Reply #7 - 04/09/13 at 20:14:55
 
I have none, unfortunately. †I did not foresee it becoming a viable currency and hence never put money into it. †Honestly, the uptick starting in January should have been a sign. †There are stories of people becoming instant millionaires the past few months  
http://www.buzzfeed.com/jwherrman/the-new-bitcoin-millionaires  
the guy who took out a $30k loan to invest in BTC  
http://www.reddit.com/r/Bitcoin/comments/18f3pd/i_have_my_entire_retirement_and_ savings_invested/c8ehaox
 the guy who offered 10k BTC for someone to deliver 2 pizzas  
https://bitcointalk.org/?topic=137.0  
[which apparently at the time would have cost him $41]...etc. †
 
I am doing a mining experiment to see how my graphics card (GPU) does at BTC's current difficulty, half-life, and block number. †I'm in a large pool of miners and in about 6 hours I've earned 0.00079434 BTC, so in about 24 hours I'll mine .0032 BTC and I'll reach my minimum transfer to my wallet (.05 threshold) in 15.8 days, which will be about $12 USD or $0.76 USD/day (given current high of 240 USD/1 BTC).  
 
Early on it was efficient enough to mine but then GPU-heavy homebuilds sprung up (which look like this, an array of video cards dedicated to parallel GPU processing --  
 
).
 
Now there are ASIC builds which FAR surpass anything a GPU cluster can do at all price points--  
 
https://products.butterflylabs.com/  
 
I'm going to get my .05 BTC and hold onto it. †If/when the bubble bursts I will sink some dough into it.
 
Until then I will mine litecoins †Smiley
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« Last Edit: 04/09/13 at 20:15:59 by Bil Phrady »  
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Kareem Albini
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Re: Bitcoins!
Reply #8 - 04/09/13 at 20:26:46
 
"This is not an AMA, and while I have nothing to prove, I would be happy to share proof of my holdings if it can be done 100% anonymously. Judging from the tone of some of these replies, some of you are annoyed or even angry at what I am doing and I don't wish to even remotely make myself or my holdings a target.
 
The point of this was to document my actions in a public way so I can look back on them down the line. Yes, the advice is also appreciated but it doesn't change what I have done or any of my plans. If I become a statistic, so be it. I am a fighter and will find a way to make it work as I've done throughout my life.
 
To address some of your concerns though. This is not a leap of faith. I have done my research. I feel the projects surrounding bitcoin right now are revolutionary. Every day there is a new startup, dream, or idea that someone has which is being copied and improved on. I am watching it like a hawk, and will move to LTC or some other currency if it begins to approach bitcoin's success. I will not, however, sell at $X simply because it has reached that arbitrary point. I have my wits about me, while acknowledging this is atypical.
 
To the person who felt it necessary to question my education, I have a bachelors and a doctorate in a field I will not reveal. Perhaps I will go to my grave in debt. Perhaps not. That is part of the fun of this little experiment. Thank you all for your input though.
"
 
wow...you know, people have it about them that when all of a sudden the "bottom" hits that they can somehow predict it, that it won't happen overnight, or in a few minutes.  All it takes is for one news story, and then EVERYONE is trying to sell Bitcoins while no one is buying...it doesn't take much.  It's not that people are stupid, it's just that the market is unpredictable.
 
Also, ONLY investing in Bitcoin breaks the whole entire rule of DIVERSIFICATION
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"...Good sit."
-- Shelby --

"It was pretty cool. Not a bad sit."
-- Kevin --

"Dudes are all Michael Cera and shit."
-- Lee --
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Kareem Albini
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still putting the
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Re: Bitcoins!
Reply #9 - 04/09/13 at 22:57:26
 
Quote from metalgod on 04/09/13 at 20:39:25:
I sold all of my JC Penney stock yesterday. †It went down 12.2% today. †Timing is everything. †While I don't even know what BTC is, I would liquidate it if I had a nice profit locked in. †A prudent investor will cash out when they achieve a 10% return and move onto something else. †If it has a historical track record of cyclic behavior then you can take your chance, but I missed a sell opportunity and had to wait for 5 more years for it to cycle back.

 
umm...looks like you should have sold it 6 months ago, or a year even,...not yesterday:
 
https://www.google.com/finance?q=JCP&ei=y-FkUYiYBZKclwO-Hw
 
You really missed that boat by a month. †It was $35/share a year ago. †$28/share back in October when they started getting bad press for getting rid of their "coupons" and deals and such that people loved. †Took a lot of large dips, but was back up to $22/share just this †February, before tanking to an average of $15/share. †It dropped to $13/share today, but you know...12% of $10.00 isn't really that much is it? †All told, it's dropped 62% in a year due to bad management. †
 
But I guess you are right...timing IS everything...
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« Last Edit: 04/09/13 at 22:58:01 by Kareem Albini »  

"...Good sit."
-- Shelby --

"It was pretty cool. Not a bad sit."
-- Kevin --

"Dudes are all Michael Cera and shit."
-- Lee --
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Bil Phrady
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Re: Bitcoins!
Reply #10 - 04/10/13 at 17:12:52
 
The bubble burst today!  This is insanity!
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Odra Noel
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Re: Bitcoins!
Reply #11 - 04/10/13 at 17:15:15
 
Bitcoin bubble begins to burst, price plunges 60%
http://buzz.money.cnn.com/2013/04/10/bitcoin-bubble-burst/
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Self-riotous ego-stroker and self-glorication bathr.

"Radiohead sucks! Your band is worse!"

"Is it truly altruism if you believe your benefiting from it by a better society?"
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Odra Noel
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Re: Bitcoins!
Reply #12 - 04/10/13 at 17:16:09
 
I think it was Krugman who said there might not be anymore bubbles because everybody knows what a bubble is now and knows when one is happening.
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Self-riotous ego-stroker and self-glorication bathr.

"Radiohead sucks! Your band is worse!"

"Is it truly altruism if you believe your benefiting from it by a better society?"
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Bil Phrady
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Re: Bitcoins!
Reply #13 - 04/10/13 at 17:37:00
 
Quote from Odra Noel on 04/10/13 at 17:16:09:
I think it was Krugman who said there might not be anymore bubbles because everybody knows what a bubble is now and knows when one is happening.

 
That's the problem, people will get smarter as these things occur, but you always get the scared investors that dump dump dump.  I wouldn't be surprised if today's events were the result of a coordinated DDoS attack with the intention of creating a coordinated deflation (combination of computers and people selling off), buying at the lowest price possible, then letting the currency correct itself at a stable marker.
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Bil Phrady
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Re: Bitcoins!
Reply #14 - 04/15/13 at 22:48:29
 
So I watched it get to a high of $266 last week and low of 55 throughout it's high volatility period...it's still careening down (@$65.5 USD/BTC ATM). †I will be purchasing $500 worth soon, just waiting for it process through my online wallet †Smiley
 
This is a fun way to watch the exchanges  
 
http://bitcoinity.org/markets
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« Last Edit: 04/15/13 at 22:49:11 by Bil Phrady »  
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