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View Full Version : Are you concerned you might miss out on BitCoins while they are cheap?




Reason
06-16-2011, 05:57 PM
Are you concerned you might miss out on BitCoins while they are cheap?

cubical
06-16-2011, 05:58 PM
Not at all

trey4sports
06-16-2011, 06:01 PM
A bit, you never know, this may be the currency of the future.

hugolp
06-16-2011, 07:44 PM
I voted no. Im ready. :)

vita3
06-16-2011, 09:56 PM
No.

iGGz
06-16-2011, 10:12 PM
I'm just pissed I didn't start mining when I first heard about them... idiot.

low preference guy
06-16-2011, 10:15 PM
I'm just pissed I didn't start mining when I first heard about them... idiot.

Maybe somebody who heard about it for the first time today will say the same thing in one year.






...or maybe not :p

Andrew-Austin
06-16-2011, 10:15 PM
At the rate it is taking me to get linux working, and how long it is taking to verify my account and transfer money to dwolla, yes.

This shit is annoying.

Seraphim
06-17-2011, 05:20 AM
I'm more worried about picking up PM's on this down/consolidation move.

I implicitly support Bitcoin, but not by directly taking part.

legion
06-17-2011, 05:41 AM
people are more likely to use a currency based on trading cell phone minutes than the results of some esoteric math equation.

all of these virtual currencies are in a similar bubble, driven by speculators.

but there's very little liquidity in bitcoin. not a very large market has been made. and since they capped the total amount in circulation there never will be a large market.

matt_
06-17-2011, 10:48 AM
I voted no because they aren't really cheap any longer. I also already own 25 bitcoins, and I don't plan to buy any more unless the price collapses significantly. It would be nice to see widespread adoption of bitcoins, but I fear the government, spurred by central banks, will find a way to crush them to prevent that from happening. The central banks do not want any competing currencies. If fact, central banks would prefer one currency under their control for the whole world to use. Unfortunately, it appears that central banks tell the government what do do, not vice versa.

Seraphim
06-17-2011, 10:53 AM
They are symbiotic - two sides of the same coin. Neither tells the other what to do - they collaborate.

Otherwise, good post.


I voted no because they aren't really cheap any longer. I also already own 25 bitcoins, and I don't plan to buy any more unless the price collapses significantly. It would be nice to see widespread adoption of bitcoins, but I fear the government, spurred by central banks, will find a way to crush them to prevent that from happening. The central banks do not want any competing currencies. If fact, central banks would prefer one currency under their control for the whole world to use. Unfortunately, it appears that central banks tell the government what do do, not vice versa.

Zippyjuan
06-17-2011, 11:28 AM
No- but that is becasue I am not into the bitcoin thing.

hugolp
06-17-2011, 11:50 AM
people are more likely to use a currency based on trading cell phone minutes than the results of some esoteric math equation.

Cell phone minutes are not that scarce. Its very unlikely, not to say impossible that they will become money.


all of these virtual currencies are in a similar bubble, driven by speculators.

This is the same criticism gold receives.


but there's very little liquidity in bitcoin. not a very large market has been made. and since they capped the total amount in circulation there never will be a large market.

There is little liquidity compared with other markets, but its just starting. Its very new. Its normal.

brandon
06-17-2011, 12:05 PM
all of these virtual currencies are in a similar bubble, driven by speculators.

but there's very little liquidity in bitcoin. not a very large market has been made. and since they capped the total amount in circulation there never will be a large market.

The liquidity is actually pretty impressive for a new startup currency. This site (http://bitcoincharts.com/markets/) reports T30d volume at $25,000,000US. The total amount of bitcoins is capped, but there is no limit to their divisibility. People can trade in smaller and smaller fractions of B as value increases - so there's no reason this should limit market size.

low preference guy
06-17-2011, 12:09 PM
The liquidity is actually pretty impressive for a new startup currency. This site (http://bitcoincharts.com/markets/) reports T30d volume at $25,000,000US. The total amount of bitcoins is capped, but there is no limit to their divisibility.

Actually, 1*10^(-8) is the limit to their divisibility.

Zippyjuan
06-17-2011, 12:17 PM
If there is unlimited divisiblity then basically the supply is unlimited as well. A division is a devaluation. If you have 100 and allow one division, the supply is now actually up to 200 units.

brandon
06-17-2011, 12:26 PM
If there is unlimited divisiblity then basically the supply is unlimited as well. A division is a devaluation. If you have 100 and allow one division, the supply is now actually up to 200 units.

When you split a dollar into 4 quarters does that devalue the whole?

brandon
06-17-2011, 12:31 PM
Actually, 1*10^(-8) is the limit to their divisibility.

