Massive Bitcoin Bubble

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AIRburst95
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Massive Bitcoin Bubble

Postby AIRburst95 » Fri Apr 12, 2013 3:27 pm

Bitcoin yesterday was massively devalued by more than 50% following a market shutdown, restart, and then another huge DDoS attack.

Thoughts? Also, did you "invest" in the digital currency?
Mas Tnega
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Postby Mas Tnega » Fri Apr 12, 2013 4:31 pm

I thought it was an idiotic attempt to get free money. Now people invest heavily into machines that generate so much heat they have literally hospitalised their owners, so now it's just an idiotic attempt at getting very expensive money.

Suffice to say: no, I did not invest in this currency.
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Postby AIRburst95 » Fri Apr 12, 2013 6:29 pm

Laika_rus wrote:
machines that generate so much heat

This, also add electricity bills + cost of hardware. And putting financial trust into something that can be wholly put down with DOS.. yeah, it's silly indeed.


Good point. Also, nice picture.
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Laika
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Postby Laika » Fri Apr 12, 2013 6:43 pm

Why, thanks.
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Postby NeatNit » Fri Apr 12, 2013 6:45 pm

I'm hardly an expert in economics, but wouldn't it make sense to invest now? The way I see it, there's a more-than-likely chance it will rise back up.
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Postby bert_the_turtle » Fri Apr 12, 2013 6:57 pm

And they think that a monetary system where there is a fixed maximum total amount is somehow superior because there won't be inflation by governments just printing money. Which is... naive. a) That thing just now? That was massive inflation. Inflation has nothing to do with the total amount of currency. The value of a currency is not somehow the total value of things in the world divided by the amount of currency. b) Uncontrollable deflation is even worse than inflation because nobody would want to get rid of their bitcoins then, thus halting all trade. And with no way to combat that by printing more currency, any deflation that naturally occurs will be uncontrollable UNLESS some benevolent entity buys up a significant fraction of bitcons and releases them into the market on such occasion. c) Limited resources turn into speculation objects, and speculation objects do not make good currency.

I propose a better currency. The Average Potato. It works like this: Every Average Potato can be exchanged for a kg of real potatoes, but not immediately. Instead, you get 100g next next November, 100g November next year, and so on, over the span of nine years. This insulates the Average Potato from harvest fluctuations and oh wait all this would do is make them breed super weight potatoes that grow twice as big in the same ground as regular ones, are still potatoes according to the definition but completely inedible, every farmer is going to grow them for profit and we'll all starve.
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Postby Jackdapantyrip » Fri Apr 12, 2013 11:14 pm

Tf2 hats is the online currency of the future.. :) Super stable and the value has steadily increased at a respectable rate

my backpack is worth around $6000

Really its the same concept of bitcoin but you actually have something to show for it..

Not completely anonymous though.. but you guys are uplink players.. move the hat around a few times and transfer it to a proxy account..

http://backpack.tf/profiles/76561197993759887

if someone started a silkroad with tf2 hats as payments and auto traded the hats around once you paid..
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Postby Mas Tnega » Sat Apr 13, 2013 12:00 am

It would be only slightly less anonymous than Bitcoin think it is.

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