Thanks for the clarification. Looks like they can, and have plans to, increase the divisibility in the future as needed.

hazek
06-17-2011, 12:39 PM
When you split a dollar into 4 quarters does that devalue the whole?

I wouldn't bother with him. He's one of those who defend the FED and their thievery through inflation.. So I wouldn't expect him to have the correct understanding of deflation and divisibility either.

Seraphim
06-17-2011, 12:40 PM
I'm glad someone pointed this out before I did.


When you split a dollar into 4 quarters does that devalue the whole?

Zippyjuan
06-17-2011, 12:41 PM
When you split a dollar into 4 quarters does that devalue the whole?

A dollar has a fairly set value. Bitcoin value is even more of a supply/ demand item and does not have really an established value. If you have 1000 units today and divide that into half units, you now have 2000 units. Yes, I do think that would lower the value of each whole unit.

Seraphim
06-17-2011, 12:42 PM
**sigh**....


A dollar has a fairly set value. Bitcoin value is even more of a supply/ demand item and does not have really an established value. If you have 1000 units today and divide that into half units, you now have 2000 units. Yes, I do think that would lower the value of each whole unit.

Zippyjuan
06-17-2011, 01:03 PM
Consider silver or gold coins. You have 100 ounces to work with. You can sell them all in one ounce sizes or break them down. If you make them partial ounces, people can pick one up at a lower out-of-pocket price so the demand for whole ounces will be lower. Yes, the value of the smaller sized coins will be higher since more people will be able to purchase them.

brandon
06-17-2011, 01:05 PM
A dollar has a fairly set value. Bitcoin value is even more of a supply/ demand item and does not have really an established value. If you have 1000 units today and divide that into half units, you now have 2000 units. Yes, I do think that would lower the value of each whole unit.

The value of both Dollars and Bitcoins are set by market forces in the same exact way. I think what you are trying to say is Bitcoin is more volatile than dollars, which is true. But as it becomes more accepted and liquidity increases, the volatility will settle down.

Either way though, this doesn't have any relationship with divisibility. Dividing something doesn't decrease the value of the whole. That is just basic mathematics.

iGGz
06-17-2011, 01:06 PM
lol...

brandon
06-17-2011, 01:08 PM
If you have 1000 units today and divide that into half units, you now have 2000 units.

This is simply false. If you have 100 units and divide each in half, you now have 200 half units. You don't have 200 of the same unit you started with.

hazek
06-17-2011, 01:10 PM
A dollar has a fairly set value. Bitcoin value is even more of a supply/ demand item and does not have really an established value. If you have 1000 units today and divide that into half units, you now have 2000 units. Yes, I do think that would lower the value of each whole unit.

Yes of course but the owner of either 100 or the 100 halved into 200 owns the same value. Don't confuse that with what the FED does.

Zippyjuan
06-17-2011, 01:19 PM
Basically what it does is allow more people to have them. More people having them means less scarcity.

Elwar
06-17-2011, 01:29 PM
My thought is that the fact that the amount is capped is good for anyone who has bitcoins. It's at 6-8 million right now, the cap is 22 million.

Once it hits the cap then the supply will be steady while demand grows. This creates more value for each bitcoin.

It may take a while to hit that 22 million cap but the fact that it has gone up in value several thousand percent in the past year, I imagine at the 22 million mark it'll shoot up in value quickly.

Imagine you knew that there were only 3 more gold mining companies in the world and that once they finish mining those mines in a few years that would be it...there would be a huge boost in value of gold when it reaches that point.

low preference guy
06-17-2011, 01:49 PM
Basically what it does is allow more people to have them. More people having them means less scarcity.

If I have an ounce of gold, and I sell half an ounce... obviously gold has become less scarce! I just created more gold! Division is creation!


A dollar has a fairly set value. Bitcoin value is even more of a supply/ demand item and does not have really an established value. If you have 1000 units today and divide that into half units, you now have 2000 units. Yes, I do think that would lower the value of each whole unit.

I have 1000 dollars. I divided them into 2000 units of 0.5 dollars. How have I devalued the currency?

Congratulations, troll. You've made it to my ignore list. Reading your nonsense is a waste of time. What you say is not even subtlely incorrect. It's transparently idiotic.

mport1
06-17-2011, 01:59 PM
I'm thinking it could be in a big bubble now, but I'm considering speculating on them with a few hundred. I'm kicking myself now for not buying awhile back. $100 of bitcoins in October would have been worth over $30,000 now...

brandon
06-17-2011, 02:13 PM
I'm considering speculating on them with a few hundred.

Me too. I'm going to wait for them to drop under $10 though. At $10 total value of all bitcoins discovered and undiscovered will only be $220 million, and I can see the market expanding way beyond that. Just the bitcoin marijuana market alone could reach a few billion in the next couple years, as long as the government doesn't take any drastic measures.